Titan is the fifth largest joint-owned watch manufacturer in the world and the leading watch manufacturer in India. It has over 60% market share in India in the watch industry. It has been providing the best quality watches for decades and gaining the trust of its customers.
Titan has expanded into under-engaged markets and has created lifestyle brands across different product categories. It is popularly known for transforming the watch and jewelry industry in India and for changing India’s retail market by introducing experiential retail.
Thus this makes us keen to know the marketing mix of Titan and how it still stands firm in the market.
Before we start with its marketing mix let us see about Titan as a company.
About Titan
Source: titan site
Titan Company Limited going by the name of Titan is a partnership between the Tata Group and the Tamil Nadu Industrial Development Corporation (TIDCO). The company was established in the year 1984 is headquartered in Hosur, Tamilnadu.
Starting its watch business, Titan has come a long way. It has changed the ways people have known fashion and taught them how to make a style statement with its brilliant watches. Titan’s has a diversified portfolio that caters to men, women, and children. All of the titan’s products go through strict quality checks. It constantly tries to innovate and provide its customers with the latest technology.
Let us now start with the marketing mix of Titan.
Titan Marketing Mix (4Ps) Strategy
Titan’s marketing mix analyses the brand’s 4Ps marketing strategies which include Product, Price, Place, and Promotion. explaining the Titan marketing strategy.
The marketing mix helps the companies in achieving business goals & objectives. It helps the business to see where it stands in the market. The 4P’s of the marketing mix is a widely used framework to define the different strategies.
Let us now see the Product mix of Titan company.
1. Titan Product Strategy
Source: titan site
Titan has evolved soo much in the years that the name Titan today expresses superior craftsmanship, innovative technology, and trustworthy product quality.
Titan is a luxurious leading and most trusted watch and jewelry-based products maker from India it offering a wide range of products in the market.
Titan product categories:
- Titan watch brands-
It no. of watch brands under it some of which are – Titan, Zoop, Fastrack, Sonata, Xylys, etc.
- Titan Eyeware brand – Titan EyePlus
- Titan Jewellery:
Some of its Jewellery brands are- Tanishq, Zoya, Mia, CaratLane.
- New Businesses:
It has been trying in new markets with its brands like-
Skinn- a perfume brand
Taneira- a sarees brand
Titan has been providing products for all categories like men, women, and children. Titan Bandhan was a special launch of a collection of watches specially made for couples as it came in a pair.
Its premium collection of 18k gold watches, Nebula, reflects sophistication and class. The latest Titan Juxt is a finely designed collection of smartwatches that are made for the new era of technology and connectivity.
Let us now see the Price Mix of Titan company.
2. Titan Price/Pricing Strategy
Titan has multiple pricing strategies in its marketing mix depending on its different brands in the market. it has premium, super-premium, and exclusive Connoisseur price segments. For example, its jewelry can start from a cost of thousands and go up to crore. Whereas its watches start from Rs. 350 to the special collections like The edge collection has a slightly higher price range from Rs. 9,000 to 20,000.
Titan Sonata is the highest-selling watch in India, due to its affordability and long-lasting quality given to consumers, despite its stylish looks and amazing features. The range offers affordable prices which start from Rs.400 which is up to Rs.3600. Within the collection, titan has a different price segment.
Titan also offers great and reasonable prices in a pair collection. It also provides gift cards and vouchers in the denominations of Rs. 500, 1000, 2000, and 5000.
Let us now see the Place mix of Titan company.
3. Titan Place & Distribution Strategy
Titan is present in over 30 countries worldwide. It has around 200 Titan Eye+ Stores and 332 exclusive showrooms branded as “World of Titan” all over the country.
It has also invested in over 700 after-sales service stores, 159 Fastrack stores, and over 130 Tanishq boutiques & Zoya shops.
With over 470 exclusive World of Titan stores, its investment in store starts from 40* lacs.
Titan watches are sold through marketing subsidiaries in London, Singapore, and Dubai. People can also buy their products from its online stores as well.
Lastly, let us see the promotion mix of Titan company.
4. Titan Promotion & Advertising Strategy
It has been promoting its brand as a classy and stylish brand everyone needs to wear. It shows that when people wear it their personality improves. It has also promoted its brands’ products as the best gift anyone can give on any occasion or purpose. It has promoted its brand with the best after-sales service
It has used different marketing platforms to connect with its customers some of which are newspapers, television, radio, social media, magazines, etc. It has used well know celebrities like Aamir Khan, Mahendra Singh Dhoni, Vir Das, and Katrina Kaif to promote its products.
Over the years it has produced some eye-catchy campaigns and advertisements which were in a form of a story and crafter a beautiful message.
It has also used CSR activities like Titan Kanya which is focused on educating the girl child, educating the tribal children, and trying to get the communities together.
Conclusion
On the study of the marketing mix of Titan, we can see that it has a well-implemented marketing mix in the market.
It serves a wide range of products in the market like watches, jewelry, eyewear, perfume, etc.
It used different pricing policies depending on the market and the production cost of different products. It provides products for different price segments in the market from less prices with good quality to luxury products.
It has made its products available in all parts of the country and made it easy for its customers to find its products.
It has used different promotional platforms like digital, print and radio. It has used famous celebrities to promote its products. It also used CSR activities for its promotion.
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Thank you for reading the blog. We hope that you came to know something new about Titan’s 4 Ps Marketing Mix from this blog.
If you are still interested in knowing more about the company then do check our Full Marketing strategy of Titan.
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Its very helpful to me. Thanks a lot.