Mini Project : International Business

Name : Kalp Jain

Enrollment : 20200201044

COMPANY NAME : Titan Company Limited

Company Profile :
Titan's goal is to be a leading global brand in the watch and jewelry industry. The company's
mission is "To serve our customers with world-class products and services and enrich their lives
by adding value through innovation, creativity, and technology." Titan's product portfolio
includes a wide range of watches, jewelry, and eyewear products that cater to different
customer segments and price points. The company operates through several retail formats,
including World of Titan stores, Tanishq stores, and Fastrack stores.
Titan's main goal is to be a leading global brand in the watch and jewelry industry. To achieve
this goal, the company has set several objectives, including expanding its product portfolio,
strengthening its distribution network, enhancing its brand image, and increasing its market
share. The company has been successful in achieving these objectives by launching new
products, expanding its retail presence, partnering with global brands, and leveraging
technology to improve its operations.
Another important objective of Titan is to achieve sustainable and responsible business
practices. The company is committed to reducing its environmental impact and promoting
social responsibility through various initiatives. For example, Titan has implemented several
sustainability measures, such as using eco-friendly materials in its products and reducing its
carbon footprint. The company also supports various social causes, such as education,
healthcare, and community development.

DRIVERS FOR INTERNATIONAL BUSINESS :

There are several key drivers for Titan's international business expansion:
Diversification of Revenue Streams: Titan has expanded its international business operations to
diversify its revenue streams and reduce dependence on the domestic market. This allows the
company to mitigate the risks associated with a slowdown in the domestic market.
Increasing Global Demand: The global demand for luxury watches and jewelry is growing,
especially in emerging markets such as China and India. Titan has recognized this trend and is
actively expanding its international presence to tap into these markets.
Brand Recognition: Titan has built a strong brand reputation in the Indian market, which has
helped the company gain a foothold in international markets. The brand's focus on quality,
innovation, and customer satisfaction has helped it differentiate itself from competitors in
international markets.
Customization: Titan offers a range of products that are customized to meet local market
preferences. This allows the company to cater to the diverse needs of international customers,
which has helped it gain a competitive advantage.
Cost Savings: Titan's international expansion has also allowed the company to leverage
economies of scale and reduce production costs. This has helped the company remain
competitive in international markets and maintain profitability.
Access to Resources: Titan's international expansion has also allowed the company to access
new resources, such as raw materials and talent. This has helped the company enhance its
product offerings and improve its production processes.

SWOT analysis of Titan Company Limited:

Strengths:
- Strong brand reputation in the Indian market.
- Wide range of products, including watches, jewelry, and eyewear.
- Customized product offerings for different markets.
- Innovation in product design and technology.
- Strong focus on sustainability and social responsibility.
- Experienced management team.
Weaknesses:
- High dependence on the domestic market for revenue.
- Limited brand recognition in international markets.
- High competition in the watch and jewelry industry.
- Limited distribution network in some international markets.
Opportunities:
- Growing demand for luxury watches and jewelry in emerging markets.
- Expansion into new international markets.
- Diversification into new product categories.
- Increasing focus on e-commerce and digital platforms.
- Leveraging economies of scale to reduce production costs.
Threats:
- Economic slowdowns in domestic and international markets.
- Currency fluctuations and exchange rate risks.
- Rising competition from global brands.
- Changes in consumer preferences and trends.
- Stringent regulations and compliance requirements.

Product Exported to Which Countries:

Titan exports its products to several countries, including the United States, Europe, Middle East,
Asia Pacific, and Africa. The company's primary export markets are the United States, the
United Kingdom, and the Middle East.

Mode of Entry :
Titan Company Limited has adopted multiple modes of entry for its international business
operations. Some of the modes of entry used by the company include:
- Exporting: Titan initially began its international business operations through exporting
its products to various countries. This mode of entry allowed the company to test the
waters and gain market insights before making larger investments in foreign markets.
The company still uses exporting as a mode of entry for some markets.
- Franchising: Titan has also adopted the franchising model to expand its international
presence. The company partners with local franchisees who operate retail stores under
the Titan brand. This model allows Titan to leverage the knowledge and expertise of
local partners while maintaining control over brand image and product quality.
- Joint Ventures: Titan has formed joint ventures with local partners in certain markets.
This allows the company to leverage the local partner's knowledge of the market and
regulatory environment while also sharing risks and costs.
 - Acquisition: Titan has also acquired companies in international markets to expand its
product offerings and gain access to new markets. For example, Titan acquired a
majority stake in CaratLane, an online jewelry retailer in India, to expand its e-
commerce presence.
- Direct Investment: Titan has also made direct investments in certain international
markets. For example, the company set up a manufacturing unit in Switzerland to
produce premium watches under the brand name Favre-Leuba.

PRODUCT DECISIONS :
Some of the key product decisions that Titan has made for its international markets:
- Customized Product Offerings: Titan has customized its product offerings for different
markets based on consumer preferences and trends. For example, the company offers
watches with larger dials and leather straps in the Middle East market, where
consumers prefer larger watches. In contrast, the company offers watches with smaller
dials and metal straps in the European market, where consumers prefer more
understated designs.
- Product Localization: Titan has localized its products to cater to local tastes and
preferences. For example, the company has launched a line of watches and jewelry
inspired by Indian heritage for the US market. The collection features designs inspired
by Indian textiles, art, and architecture.
- Premium Product Offerings: Titan has focused on offering premium product lines in
international markets. For example, the company has launched premium watch
collections under the brands Favre-Leuba and Nebula in the European market.
- Innovation in Product Design and Technology: Titan has invested heavily in product
innovation to differentiate its offerings from competitors. The company has introduced
several new technologies in its watches, such as the Edge series, which features a slim,
seamless design, and the Octane series, which features chronograph functionality.
- Brand Extensions: Titan has extended its brand into new product categories to diversify
its revenue streams. For example, the company has launched a line of eyewear under
the Titan Eye+ brand in international markets.

CHANGES MADE TO EXPORT ABROAD :

Some of the changes that the company has made to its export strategy:
- E-commerce: Titan has expanded its e-commerce presence in international markets. The
company has launched online stores in the US, Middle East, and Singapore, allowing
customers to purchase Titan products online. This has enabled the company to reach a
wider audience and increase sales in international markets.
 - Localization: Titan has localized its marketing and product offerings to cater to local
tastes and preferences. The company has launched products inspired by local cultures
and traditions, such as the Indian Heritage collection in the US market. This has enabled
the company to establish a stronger brand presence and appeal to local customers.
- Partnership with Local Retailers: Titan has partnered with local retailers in international
markets to expand its distribution network. The company has partnered with retailers
such as Amazon, Bloomingdale's, and Macy's to sell its products in the US market. This
has enabled the company to reach a wider audience and increase sales in foreign
markets.
- Product Innovation: Titan has invested in product innovation to differentiate its
offerings from competitors. The company has introduced several new technologies in its
watches, such as the Edge series, which features a slim, seamless design, and the
Octane series, which features chronograph functionality. This has enabled the company
to capture market share and increase sales in foreign markets.
- Expansion into New Markets: Titan has expanded into new markets to tap into new
revenue streams. The company has recently entered the South Korean market through
a partnership with Lotte Department Store. This has enabled the company to increase
its market reach and diversify its revenue streams.

CHALLENGES FACED BY OWNERS:

Some of the challenges faced by the company's owners in their efforts to expand their business
abroad:
- Cultural Differences: One of the primary challenges faced by Titan in international
markets is dealing with cultural differences. Different cultures have different values,
traditions, and consumer preferences, which can be difficult to navigate. To overcome
this challenge, Titan has localized its products and marketing strategies to cater to local
tastes and preferences.
- Regulatory Hurdles: Regulatory compliance can be a significant hurdle for companies
expanding into foreign markets. Titan has had to navigate a complex web of regulations
related to import/export, intellectual property rights, and local taxation laws. The
company has had to invest in legal and accounting services to ensure compliance with
these regulations.
- Logistics and Supply Chain: Expanding into international markets also presents logistical
challenges related to supply chain management. Shipping products, managing
inventory, and handling customs procedures can be complex and costly. To overcome
this challenge, Titan has established partnerships with local retailers and distributors in
international markets to streamline its supply chain.
- Competition: Competition from established local brands and other international
companies can be a significant challenge for companies entering new markets. Titan has
 had to compete with several established brands in the international markets, such as
Swatch, Fossil, and Rolex. The company has differentiated itself by focusing on premium
products and investing in product innovation.
- Currency Fluctuations: Currency fluctuations can also present a challenge for companies
expanding into international markets. Fluctuations in currency exchange rates can affect
the company's profitability and impact pricing strategies. To mitigate this risk, Titan has
hedged against currency fluctuations and diversified its revenue streams across different
markets.

Market Response for Product:

Titan's products have received a positive response from customers in international markets.
The company's focus on product innovation, design, and quality has helped the company
differentiate itself from competitors and build a loyal customer base. Additionally, Titan's focus
on sustainability and social responsibility has also resonated with customers in international
markets.

Pricing:
Titan uses different pricing strategies in different markets, depending on local market
conditions and competition. The company's pricing decisions include setting prices that are
competitive, yet profitable, and aligning prices with local market trends and consumer
preferences.

Promotional Strategies :
Some of the key promotional strategies that the company has used:
- Advertising: Titan has invested heavily in advertising to build brand awareness and
promote its products. The company has run several advertising campaigns in
international markets, including print, television, and online ads. These ads feature the
company's latest product offerings and highlight their unique features and benefits.
- Product Placement: Titan has also used product placement in movies and television
shows to promote its products. The company's watches have been featured in several
Bollywood movies and TV shows, which has helped to increase brand visibility and
appeal to younger consumers.
- Sponsorship: Titan has sponsored several events and sports teams to promote its brand
and products. The company has sponsored events such as the Indian Premier League
(IPL) and the Tata Mumbai Marathon. These sponsorships have helped to increase
brand visibility and connect with consumers in international markets.
 - Social Media: Titan has also used social media to promote its products and engage with
customers. The company has a strong social media presence across multiple platforms,
including Facebook, Twitter, and Instagram. The company's social media strategy
focuses on building brand awareness, showcasing new products, and engaging with
customers through contests and promotions.
- Influencer Marketing: Titan has also leveraged influencer marketing to promote its
products. The company has partnered with social media influencers in international
markets to promote its products and reach new audiences. These influencers have
helped to increase brand awareness and appeal to younger, tech-savvy consumers.

PESTEL ANALYSIS:
PESTEL analysis for Titan's targeted countries.
Political Factors: Political stability is an important consideration for Titan when entering a new
market. The company looks for countries with stable political systems and favorable business
environments. In addition, the company analyzes government policies and regulations related
to foreign trade, taxation, and intellectual property rights to ensure compliance with local laws
and regulations.
Economic Factors: Economic factors such as GDP, inflation, exchange rates, and consumer
spending patterns are critical for Titan's international business strategy. The company evaluates
the purchasing power of consumers in different countries and adjusts its pricing strategy
accordingly. Titan also considers the overall economic growth and market size of the target
country to assess the potential for business expansion.
Social Factors: Titan's product portfolio includes watches, jewelry, and eyewear, which are
influenced by social and cultural factors in different countries. The company customizes its
product designs and marketing strategies to suit the local tastes and preferences of consumers.
Titan also considers demographic factors such as age, gender, and income levels when targeting
specific customer segments.
Technological Factors: Technology plays a crucial role in Titan's business operations, from
product design to manufacturing and distribution. The company invests in research and
development to innovate and improve its products and processes. Titan also leverages
technology to enhance its customer experience, such as by offering online shopping and after-
sales services.
Environmental Factors: As a socially responsible company, Titan is committed to reducing its
environmental impact and promoting sustainability. The company considers environmental
factors such as climate change, energy consumption, and waste management when evaluating
potential markets. Titan also uses eco-friendly materials in its products and implements
sustainable practices in its manufacturing and supply chain operations.
Legal Factors: Legal factors such as intellectual property rights, labor laws, and regulatory
compliance are important for Titan's international business strategy. The company ensures
compliance with local laws and regulations related to foreign trade, labor practices, and
environmental protection. Titan also protects its intellectual property rights through patents,
trademarks, and copyrights to prevent infringement and maintain its brand reputation.

Documents Required by company to export in targeted company :

Key documents that Titan Company Limited may need to provide when exporting its products
to targeted countries:
- Export License: An export license is required for certain products, such as those related
to defense, nuclear technology, and dual-use goods. Titan may need to obtain an export
license from the Indian government before exporting its products to certain countries.
- Commercial Invoice: A commercial invoice is a document that provides details about the
products being exported, including their value, quantity, and description. It is used by
customs officials in the destination country to calculate duties and taxes.
- Packing List: A packing list provides details about the products being shipped, including
their weight, dimensions, and packaging information. It is used by customs officials to
verify that the shipment contains the correct products and to assess shipping charges.
- Bill of Lading: A bill of lading is a legal document that serves as proof of shipment and
provides details about the products being shipped, the shipping route, and the terms of
the shipment.
- Certificate of Origin: A certificate of origin is a document that certifies the country of
origin of the products being exported. It may be required by customs officials in the
destination country to determine whether the products are subject to tariffs or other
import restrictions.
- Insurance Certificate: An insurance certificate is used to verify that the shipment is
insured against loss or damage during transit.
- Export Packing Declaration: An export packing declaration provides details about the
materials used to pack the products being exported. It may be required by customs
officials in the destination country to ensure compliance with environmental
regulations.