A Project On Brand Repositioning Strategy of Titan Watches PDF

YMTs College of Management
STUDY OF INDIAN WRIST WATCH INDUSTRY AND REPOSITIONING STRATEGY OF TITAN WATCHES
A PROJECT REPORT SUBMITTED IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE AWARD OF THE DEGREE OF
MASTER OF MANAGEMENT STUDIES

(2007-2009)
Submitted By Anuranjan Jee Roll N0.-24

Under the Guidan e !"
Prof. Sachin Desh !"h

H.O.D. #$ar"e%in&' Y$T(s Co))e&e of $ana&e en%
#MT$% COLLEGE OF MANAGEMENT Institutional Area, Sector-4, Kharghar, Navi-Mumbai (Maharashtra)
University of Mumbai [1]
GUIDE CERTIFICATE
This is to certify that Mr Anuran!an "ee, #oll No-$4, stu%ent of Master of Management Stu%ies, II year, &MT's (ollege of Management of Mumbai )niversity has com*lete% his +or, &S%!*+ of In*ian Wris% Wa%ch In*!s%r+ an* Re,osi%ionin& S%ra%e&+ of Ti%an Wa%ches' un%er my gui%ance an% su*ervision for the fulfillment of the MMS curriculum of &MT's (ollege of Management, Mumbai )niversity for the aca%emic session $--.-$--/ To the best of my ,no+le%ge an% belief, this +or, contains true an% com*lete information collecte%, stu%ie% an% com*ile% by the stu%ent himself
0rof Sachin 1eshmu,h 2 3 1 (Mar,eting) &MT's (ollege of Management
CERTIFICATE
This is to certify that Mr Anuran!an "ee, stu%ent of Master of Management Stu%ies-II &ear of &MT's (ollege of Management has com*lete% the *ro!ect +or, title% 4S%!*+ of In*ian Wris% Wa%ch In*!s%r+ an* Re,osi%ionin& S%ra%e&+ of Ti%an Wa%ches as *artial fulfillment of the re5uirement of the course curriculum of Mumbai )niversity for the aca%emic session $--.-$--/ The +or, has been foun% satisfactory to the e6tent that it is acce*te% as a *er5uisite to the %egree for +hich it +as submitte% It is ho+ever un%erstoo% that the un%ersigne% %o not necessarily en%orse any conclusion %ra+n or o*inion e6*resse% therein, but a**rove the *ro!ect for the *ur*ose for +hich it is submitte%
Pr!"( Sa hin De%h)u*h Pr!,e t Guide
Dr( C( Ba+u Dire t!r
AC-NOWLEDGEMENT
7ith great *leasure an% a %ee* sense of gratitu%e I hereby ac,no+le%ge everyone +ho *rovi%e% me +ith their hel*, assistance an% sustaine% su**ort +ithout +hich, even if I have ha% %one this +or,, it +oul% not have been as it has turne% out to be Their enlightene% fee%bac,s an% %irections can be sense% as the *ro!ect moves on
I am sincerely than,ful to my *ro!ect gui%e, 0rof Sachin 1eshmu,h, +ho *rovi%e% me +ith all the theoretical an% *ractical in*uts for my *ro!ect 7ithout his thoughtful su**ort this *ro!ect +oul% not have been com*lete%
I +oul% li,e to use this *rivilege of mine to recogni8e the gratuitous hel* of Mr (hetan Anan% (#egional Manager, Mar,eting, North 1ivision, Titan), +ho gave me an insi%er vie+ of the +orl% of Titan
0rimary %ata collection for the *ro!ect +as %one +ith the hel* of !unior management stu%ents from colleges across Navi Mumbai I than, them all for their valuable time an% consi%erate assistance
Anuran!an "ee -$9-49$--/
PREFACE
To%ay, a +rist+atch is consi%ere% as much of a status symbol as a %evice to tell time In an age +hen cell *hones an% %igital *agers %is*lay tiny 5uart8 cloc,s, the
mechanical +rist+atch has slo+ly become less of an ob!ect of function an% more a *iece of mo%ern culture The In%ian +atch in%ustry began in the year :/;: +ith the commissioning of the +atch %ivision of 2MT The first +atch mo%el manufacture% by 2MT +as the "anata mo%el in the year :/;$ 2MT +as the lea%er in the +atch mar,et till the Tata's forme% Titan 7atches in association +ith Tamil Na%u In%ustrial 1evelo*ment (or*oration in the year :/<. Titan +as the first com*any to launch 5uart8 +atches in In%ia The In%ian +atch mar,et is to%ay of 4- million units, out of +hich ;-= is in the unorgani8e% sector in +hich the ma6imum number of +atches are sol% are belo+ #s >-- ?uart8 +atches form t+o thir% of the organi8e% sector an% the rest is s*lit bet+een mechanical an% %igital +atches @ven in the organi8e% sector, three fourth of the sales by volume comes from +atches that are *rice% belo+ #s :--7atch is one of the consumer %urables +hose re*lacement rate is very high The re*lacement rate of +atch is >> < =( Source: India market demographics report, 1998) This is also %ue to the fact that the estimate% scra* rate of +rist +atches is . <=, +hich is a**licable after ; years (Source: India market demographics report, 1998) So, %ue to high scra* rate, out%ate% mo%els, an% the shift from the mechanical +atches to the 5uart8 +atches it is causing a very high re*lacement %eman% for +atches This along +ith the lo+ *enetration level re*resents the unta**e% mar,et *otential for +atches in In%ia After liberali8ation of In%ian economy in ://$ many international *layers have entere% the In%ian 7atch mar,et *osing as com*etitive threat to the In%ian com*anies Aately Titan has trie% to re*osition its Bran% to ca*ture more segments of the +atch mar,et retaining the alrea%y serve% mar,et segment The strategy has been stu%ie% in %ee* %uring the *ro!ect
E.e uti/e Su))ar0

Many bran%s an% com*anies are constantly reinvigorating their businesses an% *ositioning them for gro+th There is a constant nee% to innovate, reinvigorate,
u*%ate, recalibrate, or !ust sim*ly fen% off the com*etition in an effort to better e6*lain C+hy buy me C Bran% *ositioning creates a s*ecific *lace in the mar,et for the bran% an% *ro%uct offerings It reaches a certain ty*e of consumers an% %elivers benefits that meet the nee%s of several ,ey target grou*s an% users The actual a**roach of a com*any or bran%Ds *ositioning in the mar,et*lace %e*en%s on ho+ it communicates the benefits an% *ro%uct attributes to consumers an% users As a result, the bran% *ositioning of a com*any an%9or *ro%uct see,s to further %istance itself from com*etitors base% on a host of items, but most notably on five ,ey issuesE 0rice, ?uality, 0ro%uct Attributes, 1istribution, an% )sage 3ccasions In recent times, consumerism has un%ergone a sea change (onsumers to%ay are +ell informe% about the *ro%ucts, as com*are% to earlier times 2ence, the mar,et*lace has become customer centric #ecogni8ing the im*ortance of the customers in the business structure, com*anies have starte% effecting bran% re*ositioning e6ercises on a regular basis In the recent times, a ma!or bran% re*ositioning e6ercise has been *lanne% by Titan In%ustries At% in or%er to *rovi%e more to its customers The com*any has first gone for change in logo an% tagline Then the communication strategy has been revam*e% to convey its ne+ *osition The *resent stu%y consists of revie+ing the *ositioning strategies of Titan +atches An analysis of re*ositioning strategies of Titan also forms *art of the stu%y The main ob!ective of the stu%y is to broa%ly un%erstan% the overall +rist +atch in%ustry in In%ia Secon%arily to stu%y the bran% *ositioning an% re-*ositioning strategy of Titan +rist +atches an% to fin% out +hether the loyal consumers of titan +atches are a+are of the ne+ *ositioning strategies of the com*any an% ho+ they *erceive them
0rimary an% secon%ary sources of %ata have been ma%e use of in the stu%y The first *art of the *ro!ect, i e , analysis of In%ian +rist +atch in%ustry an% analysis of bran% re*ositioning strategies of Titan (om*any has been com*lete% on the basis of secon%ary %ata For this *ur*ose, internet, !ournals, boo,s, maga8ines an% so on have been ma%e use of The secon% *art of the *ro!ect com*rises of con%ucting a survey +ith the hel* of 5uestionnaire The survey is *ro*ose% to be con%ucte% on a sam*le of Gconsumers +ho are loyal to Titan (om*any, selecte% through convenience sam*ling techni5ue The 5uestionnaire consists of a**ro*riate mi6 of o*en en%e% an% close% en%e% 5uestions The %ata is *resente% using *ie charts an% bar %iagrams The conclusion *art of the re*ort +oul% *rovi%e an insight of consumer a+areness regar%ing bran% re*ositioning strategies an% their effectiveness in revam*ing the bran%, Titan
TABLE OF CONTENT
Sr( N!(
T!1i %
Pa2e N!(
University of Mumbai [ ]
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Li%t !" i33u%trati!n%

Nu)+er
1 2
Tit3e Stages in bran% strategy %evelo*ment The *rinci*le of re*ositioning

University of Mumbai [!]
Pa2e N!( :> :G
YMTs College of Management 3 4 5 6
0orter's Five Forces Mo%el Titan sub-bran%s *ossesse% by res*on%ents 0erio% of Titan +atch's use #easons for bran% *reference #ecall of Titan's original tagline
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! " 1# 11 12 13 14 15 16 1 1!
Ma!or a%vertisement me%ia A+areness of bran% ambassa%or A+areness of ne+ tagline (onsumer *erce*tion of ne+ %esigns A+areness of ne+ cam*aign (onsumer *erce*tion of ne+ cam*aign (onsumer *erce*tion of store ambience (onsumer *erce*tion of sales *ersonnel (onsumer *erce*tion about after sales service (onsumer *erce*tion about %is*lay of +atches 3verall *erce*tion about Titan sho+room
Li%t !" Ta+3e%

Nu)+er : $ Tit3e #easons for bran% *reference Ma!or A%vertisement me%ia
University of Mumbai ["]
Pa2e N!( 4> 4G
Chapter 1 - Introduction
4(4 The!r0 5 C!n e1t "A business has two - and only two - basic unctions: marketing and inno!ation"" Peter Dru *er
University of Mumbai [1#]
The ra*i% *ace of change an% intense com*etitive *ressure in to%ayDs mar,et*lace %eman% that bran%s continuously innovate an% reinvent themselves to maintain their relevance an% mar,et *osition In this conte6t, bran% re*ositioning an% other revitali8ation strategies have become a business im*erative for battling bran% erosion The a**eal of bran% re*ositioning is further heightene% by the rising costs an% high ris, associate% +ith launching a ne+ bran% Bran% re*ositioning has receive% little attention in the mar,eting literature an% has mostly been treate% as a variation of bran% *ositioning Biel, for e6am*le, has %efine% bran% *ositioning as Cbuil%ing (or rebuil%ing) an image for a bran%C The goal of *ositioning an% re*ositioning strategies relates to the management of consumersD *erce*tions 2o+ever, *ositioning focuses on the creation of bran% associations consumersD *erce*tions of the attributes that %ifferentiate the bran% from com*etitive offers K +hile re*ositioning also im*lies managing e6isting bran% associations The uni5ue challenge of a re*ositioning strategy, thus, lies in re!uvenating the bran% image to ma,e it relevant in an evolving environment, +hile honoring the bran% e5uity heritage #e*ositioning can be re5uire% as the mar,et changes an% ne+ o**ortunities occur Through re*ositioning the com*any can reach customers they never inten%e% to reach in the first *lace If a bran% has been establishe% at the mar,et for some time an% +ish to change their image they can consi%er re*ositioning, although one of the har%est actions in mar,eting is to re*osition a familiar bran% Accor%ing to Solomon, *osition strategy is an essential *art in the mar,eting efforts because com*anies have to use the elements in the mar,eting mi6 to influence the customers un%erstan%ing of the *osition 1uring the movement from something less attractive an% relevant to+ar%s a more attractive an% relevant *osition several of strategic choices has to be ma%e The ones res*onsible for the re*ositioning have to evaluate +hy a re*osition is necessary, an% if the offer is the one that +ill change or !ust the bran% name There are several ris, factors that have to be ta,en into consi%eration +hen *re*aring for a re*ositioning of the offering or the bran% 1uring re*ositioning, the ris, of losing the cre%ibility an% reliability is high an%
the nee% for a thorough strategy is therefore necessary to avoi% this occurrence Some analyst argue that to successfully re*osition a establish bran% name is almost im*ossible because re*ositioning of a bran% can ma,e the most loyal customer to s+itch bran% But, in some circumstances a re*ositioning is necessary to gain cre%ibility if the bran% is ero%e% 7henever a re*osition is in 5uestion it has to be of relevance from a customer *ers*ective, is this achievableL Some bran%s +ill on no account be thought on as a lu6ury bran% an% therefore an attem*t to re*osition +ill only %amage the bran% image or the actual com*any Numerous faile% attem*ts at bran% re*ositioning testify to the %ifficulty of %evelo*ing an% im*lementing such a tactic For e6am*le, +hile the soft %rin, bran%, Mountain 1e+ has remaine% relevant to the youth mar,et through continuous re*ositioning in its thirty years of e6istence, AevisD "eans has been losing mar,et share to ne+comers such as The Ha*, %es*ite numerous cam*aigns %esigne% to re*osition the bran% as tren%y The strategic im*ortance of bran% re*ositioning in *reserving an% enhancing bran% e5uity, cou*le% +ith the mi6e% results of re*ositioning attem*ts, un%erscores the nee% to %evelo* a better un%erstan%ing of the %ynamics of bran% re*ositioning S*ecifically, 5uestions of +hether, +hen an% ho+ bran%s shoul% be re*ositione% nee% to be a%%resse% 4(6 Literature Re/ie7 The re*ositioning strategy is rolle% out in three stagesE intro%uctory, elaboration an% fortification stages This involves the intro%uction of a ne+ or a re*ositione% bran%, see,ing to un%erline the bran%'s value over others, an% to broa%en the bran% *ro*osition It is truly tough to change the customer's *erceive% attitu%e to+ar%s a bran%, an% therefore the ris, is great that the attem*t to re*ositioning might be unsuccessful After rolling out the strategy, it is time to mo%ify the *ro*osition through u*%ate of the *ersonality an% through re*ositioning There are benefits an% ris,s +ith both of
this segments an% it is of great significance that they are truly evaluate% +hen %eci%ing the ne6t ste* in the *rocess To further un%erstan% the stages state% above, figure : +ill gui%e you through the %ifferent *hases that follo+ after establishing a bran% *ro*osition Fi2ure 48 Sta2e% in +rand %trate20 de/e3!1)ent
The im*lication +ith the termM re*ositioningM is that a com*any mo%ifies something that is alrea%y *resent in the mar,et an% in the consumer's min% The %efinition of re*ositioning changes %ifferent in%ivi%uals an% *rofessions To vie+ the %ifferent %efinitions an% *erceive a greater un%erstan%ing about this conce*t, three e6am*les of re*ositioning given by in%ivi%uals in %ifferent *rofessions is state% belo+E 4#epositioning is a change, principally about trigging the !ision, mission and !alue in
a new direction that is more suited or the brand in the uture$" %Bran% manager consultant) &'rincipally, reposition concerns changing the consumer(s perception o the brand$
(0#- consultant) &#epositioning is built upon the change o uni)ue and di erentiated associations with the brand in some kind o direction, it is about ha!ing a balance between the category party and di erentiation when using reposition strategies$ (Aea%ing bran% strategist) From these %efinitions, it is obvious that re*osition is about moving something to a ne+er an% ho*efully to a more attractive an% relevant *osition The *ur*ose of the movement %iffers +ith regar%s to +hat the com*any +ants to achieve A com*any might +ant to reach out to a larger target grou*, or be involve% in several %ifferent *ositions at the mar,et There is also a visible relation bet+een *rice an% 5uantity as*ects 7hen a com*any *erceives the mar,et as a %eman% curve, the *ur*ose is to %o+n stretch or u* stretch in this curve 7hen moving %o+n it is often s*o,en of as an e6*ansion %o+n +ar%s, an% +hen moving u* an% there is a nee% for reaching the *remium segment an% e6*an% u* +ar%s
Fi2ure 68 The 1rin i13e !" re1!%iti!nin2
Ne+ 0osition 0rice
0revious 0osition @6*erience% 5uality 7hen striving to+ar%s a ne+ *osition in the mar,et, it is im*ortant to
un%erstan% that consumer's min%s are limite% 0eo*le's min%s select +hat to remember an% it is therefore significant to convince the consumers +ith great arguments The mar,et %eman% changes ra*i%ly an% therefore re*ositioning can be necessary to meet these %eman%s, ne+er an% stronger arguments have to be establishe% to convince them to stay as loyal customers As state% in the literature, re*ositioning is a very com*licate% matter an% therefore there are no %etaile% theories or mo%els The aim +ith re*ositioning %iffer from *erson to *erson, an% the only connection bet+een all the %ifferent theories is that re*ositioning is moving something from some+here to+ar%s a greater *osition at the mar,et (orst!ens an% 1oyle (:/</) i%entifie% three ty*es of re*ositioning strategiesE (:) 9er! re1!%iti!nin2, +hich is not a re*ositioning at all since the firm maintains its initial strategy in the face of a changing environmentN ($) Gradua3 re1!%iti!nin2, +here the firm *erforms incremental, continuous a%!ustments to its *ositioning strategy to reflect the evolution of its environmentN an% (>) Radi a3 re1!%iti!nin2 that corres*on%s to a %iscontinuous shift to+ar%s a ne+ target mar,et an%9or a ne+ com*etitive a%vantage After e6amining the re*ositioning of several bran%s from the In%ian mar,et, the follo+ing < ty*es of re*ositioning have been i%entifie% These areE : Increasing relevance to the consumer $ Increasing occasions for use
3$ Ma,ing the bran% serious
4 Falling sales G Bringing in ne+ customers

6$ Ma,ing the bran% contem*orary
. 1ifferentiate from other bran%s

!$ (hange% mar,et con%itions
It is not al+ays that these nine categories are mutually e6clusive 3ften one reason lea%s to the other an% a bran% is re*ositione% sometimes for a multi*licity of reasons A four-*hase% bran% re*ositioning a**roach can be follo+e% to achieve the inten%e% benefitsE Pha%e I( 1etermining the (urrent Status of the Bran% Pha%e II( 7hat 1oes the Bran% Stan% for To%ayL Pha%e III 1evelo*ing the Bran% 0ositioning 0latforms Pha%e I: #efining the Bran% 0ositioning an% Management 0resentation
The benefits that can be %erive% from bran% re*ositioning e6ercises can be summari8e% asE Jalue over others )*%ate% *ersonality #elevant *osition
The ris,s associate% +ith such strategies areE Aoss of focus Neglecting original customers Aosing cre%ibility for the bran% (onfusing the bran%
Therefore, bran% re*ositioning is more %ifficult than initially *ositioning a bran% because one must first hel* the customer 4unlearnM the current bran% *ositioning (easier sai% than %one) Three actions can ai% in this *rocessE (:) carefully crafte% communication, ($) ne+ *ro%ucts, *ac,aging, etc that em*hasi8e the ne+ *ositioning an% (>) associations +ith other bran%s (co-bran%ing, co-mar,eting,
ingre%ient bran%ing, strategic alliances, etc ) that reinforce the ne+ bran% *ositioning This e6ercise is so critical to an organi8ation's success that the organi8ation's lea%ershi* team an% its mar,eting9bran% management lea%ers shoul% %evelo* it, *referably +ith the hel* an% facilitation of an outsi%e bran%-*ositioning e6*ert
Cha1ter 6 ; Re%ear h Meth!d!3!20

6(4 O+,e ti/e% : To stu%y the current scenario of In%ian +rist +atch in%ustry
2$ To revie+ the bran% *ositioning strategies of %ifferent sub-bran%s of Titan
+atches
> To analy8e the bran% re*ositioning strategies of Titan +atches
4$ To stu%y consumer a+areness an% *erce*tion about the bran% re*ositioning University of Mumbai [1 ]
strategies of Titan 7atches This stu%y +oul% hel* titan in%ustry to un%erstan% the ga*s in its communication strategy regar%ing bran% re*ositioning e6ercises an% the further measures to be ta,en for effective mar,eting communications
6(6 Li)itati!n%
The stu%y is confine% to Navi Mumbai area only
There is *ossibility of sam*ling errors in the stu%y The res*onses of the consumers may not be genuine The 5uestions inclu%e% in the 5uestionnaire may not be com*rehensive
6(< S!ur e% !" Data C!33e ti!n The relevant %ata +as collecte% from both 1ri)ar0 %!ur e% an% %e !ndar0 %!ur e% The starting *oint of my information gathering has been the secon%ary sources such as internet, boo,s, an% !ournals an% so on First, I ma%e a stu%y of the bran% *ositioning an% re*ositioning strategies of Titan +atches through secon%ary sources such as internet, insurance maga8ines, an% !ournals an% so on Then I con%ucte% a consumer a+areness survey on bran% re*ositioning strategies un%erta,en by Titan +atches in recent times
6(= Sa)13in2 Pr! edure

University of Mumbai [1!]
A sam*le of G- consumers +ho are bran% loyal to Titan +atches since more than a year an% in the age grou* of $- K >- years have been consi%ere% for this stu%y As Titan has ta,en u* bran% re*ositioning strategies since "uly $--<, consumers +ho have seen the *revious an% ne+ cam*aign have been targete%
6(> Pri)ar0 Data C!33e ti!n 1ata +as collecte% through an intervie+ sche%ule, consisting of both !1en ended and 3!%ed ended ?ue%ti!n%( The sche%ule covere% *arameters li,e
reasons for consumers' bran% *referenceN recollection of earlier tagline an% a%vertisement, bran% ambassa%or of TitanN a+areness of ne+ tagline an% cam*aign featuring Aamir Khan, ne+ %esigns an% so on The %ata +as collecte% through emails, tele*hone contacts an% one-to-one *ersonal intervie+s
Cha1ter < ; Indu%tr0 O/er/ie7

<(4 Hi%t!r0 !" the 7at h )ar*et The In%ian +atch in%ustry began in the year :/;: +ith the commissioning of the +atch %ivision of 2MT The first +atch mo%el manufacture% by 2MT +as the "anata mo%el in the year :/;$ 2MT +as the lea%er in the +atch mar,et till the Tata's forme% Titan 7atches in association +ith Tamil Na%u In%ustrial 1evelo*ment (or*oration in the year :/<. They too, a ma!or strategy %ecision, +hich later change% the face of the In%ian +atch mar,et- to manufacture only 5uart8 +atches Aiberali8ation in ://$ an% the removal of 5uantitative restrictions %ue to 7T3 has o*ene% the %oors for many foreign bran%s in the In%ian mar,et vi8 Tissot, S+atch, 3mega, #a%o, TAH 2euer, #ole6 an% many others The im*ort %uties on +atches are falling +hich ma,es the In%ian mar,et loo, attractive for the global ma!ors li,e (asio, S+atch an% (iti8en
University of Mumbai [1"]
<(6 Indian Wat h indu%tr08 Fi2ure <8 P!rter$% Fi/e F!r e% M!de3 4( Su113ier P!7er8 2MT has its o+n fully integrate% o*eration for *ro%uction of its +atches the years, the manufacturing ca*acity of +hich is ; million units Titan has its o+n *ro%uction facilities for +hich it has investe% roughly :$- crore ru*ees over Also there has been a rise of lo+ cost *ro%ucers in (hina O Tai+an +hich has *rovi%e% an o**ortunity for +atch ma,ers to outsource +atches at lo+ cost, !ust as Titan has %one to outsource the com*onents for 1ash 1ue to the large su**ly of +atch movements available, there is little su**lier *o+er in the +atch mar,et 6( Bu0er P!7er8 The In%ian +atch buyers are very *rice sensitive, es*ecially in the lo+er en% of the mar,et There is still a huge unta**e% mar,et in In%ia +ith mar,et *enetration of only $- units *er thousan% *eo*le +hile the +orl% average is more than :-- At the same time there are a segment of *eo*le +ho are +illing to *ay a *remium for +atches +ith goo% *erformance an% +ith a recogni8e% bran% name mar,et share <( Entr0 Barrier%8 The In%ian +atch mar,et in the recent years has sho+n a %ramatic increase in the number of bran%s available in the mar,et %ue to removal of 5uantitative restrictions So the ne+ entrant has to have an offering, +hich can be *ositione% an% %ifferentiate% from the other *layers in the mar,et This coul% be either *rice or functional or emotional a**eal So the *rime barrier for entry, in the current conte6t, for a ne+ entrant is to buil% a bran% image an% *rice com*etitively =( Threat !" Su+%titute%8 There are no such substitutes to +atch as a *ro%uct 2o+ever, in terms of the com*anies offering various variations for +atches such as *en%ant +atches an%
So un%erstan%ing the
buyers' *references is very crucial in this in%ustry in or%er to gain a substantial
!e+ellery +atches, some sort of substitution has %evelo*e% #ich consumers *refer to *urchase +atches more as a fashion accessory rather than sim*ly for its ty*ical use >( De2ree !" Ri/a3r08 There are many com*anies in the In%ian +atch mar,etN ho+ever, the *ro%uct ranges offere% by them are manifol% This ma,es the com*etition very stiff Also at the lo+er en% of the mar,et it is basically the Jalue for Money, +hich %ifferentiates the *layers The strategic sta,es for the *ro%ucers are very high Titan At% , the largest com*any in terms of mar,et share in the organi8e% sector has face% losses in the 5uarter en%e% "une $--: %es*ite increase in the mar,et share %ue to macroeconomic situation 2MT face% a similar situation +hen Titan +as intro%uce% in the :/<-s lea%ing to a shar* fall in its mar,et share
<(< Pre%ent Situati!n !" the Indian Wat h Mar*et The In%ian +atch mar,et is to%ay of 4- million units, out of +hich ;-= is in the unorgani8e% sector in +hich the ma6imum number of +atches are sol% are belo+ #s >-?uart8 +atches form t+o thir% of the organi8e% sector an% the rest is s*lit bet+een mechanical an% %igital +atches @ven in the organi8e% sector, three fourth of the sales by volume comes from +atches that are *rice% belo+ #s :--0lastic as such is not acce*table to average In%ian consumers, es*ecially those from the small to+ns an% rural areas +ho regar% it as chea* an% flimsy They +ant toughness- +hich translates into a goo% 5uality metal mo%el at a reasonable *rice 7atch is one of the consumer %urables +hose re*lacement rate is very high The re*lacement rate of +atch is >> < =( Source: India market demographics report, 1998) 1998) This is also %ue to the fact that the estimate% scra* rate of +rist +atches is So, %ue to high scra* rate, out%ate% mo%els, an% the shift from the . <=, +hich is a**licable after ; years (Source: India market demographics report, mechanical +atches to the 5uart8 +atches it is causing a very high re*lacement
%eman% for +atches
This along +ith the lo+ *enetration level re*resents the
unta**e% mar,et *otential for +atches in In%ia <(= Ma,!r +rand% in the Indian 7at h )ar*et The ma!or *layers in the In%ian +atch mar,et inclu%e 2MT, Titan an% Time6 The other *layers inclu%e 7estar, Shiva,i, Ma6ima, SIT(3 Foreign bran%s such as (artier, 0iaget, 3mega, Tiffany's an% (orrum, Hucci, Aongines, (asio, (iti8en, Tag 2euer an% @s*irit are also ma,ing an inroa% into the In%ian mar,et Titan has been consoli%ating its mar,et share over the *ast %eca%e gaine% substantial mar,et share Time6
+atches, +hich entere% in In%ia +ith collaboration +ith Titan, has no+ in%e*en%ently
> G Bran% 0erce*tion for %ifferent +atches
T I T A N ( s o nma a t a6 )i m 2 a M TT i
NDS
> ; 7atch In%ustry Ma*
> . Segmentation of In%ian 7atch in%ustry Base% on *rice Mass (#s >G--;--), 0o*ular (#s ;---/--), 0remium (#s /---:G--), Su*er-*remium (#s :G---<---)
(onnoisseur segments (above #s <---)
Ba%ed !n u%er ate2!r0 Men's +atches 7omen's +atches &outh +atches Ki%s +atches S*orts +atches
Cha1ter = ; C!)1an0 Pr!"i3e
=(4 O/er/ie7 Titan In%ustries +as establishe% in :/<4 as a !oint venture bet+een the Tata Hrou* an% the Tamil Na%u In%ustrial 1evelo*ment (or*oration The com*any brought about a *ara%igm shift in the In%ian +atch mar,et, offering 5uart8 technology +ith international styling, manufacture% in a state-of-the-art factory at 2osur, Tamil Na%u Aeveraging its un%erstan%ing of %ifferent segments in the +atch mar,et, the com*any launche% a secon% in%e*en%ent +atch bran%-Sonata, as a value bran% to those see,ing to buy functionally style% +atches at affor%able *rices In a%%ition it focuse% on the youth +ith its thir% bran% K Fastrac, It has also *remium fashion +atches by ac5uiring a license for global bran%s such as Tommy 2ilfiger an% 2ugo Boss, +hile It has also in its *ortfolio its first S+iss Ma%e +atch bran% K Iylys In ://G, the com*any %iversifie% into !e+ellery un%er the bran% K Tanish5 to ca*itali8e on a fragmente% mar,et o*erating +ith no bran%s in urban cities In $--G, the com*any launche% its secon% "e+ellery bran%, Hol% 0lus, for ca*itali8ing on the o**ortunity in small to+ns an% rural In%ia The com*any has no+ %iversifie% into fashion @ye+ear by launching Fastrac, @ye-Hear sunglasses, as +ell as 0rescri*tion @ye+ear The (om*any leverage% its manufacturing com*etencies an% branche% into 0recision @ngineering 0ro%ucts an% Machine Buil%ing from $--> To%ay, Titan In%ustries is In%iaDs lea%ing manufacturer of +atches an% !e+ellery em*loying >,<-- *eo*le Titan an% Tanish5 are among the most a%mire% bran%s in their categories
=(6 Pr!du t%
The com*any manufactures over < million +atches *er annum an% has a customer base of over <- million It has manufacturing an% assembly o*erations at 2osur, 1ehra%un, #oor,ee an% Ba%%i in 2imachal 0ra%esh an% an @(B *lant in Hoa Its main *ro%ucts areE
Wa%chesE (urrently manufactures four main +atch bran%s vi8 Titan for the *remium segment, Fa%tra * K focuse% on the youth an% tren%y fashion s*ace, S!nata for the mass mar,et an% @030% for the *remium mar,et The Titan bran% architecture com*rises several sub-bran%s, each of +hich is a lea%er in its segment Notable among them areE Titan Ed2e K The +orl%Ds slimmest +atch +hich stan%s for the *hiloso*hy of Cless is moreCN Titan Ra2a K the feminine an% sensuous accessory for to%ayDs +oman, Ne+u3a - crafte% in soli% gol% an% *recious stones an% several other collections li,e Wa33 Street, Herita2e, Re2a3iaA O taneA Ori!nA Di/aA 9!!1A WWF an% the A/iat!r series, all of +hich form a *art of the Titan +ar%robe Sonata is to%ay In%iaDs largest +atch selling bran% an% is *rice% bet+een #s $/G9- an% #s :$--9- The com*anyDs first S+iss Ma%e +atch K Iylys is for the hi-en% connoisseur an% ne+ age achiever It also mar,ets T!))0 Hi3"i2er +atches un%er a licensing arrangement an% is intro%ucing Hu2! B!%% To%ay, the Titan *ortfolio has about ;G= of the %omestic mar,et share in the organi8e% +atch mar,et The com*any has 6>> e6clusive sho+rooms christene% BW!r3d !" TitanB, ma,ing it amongst the largest chains in its category Titan +atches are sol% through over :$,--- outlets in over $,G-- cities an% internationally in over >countries, *rimarily in the Mi%%le-@ast an% Asia 0acific Its after-sales-service is itself a benchmar,e% o*eration +ith a net+or, of .G- service centers an% amongst the +orl%Ds fastest turnaroun% times The com*any has a +orl%-class %esign stu%io for +atches an% accessories
-e.e))er+E Tanish5 is In%iaDs largest an% fastest gro+ing !e+ellery bran% +ith a *remium range of gol% !e+ellery stu%%e% +ith %iamon%s or colore% gems an% a +i%e range in $$,t *ure gol% 0latinum !e+ellery is also a *art of the *ro%uct range Tanish5 is one of In%iaDs largest s*ecialty retailers an% is
University of Mumbai [2 ]
transforming the !e+ellery mar,et in In%ia 4C6 bouti5ues in D6 cities across the country QHol% 0lusD is the recent retail offering for the mass mar,et +ith *lain gol% !e+ellery selling through 4E stores in 4E to+ns %ivision has its o+n %esign stu%io
The !e+ellery
E+e .earE Titan E0eF is currently on a *ilot mo%e +ith G stores in $ cities an% has sunglasses un%er Fastrac, bran% an% *rescri*tion eye+ear consisting of Frames, Aenses, Sunglasses, Accessories an% (ontact Aenses of in-house bran%s an% other *remium bran%s
=(< Pre i%i!n En2ineerin2 The com*anyDs 0recision @ngineering 1ivision su**lies *recision com*onents to the avionics an% the automotive in%ustry It also manufactures %ashboar% cloc,s as 3@M to car manufacturers in @uro*e an% America The %ivision also *rovi%es fully integrate% Automation solutions
=(= A7ard% The com*any has been a+ar%e% the follo+ing %istinctionsE
Being name% the No : Bran% in the (onsumer 1urables category in the CBran% @5uityC Survey of The @conomic Times, a lea%ing In%ian financial %aily
The Titan 1esign Team +on the &oung 1esign @ntre*reneur of the &ear a+ar% at the %esign a+ar%s institute% by the National Institute of 1esign an% Business 7orl%, a lea%ing In%ian maga8ine accre%itations also The team has +on .
Both Titan an% Tanish5 have been a%!u%ge% CMost A%mire% Bran%sC as +ell as C#etailer of the &earC by Images Fashion Forum in consecutive years
#etail Asia an% Me%ia Maga8ine K Singa*ore a%!u%ge% Titan In%ustries as amongst the lea%ing #etailing (om*anies in In%ia Titan has +on the Bran% Aea%ershi* a+ar% at the In%ia Bran% Summit The Time 0ro%ucts 1ivision of the com*any +as a+ar%e% the "#1 ?J A+ar% in $--;
Cha1ter > ; Titan Wat he%8 Brand P!%iti!nin2 Strate2ie%
>(4 O/era33 %trate2ie%

Since its intro%uction, Titan has been *ositione% as a *remium bran%, *rovi%ing high 5uality *ro%ucts 7ith its numerous sub-bran%s catering to %ifferent segments, the challenge that Titan faces is to create a strong bran% image It follo+s %ifferent *ositioning strategiesN these strategies can also be analy8e% as given belo+E Attri+ute P!%iti!nin28 7hen the com*any launche% its *ro%ucts, it +as the first to bring 5uart8 +atches to the In%ian mar,et The com*any successfully leverage% this to *enetrate the mar,et an% gain a mar,et share #aga, (lassi5ue an% #egalia come un%er this strategy (lassi5ue has been *ositione% as elegant cor*orate +ear that leaves a 5uiet, but %efinite im*ression an% fusion of function an% so*histication 0o+er %ressing no+ has a ne+ +ea*onR As Magic in gol% an% bicolor loo,, the D#egaliaD range re*resents the essence of %ress-+ear #aga has been %ifferentiate% an% *ositione% as e6clusive +atches for +omen The #aga an% Silver #aga collection is elegant, %elicate an% feminine +ith each *iece being truly uni5ue
U%er P!%iti!nin28 Titan caters to several user grou*s- chil%ren (the 1ash), s*orts*ersons an% a%venturers (0SI4--- an% Fastrac, range) The Fastrac, range is seen as being contem*orary, stur%y an% reliable +atches by TitanM) The a%vertising, *ac,aging an% merchan%ising of this range is young, vibrant an% Qcool' (the a% line says 4(ool
Bene"it P!%iti!nin28 The Fastrac, 1igital range offers the customer a functional +atch that is also attractive The %igital +atch has a 4techno-gee,M image, but Titan see,s to %ifferentiate its offering on the basis of su*erior style an% attractiveness
C!)1etit!r P!%iti!nin28 7ith the entry of several foreign +atchma,ers into the mar,et, Titan ha% to counter the threat Most of the entrants are catering to the u**er en% of the mar,et- 3mega, Tissot, (artier etc Titan alrea%y ha% the Tanish5 bran% in this segment 2o+ever, it has trie% to re*osition this bran% by increasing the *rice range to encourage more customers Qua3it0 !r Pri e P!%iti!nin28 In the overseas mar,et, es*ecially in @uro*e +here it is com*eting +ith S+iss an% "a*anese +atches, it is *ositioning itself as Qvalue- for- money'E reasonably *rice% (less than S+iss +atches an% higher than "a*anese), attractively style% an% of goo% 5uality In In%ian mar,et, Sonata is a *erfect e6am*le of 0rice *ositioning, titan came u* +ith this segment +hen it +as facing heavy com*etition from lo+er en% segment
>(6 Men$% %e2)ent8 7ith Titan *ositioning its range of +atches as a life-style, the In%ian mar,et starte% vie+ing +atch more as a com*lement to %ress than !ust a time sho+ing machine They are also realising that, unli,e other forms of art that are meant to be a%mire%, high-en% !e+ellery +atches have that a%%e% bonusE *ractical lu6ury +ith a function other than beauty 7atches have !oine% the list of tie, %eo%orant an% shoes to re*resent the occasion an% flaunt your status
Dre%% Wear Titan has three bran%s *ositione% for this segmentE Nebula, #egalia an% Insignia Ne/!)a0 Mar,ete% as the 4"e+ellery collection from TitanM, Nebula is targete% to+ar%s affluent men +ho consi%er +earing gol% !e+ellery a symbol of status Magical blen%
of most covete% of metals, Hol% an% craftsmanshi*N Nebula is more of a connoisseur +atch +ith the lo+est *rice mo%el at #s GG-- It is mar,ete% as a 4+atch for %iscerning in%ivi%ualM *ositione% as a gol% !e+el Re&a)ia8 4Incre%ibly eye-catchingS magic in gol%M The +atch uses the uni5ue combination of gol% an% bicolour loo,s re*resenting the essence of %ress-+ear In In%ia, gol%-loo, is associate% +ith status but at the same time, the silver-loo, is the fashion of the %ay in international +atches 7ith the combination of both, this +atch is targete% to+ar%s affluent businessmen The elegant loo,s an% colours ma,e it a strong com*etitor to the foreign bran%s li,e the Tissot, 0iaget an% #a%o This is also mar,ete% as a +atch for gift 4S*ecial 7atch for s*ecial occasionM, *ositioning this as a costly gift Insi&nia8 QThe 7orl% 7atch from Titan ' The +atch +ith fascinating %esigns an% *recision engineering +as targete% to+ar%s the @uro*ean mar,ets The com*le6ity of this +atch is :- times more than a regular titan +atch Though it %i%n't meet +ith much of a success in @uro*e, this tag line an% ,ey+or% 4InternationalM are use% to *osition this +atch as a +orl%-class +atch for international traveller +ith @uro*ean tastes
C3a%%i Wat he% 7atches that are for every-%ay use an% those +ith less frills an% more value are classifie% as (lassic +atches These +atches are normally targete% to+ar%s mi%%le an% u**er mi%%le-income class consumers
C)assi1!e0
40o+er %ressing no+ has a ne+ +ea*onRM 4Timeless elegance ca*ture% on the +rist M
(lassi5ueD is mar,ete% as a fusion of function an% so*histication (lassi5ue +ith its
loo,s fits the formal cor*orate image an% is *ositione% as a +atch for cor*orate em*loyees This also reinforces the im*ortance of +atch along +ith the %ress +orn These +atches are generic in their sim*licity an% fin% no real com*etitors e6ce*t 2MT
Ro+a)e0 4(ollection of %esigns that suit every%ay +earM #oyale +ith its gol% *late% case an% gol%en stra*s re*resents a formal every %ay +atch targete% to+ar%s the em*loyees +ho can't affor% multi*le +atches for occasions The +atch inclu%es %esigns from sim*le to %ressy evening+ear s+itching bet+een informal an% formal loo,s base% on the *lace an% situation
S,ec%ra8 41esigne% for those +ho loo, beyon% the or%inaryM This bran% from Titan e6ten%s over +i%e range of *rices from /---.--- It is a classic *remium +atch +ith style, +hich boasts of combining the stur%iness of steel +ith richness of gol% The *ositioning of the +atch is not very clear as it is targete% to+ar%s the salary earners +ith its lo+er *rice *oint mo%els an% a**ealing mo%els for the cor*orate e6ecutives at the higher en% S1!rt% Wat he% In the In%ian scenario the s*ort a+areness is not 5uite there An% the mar,et is not mature enough that consumers buy s*ecial +atches for s*orting e6ce*t in the su*er-*remium an% segments above that A s*orts +atch in the min% of an average In%ian is a *olyami%e +atch +ith sto*+atch an% tren%y loo, So there is no clear %istinction bet+een s*orts +atches an% casual +atches But in the available mar,et Time6, (asio, an% Titan are ma!or *layers an% after the lifting of ?# restrictions,
+orl% famous Tag- 2eur has also entere% In%ia but in the (onnoisseur segment of s*orts +atches PSI23330 Titan has intro%uce% a range of contem*orary 0recision S*orts +atches The bran% is mar,ete% as tough, out%oor, a%venture bran% foreign bran%s li,e S+atch Irony (0sycho gra*hically segmente%) #anging from <-- to .G--, these +atches are in %irect com*etition +ith
Ca%ua3 WearE The segment of +atches that has a variety of bran%s an% mo%els to a**eal to the youth an% mentally young *eo*le is casual +ear The +atches in this segment are mainly s*orty +atches, +hich are unconventional an% ty*ically symboli8e the attitu%es of younger generation Ti%an Fas% Trac" 4(ool +atches from TitanM The target au%ience for this +atch, in the $-->G age grou* inclu%e +or,ing a%ults an% *ostgra%uate stu%ents of both se6es in metros an% mini metros The Fast Trac, user, in terms of attitu%e is one +ho +ears an informal %ress, +ears bran%e% !eans, shirts, sunglasses an% bran%e% informal shoes The Fast Trac, *ersonality is that of a young, energetic, achievement oriente% *erson, +ho see,s to e6*ress his or her in%ivi%uality by bra,ing free from constraints of formal environment, +ithout being a rebel Built aroun% the (ool conce*t, this +atch from Titan has virtually very fe+ com*etitors because no one offers the feature combination an% *rice but (asio (in %igital range) an% @s*irit an% S+atch (in the analog range) can be consi%ere% as com*etitors feature-+ise Te hn!3!20 Wat he% 7rist 7atches have change% a lot from the ince*tion- a time sho+ing convenience machine to a status symbol But the un%erlying conce*t remaine% unchange%, convenience Stretching this conce*t a bit +ith the %evelo*ment of
technology are the technology +atches available in the mar,et 7atch for time, status has in the ne+ technology era is loo,e% for convenience of carrying %ata In to the com*etitive mar,et +ith *eo*le +illing to *ay a *remium for that a%vantage, a goo% number of bran%s have venture% Techno)o&+ #245367233'0 4Multi-functional +atches for the Tech-savvyM This bran% is mar,ete% as mergers of classic elegance an% technological mastery giving rise to multi-functional chronogra*hs using the solar *o+er bran% is *ositione% to com*ete against the (iti8en's @co1rive This
>(< W!)en$% %e2)ent Dre%% Wear Titan has chiefly three bran%s in this category
Ne/!)a #8333685333'6 4The "e+eler's (ollectionM Nebula is a *recious !e+ellery +atch from Titan It is mar,ete% as Qa magical blen% of most covete% of metals an% engineering e6cellence' The Nebula range of +atches is *ositione% as ob!ects of ornamentation A $: carat gol% +atch, stu%%e% +ith gems it is targete% at the u**er most en% of the mar,et in com*etition +ith bran%s such as #ole6 an% (artier
Re&a)ia #egalia range is *ositione% as 4@ssence of %ress +earM It is mar,ete% as
4Incre%ibly eye catchingSmagic in gol%M 7ith the uni5ue combination of gol% an% bicolor loo,s an% slee, case, #egalia is targete% to+ar%s mi%%le-age% +omen +ho consi%er +atch to be a status symbol an% also re*resenting their %elicacy It is available in many *rice *oints bet+een #s :<-- on+ar%s
Ra&a an* %he Si)9er Ra&a #aga an% the Silver #aga collection are *ositione% as 4@thnic In%ian styling for the so*histicate% +omanM %elicacy an% feminine @ach *iece is truly uni5ue an% re*resents elegance, The %esigns an% the bracelets re*resent tra%itional In%ian
ornaments as +ell as contem*orary style Both the +atches are e6clusively %esigne% to a**eal to +omen more as an ornamental *ossession than a +atch The Silver #aga has been crafte% e6clusively for the so*histicate% +oman +ho believes in value-for-money an% +ho +ears silver !e+ellery +ith Tlan At the beginning, +hen the bran%s +ere launche%, they +ere *ositione% as 47atches for all %ressesM +ith changeable %ials matching the sari color But the *ro*osition +as vie+e% +ith s,e*ticism an% hence %i%n't meet +ith much success Kee*ing in min% In%ian +omen's love for !e+ellery, both these bran%s are re*ositione% as a *erfect accessory that com*letes a +omanDs +ar%robe
Ca%ua3 Wear Fas%rac" The +omanDs collection *resents the all-ne+ international DFroste%D loo,, +hich is tren%y an% chic The a% line E QFastrac,- Q(ool +atches from Titan', aims at buil%ing the bran% aroun% the Qcool Q conce*t Fastrac, is targete% at a *ersonality that is young, energetic, achievementoriente%, +ho see,s to e6*ress her in%ivi%uality by brea,ing free from constraints im*ose% by formal environments, +ithout being a rebel The *ositioning of Fastrac, for men an% +omen is almost the same
>(= Chi3dren$% Se2)ent Titan has a bran% calle% 1ashR for ,i%s These are bright, colorful +atches
targete% at chil%ren age% ;-:4 years These +atches are *rice% #s $G- on+ar%s to
#s 4/G an% are mar,ete% un%er the a% lineE 47o+R 7atches from TitanM The three main collections from 1ash inclu%e the Q0o*eye (ollection', +hich feature cartoon character 0o*eye, an% his frien%s There is also a 1igital #ange, +hich has features li,e @llight, com*ass, Jelco stra*s nature of the chil%ren 1ash also has a s*ecial collection for girls, +ith changeable be8el rings, *rice% at #s $/G There are some other +atches such as 0o*-S+atch from S+atch, +hich are *ositione% using the same a**eal that of 1ash an% are e6*ecte% to give 1ash a tough time at the same com*etitive *rices So Titan is *ositioning 1ash +atches as QFun' +atches for ,i%s Its features such as comic characters also a**eal to the frivolous
Cha1ter G ; Titan Wat he%8 Brand Re1!%iti!nin2 Strate2ie%

Titan In%ustries %eci%e% to revam* its flagshi* +atch bran%, Titan, +ith the intention of ma,ing it more youthful an% relevant to the changing times The bran%, launche% more than $4 years ago, has un%ergone a ma!or re*ositioning e6ercise only once before K five years ago, +hen 2in%i film actor Aamir Khan +as a**ointe% bran% ambassa%or 7hat follo+e% later +as the Q7hat's &our StyleL' cam*aign,
+hich trie% to increase +atch consum*tion *er *erson, by suggesting the use of %ifferent +atches for %ifferent occasions
G(4 Ne7 3!2! and ta23ine ; &Be M!re' Be0!nd %t03e No+, Titan +ants to move from style statements to *ersonality statements Accor%ing to 2arish Bhat, chief o*erating officer, +atches, Titan In%ustries, a +atch ought to %enote the +earer's moo% an% *ersonality 47ith the e6*losion of o*tions in a *erson's life, our core consumer is changing An% to ,ee* u* +ith them, Titan has evolve% too,M he says 3n the a%o*tion of QBe More', Bhat says that that statement is su**ose% to %enote the as*irations of consumers to ma,e more of their lives an% be +hatever they +ant to be 4The +atch allo+s for such imaginative travels,M he says Titan's agency, 3gilvy In%ia, has %evise% a cam*aign featuring Aamir Khan that encourages *eo*le to fin% a ne+ stran% of their *ersonality every %ay It all starte% +ith a logo change a fe+ months ago (the same font in a re% an% +hite combination), follo+e% by a cam*aign rolle% out no+ The a% film o*ens on a shot of Aamir Khan sitting alone on a roller coaster, stating, QBe born every %ay' Ne6t, he is seen chasing the sha%o+ of an aircraft on a beach, then, sitting besi%e a truc, %river, in the mi%%le of no+here, +ith a trail of chassis truc,s behin% him 2ere, he as,s the vie+ers to try the a%venture of getting off at an un,no+n station, of e6*loring un,no+n lan%s As he crashes his vehicle +hile go-,arting, Khan +aves to the others aroun% him, +hile his voiceover e6*lains the im*ortance of ma,ing one's o+n mista,es Further on, he tal,s of not ma,ing your *ass*ort *hotos last longer than three months K you nee% to constantly reinvent yourself an% a%o*t a ne+ loo, every %ay (cut to shots of Khan's varie% hairstyles an% loo,s in his movies, sho+n in an ambient +ay through *osters an% T-shirts)
4Shoc, your reflectionRM says Khan, as +e see him +ith funny accessories framing his face The ne6t vignette has him *racticing me%itation +hile slyly chec,ing out a girl +al,ing *ast (Q@6*lore') (ut to a shot of chil%ren, +ith Khan e6*laining ho+ +e as*ire% to be %ifferent *eo*le as ,i%s K 4let's revive that as*iration to%ayM 7earing armor (s+or% an% all), Khan reiterates, QBe Born, @very 1ay Titan Be More' Malvi,a Mehra, grou* creative %irector, 3gilvy O Mather Bangalore, says, 4QBe More' *ushes *eo*le to live many lives in one 7e +ant to trigger *eo*le into 5uestioning, Q7hy shoul% +e be single min%e% an% boringL Time to be multi-facete% Khan fit the bill as 3gilvy borro+e% from his o+n life an% +or, an% his nee% to constantly e6*eriment an% reinvent himself 4Be it Mangal 0an%ey or Aagaan or 1il (hahta 2ai, Aamir al+ays manages to loo, %ifferent in every role,M e6*lains Mehra 4So +e sho+e% him %oing things that +ere s*ontaneous, such as e6*loring *laces or go-,arting M The i%ea, sim*ly *ut, is to live life to the fullest K +ith Titan The film +as conce*tuali8e% by Mehra along +ith Amit A,ali, Anil Thomas, Kun! Shah (+ho +rote the scri*t) an% N A!esh of 3gilvy In a sense, says Mehra, the s*ontaneity in the a% is an in%ication of Titan's gra%ual shift from the ol% to the youthful (from QMy 1a%'s Bran%' to QMy Bran%') 4That is the +ay many categories are moving,M she says G(6 The ad )a*in2 H Aa)ir -han
The a% +as %irecte% by 0rasoon 0an%ey of (orcoise FilmsN this is 0an%ey's thir% Titan film, the earlier t+o involve% Khan an% his assistant, *laye% by the late Jihang Naya, The first film ha% Khan confuse% about +hich +atch to match +ith each outfit he's *ac,ing before a tri*, +hile the secon% film sho+e% him %elighting a girl in a mall +ith a +atch 4This thir% film has a much stronger scri*t than those t+o,M shrugs 0an%ey 4It's about bringing a min%set onto the screen +ith a better celebbran% marriage M
Shot entirely in (hennai, the film has been shot in a +ay that suggests that multi*le locations +ere use% for the shoot, as o**ose% to one city 47e ha% fast *ace% shots to s*rea% the loo, of the film,M says 0an%ey 7hen as,e% +hy (hennai, he 5ui*s, 4Because it +as raining in Mumbai thenRM Several layers +ere a%%e% to the film To sho+ the as*irations of chil%ren, a young girl +as sho+n staring at an ob!ect an%, later in the frame, you see the ob!ect is a butterfly K the girl +ants to fly 4Ki%s are freer in their thin,ing than a%ults an% +e ho*e this has been *ortraye%,M 0an%ey says @ven the last frame of the a%, +hich has Khan %resse% as a moc, +arrior (+ith an im*rom*tu utensil serving as his helmet), +as ma%e to loo, li,e the man ha% ma%e use of things lying nearby in a s*ontaneous +ay
G(< Ne7 C!33e ti!n% and De%i2n%
S!nata$% %u+;+rand% Sonata has launche% the #u/a 6CCI collection, a series of colourful +atches They are available in both casual an% formal styles to com*lement the young, ne+ loo, for college or office +ear The collection has +atches for both men an% +omen at *rice s starting at #s ;4G They are available in both gol% an% steel loo,s, +ith both metal an% leather stra*s Sonata, the +atch bran% from the Tatas, launche% the Su1er Fi+reA targete% at the sub-#s G-- mar,et in urban, semi-urban an% rural In%ia The +atches have been %esigne% *rimarily for youth in the :;->- age grou*, an% +ill be available in a *rice range of #s $.G to #s GG- The tag line for this sub-bran% is JSu1er Str!n2A Su1er St03e($
The com*any announce% >;--%egree mar,eting cam*aign for the ne+ offerings It also unveile% its TJ commercial featuring In%ian 31I ca*tain Mahen%ra Singh 1honi, 4in a bran% ne+ avatarM Titan Ra2a H HaKe3 C!33e ti!n Titan #aga has launche% the 2a8el collection, ins*ire% by the hues of nature 0rice% bet+een #s $,:/G an% #s 4,---, this range com*rises five styles +ith versions in gol%, steel an% bi-metal finish They are available as bracelets an% kadas +ith te6ture% or *atterne% loo, an% mother-of-*earl %ials O tane Titan has launche% the 3ctane collection of chronogra*h, multifunction an% retrogra%e +atches for the urban man The range is %escribe% as blen%ing style an% technology The collection has over >G styles an% is *rice% bet+een #s G,--- an% #s .,G-Ne+u3a Ce3e%te It is a limite% e%ition collection of !e+ellery time*ieces They are crafte% in :<, +hite an% yello+ gol% 0rices range from #s ; la,h to #s :$ la,hs Ra2a Cr0%ta3% Titan In%ustries At% has unveile% its ne+ #aga (rystals collection of +atches in Kerala The t+o ne+ +atches, calle% Jenus an% Fairy 1ust, are available in yello+ metal an% bi-metal versions Jenus is *rice% at #s 4,4G- an% Fairy 1ust at #s 4,.GTitan$% Sta)+ha A ne+ la%ies 2eritage +rist +atch QStambha' signifying fame, *ros*erity an% goo% luc, +as unveile% as *art of 2eritage collection MrJi!esh #a!an, #egional Sales Manager (South), launching the +atch collection, sai% that *lans are on the anvil to launch one ne+ collection every month, reflecting the >----year ol% art an% cultural history of the country A sale of aroun% .,G-- +atches has been fi6e% as a target for this fina ncial year in the 2eritage collection, he a%%e% The *rices in the collection range bet+een #s G,--- an% #s :-,--University of Mumbai [41]
Ne+u3a 9eu% It is a mechanical automatic +atch in soli% gol% for men lu6ury an% romance The Nebula Peus +atch has been crafte% using S+iss ma%e mechanical automatic movement +ith gol% finish an% a sa**hire crystal bac, cover 3ther features inclu%e an instant start, a secon% han% sto* %evice for accurate time settingN 4$ hours reserve *o+ers an% auto +in% convenience The +atch collection +as launche% by singer an% actor, Jasun%hara 1as 0rice% at #s :,:-,---, the limite% e%ition +atch (G-- *ieces) har,s bac, to an ol%er era of
Ra2a Shi))er It com*rises of a collection of e65uisitely %esigne% stu%%e% +atches that com*lement both In%ian-+ear as +ell as 7estern-+ear 0rice% bet+een #s $,//G an% #s 4,4/G, the ne+ collection com*rises +atches in gol%, steel an% bi-metal finishes Ra2a Di/a An e65uisite range of +atches for +omen in the Kerala mar,et Ins*ire% by tra%itional Kun%an +or,, this collection has been ren%ere% in a %elightfully contem*orary form It is *rice% bet+een #s 4,--- an% #s :-,--Titan Ne+u3a H Duet C!33e ti!n Titan Nebula, the *remium :<K gol% +atch bran% from Titan, to%ay launche% the 1uet collection K three *airs of s*ecially crafte% gol% +atches for the +e%%ing season The most *remium collection for this +e%%ing season +as unveile% by *o*ular actor Hul 0anag Available in mother of *earl %ials in both cham*agne an% +hite o*tions it is *rice% bet+een #s >-, G--9- an% #s :,>G,--G(= Other Strate2ie%
Titan is also trying to reach ne+ customer segments They are no+ trying to target all a%ults in socio economic classes AOB Titan is also loo,ing at innovative retail strategies an% *lanne% to launch ten innovative *ro%uct collections soon
Cha1ter D H C!n%u)er A7arene%% Sur/e0

7.1 Data Interpretation Titan %u+;+rand !7ned This +as a multi*le choice 5uestion +here res*on%ents +ere as,e% to choose sub-bran%s of Titan +hich they *ossess It +as foun% that aroun% .$= of the
consumers in the age grou* of $-->- years *ossess Fastrac, bran%, :4= Sonata, ;= #aga, 4= Nebula an% only $= o+n 77F an% @%ge Fi2ure =8 Titan %u+;+rand% 1!%%e%%ed +0 re%1!ndent%
Peri!d !" u%e The res*on%ents +ere as,e% to mention since ho+ long they have been bran% loyal to Titan This +as an o*en en%e% 5uestion an% hence various res*onses +ere receive% The minimum *erio% of use +as set as one year, as mentione% earlier, +hile the ma6imum *erio% of use +as %etermine% For convenience, the %ifferent res*onses are categori8e% into threeE :year K 4years, 4years K .years an% .years K :-years
;4= of the res*on%ents fall into first category, i e , they are using Titan +atch in the range of one to four years $4= res*on%ents are in secon% category an% the rest :$ = are using it for more than seven years
Fi2ure >8 Peri!d !" Titan 7at h$% u%e
Rea%!n% "!r +rand 3!0a3t0 The res*on%ents +ere as,e% to select the reasons from the o*tions given for their *reference for Titan +atches For this 5uestion, multi-res*onses +ere receive% from the res*on%ents Ta+3e 48 Rea%!n% "!r +rand 1re"eren e Rea%!n% Attractive %esigns N!( !" re%1!ndent% ( out of total G-) >/
#easonable 0rice Bran% image Hoo% 5uality
. $$ $G
Fi2ure G8 Rea%!n% "!r +rand 1re"eren e
Re a33 !" Titan$% ta23ine Titan's tagline, before bran% re*ositioning e6ercise has been un%erta,en, +as 47hat's your styleM This tagline +as a%o*te% %uring first rebran%ing e6ercise in $--4 The res*on%ents +ere as,e% to in%icate +hether they remember the tagline in %ichotomous +ay, i e , as 4yesM or 4noM It +as foun% that only $$= of the res*on%ents +ere able to recall the tagline an% the remaining .<= ans+ere% in negative
Fi2ure D8 Re a33 !" Titan$% !ri2ina3 ta23ine
Titans advertisements Titan a%vertises its +atches in almost all me%ia vehicles The a%vertisements can be seen in TJ, maga8ines, ne+s*a*er, hoar%ings, billboar%s, ra%io an% so on All the G- res*on%ents have seen the a%vertisements of Titan +atches in various me%ia This +as a multi-res*onse 5uestion an% the o*tions given to select +ere restricte% to TJ, maga8ines, ne+s*a*ers, hoar%ings an% ra%io The fin%ings of the survey have been summari8e% in a table as follo+sE Table 2: Major dvertisement media
Fi2ure I8 Ma,!r ad/erti%e)ent )edia
T01e% !" )edia TJ Maga8ines Ne+s*a*ers 2oar%ings #a%io
N!( !" re%1!ndent% 4; $G >; :G 4
Brand A)+a%%ad!r !" Titan Aamir Khan is the bran% ambassa%or of Titan since $--4 7hen the res*on%ents +ere as,e% to recollect the same, it +as foun% that 4; of G- sam*le si8e +ere able to correctly mention the bran% ambassa%or +hile the remaining 4 %i% not give any res*onse im*lying that they are not a+are of it Fi2ure E8 A7arene%% !" +rand a)+a%%ad!r
A7arene%% !" ne7 ta23ine H &Be M!re' The survey has reveale% that less than half of the total numbers of res*on%ents (>;=) are a+are of ne+ tagline Fi2ure 4C8 A7arene%% !" ne7 ta23ine
Ne7 de%i2n% !" Titan Titan has launche% several ne+ %esigns in $--< in its e6isting collections an% as *er its *lans intro%uce% ne+ *ro%uct collections also The res*on%ents +ere as,e% to rate the ne+ %esigns as 4*oorM, 4averageM, 4above averageM, 4goo%M an% 4e6cellentM . res*on%ents feel that their %esigns are 4e6cellentM, >/ have rate% them as 4goo%M an% 4 have rate% as 4averageM Fi2ure 448 C!n%u)er 1er e1ti!n !" ne7 de%i2n%
Ne7 Ca)1ai2n !" Titan The survey has reveale% that the *ercentage of res*on%ents +ho have seen the ne+ cam*aign focussing on 4be moreM featuring Aamir Khan is G-= Fi2ure 468 A7arene%% !" ne7 a)1ai2n
Ratin2 !" Ne7 Ca)1ai2n The G-= of the res*on%ents +ho have seen the ne+ cam*aign +ere as,e% to rate it +ith res*ect to ho+ effective the cam*aign is in ins*iring consumers to have a ne+ loo, every%ay an% be more in lives :; out of $G res*on%ents consi%er the ne+ cam*aign to be 4highly effectiveM +hile the remaining / rate% it as 4effectiveM Fi2ure 4<8 C!n%u)er 1er e1ti!n !" ne7 a)1ai2n
Titan$% e. 3u%i/e %h!7r!!)% The res*on%ents +ere as,e% to rate Titan's e6clusive sho+rooms on G *oint rating scale K 0oor, Average, Above Average, Hoo% an% @6cellent The factors relate% to sho+rooms that +ere *rovi%e% to the res*on%ents for rating are K store ambience, sales *ersonnel, after sales service an% %is*lay of +atches Fi2ure 4=8 C!n%u)er 1er e1ti!n !" %t!re a)+ien e
>; of the G- res*on%ents have rate% store ambience as 4Hoo%M an% . each rate% as 4Above AverageM an% 4@6cellentM This *roves that store ambience *lays an im*ortant role in consumer *erce*tion of service 5uality
Fi2ure 4>8 C!n%u)er 1er e1ti!n !" %a3e% 1er%!nne3

7ith res*ect to sales *ersonnel, >G res*on%ents rate% them as 4Hoo%M, +hile 4 each rate% as 40oorM an% 4AverageM, . res*on%ents gave rating of 4Above AverageM
Fi2ure 4G8 C!n%u)er Per e1ti!n a+!ut a"ter %a3e% %er/i e
In the survey, >: out of G- res*on%ents rate% after sales service asM Hoo%M, 4 each as 4AverageM, 4Above AverageM an% 4@6cellentM +hile . res*on%ents rate% as 40oorM Fi2ure 4D8 C!n%u)er 1er e1ti!n !" Di%13a0 !" 7at he%
Most of the res*on%ents have given high ratings to the %is*lay of +atches in Titan sho+room $$ res*on%ents rate% it as 4@6cellentM, $4 res*on%ents as 4Hoo%M an% only 4 res*on%ents gave rating of 4AverageM Fi2ure 4I8 O/era33 1er e1ti!n a+!ut Titan %h!7r!!)%
The res*on%ents +ere also as,e% to give overall rating to Titan's e6clusive sho+rooms It +as foun% that out of total G- res*on%ents, >- rate% as 4goo%M +hile the remaining consi%ere% the sho+rooms to be 4e6cellentM Aroun% G-= of the res*on%ents rate% all the variables relate% to Titan's e6clusive sho+rooms as 4goo%M Su22e%ti!n% 2i/en +0 the re%1!ndent% t! i)1r!/e +rand i)a2e
Jarie% res*onses +ere receive% for this 5uestion All the res*onses have been summari8e% as follo+sE Intro%uce more tren%y an% innovative %esigns Focus on niche mar,ets such as +or,ing men an% +omen S*rea% a+areness about availability of +atches in lo+er segments as most of the consumers feel that Titan bran% is synonymous +ith *remium +atches Ta,e ste*s to change consumer *erce*tion that Titan +atches are high *rice% Im*rove after sales service
D(6 Findin2% !" the %ur/e0 The fin%ings of the consumer a+areness survey are liste% belo+E
.$= of the res*on%ents in the age grou* of $- K >- years *ossess Fastrac,
+atch This sho+s that the *ositioning strategy of these +atches has been goo% Most of the consumers *refer Titan +atches for their attractive %esigns an% goo% 5uality 2o+ever, there is a misconce*tion about *ricing of Titan *ro%ucts among the consumers They *erceive them to be high *rice% Aogos an% taglines are rarely notice% by the +atch consumers 2ence, any change in them also goes unnotice% A%vertisement in mass me%ia such as television, ne+s*a*ers, an% maga8ines are best means to s*rea% a+areness about bran% (elebrity en%orsement of +atches not only increases the visibility of the *ro%uct but also gives an assurance to the consumers that it is of high 5uality Titan +atches' %esigns are rate% as 4goo%M by .<= of the res*on%ents This in%icates that they are loo,ing for+ar% for more innovative %esigns to be intro%uce% by the com*any
3nly G-= of the res*on%ents have seen the ne+ cam*aign launche% by Titan
+atches in "uly $--< This im*lies that the reach of the cam*aign in si6
months has been to more or less half of the consumers 2o+ever, those +ho have seen the ne+ cam*aign consi%er it to be effective in conveying the message it inten%e% to %eliver, i e , to 4be moreM in lives The after sales service an% behavior of sales *ersonnel have been given lo+ ratings com*are% to other variables mentione% in the 5uestionnaire +ith res*ect to Titan's e6clusive sho+rooms
Cha1ter I H C!n 3u%i!n
The suggestions to im*rove consumer a+areness about bran% re*ositioning strategy of Titan are as follo+sE
To increase its visibility, Titan (om*any can s*onsor events similar to fashion sho+s in +hich all latest %esigns launche% are %is*laye% This +oul% have multi*lier effect as the latest %esigns launche% by the com*any get notice% by %ifferent segments of the customers in varie% +ays
Tie Ku* +ith FM ra%io channels for remin%er a%vertisements an% informing customers about various sales *romotion offers from time-to-time Invest more in #O1 as customer e6*ectations are changing ra*i%ly Though Titan has got more *ro%uct collections, it shoul% focus on intro%ucing more varieties in alrea%y e6isting *ro%uct collections In other +or%s, having a limite% but more %e*th in *ro%uct collections +oul% be more a%vantageous
Intro%uce e6clusive collection for +or,ing +omen +hich is more contem*orary an% com*lements both tra%itional an% +estern +ear Ma!ority of the *o*ulation in In%ia live in rural areas So, sho+rooms shoul% be set u* at *laces nearer to them Intro%uce chea*er an% rough use +atches for this segment
After sales service has to be im*rove% That is, the *rocess of servicing an% re*airing of +atches shoul% be ma%e faster This can be %one by ensuring the s*are *arts availability an% training all sales *ersonnel in Titan sho+rooms to un%erta,e these tas,s
Tie u* +ith international +atch bran%s an% ma,e them available locally Ma,e use of internet to s*rea% a+areness among consumers about the bran%
QUESTIONNAIRE : 7hich sub-bran% of Titan +atches %o you *ossessL

a) Fastrac, b) Sonata c) #aga %) Nebula e) 3thers, *lease s*ecifySSSSSSSSSSS
$ Since ho+ many months 9 years have you been using Titan +atchL
> 7hy %o you *refer Titan bran%L a) Attractive %esigns, b) #easonable *rice c) Bran% image %) Hoo% 5uality
4 1o you remember the original tagline of Titan +atchesL If yes, *lease mention
G 2ave you seen the a%vertisement of Titan +atchesL a) &es b) No
; In +hich me%ia have you seen the a%vertisementL a) TJ

b) Ne+s*a*er c) Maga8ines %) 2oar%ings e) #a%io
. 7ho is the bran% ambassa%or of Titan +atchesL
< Are you a+are of the ne+ tagline of TitanL
/ 2o+ %o you rate the ne+ %esigns of TitanL a) 0oor b) Average c) Above Average %) Hoo% e) @6cellent
:- 2ave you seen the ne+ cam*aign of TitanL a) &es b) No
:: 1o you thin, the ne+ a%vertisement is effective in ins*iring consumers to have a ne+ loo, every%ay an% be more in livesL a) Not at all effective b) @ffective
c) 2ighly effective
:$ 2o+ %o you rate Titan's e6clusive sho+rooms +ith res*ect to the follo+ingE (:K0oor, $-Average, >-Above Average, 4-Hoo%, G-@6cellent)
a) Ambience b) Sales *ersonnel
c) After sales service %) 1is*lay of +atches e) 3verall sho+room -
13 7hat suggestions +oul% you li,e to give to im*rove Titan's bran% image among customersL
Re"eren e%
Sengu*ta Subroto ($--;), 4*rand 'ositioning: Strategies or +ompetiti!e Ad!antageM Secon% @%ition, Tata McHra+ 2ill 0ublishing (om*any Aimite%, Ne+ 1elhi
Ho*ala,rishnan 0S (e% ) ($--.),M#ebranding: An Introduction$ I(FAI )niversity 0ress, 2y%eraba%
I(FAI "ournal of Mar,eting Management I(FAI "ournal of Bran% Management

+++ mar,eting*rofs com +++ bran%ingstrategyinsi%er com +++ thehin%ubusinessline com +++ economictimes com

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YMTs College of Management

MASTER OF MANAGEMENT STUDIES

Submitted By Anuranjan Jee Roll N0.-24

Prof. Sachin Desh !"h

#MT$% COLLEGE OF MANAGEMENT Institutional Area, Sector-4, Kharghar, Navi-Mumbai (Maharashtra)

University of Mumbai [1]

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Pr!"( Sa hin De%h)u*h Pr!,e t Guide

Dr( C( Ba+u Dire t!r

University of Mumbai [3]

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Ne+ 0osition 0rice

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Cha1ter 6 ; Re%ear h Meth!d!3!20

2$ To revie+ the bran% *ositioning strategies of %ifferent sub-bran%s of Titan

> To analy8e the bran% re*ositioning strategies of Titan +atches

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University of Mumbai [22]

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> G Bran% 0erce*tion for %ifferent +atches

University of Mumbai [23]

YMTs College of Management

> ; 7atch In%ustry Ma*

Tit3e Stages in bran% strategy %eveloment The rincile of reositioning

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T01e% !" )edia TJ Maga8ines Ne+saers 2oar%ings #a%io

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