Great Lakes Institute of Management

A BRAND AUDIT PROJECT ON TITAN

FINAL REPORT
Submitted by: Section B Group 13
Group Members: Abhishek Palo (FT12403) Himanshu Yadav (FT12431) P Gouthem Karthik (FT12325) S Kesavan (FT12224) Srinivasrao Dhenuvukonda (FT12467)

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Table of Contents
History .................................................................................................................................. 3 Corporate information ........................................................................................................... 4 Product Related Attributes .................................................................................................... 4 Brand portfolio....................................................................................................................... 6 Communication, pricing and distribution ................................................................................ 6 Customer Knowledge ............................................................................................................ 7 Sources of Brand Equity ....................................................................................................... 8 CBBE Model for Titan Watches............................................................................................. 9 TITAN in various Brand Ratings .......................................................................................... 10 TITANs Brands Architecture.............................................................................................. 11 TITANs Brand Hierarchy Evaluation ................................................................................... 11 TITANs fit in a broader brand portfolio ................................................................................ 12 TITANs Growth strategy Assessment................................................................................. 12 Brand Awareness................................................................................................................ 14 Brand Attitude ..................................................................................................................... 15 Attitude- Product ................................................................................................................. 16 Level of Desire for the Brand............................................................................................... 17 Behavioural Tendencies ...................................................................................................... 18 Recommendations .............................................................................................................. 22 References ......................................................................................................................... 23

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History
With presence in over 4 continents and 40 countries,$ 1.46 billion company, Titan is the worlds fifth largest and Indias largest wrist watch manufacturer. Since its inception as JV between Tata group and TIDCO in 1984, the company has grown to develop and offer Titan, Octane, Regalia, Fastrack, Nebula, Raga Xylys brands in the wrist watch market and has extended to jewellery and accessories market through the brand Tanishq in 1995 and more recently has entered into eye wear by launching eye gear sunglasses and prescription sunglasses. As market leaders with over 60% market share in domestic organized watch markets, Titan has recently claimed to have manufactured the worlds slimmest watch Titan Edge through devotion to extensive R&D activities. Titan had set up its first plant for the manufacture of analog electronic watches in the state industries promotion corporation of Tamil Nadu at Hosur in the year 1984 and went on to get into an collaboration agreement with France Ebauches for technical documentation and assistance in procurement of equipment and materials. In the year 1991 a joint venture Company along with Economic Development Council of Goa, Daman & Diu Ltd., in the name of Titan Time Products, Ltd., was set up at Goa, for the manufacture of Electronic Circuit Blocks. The name of the Company was changed from Titan Watches, Ltd. to Titan Industries Ltd. in the year 1993, in view of the fact that the Company's products consisted of not only watches but also jewellery. Since then the company has consistently captured new markets and thrown out many existing players to capture market leadership in the domestic market and markets abroad.

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Corporate information
Some key changes in the history of corporate professionals profile include the induction of Mr Jeyakodi as a director of the company in 2002 followed by resignation of Mr. Jacob Curien in 2003. However the management was a given a boost by the appointment of Mr. Harish Bhatt as Chief operating officer of watches and accessories division in the year 2006 followed by induction and then resignation of Mr. Sunil Palliwal as the board of director of the company in 2007. However the following is the brief list of senior management team of the Titan Industries as of 2011.

Name Susan Mathew N Sundaradevan Ishaat Hussain T K Balaji Vinita Bali R Poornalingam Name Bhaskar Bhat V Parthasarathy N N Tata C G Krishnadas Nair Hema Ravichandar Das Narayandas

Designation Chairman / Chair Person Director Director Director Director Director Designation Managing Director Director Director Director Director Independent Director

Product Related Attributes

All watches provide the time of day, giving at least the hour and minute, and usually the second. Most also provide the current date, and often the day of the week as well. However, many watches also provide a great deal of information beyond the basics of time and date. Some watches include alarms. Other elaborate and more expensive watches, both pocket and wrist models also incorporate striking mechanisms or repeater functions, so that the wearer could learn the time by the sound emanating from the watch. This announcement or striking feature is an essential characteristic of true clocks and distinguishes such watches from ordinary timepieces. This feature is available on most digital watches.

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Great Lakes Institute of Management A complicated watch has one or more functions beyond the basic function of displaying the time and the date; such functionality is called complication. Two popular complications are the chronograph complication, which is the ability of the watch movement to function as a stopwatch, and the moon phase complication, which is a display of the lunar phase. Other more expensive complications include Tourbillon, Perpetual calendar, Minute repeater, and Equation of time. A truly complicated watch has many of these complications at once. Some watches can both indicate the direction of Mecca and have alarms that can be set for all daily prayer requirements. Among watch enthusiasts, complicated watches are especially collectible. Some watches include a second 12-hour display for UTC (as Pontos Grand Guichet GMT). The similar-sounding terms chronograph and chronometer are often confused, although they mean altogether different things. A chronograph has a stopwatch complication, as explained above, while a chronometer watch has a high quality mechanical or a thermocompensated quartz movement that has been tested and certified to operate within a certain standard of accuracy by the COSC (Contrle Officiel Suisse des Chronomtres). The concepts are different but not mutually exclusive; so a watch can be a chronograph, a chronometer, both, or neither. Many computerized wristwatches have been developed, but none have had long-term sales success, because they have awkward user interfaces due to the tiny screens and buttons, and a short battery life. As miniaturized electronics became cheaper, watches have been developed containing calculators, tonometer, barometers, altimeters, a compass using both hands to show the N/S direction, video games, digital cameras, key drives, GPS receivers and cellular phones. In the early 1980s Seiko marketed a watch with a television in it. Such watches have also had the reputation as unsightly and thus mainly geek toys. Several companies have however attempted to develop a computer contained in a wristwatch. Braille watches have analogue displays with raised bumps around the face to allow blind users to tell the time. Their digital equivalents use synthesised speech to speak the time on command. Some key unique features of Titan are: 1) Distinct watches in Gold and Leather 2) Stylish watches in Gold and Precious metals 3) Contemporary watches in stainless steel to withstand rigors of daily life Section B Group 13 Page 5

Great Lakes Institute of Management 4) Casual watches for youngsters and for outdoor use 5) Jewellery watches in 18 carat Gold, studded with Gems and coloured stones 6) Use of plastic dials for bold and contemporary design

Brand portfolio
Some of the most notable brands in the TITANs portfolio are Titan Edge - Worlds slimmest watch (at 3.45mm) that epitomizes the philosophy less is more. Titan Raga - a feminine and opulent accessory for today's affluent woman Nebula - watches crafted with solid 18k gold and precious stones Sonata - India's largest selling watch brand to suite the common man's wallet Xylys - a Swiss-made, impeccably designed watch for the connoisseur and new age achiever Fastrack watches created to accessories the trendy youth of today The watch division also boasts of collections such as Automatic, Heritage, Nebula, Orion, Raga, Zoop and series like Aviator, Octane and WWF.

Communication, pricing and distribution

Communication Aamir khan is the brand ambassador for TITAN Mahendra Sing Dhoni is the brand ambassador for SONATA. Rani Mukherjee is the brand ambassador for Raga Also Titan releases lot of advertising during festivals. Pricing Mass INR 350-600 Popular-INR 600-900 Premium- INR 900-1500 Super premium-INR 1500-8000 Connoisseur segments INR 8000- 150000 Section B Group 13 Page 6

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Distribution
The company has over 317 exclusive World of Titan' showrooms and over 50 Fastrack stores. It also has a large network of over 650 after-sales-service centres.

Customer Knowledge
TITAN has revolutionized the watch market by making quartz its watch and is the unquestioned leader in the segment. Many consumers brand associations for TITAN were simple and stylish, Elegant, High Quality. The mental map is given below for the TITAN watches. Image: Time Amazing Design Elegant Simple and Stylish Totally Inspiring, Talismanic, Amazing and Nice Remember the titans movie Watch Power of TIME Distinct sound of their advertisements TITANS Greek GOD Performance: Ruggedness Durability Sports: Trendy Advanced Features Digital People: High-Class Fashion Style

Performance

Image

TITAN

People

Sports

Negative

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Sources of Brand Equity

The brand name TITAN is classical and is based on Greek mythology.

Brand Name: Tagline: BE MORE. WHATS YOUR STYLE

Logo: The pervasive blue-coloured Tata logo which was planned by the Wolff Olins consultancy was given a modification to make it more Greek like , curbing the circle around to make a base and giving it black and grey colour amalgamations and so the TITAN logo was born . The logo represents indefiniteness. Brand Meaning: The Titan The brand personifies name is name anything very is of easy size, to strength, recall expressive or and and achievement. recognize cogent.

Memorability: Likeability:

fundamentally

Transferable: The name Titan means achievement and anybody wearing a Titan is an achiever is what is communicated. It can easily be applied across all product categories and geographies. Legal Protection: The brand name is legally protected in watches. Slogan: BE MORE Titan was launched in 1987 when watches were seldom stylish and catered to the basic need of knowing the time. TITAN brought in the style concept and gradually built its brand equity. Jingle: Mozarts Fifth Symphony Titan has a typical signature tune taken from Mozarts fifth symphony. TITAN pioneered the concept of gifting watches and with the signature tune the watches caught the attention of many.

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Great Lakes Institute of Management Brand Associations: By being associated with Amir Khan, M.S. Dhoni, Rani Mukherjee it has clearly communicated that this watch is the choice of Leaders.

CBBE Model for Titan Watches

Loyalty,

Resonance
Attachment, Sense of community

Brand Loyalty (What about you & me?)

Brand Response
High Quality, Pride, Status, Social Approval Trustworthy, Superior, likeable

Judgement

(What about you?) Feelings

Reliable, Sturdy,

Stylish and trendy,

Brand Meaning

Long lasting or durable, No. of models, Colours, (What are you?) Performance Chronographs, alarms, Available in diff prices Brand Salience Segmented approach, Huge no of outlets Brand Identity (Who are you?) Imagery

Wrist Watches Pocket Watches

In the CBBE model, Titan is undoubtedly in the Resonance stage. People used Titan watches over time and they seem quite satisfied and happy with their experience, which explains the repeat purchases. Titan as a brand is extremely strong and also has delivered Section B Group 13 Page 9

Great Lakes Institute of Management its promise over the years. So, there is a sense of satisfaction/accomplishment when the product is used, which in turn means Titan has connected extremely well with its target audience through all its brands. Customers feel attached to Titan watches and hence exhibit great loyalty towards it.

TITAN in various Brand Ratings

In 2001, Indian consumers rated Titan as Most Admired Brand in India in a first ever survey done by Brand Equity. In 2011, TITAN is ranked 73rd in Economic Times Brand Equity Indias Most Trusted Brands. According to the Brand Trust Report, India Study, 2011, Titan is at no 10 among the total of 16000 brands studied in the report. Titan brand won the Most Valuable Brand in the State award at the IIPM & The Sunday Times STATE EXCELLENCE AWARD Both Titan and Sonata feature in the Top 100 Brands-2009 in the Annual Survey conducted by Economic Times. While Titan is ranked at Number 4, Sonata increase their rank to 86. Titan is ranked number 1 in the consumer durables category.

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TITANs Brands Architecture

Brand architecture goes beyond the visual/graphic naming relationship of brands and subbrands. It is about the overall experience created for your customer segments. The Titan brand architecture comprises of several sub-brands: Titan Edge - world's slimmest watch based on the philosophy less is more, Titan Raga - feminine and sensuous accessory for today's woman, Nebula - crafted with solid 18k gold and precious stones.

Several other popular collections like Heritage, Aviator, Automatic, Regalia, Obaku, HTSE also form a part of the Titan portfolio. Generally brand architecture comprises of two major tiers. The top tier happens to be the corporate brand, TITAN and the second tier comprises of sub-brands, Nebula, Heritage. Tier One focus: Companies that develop the corporate or parent brand as the umbrella for overall products and services. Tier Two focus: Companies that primarily support their product/service brands.

A New Tier: One of the most innovative solutions is to create a new model that introduces a new, third tier sitting between the parent and the product/service brands. This tier serves as a platform for marketing efforts that is valuable from a number of perspectives. In the TITAN portfolio of high premium watches, there seems to be a mismatch for the Tier two approaches. TITAN corporate brand covers the Connoisseur segment watches but at the same time these brands are on their own. A brand portraying the elegance is missing, which might help TITAN to attract customers in that segment. TITAN which is basically known for its product catering to semi premium segments, the high end segment requires more branding and attention.

TITANs Brand Hierarchy Evaluation

The brand hierarchy of TITAN is apt. The core brand acts as the umbrella brand which represents the institution as a whole. The sub brand identities of Nebula, Aviator, and heritage are great and delivered their promise of elegance. The below diagram shows how the brand has delivered, feeling of elegance and superiority right from the attribute level to

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Great Lakes Institute of Management the highest level,. TITAN as a brand has been very conservative in approach but still has managed to push itself as a sought after brand in the young generation.

Something Bigger Elegant, Feeling Superior

Emotional End Benefit Socially Acceptable.

Functional Benefit Durable

Attributes Time, Good, Sharp Colour

TITANs fit in a broader brand portfolio

The TITAN portfolio owns around 60% of domestic market share in organized watch market. The TITAN brand has been extended to eye wear, which retails sunglasses under the fast track brand. It has overall developed a sense of homely and indigenous product which has mastered the latest technology and offers a wide range of products.

TITANs Growth strategy Assessment

Titan Industries Ltd has posted an increased sales turnover during the third quarter of the fiscal by 40 per cent from Rs.105.85crore to Rs147.97crore in the current year while the

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Great Lakes Institute of Management company's profit after tax has gone up by 28 per cent from Rs1.37crore to Rs1.96crore During the nine month period, Titan's watch sales rose from 31.38 lakh pieces to 36.90 lakh units marking a growth of 18 per cent, led by brands like Regalia, Raga, Fastback, Sonata (plastic) and its newly launched Dash labels. The growth has been exceptionally great and is attributed to the following factors. The Customer and Market Focus checks how the company determines customer groups Strategic Planning criterion examines how the company develops strategic objectives The Information and Analysis criteria check whether the organisation has key metrics in place The Human Resources Focus checks the appraisal system, the work environment Process management examines the product design, production and delivery process

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Brand Awareness
The first brand characteristic that was investigated was Brand Awareness. The information that was sought included. 1. The total extent of brand awareness 2. Which geographic group is most familiar with the brand 3. The degree to which the brand is easily recognized as distinct from competitors

The total extent of brand awareness:

Brand Awareness 77.8% 94.4% 100.0% 80.0% 50.0% 86.0%

Geography South India North India West India East India Central India Total India

Fig 1
60% 50% 40% 30% 20% 10% 0% 48% 30% 12% 8%

2%

Fig 2 TITAN brand awareness is seen as 86% on an overall India basis. West India has got most (100%) brand awareness, followed by North India. Figure 1 compares the three geographic groups that were analysed throughout the study and Identifies which geographic group is most familiar / least familiar with the brand. A chi square test was applied to analyse whether there is a dependence of geography (variable 1) on familiarity with brand (variable 2). The null hypothesis (H0) and alternative hypothesis (HI) for this test is:

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Great Lakes Institute of Management H0: Geography is independent of familiarity with brand HI: Geography is dependent on familiarity with brand The results from the test gave a p-value (probability) of less than 0.05, which indicates that there is enough statistical evidence to reject the null hypothesis. Therefore, geography does have an influence on whether the respondent will be familiar with the brand. Chi-Square Tests Value Pearson ChiSquare Likelihood Ratio N of Valid Cases 5.033a 5.427 248 d 4 4 Asp. Sig. (2sided) .004 .006

Brand Attitude
The second brand characteristic that was investigated was Attitude towards the TITAN brand. Attitudes are usually measured with multi-attribute scales that are suitable for survey research, such as a Liker scale. 1. Correlation Tests between Geography and Brand Attitude Variables (Likeability, Quality, Attractive, Desirable & Superior)

Coefficients Model Unstandardized Coefficients B 1 Constant Likeability Quality Attractive ness Desire Superior .240 -.381 .698 -.115 -.108 .354 Std. Error 1.046 .341 .267 .272 .267 .285 -.230 .483 -.086 -.094 .265 Standardized Coefficients Beta t .230 -1.116 2.609 -.421 -.407 1.242 Sig. .019 .021 .012 .076 .460 .221

a. Dependent Variable: Geography

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Great Lakes Institute of Management 2. Correlation Tests between Gender and Brand Attitude Variables (Likeability, Quality, Attractive, Desirable & Superior).
Variables

Score
Step 0 Variables

d 1 1 1 1 1 5

Sig. .024 .017 .550 .039 .472 .979

Likeability Quality Attractiveness Desire Superior

.639 .250 .462 .436 .518 .769

Overall Statistics Dependent Variable: Gender

Attitude- Product
1. Correlation Tests between Geography and Product Attitude Variables

(Interesting, beneficial, fond of, value for money, exceptional).

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Model Unstandardized Coefficients B 1 (Constant) Interesting Beneficial Fond of Value for money Exceptional -.265 .416 .014 -.396 .438 .126 Std. Error 1.222 .284 .301 .245 .258 .300

Standardized Coefficients Beta t -.217 .317 .008 -.333 .273 .094 1.466 .048 -1.612 1.702 .421 Sig. .029 .015 .006 .015 .006 .076

a. Dependent Variable: Geography

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2. Correlation

Tests

between

Income

and

Product

Attitude

Variables

(Interesting, beneficial, fond of, value for money, exceptional) Coefficients Model Unstandardized Coefficients B 1 (Constant) Interesting Beneficial Fond of Value for money Exceptional 3.271 -.023 .060 .026 -.175 -.074 Std. Error 1.935 .449 .477 .389 .408 .475 -.012 .024 .015 -.075 -.038 Standardized Coefficients Beta t 1.690 -.050 .126 .067 -.429 -.155 Sig. .009 .006 .032 .042 .041 .078

a. Dependent Variable: Income bracket

Level of Desire for the Brand

The fourth brand characteristic that was investigated was the level of Desire for the TITAN brand. The information sought included:
1. The total extent of desire for the brand (fig 3)

.
Desire for the brand Strongly desire Mild desire Somewhat desire Least desire %age 30% 52% 14% 6%

2. Which geography group has the most / least desire for the brand?

Whether there is a relationship between Desire for the Brand and Product Usage H0: south Indian = north Indian = West Indian = East Indian = central Indian HI: At least one of the means of these populations differs

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Great Lakes Institute of Management The p-value for this test is 0.03, indicating that there is enough statistical evidence to reject the Null hypothesis. It was found that there is a significant difference between the means of the various geographic groups.
3. Whether there is a relationship between Desire for the Brand and Product Usage

A one-way variance test was applied to determine whether there was a difference in the means Between those respondents who have used TITAN products and their level of desire for the Brand. The null hypothesis and alternative hypothesis for this test is: H0: Desire for the brand is not related to Usage of TITAN products HI: Desire for the brand is related to Usage of TITAN products The results of the test yielded a p-value of less than 0.01, which indicates that there is enough Statistical evidence to reject the null hypothesis. The results indicate that the desire of those Respondents who have used TITAN products is stronger.

Behavioural Tendencies
The fifth brand characteristic that was investigated was the specific Behavioural Tendencies with regard to the usage / purchase of Titan products. The information that was sought included: Which ethnic group is the majority user of Titan products? How many respondents have used TITAN products as well as products from category? Comparison of the three geographic groups that were analysed throughout the study and identifies which geographic group has the most positive usage behaviour of Titan products. A chi square test was applied to analyse whether there is a dependence of Geography (variable 1) on used Titan products (variable 2). The null hypothesis and alternative hypothesis for this test are: H0: Geography is independent of product usage HI: Geography is dependent on product usage

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Great Lakes Institute of Management The results of the test yielded a p-value of 0.046 which indicates that there is enough statistical evidence to reject the null hypothesis. Therefore, ethnicity does have an influence on whether the consumer has used any Titan products. Value Proposition The sixth, and final, brand characteristic that was investigated was the Value Proposition of the brand. The information that was sought included: The ability to determine which ethnic group places the most / least emphasis on functional, emotional and self-expressive benefits as sought by the brand / products. Only one test was found to be statistically significant. The result of a one-way analysis of variance test of geography (variable 1) and functional benefits sought by the using the brand (variable 2). The null and alternative hypotheses are as follows: H0: south India = North India = west India = east India = central India HI: At least one of the means of these populations differs The p-value for this test is 0.01, indicating that there is enough statistical evidence to reject the null hypothesis. After the Bonferroni adjustment and the post-hoc test, it was found that there is a significant difference between the means of the various geographic groups.

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Summary of the Statistically Significant Tests ( = 0.05)

Variable 2 Familiarity with brand Likeability Quality Attractive Desire Superior Likeability Quality Attractive Desire Superior Interesting Beneficial Fond of Value for money Exceptional Interesting Beneficial Fond of Value for money Exceptional Positive towards the brand Preference to the brand Loyalty to the brand Emotional benefits Self-expressive benefits Statistic Test employed Chi-square

Brand Characteristic Brand awareness

Variable1 Geography Geography Geography Geography Geography Geography Gender Gender Gender Gender Gender Geography Geography Geography Geography Geography Income bracket Income bracket Income bracket Income bracket Income bracket

p-value 0.004
0.021 0.012

Linear regression

0.076 0.46 0.221 0.024 0.017

Brand attitude

Logistic regression

0.55 0.039 0.472 0.015 0.006 0.015 0.006

Linear regression

Attitude -product

0.076
0.006 0.032 0.042 0.041 0.078

Linear regression

one way Anova 0.03 one way Anova one way Anova one way Anova one way Anova 0.01 0.046 0.01 0.01

Desirability Behavioural Tendencies

Geography Geography Geography Geography Geography

Value preposition

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TITAN- BRAND EQUITY PYRAMID BASED EMPIRICAL RESEARCH

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Recommendations
Statistical analysis suggested that Brand attitude parameters such as Attractiveness, Desire, and Superiority are in significant factors for brand TITAN. This may be because of lot attractive and better models available (according to consumer perception) due stiff competitive branding by other Watch makers such as TIMEX, SWATCH & CITIZEN etc. TITAN needs to reposition the branding activities by projecting Superior and Desire as new brand elements. Particularly Male community has to be targeted for these elements. Statistical analysis also suggests that the consumer perception on TITAN BRAND products is not significant when it comes to the product attribute Exceptional. This shows the brand uniqueness is deteriorating for TITAN brand. TITAN must redesign branding strategy to reposition their products as unique to sustain the brand equity. Again as we have statistical evidence to prove that geography has played a significant role in contributing to the awareness of the brand, we can identify the geographical areas that are weak in awareness and as India is an emerging market the volumes that can be generated by mere increase in brand awareness in certain targeted areas can bring sales volume to the business. Also by knowing where exactly the brand awareness is high, the company can afford to cut down upon its marketing expenses in those segments. As gender affects the brand attitude, the brand can be made to cater to women by stressing on attributes like likeability quality and desire. Also with the luxury of the jewellery subdivisions like Tanishq, titan can leverage the jewellery divisions brand names and collaborate with the watch division and come up with integrated high end watches that can cater to high end women customers and thereby increase profitability. With the advent of Chinese, Japanese and Korean products in the domestic watch markets, a lot of duplicate watches have been manufactured and sold at low cost. This phenomenon of duplicate watches might seriously affect the revenues of TITAN. So company can introduce holograms or RFIDs etc. and preserve and prevent their loyal customers and potential customers from getting beguiled by the watch vendors. Titan can exploit the rich cultural diversities of the domestic market and can address the cultural needs of its customers by integrating its range of products/offerings specific to cultures/festivals etc. A number of new variants can be introduced keeping in mind the cultural needs of the customers and its range can be channelized to create a cultural identity for the customers. Section B Group 13 Page 22

Great Lakes Institute of Management The company can have tie-ups with schools and colleges across the country and can increase its market penetration by recommending the educational institutions to offer their products to the new students. Also the company must try to understand the emerging consumer needs in the young generation and try to be updated and also some disruptive technological innovation like having a radio tuner card in a watch, health monitor incorporated in a watch, having a speedometer, digital camera etc. to stay abreast with the competition and maintain and grow market share. Titan can extend into new markets like wallets, handbags, clothes etc. before any of its competitors in this product category would enter and thereby increase its brand equity and develop long term relationships with its customers.

References
1. http://www.trustadvisory.info/allindia.html 2. http://www.titanworld.com/country/in/the-titan-story 3. http://economictimes.indiatimes.com/topbrands.cms 4. http://www.trustadvisory.info/allindia.html 5. http://www.youtube.com/results?search_query=brand+titan+&aq=f 6. Strategic brand management, third edition, by Kevin lane Keller 7. http://www.infibeam.com/Watches/Titan.xhtml 8. http://www.managementparadise.com/tirthsoni/documents/535/ 9. http://www.authorstream.com/Presentation/Hamid403-642094-product-and-brandmanagment/

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