Titan, one of the largest watchmakers globally, has been around us for a long time and they still have their class maintained to this date. It is no surprise that you might be right now wearing or owning a Titan or Sonata or a FastTrack watch.
In this case study, we would specifically go through Titan’s watch segment and understand the measures it undertakes to stay relevant in the minds of customers to this date.
Titan Company Limited was established back in 1984 as is currently headquartered in Bangalore Karnataka. It is a part of an ever-popular business conglomerate, the Tata Group.
Initially, Titan started as a watchmaking company through a joint venture between the Tamil Nadu Industrial Development (TIDCO) and the Tata Group.
It later went on to explore various business opportunities and today it has popular brands such as Titan, Fastrack, Sonata, Tanishq and Caratlane selling accessories such as watches, jewellery, perfumes, belts, etc.
History & Brands of Titan
About Titan Watches
Talking about the watch section, the company has about 11 brands including popular ones like Titan, Sonata, Fastrack and Zoop. It also has the license to sell watches of popular brands like Tommy Hilfiger, Police, Lee Cooper, Kenneth Cole etc.
Today, Titan Company Limited has a 65% market share in the watch industry and it contributes to 12.98 per cent of the company’s turnover.
Now we know about Titan as a company and its watch segment, let us learn more about the company by understanding its target market by examining Titan’s watch segmentation
Target Market and Segmentation Strategy of Titan Watches
As previously said, Titan has about 11 brands along with rights to selling a few popular international brands like Tommy Hilfiger, Lee Cooper etc.
|Target Market and Segmentation of Titan Watches|
|Sonata, SF||General Customers|
|Titan||Millennials and above|
|Favre-Leuba, Xylyx, Nebula
As you can see from the above table, Titan Company Limited has a well-curated brand portfolio that reaches various age demographics.
Now that we know about the target market and segmentation of Titan’s watches, let us go through Titan’s 4Ps of the marketing mix in the coming section.
Marketing Mix of Titan Watches
Marketing mix model is one of the most important elements of any successful business. There are four important parameters in a marketing mix model – Product, Price, Place and Promotion, which are also known as 4Ps. So let us go through Titan’s 4Ps of the marketing mix in the coming sections.
Product Strategy of Titan Watches
Titan Company Limited has a beautifully designed product portfolio of watches that caters to all demographics. Be it an iconic luxury wristwatch or a fitness tracker watch or a kid looking for Marvel’s Avengers-themed watch, Titan has all kinds of watches to offer.
Titan also has strong research and development (R&D) facilities through which comes with the new technology of watches from time to time and thus making the life of the customers easy.
Price Strategy of Titan Watches
Titan has a huge range of products to offer but let’s face it, not everyone will have the same requirement when it comes to purchasing the same. With this in mind, its pricing strategy ranges from Rs. 1,000 to Rs. 25,000.
Titan’s pricing strategy is as per the strength of the products and services offered. That is why we endeavour to offer the best value to our customers and strive to bring them compelling products at reasonable prices.
Place Strategy of Titan Watches
Titan has about 800 exclusive stores offering its watch products and is present in more than 250 towns and cities in India.
Furthermore, It has not restricted itself just to its own stores. It has partnered with various distributors and uses an omnichannel distribution approach and distributes its products through multi-brand outlets (MBOs), large format departmental stores and e-commerce websites.
Promotion Strategy of Titan Watches
Titan has been always active in promoting its products from time to time, be it digitally or from the traditional. Just like its omnichannel distribution strategy, it uses an omnichannel promotion approach using all necessary mediums of communication to promote its ads.
The company uses Newspapers and Television as its primary form of offline communication. It is an effective medium because both media can reach a wider audience and reach large targeted groups.
Talking more about its digital marketing approach, the company has swiftly adapted to changing customer patterns and promotes accordingly. Fastrack is its most-followed page on social media and creates a digital short term campaign around festivals and other latest happenings in the country.
Now that we know about the company’s offerings, let us go through the marketing strategies it has adopted to stay relevant in the minds of customers in the coming section.
Marketing Strategy of Titan Watches
The presence of a quality marketing strategy can have a very positive influence on the performance of a brand. Being so, a company can take advantage of a number of benefits. Here are some of the marketing strategies that Titan has implemented to come up with a strong and effective marketing plan.
Brand Ambassadors of Titan Watches
When it comes to Titan watches, you’re definitely in for a treat. The brands have been around longer than the watch industry and have much history behind them, which makes them perfect for gaining brand ambassadors.
Here are some of its brand ambassadors who also act as brand influencers in this increasingly digitized world.
Collaborations of Titan Watches
Titan is a clever brand that constantly explores designing new watches with a collaboration strategy in mind. It has its kids targeted brand name Zoop that has collaborated with Marvel and Doraemon to produce kids-oriented themed watches. It also has recently collaborated with Game of Thrones.
Marketing & Advertising Campaigns of Titan Watches
Marketing or an advertising campaign is an initiative to draw the attention of people towards a specific product or service. Such campaigns are also known as promotional activity or simply advertising campaigns.
Titan uses a progressive advertising strategy and the storyline of the campaigns revolve around portraying a social message.
#BreakTheBias – A Marketing Campaign of Titan Watches
This campaign was launched on the occasion of Women’s day in the year 2016. The beautifully showcases a bias that people have with respect to name and gender and the way they approach a story relating to the same. This advertisement has a subtle twist that left a lot of people in doubts.
The Joy of Gifting – A Marketing Campaign of Titan Watches
This campaign was released in 2013, showcasing the bond between a student and a teacher. It also kind of on the lines of thanking teachers for constant support and thanking them with a gift because if there’s one thing better than a special gift, it’s a gift well given.
Mom By Choice – A Titan Raga Promotion Campaign
This campaign was the launch of the new Titan Raga series and a new tagline “Khud Se Naya Rishta”, to promote the womanhood and the capabilities of women around us.
This is how Titan has worked on the advertising campaign aspects over the years. Let us no go through a quick SWOT analysis of Titan Watches in the coming section
SWOT Analysis of Titan Watches
SWOT Analysis identifies the Strengths, Weaknesses, Opportunities, and Threats of the business, which helps us make strategic plans and decisions.
Let’s have a look deeper into the SWOT analysis of Titan.
Strengths of Titan Watches
- It has diverse segments and varied offerings in the market
- Innovation Strategy is the core part of the brand
- Good quality and impressive
- International tie-up with various other high brand products
- Retail network all over the world
Weakness of Titan Watches
- Rural India does not have a good customer base
- Teenagers prefer mobile phones over websites
- Waterproof watches are not that high resistance
Opportunities of Titan Watches
- Watches are positioned as high fashion wear rather than just utility products
- Due to the changing lifestyle, users tend to prefer multiple watches
- Huge market presence
Threats of Titan Watches
- Huge competition in the market
- Watches become a substitute as mobile and wall clocks are available
- The fashion style of users keeps changing with the trend
Therefore, Titan has grown immensely and has also received some great opportunities in the market. They should be consistent in their work to overcome threats. With this, the case study on Titan Watches comes to an end. Let us summarize with concluding points in the final section below.
Titan Watches is known for creating the most unique and extravagant accessories as well as extremely simple accessories. It has managed to become market in most of the segments it operates in thanks to a well-managed product portfolio.
Over and above, Titan managed to work on all aspects of the business from producing new designs, collaborating with trends to utilizing all kinds of marketing channels available. The company has all the bases covered very well.
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Until then, see you next time!