Titan vs. Timex
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Transcript of Titan vs. Timex
NIKITA MAJI- 8025PARUL – 8018SHAGUN – 8025URVASHI - 8013
MARKETING STRATEGIES BY DIFFERENT WATCH BRANDS IN INDIA.
TITAN OR TIMEX? WHOSE CAPTURING A GREATER MARKET SHARE.
INDIVIDUAL STRATEGIES. WHAT ARE THE CONSEQUENCES? RECOMMEMDATIONS FOR THE
COMPANY HAVING LOW MARKET SHARE.
TITAN BE MORE
One of the giant gods in Greek mythology who preceded the Olympian gods.
The largest moon of the planet Saturn.
World's fifth largest and India's leading manufacturer of watches.
The Titan portfolio has over 60% share in the domestic market share.
The company has showrooms in every nook and corner of the country that caters to the needs of every segment of the people.
FOUNDED IN: 1987 HEADQUARTERS: India AREA SERVED: 4 continent and 32 countries
India and other countries esp. Middle east, Asia Pacific and Africa
Has Customer base of over 80 million. INDUSTRY: Watches PRODUCTS: Watches, Jewellery, Eyewear &
Precision Engineering EMPLOYEES: 3,000 PARENT COMPANY: TATA
AWARDS ACHIEVEDThe company has been awarded the following distinctions:
No.1 Brand in the Consumer Durables category in the "Brand Equity" Survey of The Economic Times
Won the Young Design Entrepreneur of the Year at the National Institute of Design and Business World
Retail Asia and Media Magazine – Singapore adjudged Titan Industries as amongst the leading Retailing Companies in India.
Titan has won the Brand Leadership award at the India Brand Summit.
The Time Products Division of the company was awarded the JRD QV Award in 2006.
Vision To be a world-class, innovative and
progressive organization and to build India’s most desirable brands.
To create wealth for all our stakeholders by building highly successful businesses based on a customer-centric approach, and to contribute to the community.
Values and Standards
Total customer orientation Employee appreciation Performance culture and teamwork Creativity and Innovation Passion for excellence Corporate Citizenship
Innovation Quality Creative Advertising
Aamir Effect‘Catalogue’ Advertising
Retail Stores Cutting Edge Technology
Cutting Edge Technology The Design Studio:
– Excellent Watch and Jewellery design.– Has international award winning designs to its credit.
Sophisticated Design & Development Centre – Advanced Pro-E workstations and prototyping facility.
Every Ford Mondeo car rolling out of the plant in Genk, Belgium has a Titan Clock.
BRAND POSITIONING STRATEGIES
First to bring Quartz watches to the Indian market. This helped to penetrate the market and gain a market share. Raga, Classique and Regalia
The Fastrack Digital range offers the customer a functional watch that is attractive and has superior style.
With the entry of Omega, Tissot etc into the market who are catering to the upper end of the market titan has tried to reposition itself by increasing the price range.
Quality or Price Positioning:
In Indian market, Sonata is a perfect example of Price positioning, titan came up with this segment when it was facing heavy competition.
World Of Titan177
Market Capitalization (Rs. in Cr.)
MAJOR COMPETITORS Domestic Level- HMT
International level- Espirit
Marketing Mix (4P’S)
PRODUCTEdge RagaOctan ZoopWWF HeritageOrion NebulaSonata ExactaSpectra DashRegalia FastrackRoyale ClassiqueXylus Eye +Titan Bandhan watches
It also markets Tommy Hilfiger watches under a licensing arrangement
Jewellery : Tanishq is India's largest and fastest growing jewellery brand with a premium range of gold jewellery studded with diamonds or coloured gems. In India it has 102 boutiques across the country.
· Eye wear : Titan Eye+ produces sunglasses under Fastrack brand and prescription eyewear consisting of Frames, Lenses, Sunglasses, Accessories and Contact Lenses.
World of Titan Showrooms Time Zone Traditional Outlets Non Traditional Outlets
1. Survival (i.e. Titan Exacta)
2. Market share (i.e. Titan Sonata)
3. Market skimming (i.e. Titan Nebula)
4. Product quality
• Pricing method
1. Product line pricing
2. Promotional pricing
• Application of pricing strategy
1. Lower segment
2. 1000 plus segment
PRICERaga Diva- Rs 4000-9500Zoop- Rs 5200- 6000Nebula- Rs 26000- 85000Octane- Rs 5250- 7000Orion- Rs 3200- 7500Fastrack- Rs 500-4500
PROMOTION1. Advertising2. Sales promotion3. Public relation
• Titan brand ambassador:• Titan Brand: Aamir Khan • Sonata: Mahendra Singh Dhoni• Raga: Gul Panag, Rani Mukherjee Xylys: Rahul Bose Fastrack: John Abraham
Titan tagline: Be more
Fast track tagline: How many you have?
•Promotion On Occasions
Advertising media:• Television• Print• Internet
•Promotion through Contests
Brand image and parent company is Tata group
Market segments with large potential: women, youth, children, sportsmen, the budget- conscious , the big spenders.
Customer value and offered after sales service in a showroom environment
World’s 5th largest watch manufacturers
Popular brand ambassdors
High price for jewelley
Lack of scope in entering south indian market
Service centres are rare
Less number of low priced products
Currently, sales in India stand at an low number of 25 watches per 1,000 people, compared with 250 watches per 1,000 people in a developed society. Exchanging offer Rural market Continous innovation different festive occasions
Too many players will dilute the market & the profit marginLow priced China watchesMobile phones.Government rules and regulations
Segmentation of Indian Watch industry
Based on price· Mass (Rs.350-600),· Popular (Rs.600-900),· Premium (Rs.900-1500),· Super-premium (Rs.1500-8000)· Connoisseur segments (above Rs.8000)
Based on user category· Men’s watches· Women’s watches· Youth watches· Kids watches· Sports watches
Titan has been positioned as a premium brand, providing high quality products
Titan initially pioneered the concept of "Gifting watches".
Customers who were fed up with ugly time machines welcomed the brand Titan.
Re- Positioning as a fashion accessory.
Watches were perceived as a onetime buy and consumers seldom owned multiple watches.
Titan pushed the concept of "Matching Watches to Clothes" in the recent commercials.
PRODUCT LIFE CYCLE Sale
TimeIntroduction : WWF, Orion, Zoop, Diva, OctaneGrowth: Nebula, Insignia, Raga, Royal, Regalia, Edge etc
Maturity: Sonata, Fastrack, Dash
Market Share of Key Players
Michael Porter Model
JOINT VENTURE WITH TIMEX
TITAN HAD A 5 YEAR COLLABRATION WITH TIMEX.
BOTH THE COMPANY MERGED TO GRAB A BETTER MARKET SHARE.
AFTER ACHIEVING THEIR RESPECTIVE POSITIONS THEY DECIDED TO PART AWAY.
THEIR DEAL ENDED ON 23RD DECEMBER 1997.
TITAN IS NOW WORKING AT A HIGHER POISITION AFTER THE SPILT UP BUT ITS STILL SEEN THAT TIMEX WAS WORKING UNDER THE NAME OF TITAN.
timex Since 1854
Timex began life in 1857 as the Waterbury Clock Company, specializing ingrandfather clocks.
The company's highly developed R&D and its knowledge of massproduction techniques led to the creation of the world's first personal watch - theTimex.
Today Timex Corporation employs over 7,500 people across four continents
In market since 150 years
Ranked No. 1 in U.S.A in 2001
Largest selling brand in U.S.A & Canada
Focus- Quartz based wrist watches in India.
Lowest cost watch manufacturer in the world.
TIMEX Mission Statement
Bringing innovation and reliability to a broad consumer base.
Timex is committed to staying relevant to today’s changing consumer and lifestyle needs by:
Creative,technologically advanced product designIncorporating an accessories focus in our approachBridging active and healthy lifestyle needsBringing technology closer to the sports consumer
o HIGH END
Timex Chronographs T27601 Rs. 5,595 Timex Formals A047 Rs. 835 Timex Formals LX00 Rs.1485 Timex watch EJ04 Retro Range Rs.400 Timex Steel UT09 Rs.1345
PROMOTIONTimex -The Official Timekeeper India Open2006
Timex amongst Top 50 power brands in the US.
Timex introduces special offer this Valentines for Cupid Struck hearts
TIMEX Brand Ambassador Brett Lee unveils the "new look" TIMEX in 2009
Timex is the official licensors of the ICC cricket world cup in India in 2011.
Traditional Outlets (only 6)
THE TIME WALK
Non Traditional Outlets
20 service centers in India
TIMEX GLOBAL MARKETING
Keep on Dashing. Keep on Pushing. Keep on Daring. These messages are designed to keep Timex on the minds of consumers. The visual style is hip, contemporary, fresh and universal. Leaving little doubt that Timex is an up-to-date, 153 year old company.
LOOKING TO THE FUTURE
The Nail Watch known as the TX54.
The nail watch is designed to be hooked to the thumbnail.
The user will be able view the time in the dark just by pressing the tip of the nail
it’s waterproof as well
ERRORSJoint Venture with titan
No differentiated marketing strategy for India
Name of the showroom
Comparison - Titan and Timex Celebrity Price Distribution channel Advertisements Parent company Matching watches to clothes vs. sports
watch Large product line R & D
RECCOMENDATIONS PRODUCT Should make more designs trendy watches for the gen x
More variety for girls’ watches.
Should launch a different product line E.g.. Eye wear, bags, laptops.
Better CRM-increase in consumer affluence
PROMOTION Using Indian celebrities in the ads which focus on Indian context like festivals.
Funny or impressive punch line.
RECCOMENDATIONS o PRICE
youth watches between Rs.500-1800
sports watch- Rs1200-6000
men’s and women’s collection- Rs800-6200
PLACE Increase the number of Exclusive outlets
Name the showroom under the name of TIMEX