Titan Company Limited is a consumer goods company that makes watches, eyeglasses, and jewellery, among other things. The Tata Group has a subsidiary called Titan. Bangalore is home to Titan.
In this blog, we will be dealing with the SWOT analysis of Titan by detailly learning about its strengths, weaknesses, opportunities, and threats.
Let’s start with the introduction to Titan.
The TATA Group and the Tamil Nadu Industrial Development Corporation formed the Titan Company Limited in 1984 as a minor joint venture (TIDCO). Today Titan has grown itself to a level to place itself as the fifth-largest integrated watch manufacturer in the world.
Titan’s “Sonata,” India’s best-selling watch brand, has established itself as a unique brand with exceptional craftsmanship and unparalleled value for customers. After the Launch of Sonata, the company launched Fastrack in the year 1998 and it became an independent urban youth brand in the year 2005.
Fasttrack extended its product range by adding accessories with a range of bags, belts, and wallets, the year 2009. Titan company also launched Tanishq which is India’s most trusted and leading jewellery brand.
Today, Titan Company Limited is TATA’s most prominent company operating in consumer durables. It has also established itself as India’s leading producer and retailer of watches, jewellery, eyewear, and other accessories.
Now that we learned about Titan, let’s go through the SWOT analysis of Titan.
SWOT Analysis of Titan
SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. Swot Analysis helps a company to analyze and organize and manage its stock strengths and weaknesses, opportunities, and threats in an organized manner which is usually presented in a simple two by two grid.
Let’s have a look at the strengths, weaknesses, opportunities, and threats of Titan.
1. Strengths of Titan
Human skills, process capabilities, financial resources, products and services, consumer goodwill, and brand loyalty are all characteristics of organizational strengths. Designing Quality, Good Merchandising, Positioning, Distribution are all aspects of Titan’s strengths.
Let’s take a brief look at it.
- Distribution: A very good distribution network is in place. Titan offers distributors and dealers attractive margins
- Good design with High Quality: Titan is known for its good designs and high quality. Titan Watches is popular among all demographics. Titan Watches have the same quality as international watches.
- Positioning: Titan has established a presence in the watch market. Tata Titan is a leading brand due to its brand image
- 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.
- 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.”
Thus, this concludes the part of the strengths of Titan. So, let’s focusing on the weaknesses of the company.
2. Weaknesses of Titan
Titan’s weaknesses include a lack of high-tech, water-resistant items, and so forth. Weaknesses can be managed. It needs to be reduced and eradicated. Let’s see a few weaknesses of Titan.
- Non-Water Resistant: Titan Watches is not completely waterproof. Since watches from other brands claim that the product of those companies is water-resistant. Titan should also make a move to maintain its position.
- Poor Target Audience and Influences of Mobile Phones: Titan does not intend to target rural India. Customers are shifting away from watching television in favor of using mobile phones.
- Lack of Technology: Titan is less common in smartwatches, which are in high demand in the future. So Titan should start manufacturing smartwatches in this tech-savvy world.
With this, the weaknesses of Titan ends. Let’s start discussing its opportunities.
3. Opportunities for Titan
Organizations should be cautious, recognize opportunities, and seize them when opportunities emerge. It’s challenging to choose the aims that would best serve the clients while achieving the necessary results. Let’s take a look at it.
- Expansion: Titan needs to market its timepieces as a symbol of generosity. Watches for gifts are popular, and promotional watches for gifting might be a terrific chance. The Indian watch market is underserved; just 35% of the population owns a watch
- 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.
- Consumer Friendly and Improving Its Target: With rising customer perceptions, consumers are more likely to own multiple timepieces for different times and activities. A massive exchange-rate market exists. Make waterproof wristwatches. The rural market could be exploited.
This ends the segment of opportunities. So, now let’s move onto the threats faced by Titan.
4. Threats to Titan
Threats are beyond our control. When a threat arises, the stability and survival of the community may be jeopardized. Increase in competition, Influence of global market, fake products are the threats faced by Titan. Let’s see in detail.
- Competitors: Citizen, Swiss-Omega, Rolex, Tag Heuer, Tissot, Rado, and others are among Titan’s fierce competitors. Titan needs to come up with different strategies to maintain its position in the business.
- Global Market: Chinese watch businesses are also posing a threat to Titan by selling its products at a lower cost. Since it is cheap, people tend to buy those products.
- 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.
Now that we have learned the SWOT analysis of Titan, let’s end the blog with a conclusion.
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.
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