Brand Audit-TITAN

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Brand Audit-TITAN

  1. 1. 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)Section B Group 13 Page 1
  2. 2. Great Lakes Institute of ManagementTable of ContentsHistory .................................................................................................................................. 3Corporate information ........................................................................................................... 4Product Related Attributes .................................................................................................... 4Brand portfolio....................................................................................................................... 6Communication, pricing and distribution ................................................................................ 6Customer Knowledge ............................................................................................................ 7Sources of Brand Equity ....................................................................................................... 8CBBE Model for Titan Watches............................................................................................. 9TITAN in various Brand Ratings .......................................................................................... 10TITAN’s Brand’s Architecture.............................................................................................. 11TITAN’s Brand Hierarchy Evaluation ................................................................................... 11TITAN’s fit in a broader brand portfolio ................................................................................ 12TITAN’s Growth strategy Assessment................................................................................. 12Brand Awareness................................................................................................................ 14Brand Attitude ..................................................................................................................... 15Attitude- Product ................................................................................................................. 16Level of Desire for the Brand............................................................................................... 17Behavioural Tendencies ...................................................................................................... 18Recommendations .............................................................................................................. 22References ......................................................................................................................... 23Section B Group 13 Page 2
  3. 3. Great Lakes Institute of ManagementHistoryWith presence in over 4 continents and 40 countries,$ 1.46 billion company, Titan is theworlds fifth largest and India’s largest wrist watch manufacturer. Since its inception as JVbetween 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 hasextended to jewellery and accessories market through the brand Tanishq in 1995 and morerecently has entered into eye wear by launching eye gear sunglasses and prescriptionsunglasses. As market leaders with over 60% market share in domestic organized watchmarkets, Titan has recently claimed to have manufactured the world’s 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 stateindustries promotion corporation of Tamil Nadu at Hosur in the year 1984 and went on to getinto an collaboration agreement with France Ebauches for technical documentation andassistance in procurement of equipment and materials. In the year 1991 a joint ventureCompany along with Economic Development Council of Goa, Daman & Diu Ltd., in the nameof Titan Time Products, Ltd., was set up at Goa, for the manufacture of Electronic CircuitBlocks. The name of the Company was changed from Titan Watches, Ltd. to Titan IndustriesLtd. in the year 1993, in view of the fact that the Companys products consisted of not onlywatches but also jewellery. Since then the company has consistently captured new marketsand thrown out many existing players to capture market leadership in the domestic marketand markets abroad.Section B Group 13 Page 3
  4. 4. Great Lakes Institute of ManagementCorporate informationSome key changes in the history of corporate professionals profile include the induction ofMr Jeyakodi as a director of the company in 2002 followed by resignation of Mr. JacobCurien 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 2006followed by induction and then resignation of Mr. Sunil Palliwal as the board of director ofthe company in 2007. However the following is the brief list of senior management team ofthe Titan Industries as of 2011.Name DesignationSusan Mathew Chairman / Chair PersonN Sundaradevan DirectorIshaat Hussain DirectorT K Balaji DirectorVinita Bali DirectorR Poornalingam DirectorName DesignationBhaskar Bhat Managing DirectorV Parthasarathy DirectorN N Tata DirectorC G Krishnadas Nair DirectorHema Ravichandar DirectorDas Narayandas Independent DirectorProduct Related AttributesAll watches provide the time of day, giving at least the hour and minute, and usually thesecond. 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 pocketand wrist models also incorporate striking mechanisms or repeater functions, so that thewearer could learn the time by the sound emanating from the watch. This announcement orstriking feature is an essential characteristic of true clocks and distinguishes such watchesfrom ordinary timepieces. This feature is available on most digital watches.Section B Group 13 Page 4
  5. 5. Great Lakes Institute of ManagementA complicated watch has one or more functions beyond the basic function of displaying thetime and the date; such functionality is called complication. Two popular complications arethe chronograph complication, which is the ability of the watch movement to function as astopwatch, and the moon phase complication, which is a display of the lunar phase.Other more expensive complications include Tourbillon, Perpetual calendar, Minuterepeater, and Equation of time. A truly complicated watch has many of these complicationsat once. Some watches can both indicate the direction of Mecca and have alarms that canbe set for all daily prayer requirements. Among watch enthusiasts, complicated watches areespecially collectible. Some watches include a second 12-hour display for UTC (as PontosGrand Guichet GMT).The similar-sounding terms chronograph and chronometer are often confused, althoughthey mean altogether different things. A chronograph has a stopwatch complication, asexplained above, while a chronometer watch has a high quality mechanical or a thermo-compensated quartz movement that has been tested and certified to operate within a certainstandard of accuracy by the COSC (Contrôle Officiel Suisse des Chronomètres). Theconcepts are different but not mutually exclusive; so a watch can be a chronograph, achronometer, both, or neither.Many computerized wristwatches have been developed, but none have had long-term salessuccess, 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 beendeveloped containing calculators, tonometer, barometers, altimeters, a compass using bothhands to show the N/S direction, video games, digital cameras, key drives, GPS receiversand cellular phones. In the early 1980s Seiko marketed a watch with a television in it. Suchwatches have also had the reputation as unsightly and thus mainly geek toys. Severalcompanies have however attempted to develop a computer contained in a wristwatch.Braille watches have analogue displays with raised bumps around the face to allow blindusers to tell the time. Their digital equivalents use synthesised speech to speak the time oncommand.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 lifeSection B Group 13 Page 5
  6. 6. 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 designBrand portfolioSome of the most notable brands in the TITAN’s portfolio areTitan Edge - World’s slimmest watch (at 3.45mm) that epitomizes the philosophy ‘less ismore’.Titan Raga - a feminine and opulent accessory for todays affluent womanNebula - watches crafted with solid 18k gold and precious stonesSonata - Indias largest selling watch brand to suite the common mans walletXylys - a Swiss-made, impeccably designed watch for the connoisseur and new ageachieverFastrack – watches created to accessories the trendy youth of todayThe watch division also boasts of collections such as Automatic, Heritage, Nebula,Orion, Raga, Zoop and series like Aviator, Octane and WWF.Communication, pricing and distributionCommunicationAamir khan is the brand ambassador for TITANMahendra Sing Dhoni is the brand ambassador for SONATA.Rani Mukherjee is the brand ambassador for RagaAlso Titan releases lot of advertising during festivals.PricingMass –INR 350-600Popular-INR 600-900Premium- INR 900-1500Super premium-INR 1500-8000Connoisseur segments –INR 8000- 150000Section B Group 13 Page 6
  7. 7. Great Lakes Institute of ManagementDistributionThe company has over 317 exclusive ‘World of Titan showrooms and over 50 Fastrackstores. It also has a large network of over 650 after-sales-service centres.Customer KnowledgeTITAN has revolutionized the watch market by making quartz its watch and is theunquestioned 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 TITANwatches.Image: Performance:Time RuggednessAmazing Design DurabilityElegantSimple and Stylish Sports:Totally Inspiring, Talismanic, Amazing and TrendyNice Advanced FeaturesRemember the titans movie DigitalWatchPower of TIME People:Distinct sound of their advertisements High-ClassTITANS FashionGreek GOD Style Performance Image TITAN People Sports NegativeSection B Group 13 Page 7
  8. 8. Great Lakes Institute of ManagementSources of Brand EquityThe brand name “TITAN” is classical and is based on Greek mythology.Brand Name:Tagline: BE MORE. WHAT’S YOUR STYLELogo:The pervasive blue-coloured Tata logo which was planned by the Wolff Olins consultancywas given a modification to make it more Greek like , curbing the circle around to make abase and giving it black and grey colour amalgamations and so the TITAN logo was born .The logo represents indefiniteness.Brand Meaning: Titan personifies anything of size, strength, or achievement.Memorability: The name is very easy to recall and recognizeLikeability: The brand name is fundamentally expressive and cogent.Transferable: The name Titan means achievement and anybody wearing a Titan is anachiever is what is communicated. It can easily be applied across all product categories andgeographies.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 basicneed of knowing the time. TITAN brought in the style concept and gradually built its brandequity.Jingle: Mozart’s Fifth SymphonyTitan has a typical signature tune taken from Mozart’s fifth symphony. TITAN pioneered theconcept of gifting watches and with the signature tune the watches caught the attention ofmany.Section B Group 13 Page 8
  9. 9. 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, Brand Loyalty Resonance Attachment, (What about you & me?) Sense of community Brand Response High Quality, Pride, (What about you?) Trustworthy, Status, Judgement Feelings Superior, likeable Social Approval Reliable, Sturdy, Stylish and trendy, Brand Meaning Long lasting or durable, No. of models, Colours, (What are you?)Performance Segmented approach, Imagery Chronographs, alarms, Available in diff prices Huge no of outlets Brand IdentityBrand Salience Wrist Watches (Who are you?) 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
  10. 10. Great Lakes Institute of Managementits promise over the years. So, there is a sense of satisfaction/accomplishment when theproduct is used, which in turn means Titan has connected extremely well with its targetaudience through all its brands. Customers feel attached to Titan watches and hence exhibitgreat 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 India’s 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.Section B Group 13 Page 10
  11. 11. Great Lakes Institute of ManagementTITAN’s Brand’s ArchitectureBrand architecture goes beyond the visual/graphic naming relationship of brands and sub-brands. It is about the overall experience created for your customer segments.The Titan brand architecture comprises of several sub-brands: • Titan Edge - worlds slimmest watch based on the philosophy ‘less is more’, • Titan Raga - feminine and sensuous accessory for todays woman, • Nebula - crafted with solid 18k gold and precious stones.Several other popular collections like Heritage, Aviator, Automatic, Regalia, Obaku, HTSEalso form a part of the Titan portfolio. Generally brand architecture comprises of two majortiers. The top tier happens to be the corporate brand, TITAN and the second tier comprisesof “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 anew, third tier sitting between the parent and the product/service brands. This tier serves asa platform for marketing efforts that is valuable from a number of perspectives. In the TITANportfolio of high premium watches, there seems to be a mismatch for the Tier twoapproaches. TITAN corporate brand covers the Connoisseur segment watches but at thesame time these brands are on their own. A brand portraying the elegance is missing, whichmight help TITAN to attract customers in that segment. TITAN which is basically known forits product catering to semi premium segments, the high end segment requires morebranding and attention.TITAN’s Brand Hierarchy EvaluationThe brand hierarchy of TITAN is apt. The core brand acts as the umbrella brand whichrepresents the institution as a whole. The sub brand identities of Nebula, Aviator, andheritage are great and delivered their promise of elegance. The below diagram shows howthe brand has delivered, feeling of elegance and superiority right from the attribute level toSection B Group 13 Page 11
  12. 12. Great Lakes Institute of Managementthe highest level,. TITAN as a brand has been very conservative in approach but still hasmanaged 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 ColourTITAN’s fit in a broader brand portfolioThe 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 fasttrack brand. It has overall developed a sense of homely and indigenous product which hasmastered the latest technology and offers a wide range of products.TITAN’s Growth strategy AssessmentTitan Industries Ltd has posted an increased sales turnover during the third quarter of thefiscal by 40 per cent from Rs.105.85crore to Rs147.97crore in the current year while theSection B Group 13 Page 12
  13. 13. Great Lakes Institute of Managementcompanys profit after tax has gone up by 28 per cent from Rs1.37crore to Rs1.96croreDuring the nine month period, Titans watch sales rose from 31.38 lakh pieces to 36.90 lakhunits 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 isattributed 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 processSection B Group 13 Page 13
  14. 14. Great Lakes Institute of ManagementBrand AwarenessThe 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 competitorsThe total extent of brand awareness: Brand Geography Awareness South India 77.8% North India 94.4% West India 100.0% East India 80.0% Central India 50.0% Total India 86.0%Fig 1 60% 48% 50% 40% 30% 30% 20% 12% 8% 10% 2% 0%Fig 2TITAN brand awareness is seen as 86% on an overall India basis. West India has gotmost (100%) brand awareness, followed by North India.Figure 1 compares the three geographic groups that were analysed throughout the studyandIdentifies which geographic group is most familiar / least familiar with the brand. A chi squaretest 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:Section B Group 13 Page 14
  15. 15. Great Lakes Institute of ManagementH0: Geography is independent of familiarity with brandHI: Geography is dependent on familiarity with brandThe results from the test gave a p-value (probability) of less than 0.05, which indicates thatthere is enough statistical evidence to reject the null hypothesis. Therefore, geography doeshave an influence on whether the respondent will be familiar with the brand. Chi-Square Tests Asp. Sig. (2- Value d sided)Pearson Chi- 5.033a 4 .004SquareLikelihood Ratio 5.427 4 .006N of Valid Cases 248Brand AttitudeThe second brand characteristic that was investigated was Attitude towards the TITANbrand. Attitudes are usually measured with multi-attribute scales that are suitable for surveyresearch, such as a Liker scale. 1. Correlation Tests between “Geography” and Brand Attitude Variables (Likeability, Quality, Attractive, Desirable & Superior) Coefficients Model Unstandardized Standardized Coefficients Coefficients B Std. Error Beta t Sig.1 Constant .240 1.046 .230 .019 Likeability -.381 .341 -.230 -1.116 .021 Quality .698 .267 .483 2.609 .012 Attractive -.115 .272 -.086 -.421 .076 ness Desire -.108 .267 -.094 -.407 .460 Superior .354 .285 .265 1.242 .221a. Dependent Variable: GeographySection B Group 13 Page 15
  16. 16. Great Lakes Institute of Management 2. Correlation Tests between “Gender” and Brand Attitude Variables (Likeability, Quality, Attractive, Desirable & Superior). Variables Score d Sig.Step 0 Variables Likeability .639 1 .024 Quality .250 1 .017 Attractiveness .462 1 .550 Desire .436 1 .039 Superior .518 1 .472 Overall Statistics .769 5 .979Dependent Variable: GenderAttitude- Product 1. Correlation Tests between “Geography” and Product Attitude Variables (Interesting, beneficial, fond of, value for money, exceptional). 11 Model Standardized Unstandardized Coefficients Coefficients B Std. Error Beta t Sig. 1 (Constant) -.265 1.222 -.217 .029 Interesting .416 .284 .317 1.466 .015 Beneficial .014 .301 .008 .048 .006 Fond of -.396 .245 -.333 -1.612 .015 Value for money .438 .258 .273 1.702 .006 Exceptional .126 .300 .094 .421 .076a. Dependent Variable: GeographySection B Group 13 Page 16
  17. 17. Great Lakes Institute of Management 2. Correlation Tests between “Income” and Product Attitude Variables (Interesting, beneficial, fond of, value for money, exceptional) Coefficients Model Unstandardized Standardized Coefficients Coefficients B Std. Error Beta t Sig. 1 (Constant) 3.271 1.935 1.690 .009 Interesting -.023 .449 -.012 -.050 .006 Beneficial .060 .477 .024 .126 .032 Fond of .026 .389 .015 .067 .042 Value for -.175 .408 -.075 -.429 .041 money Exceptional -.074 .475 -.038 -.155 .078a. Dependent Variable: Income bracketLevel of Desire for the BrandThe fourth brand characteristic that was investigated was the level of Desire for the TITANbrand. The information sought included:.1 The total extent of desire for the brand (fig 3) . Desire for the %age brand Strongly desire 30% Mild desire 52% Somewhat desire 14% Least desire 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 UsageH0: south Indian = north Indian = West Indian = µ East Indian = central IndianHI: At least one of the means of these populations differsSection B Group 13 Page 17
  18. 18. Great Lakes Institute of ManagementThe p-value for this test is 0.03, indicating that there is enough statistical evidence to rejectthe Null hypothesis. It was found that there is a significant difference between the means ofthe various geographic groups..3 Whether there is a relationship between Desire for the Brand and Product UsageA one-way variance test was applied to determine whether there was a difference in themeansBetween those respondents who have used TITAN products and their level of desire for theBrand. The null hypothesis and alternative hypothesis for this test is:H0: Desire for the brand is not related to Usage of TITAN productsHI: Desire for the brand is related to Usage of TITAN productsThe results of the test yielded a p-value of less than 0.01, which indicates that there isenough Statistical evidence to reject the null hypothesis. The results indicate that the desireof those Respondents who have used TITAN products is stronger.Behavioural TendenciesThe fifth brand characteristic that was investigated was the specific BehaviouralTendencies with regard to the usage / purchase of Titan products. The information that wassought 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 andidentifies 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 alternativehypothesis for this test are:H0: Geography is independent of product usageHI: Geography is dependent on product usageSection B Group 13 Page 18
  19. 19. Great Lakes Institute of ManagementThe results of the test yielded a p-value of 0.046 which indicates that there is enoughstatistical evidence to reject the null hypothesis. Therefore, ethnicity does have an influenceon whether the consumer has used any Titan products.Value PropositionThe sixth, and final, brand characteristic that was investigated was the Value Proposition ofthe 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 wasfound 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: µ south India = µ North India = µ west India = µ east India = µ central IndiaHI: At least one of the means of these populations differsThe p-value for this test is 0.01, indicating that there is enough statistical evidence to rejectthe null hypothesis. After the Bonferroni adjustment and the post-hoc test, it was found thatthere is a significant difference between the means of the various geographic groups.Section B Group 13 Page 19
  20. 20. Great Lakes Institute of Management Summary of the Statistically Significant Tests (α = 0.05) Variable 2 Statistic TestBrand Characteristic Variable1 employed p-value Familiarity with Chi-squareBrand awareness Geography brand 0.004 Geography Likeability 0.021 Geography Quality 0.012 Geography Attractive Linear regression 0.076 Geography Desire 0.46 Geography Superior 0.221 Brand attitude Gender Likeability 0.024 Gender Quality 0.017 Gender Attractive Logistic regression 0.55 Gender Desire 0.039 Gender Superior 0.472 Geography Interesting 0.015 Geography Beneficial 0.006 Geography Fond of 0.015 Linear regression Value for 0.006 Geography money Geography Exceptional 0.076 Attitude -product Income bracket Interesting 0.006 Income bracket Beneficial 0.032 Income bracket Fond of 0.042 Linear regression Value for 0.041 Income bracket money Income bracket Exceptional 0.078 Positive towards the one way Anova Desirability Geography brand 0.03 Preference to one way Anova Behavioural Geography the brand 0.01 Tendencies Loyalty to the one way Anova Geography brand 0.046 Emotional one way Anova Geography benefits 0.01 Value preposition Self-expressive one way Anova Geography benefits 0.01Section B Group 13 Page 20
  21. 21. Great Lakes Institute of Management TITAN- BRAND EQUITY PYRAMID BASED EMPIRICAL RESEARCHSection B Group 13 Page 21
  22. 22. Great Lakes Institute of ManagementRecommendationsStatistical analysis suggested that Brand attitude parameters such as Attractiveness, Desire,and Superiority are in significant factors for brand TITAN. This may be because of lotattractive and better models available (according to consumer perception) due stiffcompetitive branding by other Watch makers such as TIMEX, SWATCH & CITIZEN etc.TITAN needs to reposition the branding activities by projecting “Superior” and “Desire” asnew brand elements. Particularly Male community has to be targeted for these elements.Statistical analysis also suggests that the consumer perception on TITAN BRAND productsis not significant when it comes to the product attribute “Exceptional”. This shows the branduniqueness is deteriorating for TITAN brand. TITAN must redesign branding strategy toreposition their products as unique to sustain the brand equity.Again as we have statistical evidence to prove that geography has played a significant role incontributing to the awareness of the brand, we can identify the geographical areas that are weak inawareness and as India is an emerging market the volumes that can be generated by mere increasein brand awareness in certain targeted areas can bring sales volume to the business. Also by knowingwhere exactly the brand awareness is high, the company can afford to cut down upon its marketingexpenses in those segments.As gender affects the brand attitude, the brand can be made to cater to women by stressing onattributes like likeability quality and desire. Also with the luxury of the jewellery subdivisions likeTanishq, titan can leverage the jewellery division’s brand names and collaborate with the watchdivision and come up with integrated high end watches that can cater to high end women customersand thereby increase profitability.With the advent of Chinese, Japanese and Korean products in the domestic watch markets, a lot ofduplicate watches have been manufactured and sold at low cost. This phenomenon of duplicatewatches might seriously affect the revenues of TITAN. So company can introduce holograms or RFIDsetc. and preserve and prevent their loyal customers and potential customers from getting beguiledby the watch vendors.Titan can exploit the rich cultural diversities of the domestic market and can address the culturalneeds 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 customersand its range can be channelized to create a cultural identity for the customers.Section B Group 13 Page 22
  23. 23. Great Lakes Institute of ManagementThe company can have tie-ups with schools and colleges across the country and can increase itsmarket penetration by recommending the educational institutions to offer their products to the newstudents. Also the company must try to understand the emerging consumer needs in the younggeneration and try to be updated and also some disruptive technological innovation like having aradio tuner card in a watch, health monitor incorporated in a watch, having a speedometer, digitalcamera 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 competitorsin this product category would enter and thereby increase its brand equity and develop long termrelationships 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-brand- managment/Section B Group 13 Page 23

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