Titan watches: A brand innovation case study

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This presentation helps study how Titan watches used innovation to emerge as a brand and establish its name in the watch industry.

This presentation helps study how Titan watches used innovation to emerge as a brand and establish its name in the watch industry.

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  • Innovation is the application of better solutions that meet new requirements, inarticulate needs, or existing market needs.
  • 3.5mm thickness
  • 3.5mm thickness
  • Innovation is the application of better solutions that meet new requirements, inarticulate needs, or existing market needs.

Transcript

  • 1. A brand innovation case study
  • 2. Why study Titan watches ? Use of innovation Broadest range of watches Brand leader in the country of its origin Only branded watch company to originate from a newly industrializing country Became the best brand in a short time
  • 3. Introduction : History • World's fifth largest wrist watch manufacturer. • Designer and manufacturer of India's largest and best-known range of personal accessories • Joint venture between the Tata Group, and the Tamil Nadu Industrial Development Corporation. WHO?WHEN?WHAT?
  • 4. Introduction : History • World's fifth largest wrist watch manufacturer. • Designer and manufacturer of India's largest and best-known range of personal accessories • Joint venture between the Tata Group, and the Tamil Nadu Industrial Development Corporation. • Established in 1987 • Envisioned by Mr. Xerxes Desai, a TATA Veteran and his team. • Third Indian watch manufacturer after HMT and Allwyn. WHO?WHEN?WHAT?
  • 5. Introduction : History • World's fifth largest wrist watch manufacturer. • Designer and manufacturer of India's largest and best-known range of personal accessories • Joint venture between the Tata Group, and the Tamil Nadu Industrial Development Corporation. • Indian designer and manufacturer of watches, jewellery and other accessories including sunglasses, wallets, bags and belt. • Precision engineering is another area of specialisation. • Established in 1987 • Envisioned by Mr. Xerxes Desai, a TATA Veteran and his team. • Third Indian watch manufacturer after HMT and Allwyn. WHO?WHEN?WHAT?
  • 6. Today, Titan watches account for more than 60% share of the total Indian Watch Market. Sold in about 32 countries through marketing subsidiaries based in London, Aden, Dubai and Singapore. Titan offers various brands including Steel, Regalia, Raga, Nebula, Sonata, Fastrack, Zoop, Orion, Purple, Obaku, Automatic, Tycoon, Bandhan, Octane and the HTSE series. Introduction : History
  • 7. Evolution of Titan
  • 8. 1984 + • Joint venture • Electronic watches • 150 designs 1986 + Digital & ana-digital watches 1989 ‘Aqura’ range of watches launched • ‘Aqura’ sold to Timex • Consultancy services • Marketing strategy outsourced 1991 1992 • ‘Raga’ range of watches launched. • “Spectra” range reintroduced 1994 • ‘Tanishq’ range of watches launched • ‘Insignia’ launched in India 1995 + ‘Sonata’ range of watches launched 1996 Timeline
  • 9. ‘Dash’ range of watches launched 2001 2000 • ‘Cyber’ range of watches launched • ‘Titan-Fastrack’ launched • ‘Baarah nai toh tera ampaign with pizza hut • ‘Classique’ collection launched 2004 ‘Crown’ range of watches launched ‘Vizag’ range of watches launched 20052006 ‘Xylys’ range of watches launched 2013 ‘Edge’ and Braille watches launched ‘Octane’, ‘Obaku’, ‘Automatic’, ‘Purple’ range of watches launched
  • 10. Innovation strategies should lead to inimitability of strategic options that come from certain tacit knowledge elements or embedded organizational processes 1 Strategic options an innovation provides should lead to sustainable competitive advantage. Innovation should enable a firm to retain superiority in the market place.2Strategic innovation should allow a firm to pursue strategic options without loosing its flexibility. 3 Options pursued should lead to durable benefits4 5
  • 11. Technological Innovation Increased reach: Retailing Cycle time reduction Continuous feedback Constant review Multi-brand outlets Service excellence Slim watches Watches for disabled Better finishes of watches Designing watches through visualisation Broader ranges of watches Robust design of watches Organisational Innovation +
  • 12. Innovation Agility and openness to change Product richness Alliance relationships, cross-functional teaming and design automation innovative approach to extend the reach to all major customer centers through the ‘watch supermarket’ concept. Superior brand reputation
  • 13. Global brand World–class manufacturing New image driven by innovation High torque stepper motors for high reliability Vapour deposition technology for appearance parts Cycle time reduction through concurrent engineering World’s thinnest watch movement Concept marketing instead of product marketing Brand image building in Europe Brand leveraging in other personal product segments Global procurement Total Quality management at the suppliers end Training new & young staff to have a new corporate culture Cross cultural marketing Innovation
  • 14. InnovationinValueChain Conceptualisation World class manufacturing Thorough assessment of competitive trends Customer orientation Design Design studio Networking into the world of design Design software CAD/CAM European design ideas Continuous renewal of models Operations Short product realisation cycle times Rich styles Integrated manufacturing Innovative technologies High quality orientation Wide range Distribution Multi channel distribution Institutional sales Dealer training for attitudinal change Marketing & Sales Flagship showrooms Multi-brand showrooms Selling competitive products Rapid increase in reach by locating outlets in smaller towns Rapid brand extension Service Front service offers Spare parts warehouses Short service cycle time Intensive training for service excellence
  • 15. What does all the innovation lead to?
  • 16. Slim watch design Titan has claimed to have manufactured the world's slimmest wrist watch branded as Titan Edge with a total thickness of 3.5 mm and a movement of 1.15 mm.
  • 17. Watches for specially-abled
  • 18. Better finishes, materials, broader ranges, robust design
  • 19. Better finishes, materials, broader ranges, robust design
  • 20. Better finishes, materials, broader ranges, robust design
  • 21. Competition from lead competitor Minimum return during sale period Quality: Central focus High torque stepper motors Durable finishes using vacuum deposition Large range of styles in a short time frame Distinct in appearance & style Art and design studio was set up Help from European designer Art software & computer aided design Watches are elegant & rich in style Retail networking and richness of product Design Strategy Manufacturing Strategy +
  • 22. ‘Telling the time’ product ‘Personal’ product Rock-solid vision Best staff-mix Thorough market analysis Right market segment
  • 23. An organisation with: Design Manufacturing competence (Automation) Marketing competence Driven by: Futuristic mindset Contextual insight Business foresight Volume creation: When Titan entered the market, the share of analog watches was just 5% Target the high opportunity segment Position itself as a premium brand Roadmap BRAND CREATION Rock-solid vision Best staff-mix Thorough market analysis Right market segment Why do Indians prefer watches made abroad ? Nature of market Competitor offerings Analyse operation of competing brands Customer requirements Identification of major gaps: Styling, service Retail reach Showroom interiors Capability of franchisees Attitude of retailers towards customers Main weakness in the Indian market: No brand had a strong personality Started the company with a group of executives with rich but varied experiences: MD from Tata group Professional executives with extensive experience in watch manufacturing Executives with marketing experience specifically in retailing. Medium range market Large to handle High growth potential Quick segmentation ‘Doing it right the first time’: Usage of innovative advertising campaign to create & position the brand
  • 24. REASONS NO. OF RESPONDENTS Attractive Design Reasonable price Brand image Good quality 39 7 22 25 Reasons for Brand Loyalty
  • 25. Types of media NO. OF RESPONDENTS TV Magazine Newspaper Hoarding 46 25 36 15 Advertising
  • 26. Reaching the customers Speed and surprise are the crux of successful competitive strategy . -Art of War
  • 27. Increased reach: Retailing 320 STORES 130 CITIES
  • 28. Service excellence Sustainability of brand reputation comes from service excellence.
  • 29. Service policy Repair the hurt feelings of the customer Repair the watch Repair the damage to TITAN reputation www.titancare.co.in Repair status Service news Service network information Service feedback Do’s, Don'ts, Tips Quality policy & Service offerings
  • 30. Globalization : International reach 32 COUNTRIES 2000 stores ; 135 million customers became one of the first brands in the non- consumer goods segment from India to be sold in Middle East, East Asia as well as Europe.
  • 31. * Regular interaction and systematic analysis of feedback * Training and skill development in cross-cultural marketing * Incremental approach supported by rapid learning and review * Rapid learning and rapid adaptation to changing requirements in new markets. * Continuous communication, dialogue-based goal setting & fear-free feedback. Globalization : Strategy Contemporary style + Excellent quality + affordable prices = Global Success Globalization : Strategizing