Titan

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Titan

  1. 1. Acknowledgement“The culmination of the project work is cornerstone in the life of any studentwith the project guide being the driving force behind”. We would like tosincerely thank our project guide Prof. Dr. B R Londhe for giving us anopportunity to do this research project for our internal evaluation of researchmethodology and whose experience and knowledge has helped us immenselyin successful completion of this project.We are also grateful to our Institute for its guidance.Working on this project has been a great learning experience. We are thankfulto all concerned people who have played an active role in the successfulcompletion of this project. 1
  2. 2. TABLE OF CONTENTS1. Preface 32. Introduction 43. Product Portfolio Of Titan & product range 54. Methodology Used 95. Research Design 106. Data Analysis 117. Graphical Analysis 128. Limitations of the study 139. Conclusion 1410. Questionnaire 1511. Bibliography 16 2
  3. 3. Preface Titan entered the watch market as a premium watch. But the unorganizedsector and low priced options from HMT gave Titan serious competition. Theunorganized sector grew very fast — almost 55% of the demand in the totalmarket size of 45million watches was being met by the unorganized sector.With the import duty reduced to 25% (earlier 50%) and with the import licensefor watch movement being easy to obtain, many small-time players croppedup. These small players offered competition to Titan on the price front. ThusTitan launched low priced segment Sonata."For us, the main concern was: Does the sum of all our communication forRaga, Classique and Regalia add up to Titan? We felt it didnt besides; buildingeach of them as separate brands is a very expensive proposition. So, instead ofa multi - brand strategy here, were going to unveil a single-brand one.Titan has been facing a dilemma that whether it should market these brands asindependent sub-brands or not, but it because of the high costs carried on withstatus quo but with more emphasis on segments.It is also putting in place a strategy to tap the rural market rigorously. Whilehas the product and the brand for this market in the form of Sonata, andreach in terms of distribution, but in terms of Titan they dont have thecommunication. Mistake companies generally make in approaching the ruralmarket is to see as one large lump, while in reality the market is verysegmented and distinct.Titan has been the first one to build upon style, but in terms of marketing if weconsider Classique or any other brand it was not targeting any particularsegment initially with a focus, whether it was the youngsters or the Children.Thus there was a need to foray into these already present segments. 3
  4. 4. Introduction  Title of the project: “Watch the Titan”  Objective of the Project: “Time is money”.With fast pace of economical growth the Indian watch market has alsochanged from need to demand. Different brand with different technologydesign innovation have entered market.The project is to give slight insight about customer loyalty to particular brand(TITAN). Titan is a trustworthy brand in India, which pertains in all classes fromlower to very high class people.  Executive Summary:Market research is done, collected data from the customer to arrive atconclusion.The brand image affects the customer.What should be the future trend?On the basis of survey conducted various finding & conclusion has beenexplained after analysis.Titan utilises the celebrities in there advertisement to reach the all classes ofpeople. It has used the VOLINE tune, which made the advertisement unique.Their ads are always full of emotion & catching the heart & attention ofpeople. 4
  5. 5. Product Portfolio Of Titan & product rangeSonata from Titan (Now sold under TATA) aims at the mass market andadvertises itself as "a Titan watch at low price". Sonata sold an estimated 0.8million pieces (1998-99) within four years of its launch. It is probably thelargest selling sub brand from Titan. Titan entered the watch market as apremium watch but competition from the unorganized sector and low pricedoptions from HMT forced Titan to introduce Sonata. Sonata was so successfulthat it cannibalized the brand from the extension’s low price connotation.Titans Exacta, a rugged steel watch starts at the low end of the price spectrumbut offers high price versions as well. It is reportedly selling 1.0 million piecesper year because of the constant upgradation in its models. It is difficult to categorize Titans Royale, Regalia and Classique as premium orpopular. Though they have a premium image they are available at prices lessthan Rs.1000. Regalia (estimated sales - 0.2 million units) is at the higher endwith dress watches for special occasions. The Royale range (estimated sales -0.6 million watches) caters to the gift segment. There is also Royale Crown inthe upper end of the Royale range. Classique is an office wears accessory thatis gold-plated and leather strapped (estimated sales - 1 million units). Classiquewatches are targeted at the older, male segment of the market, and professtimeless elegance through a combination of fine leather straps, clean classicdials and sleek cases, thus making it, " A perfect fit for formal wear." Classiqueis the embodiment of everything that is everlasting yet contemporary. Thesewatches tend to be generic in their simplicity, and find no real competitors,except HMT. These watches are priced between Rs 550 to Rs 3000. Thoughthere are very high priced watches in the above three ranges it is the relativelylow-priced ones that sell. They all target the upper middle class men andwomen in their thirties. Royale, Classique and Regalia are the watches thatgave Titan the popularity and the prestige it enjoys. 5
  6. 6. The Spectra range in this price band is a well-designed bimetal watch("stylishness of gold and ruggedness of steel"). It sold just 70,000 units in 1997-98. Titan Industries launched (September, 2001) its range of watches in steel,targeted at urban men and women in the age group of 25-35 years. The TitanSteel collection has a range of bracelet and leather strap watches for both menand women priced between Rs 1,250 and Rs 6,000. The range will be retailedthrough World of Titan, Time Zone and other retail outlets. The launch of thesteel watches, available in 90 designs, will be followed by an aggressivemarketing campaign.Titans Tanishq range initially targeted the European market with limitedsuccess. In India also Tanishq faced resistance because Indian women do nottreat watches as jewellery.The company is exploring the possibility of filling up the gap in the superpremium segment. At present only Swiss brands have a presence in this niche.TIL, however, has its Nebula range for both men and women priced betweenRs 6,000 and Rs 32,000. The new range is expected to higher price than theNebula range. In fact the companys focus would be on niche segments togrow the market. By planning to launch a brand in the super premiumcategory, Titan perhaps hopes to be present across all categories.Titans Raga is an interesting product concept that offered to give dials thatmatch with designs on saris. This promise was unrealistic and Raga flopped(estimated sales - 20,000 units). Raga is now being launched in more mellowcolours and its positioning changed. Raga silver watch range also did not farewell because Indian dials.Titan Industries launched its Fastrack range of watches for women (For Men Itis already present). The ladies watches are available in different finishesfrosted, polished and satin and come in varied geometric shapes with trendyleather straps and classy metal bracelets. The watches retail from Rs 995 to Rs1,950 and are attractively priced. The watches which have been designed atTitans creative studio is the outcome of research that has highlighted the needfor a watch that is fashionable, bold, unconventional and designed toaccessories western wear. A collection of watches with contemporary styles 6
  7. 7. those are young and distinctive. Designs that go from the relaxed and informalto the definitely sporty. The womans collection presents the all-newinternational Frosted look, which is trendy and chic. The Fastrack collectionhas elements like cool mesh straps and features that include backlight and dualtime. Also presenting a range of fashion digitals in contemporary wrist huggingcases with oversized displays and features that include countdown timers,chronographs, lap timers, hourly chime, alarm and Hi-light glow. Fastrackgoggles are one of the products of titan which is exclusively marketed by thecompany. It is popular amongst the youth.Dash is Titan’s reply to Gimmix and Zap. Dash is available in 3 new collectionsfor kids - Popeye, Digital and Lumibrite. Titan is the sole licensee of Popeye inIndia and this range is priced between Rs 350 and Rs 395. Giving Popeye of thespinach-eating fame the additional responsibility of keeping time, the Popeyebrand of watches come in 6 different designs. The Digital range in a collectionof 10 digital watches has features like El-light compass and Velcro straps forthe sporty and is priced between Rs 425 and Rs 495. And Lumibrite is a glowwatch that comes at Rs 325. The company has also brought out a collection offive watches for the girls, priced at Rs 295. 7
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  9. 9. Methodology Used:  Gaining knowledge about the product and services offered by titan watches  Framing a questionnaire for collection of primary data.  Mapping the city’s market for collection of primary information.  Conducting a market survey by taking the responses of the customers around the mapped markets.  Analyzing the data  Sampling method-purposive sampling  Data collection method- primary data collection by preparing a questionnaire.  Secondary data collection through the internet. 9
  10. 10. Research DesignType of research: For the project, the type of research is descriptive and fundamental. Descriptive research is an in-depth study of an entity, individual, institution, etc. It is in-depth study of what it is, how it is, etc. Descriptive research includes surveys and fact-finding enquiries of different kinds. The major purpose of descriptive research is description of the state of affairs as it exists at present. Fundamental research is mainly concerned with generalizations and with the formulation of a theory. With the help of fundamental research, new theories can be derived or existing theories can be modified. The objective of this research is just to acquire knowledge about certain things. It is concerning human behaviour carried on with a view to make generalizations about human behaviour and not done to aim at certain conclusions. Data collection: Sample universe : BHUBANESWAR Sample size : 100 Sampling Plan : Stratified Random Sampling Stratified Random Sampling: Classify the population in convenient number of groups i.e. strata. The groups should be such that within the group, there should be homogeneity in the members and between the groups there should be heterogeneity. 10
  11. 11. Data AnalysisThe data collected was sorted and then analyzed with the help of MicrosoftExcel. The analysis gave some important results in the key areas where theproducts can capitalize on the opportunity to tap new clients. The Product hasthe opportunity to develop new customer relations and increase the marketshare.The project included an in-depth study of the customer’s habits and theircurrent expectations from the products. The questionnaire so filled up by theirresponses acts as a representative of the same. So it would be easy for thecompany’s officials to pitch in to these traders while providing them thecustomer services.The data was analyzed taking into consideration the following criteria whichwere the most important according to the products brand point of view. 1. Customer who is not satisfied with the brand has to focus. 2. To tap the customers who are with the habits of changing taste & frequent switcher. 3. With high class range of watches, they have to tap the market of good potential people. 4. With the celebrity participation in the promotion of the brand, the brand’s reorganisation enhances & results in increase of the sale. 11
  12. 12. Graphical AnalysisThe series in the legend are the different criteria on which the data wasanalysed which have been mentioned above already. 12
  13. 13. Limitations of the study: Usually the market is indifferent to providing information about their personal likes & dislikes. The customers are busy throughout the day. So they have to be approached tactfully so as to get the required information. They have to be convinced about the secrecy of information and then the primary data is collected. The customers have to be convinced about the product and so one needs to have a thorough knowledge of the product before interacting with them. 13
  14. 14. Conclusion Titan is the most trusted brand under the roof of TATA group. Titan should focus on their promotion of high range products, like tanishq, Raga, etc. As promotion is not up to the mark & high class people still prefers global brands. According to the project data analysis it found that titan has capture the 60% of the Indian watch market. In which 80% market is in low range watches. 14
  15. 15. Questionnaire Marketing Research of TitanDear People,For the Research Methodology project we are undertaking a survey of Watches. We requestyour co-operation.Sex: Male/Female Age : ______ Basic Qualification: ______1. Which type of watch do you use? Sports Chain Bracelet others _____________2. which brand you are currently using ? Titan Timex Casio others____________3. Feature you consider while purchasing a watch ? Warranty Quality Price Brand image Style /design4. What level warranty of watch affects you while making a purchase ? Priority Often Rare Not Affected5. Does publicity of watches by celebrity affects your buying decision? Yes No6. Are you satisfide by the brand ou are using ? Yes No7. What features would you like to go for? -------------------------------------------------8. How often you swtiched off the brand ? Very often Depends on mood Affordability No (Brand Loyal)9. Given chance to change the watch which one would you go for? Titan Casio Timex other_____________ 15
  16. 16. Bibliography Research Methodology – Methods and Techniques -C. R. Kothari  Research Methodology- Dr. v. p. Micahel  www.google.com 16
  17. 17. Thank You 17

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