Strategic Evaluation of TITAN Industries Limited

LEEDS METROPOLITAN UNIVERSITY M.Sc. Marketing ID- C7094638

S.no.

Topics

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Company Overview Company Environment Analysis (Pest Analysis) Swot Analysis Current Financial Data Challenges Titan Industries Ltd experienced Competitors Portfolio analysis tools Companys target customers Positioning Strategy Promotional Activities Company maintain a high level of customer service Company pursue and ensure customer loyalty Pricing strategy Pricing compare with that of its competitors Distribution of products/services Strategic alliances Company adopted these strategies to achieve success in the market

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Performance measurements Criteria Strategy Recommendation Reference

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1) Company Overview
Titan Industries Ltd. is Indias largest fashion accessories manufacturer including watches, jewellery, sunglasses, and prescription eyewear. Titan Industries Ltd, a Joint Venture between the Tata Group and TIDCO (Tamilnadu Industrial Development Corporation) began on 27th July 1984. (Titan, 2009)

HMT was first major watch manufacturer in India and undisputed market leader till the entry of Titan. In 1987 Titan established a manufacturing unit at Hosur for the making watches. The main objective of the company is to manufacture analog electronic watches. The Company projected to manufacture 2 million digital and ana-digi watches in collaboration with Casio Computer Company of Japan. A MOU was signed between Titan and Casio in November, 1986. Titan exports their watches in 32 countries around the world. Now it is fifth largest watch manufacturer in the world. Titan Industries launched Tanishq; a jewellery brand in 1995, In 2002 Titan initiated a new business unit of Precision engineering components for aerospace, automotive, oil & gas, engineering, hydraulics, solar and medical industry. Titan industries added Titan Eye+, an eye wear brand in the year 2007. The company operates in Asia Pacific, Middle East and the UK. Its headquarter is located in Bangalore, India and employs around 4514 people. (Money Control, 2010) Strategic Business Units Watch segment Jewellery segment Others (eyewear and precision component)

2) Company Environment Analysis (Pest Analysis)

Political Factors Indian Jewelry Industry is getting strong government support in form of incentives and formation of SEZs, According to (Gujarat Government Industrial policy 2009), Gujarat government gives scheme for insurance coverage. Gems & Jewellery Parks have been set up to promote investments in this sector.

(India Extension Bureu, 2009)

By Stable macroeconomic policies of India, International watch companies are entering in Indian watch Industry. (Tax Management India, 2010)

100% FDI is allowed in the Gems & Jewellery sector and Watch sector through the automatic route. (Investment Communication, n.d.)

Government provide excise duty free zone where companies establish their manufacturing units and obtain policy benefit. (Example Titan assemble his manufacturing unit in Uttrakhand which is excise duty free zone) (India Extension Bureau, 2009)

Economical Factors India the largest consumer and importer of gold in the world, it is projected to import around 500-550 tonnes of gold in 2010.

(Investment Communication, n.d.)

Macroeconomic indicators, higher disposable incomes, emerging middle class, investment friendly policies and progressive reform process all contribute towards India being an appropriate choice for investors.

(India In Business, n.d.)

Social Factors Gift trend of watches and jewellery in special occasions in India support watch and jewellery sector.

Indian Life style is improving which is supportive for Jewellery and watch sector.

The Indian gems and jewellery market is set to cross US$ 26 billion by 2012, on the back of getting better lifestyle and availability of skilled labour.

(Investment Communication, n.d.) Indian consumer views jewellery purchase as an investment. India is the largest consumer of gold jewellery in the world, utilizing 20% of global gold (Gold, 2010).

As per a report by the Automotive Component Manufacturers Association of India (ACMA), the turnover of the auto component industry is being estimated at around US$ 19.2 billion in 2009-10. (Investment commission, n.d.b)

Indian Diamond Institute (IDI), National Institute of Design (NID), National Institute of Jewellery Design (NIJD) and National Institute of Fashion Technology (NIFT) have had a substantial impact on development of the jewellery sector in India.

Technological Factors Companies are using innovation to establish their brand in the market (ex-Titan produce world slimmest watch).

Innovative technologies certify the finest use of gold in the electronics sector. Japanese companies have come to Indian market with their highly technological watches.

3) Swot Analysis
Strength Tata is finest and reliable group of companies name in India and Titans collaboration with Tata has helped them to establish their brand in the market.

Titan is market leader of watch industry in India with 60% market share. (Titan, 2009)

Titan has efficient customer touch point (300 exclusive World of Titan' showrooms, 740 after-sales-service centres, 113 Tanishq boutiques and Zoya stores, 28 Gold Plus stores, 88 Titan Eye+ stores) (Titan, 2009)

Titan has capable Production capacity they have 11 manufacturing units in India. (Titan, 2009)

Weakness Poor market share in high cost watches. Less number of low priced products. High prices jewellery comparison to local players.

Opportunity Titan can venture into different sector, as Titan doing innovation in their services where they launch design studio where they did designer work for titan watches, Tanishq jewellery, and fastrack gogals and bag. In 2009 Titan launched Titan trophy where they made trophies for various companies.

Titan has developed foreign potential market, as now they are exporting watches in 32 countries.

In India on every 1000 people, only 25 have watches.

(World amazing records, n.d.)

The estimated annual watch market size is around USD 195 million. The average growth rate is 10 -15 percent per year. (World amazing records, n.d.)

In India more than 58% of the population is under 25 years and more than 80% of the population is below 45 years of age. (World amazing records, n.d.)

Expected to grow at 40% p.a. to US$2.2 billion by 2010, India is the fastest increasing jewellery market in the world. Estimated jewellery export revenue of up to us $ 25-30 billion in next five year (Investment Communication of India, n.d.a)

The auto component industry in India has possibility to grow at a CAGR of 13% to reach US$40 billion by 2015. (Investment Communication of India, n.d.b)

Threaths Swiss automatic, stylish and super premium watches & Japnese automatic and new technological watches have increased the competition.

Too many players will dilute the market & the profit margin.

Low priced China watches are also a concern.

Mobile phones are also a threat for watches in mass market. People prefer 1000rs mobile in which they get calculator and alarm watch.

4) Current Financial Data

(These Financial data is According to Titan Industries Limited annual report) In Titan silver jubilee year (2009-10) growth rate is 22.2%.

Sales(in crores)
5000 4500 4000 3500 3000 2500 2000 1500 1000 500 0 2007-08 2008-09 1060 1040 1020 1000 980 Sales(in crores) 960 940 920 900 2009-10 880

Watches

Sales(in crores)

2008-09

2009-10

Company revenue Rs. 4703.12 Crores. Watch segment sales grew by 13% to Rs.1052.78 crores.

The Jewellery segment sales grew by 26.8% to Rs. 3,504.19 crores. Other segment (Eyewear and Precision Engineering) rose by 11.4% toRs.151.76 crores.

Net profit Rs. 250.32 crores company grew by 57.5%.

International Operations The Company export turnover of Rs.101 crores during the year. Exports include sale of watches and precision engineered components (Titan, 2009b)

5) Challenges Titan Industries Ltd experienced

In 1998-99, Titan tried to tap kids watch segment with a brand Dash. But Dash failed to catch the market. Dash was withdrawn in 2003. Experts say that Dash was too early for the Indian consumers. During that time, parents were not that interested in spending on kid's accessories like Watches. Now Titan feels that the market is ready for a brand like Zoop. The Company has reentered the childrens watch segment. Zoop is being positioned as a cool, fancy accessory for kids. (The Hindu Business Line, 2010)

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6) Competitors
Top competitors According to Datamonitor (2010) these are main competitors in watch and jewellery sector. HMT Ltd. Timex Group India Ltd. Gitanjali Gems Ltd. Su-Raj Diamonds and Jewellery Ltd. Vaibhav Gems Ltd Porters Five forces Analysis (Industry Analysis) (Diagram of Porters five forces)
More global and local playeras

Shift in structure of demand

Industry rivalry

Emergence of distinct consumer segments

Emergence of new channels

Threat of new entrants - More global and local players Increase in competition in all segments Super premium segment : Swiss brands Premium segment : Global fashion House / Japanese brands Mass market : Local/regional, Chinese Watches

Power of buyers - Emergence of different consumer segments Defined consumer segments around distinct purchasing factors

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More awareness of brands and global trends among rich urban consumers

Threat of substitutes - Emergence of new channels Emergence new retail outlets emerging (Dept. stores/malls) Existing outlets (MBOs) getting attractive looking Unorganized retail network for mass market

Power of suppliers - Shift in structure of demand Volume growth driven by the mass market Value growth driven by premium segment (Nag, 2008, P.226)

7) Portfolio analysis tools

a) Brand Life Cycle (Brand life cycle)

Introduction Obaku WWF Orion Zoop Octane

Growth Xylys Raga Purple

Maturity Sonata Nebula Edge Fastrack

Decline Royal Regalia Dash

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In introduction stage brand needs much investment to create awareness in the market. In growth stage sales increases because customers aware the brand and its quality so brand needs more attention on 4ps of marketing mix for establishing brand preference.

In maturity stage brand set its position in customer mind. Brand main goal is to maintain market share. In decline stage sales begin to decline as the market saturated, brand technologically absolute, or customer taste change. (Nag, 2008, P.222)

b) Boston Consulting Group matrix analysis In BCG Matrix Company analyse its current SBU portfolio and decide which SBU need more or less investment and company develop growth strategies for adding new products and businesses to the portfolio. (Nag, 2008, P.51)

Plotting two SBU Titan Industries Ltd i) Watch Sector Watch Industry Growth- 13% Titan Industries Sales in Watch Sector- 1,026.78 crores Market leader or Close Competitors (Timex India) sale- 140.07 crores = 1,026.78/140.07 Relative Market Share = 7.33%

ii) Jewellery Sector Jewellery Industry Growth- 40% Titan Industries Sales in Jewellery Sector- 3,504.19 crores Market leader or Close Competitors (Gitnjali Gems Ltd) sale- 1,257.8 crores = 3,504.19/1,257.8 Relative Market Share = 2.78%

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(BCG Model) Relative Market Share (Cash Generation) 50

Stars Market Growth Rate (Cash usage)

Question mark

Cash Cow

Dog

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1 On the horizontal axis: Relative market share On the vertical axis: market growth rate

0.1

Titans jewellery unit come in star because it has a high market share in fast growing sector. Jewellery sector may generate cash but model predicts that jewellery units will have a very strong need to support their growth.

Titans watch unit come in cash cow because it market leader in Indian watch market. Watch unit has large market share in a slow growing Industry. Because of their market position Titan watches generate cash.

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c) Ansoff Matrix Ansoff Growth matrix is a tool that helps companies to grow depends on whether it markets new or existing products in new or existing markets. (Nag, 2008, P.245) (Ansoff Matrix Model) Existing Product New Products

Existing Markets

Market penetration

Product development

New Markets

Market development

Diversification

Market penetrationTitan has two brands in jewellery segment and Indian jewellery industry growth rate is 40% pa. The company promote their brand at high level in this growing industry. Market developmentIndian Tier II and Tier III cities are growing rapidly and Titan SBUs Eyewear and Jewellery sector need more retail network to reach them. Product developmentTitan has good opportunity to introduce new technological watches like iPod watch (music enable), voice recorder watch, hard drive watch and USB interface to control it. Because Titan is market leader of Indian wrist watch market with 60% market share and company have to do innovations in their products for maintaining their market share.

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DiversificationIn 2007 company diversify in eyewear sector and jewellery sector growth rate is too high in this stage both sector need investment in strategy and marketing. Company is not that stage where they can diversify.

8) Companys target customers

Brand /Sub Brand Titan Watches Edge Watches Nebula Watches Octane Watches Heritage Ladies Watches Orion Watches WWF Watches Raga diva Ladies Watches Raga flora Ladies Watches Zoop Watches Purple Ladies Watches Obaku Watches Automatic Watches Xylys Watches Fastrack Watches,

Segmentation Casual Wear Stylish casual wear Jewellery watches Sporty Casual wear Casual wear Nature lover Party wear Jewellery watches for ladies Kids Trendy Casual wear Automatic function lover New-age achiever Goggles, Youth

Target Customer Mid-premium Class Premium Class Super Premium Class Premium Class Premium Class Mid-premium Class Mid-premium Class Super Premium Class Premium Class Premium class Mid- premium Class Middle class Premium Class Super premium Class Mass market

Bags, Belts. Sonata Watches Gold Plus jewellery Tanishq jewellery Titan Eye+ Casual wear Party wear Party wear Casual, Trendy Mass market Semi-urban and middle class Urban class and premium Class Mid- premium Class (Titan, 2009c)

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9) Positioning Strategy
Titan mainly focus on two positioning strategy for their watch brands Price and Quality Lifestyle (Nag, 2008, P.125)

(Titan Watches perceptual mapping) Formal / classic Xylus Nebula Titan & Sub brands Sonata

500

1000

2000

4000

5000

10000

20000+

Zoop

Fastrack

Fashion/Sporty Analyse two web pages for making Titan perceptual Map (Infibeam, 2010a )(Titan, 2009c)

a) Titan brand perception in consumers mind

Titan previous tagline was Whats your style, by which they want to create perception in consumers mind as a fashion accessory. Titan repositioning itself with new tagline Be More with this new campaign they move from style statement to 17

personality statement. Titans brand ambassador Aamir khan provides much needed frame to fire. (Afaqs, 2008) Fastrack is a brand for youth. Fastracks brand ambassador actor Genelia D'Souza and cricketer Virat Kohli using tagline Move on in television campaign and Fastrack want to create perception that we are sporty, stylish and moving towards Success. (The Hindu Business Line, 2008c) Xylys positioned as a premium class watch. They are targeting new age achiever. By their new television campaign they Creating perception that Xylys is a exceptional brand, which can change your thinking in this campaign they are using tagline You dont possess a Xylys, it possesses you (Campaign India, 2010) Eye+ is being positioned as a style foil. Eye+ has the tagline Kuch To Hua Hai" meaning Something has happened to you". In this campaign they are creating perception that Eye+ makes you attractive and Eye+ is nothing but very basic.

10)

Promotional Activities

The company use different communication technique for promoting their brands.

a) Advertising media:
Broadcasting (Television Campaign, Radio) Print(Magazines, newspaper) Internet Hoardings, billboards.

b) Public relation
Gift concept (Any customer picking up a Nano booking form from a World of Titan outlet gets gift voucher worth Rs 200.) Exchange offer (Aug 16 2010 Titan Exchange Offer 2010. The exchange offer allows the customer to avail a flat 20% discount on exchange of any old watch) Jingles titan use jingles to reflects the brand personality

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c) Sales promotion
Sponsorship Seasonal campaign (Tanishq, successful promotion the Queen of Diamonds in 200910 first quarter of the year, Jewellery segment sales grew by 26.8 %.) Promotion through Contests Titan launches off-season discount scheme

Titan uses their brand ambassador for promoting their brands which suites brand personality Titan: Aamir Khan Sonata: Mahendra Singh Dhoni Raga: Amrita Rao Xylys: Rahul Bose Fastrack: Genelia dsouza, Virat Kohli Tanishq: Asin

11)

Company maintain a high level of customer service

Titan Customer Service centres are certified with the ISO 9001 & 14001 certification, focuses on the best post-sale experience and complete customer contentment (Titan, 2009d)

Titan connects with their customers by website (www.titancare.co.in) where they said our relationship doesnt end with the sale of watch...... but begins.....

Titan gives 2 year warrantee on their watches. The company encourage their employees give fast and better services to customers.

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Titan Customer Service also sale spares and accessories, such as batteries, leather and metal bracelets. Staffs actively encourage customers to use only original spares in order to ensure quality and satisfaction ( Titan, 2009d )

12)

Company pursue and ensure customer loyalty

Titan authorised Service Centres are attached to the Multi-brand outlets both offer quick and high-quality service for all types of watches.

To ensure good quality and customer satisfaction Titan Industries gives various schemes.

Titan's loyalty Signet program is component of Titans effort to retain and value its loyal customers. Under this program they give membership to their customer for joining the club.

Titan gives opportunity to their customer every year to exchange their watch by new one in Exchange Offer Campaign.

13)

Pricing strategy

a) Titan Industries mainly used three types Pricing Objectives

i) Market share - In this objective product capture market share price main purpose is serve maximum people. (i.e. Titan, Sonata, Fastrack, Goldplus) ii) Market skimming product main objective is maximize the profit and attract price sensitive customer. (i.e. Titan Nebula, Raga, Tanishq) iii) Value-based pricing - product based on the value it creates for the customer(zoop)

b) Pricing methods of Titan Industries

i) Product line pricing Titan use product line pricing method. The company select price according to products specification. ii) Promotional pricing In promotional activities company give discount in products price.

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(Nag, 2008, P.137)

14)

Pricing compare with that of its competitors

Indian watch market is clearly divided and lot of players are fighting out. The mass market segment has HMT, Titan, Maxima fighting it out. The mid-premium segment has Titan, Timex etc and the premium segment has Titan, Citizen etc. The super premium segment is also hitting up with lot of international brands setting shops in India.

TITAN Mass Market 400-1,500 Midpremium Premium Super Premium 5,000-10,000 10,000-85,000 2000-4,000

HMT

MAXIMA

TIMEX 600-1,500 2,500-6,000

CITIZEN

400-1,500 380-1,200 -----------

2,760-6,000

--------------

--------------

6,000-10,000

8,000-14,000 14,000-31,100

Infibeam (2010a, b, c, d)

15)

Distribution of products/services
Titan Industries operates stores under the flagship of World of Titan, Tanishq boutiques, Zoya Stores, Gold plus Stores, Titan Eye+ Stores. It also provides after sale services, home delivery, and repairing services of watches. The company expanding its retail network with a net addition of 52 stores of Watches, Jewellery and Eyewear businesses. As on 31st March 2010, the Company has a total of 539 stores, with over 6, 85,000 sq. ft of retail space. (Titan, 2009b)

In India Titan has 786 service points across 343 towns. 300 exclusive World of Titan' showrooms 113 Tanishq boutiques and Zoya stores 28 Gold Plus stores 21

88 Titan Eye+ stores (Titan, 2009d)

16)

Strategic alliances
Titan Industries Limited tied up with Sankara Nethralaya for supporting their Titan eye+ brand. (The Hindu Business Line, 2008a) The company tied-up with Essilor and Kodak for manufacturing lenses (Trading Markets, 2010) Titan has entered into an exclusive sub-licensing arrangement in 2003 with GVM International Ltd, for marketing and distribution of Tommy Hilfiger watches in India. (The Hindu Business Line, 2004b)

17)

Company adopted these strategies to achieve success in the market

a) Diversification
Diversification into jewellery sector, with upper class and middle class brand Tanishq, Goldplus. Because Indian jewellery sector is unorganized and one of the fastest growing sector of India.

b) Proper segmentation and Targeting

Wide range of products with proper segmenting and targeting as stylish, function and price points.

c) Public Relation
The company doing public relations by Titan Signet Club, gift concept and Exchange offers. This helps to make Customer loyalty for company. (Nag, 2008, P.326)

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18)

Performance measurements Criteria a) Market share

As earlier says in this report Titan is market leader with 60% market share.

Relative market share of Watch sector which comes from BCG matrix-7.33% Jewellery sector- 2.78

b) Brand equityTitan Industries has been awarded with these awards like which shows Brand equty of Titan

Titan and Tanishq were adjudged 'Most Admired Brands' 'Friends of BIL Award' - for employing handicapped person. The Titan Design team received 7 accreditations at the National Institute of Designs Business World Awards, including the 'Young Design Entrepreneur of the Year'.

The President of India's Award - for employing disabled person. Titan retained its ranking as the 'Number 1 Brand' in the Brand Equity Survey, in the Consumer Durables category. (Business Maps of India, 2007) (Nag, 2008, P.353)

19. Strategy Recommendation

1. Expand the showroom numbers in Tier II and III cities Titan eye+, Fastrack and tanishq) 2. The company should diversification in other products (fastrack Belt, Cap) 3. Titan should launch new brand in premium goggle market 4. Promotion in foreign market 5. Promotion campaigns of Sonata Yuva collection & TitanEye+ on Internet advertising (Tier2 &Tier3 cities for new age achievers) 6. More focus Jewellery segment because In jewellery Market growth rate is 40% p.a.

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Reference

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The Hindu Business Line (2008d) A brand on the Fastrack [Internet], Business Line. Available from:<http://www.thehindubusinessline.com/catalyst/2009/03/12/stories/2009031250010100.ht
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Infibeam (2010c) Watches, Timex [Internet], Available from:< http://www.infibeam.com/Watches/search?category=Gents#make=Timex&category=Gents& category=Ladies&price.max=31100&store=Watches> [Accessed 10th December 2010]

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