We have previously written a fascinating marketing mix of Titan. This time we are back with another article on the SWOT analysis of Titan Watches.
One of the very popular watch brands – Titan Watches is an Indian luxury watch brand that sells both affordable and expensive watches. It is owned by the Tata Group. The company also manufactures Eyewear, Jewellery, and Ethnic wear. Titan has many sub-brands of watches under it such as Sonata, Fast-track, Favre-Leuba etc.
The reason for the success of Titan Watches in the market is its effortless marketing strategies. As the world is moving online, the way marketing is done is changing and if you are interested in learning about the newest – check out our Free MasterClass on Digital Marketing 101 by the CEO and Founder of IIDE, Karan Shah.
In this blog, we will look at the SWOT analysis of Titan Watches but before that let’s look at some of the facts about the company.
About Titan Watches
(The Founder of Titan Watches, Source: Mint)
Titan Watches is an Indian lifestyle brand that was established in partnership with Tata group and Tamil Nadu industrial development corporation (TIDCO) in 1984. It is ranked the fifth largest watch manufacturer company in India. It is the most trusted and 100% genuine watches brand in India.
Titan headquarters is located in Bangalore, Karnataka, India. Titan has officially launched several brands in watches, eyewear and ethnic collections. Titan has launched many watches such as Sonata, Fast-track, RAGA, Regalia, Octane and Xylys. The company covers 292 towns in India and 40 plus countries across the globe.
|Origin||Bangalore, Karnataka, India|
|No. of Employees||7,500+|
|Market Cap||Rs 2,271 Crore (2020)|
|Annual Revenue||Rs 21,204 Crore (2020)|
|Net Income/ Profit||Rs 1,496 Crore (2020)|
(Titan Store, Source: Viva Goa Magazine)
Products by Titan Watches
Competitors of Titan Watches
- Swatch Group
- Folli Follie
- Citizen Watch
Now that we understand the company’s key business, let’s look after the SWOT Analysis of Titan Watches.
SWOT Analysis of Titan Watches
SWOT Analysis of Titan Watches can show how a well-established company uses its opportunities to ensure its growth. It can show how the company takes advantage of its strengths to use the opportunities while working on its weaknesses. SWOT Analysis of Titan Watches will also reveal its expansion plans.
To better understand the SWOT analysis of Titan Watches, refer to the infographic below:
Now first let’s begin with the strengths of the company from the SWOT analysis of Titan Watches.
Strengths of Titan Watches
- International Collaboration: The Titan Company has collaborated with many international brands over years such as Hugo Boss and Tommy Hilfiger.
- Customer Service: Titan provides excellent customer service. Titan Watches rarely require repairs, and if it does, the company will replace the item during the warranty period.
- Brand Value & Position: Titan Watches is one of the leading watch brands in India. It has built its goodwill in the market. Titan has established stores in more than 40 different countries and it has a large network around the world.
- Good Design with High Quality: In India, Titan Watches are known for providing watches of international watch quality. Titan watches are sustainable for the long term and have great demographics.
- Strong Advertisement: Titan watches have a great marketing strategy. It has used well-known stardom celebrities for the advertisement of watches which increased the sale of the watches.
- Merchandise: Titan’s main strength is its visual merchandising activities. Titan showrooms use visually appealing merchandising materials. Titan has a successful retail chain called “World of Titan.”
Weaknesses of Titan Watches
- Fake Imitation: The designs of Titan watches are easy to copy which leads to a fake imitation of the product in the market. Recently, Titan Watches have sued a case against an online shopping platform for selling the imitating product under the name of the company.
- Slow Innovation: The Titan watches are very simple in design and patterns. As demand for smartwatches is increasing day by day, Titan Watches are not as smart as other smartwatches in the market. However, Titan is soon coming up with its smartwatch but somehow it seems too late according to the current era where Samsung & Apple are old players in terms of smartwatches.
- Poor Target Audience and Influences of Mobile Phones: Titan does not intend to target rural India. Customers are shifting away from watching television in favour of using mobile phones.
Opportunities for Titan Watches
- Innovation: The Titan Company can design watches as per customer need because watches have become statement pieces in fashion. They can come up with different watches for different occasions. They can also manufacture waterproof watches as it is in demand.
- Global Expansion: The Titan has made its impact in the Indian market. It can also expand its business to the International market as people have started giving preference to the watches as style statements.
- Online Presence: As nowadays customers prefer to shop online more so the company can show their presence on digital platforms by advertising online. They can also put offers in different festivals and occasions.
- Design: Watches that are worn as fashion accessories rather than just functional items. Titan’s products are very unique in design and look cool while wearing them.
Threats to Titan Watches
- Competitors: There are several other watch brands in the market such as Citizen, Swiss- Omega, Rolex, Tag Heuer etc. which can be a threat for the company. Chinese companies are selling watches at a lesser price so it can create a threat in the international market for the company.
- Changing Customer Behaviour: As we know mobile phones are replacing the need for alarms, calendars and watches. People started preferring smartwatches over casual Watch designs, Quality, Color, Brand all affect customer behaviour change.
- Fake Product: Because Titan watches are simple in design, the products are easy to imitate. Imitation products don’t give the same success as they did for the original one. It may cause a serious threat to Titan.
This ends our detailed SWOT analysis of Titan Watches. Let us conclude our learning below.
After the globalization in 1991 and the opening of the Indian market, there has been an arrival of premium Swiss brands which has given the Indian consumers exposure to the Global brands due to which the company started analyzing different brands, their styles, and various prices levels.
It also noticed the high price of Swiss watches which made the company realize the value of Indian brands especially Titan which offers exuberant quality at a low price with better distribution and service. Titan has shown its differentiation in this industry has a customer-centric approach that helps the firm to reach customers in the market.
Other than that, Titan Watches should think about growing its marketing campaigns and environmental awareness on social media using digital marketing strategies.
Because the importance of digital marketing has grown exponentially over the past few decades. Businesses are very careful about their marketing, advertising, and social media presence. If you are a Marketing enthusiast the most important thing right now is to understand digital marketing. Check out IIDE’s 3 Month Advanced Online Digital Marketing Course if you want to learn more and improve your skills.
We hope this blog on the SWOT analysis of Titan Watches has given you a good insight into the company’s strengths, weaknesses, opportunities and threats.
If you enjoy in-depth company research just like the SWOT analysis of Titan Watches, check out our IIDE Knowledge portal for more fascinating case studies.
Thank you for taking the time to read this, and do share your thoughts on this case study of the SWOT analysis of Titan Watches in the comments section below.