We wish to express our sincere thanks to Ms. Aparna Goel, Lecturer Consumer Behaviour, and FACULTY- AMITY BUSINESS SCHOOL for giving us the opportunity to work on this exciting project. This has given us the insight of how the various theoretical concepts are applied in an organization.
We are also grateful to MS. NARISHIMA – TITAN REGIONAL OFFICE and Mr. SURESH MAHBOOBANI, Proprietor “THE WORLD OF TITAN” – USMAN ROAD for their valuable inputs which helped enrich this project.
Remember when the only Indian wristwatch brand you could buy came in a clutch of clunky models, one more ordinary than the other, when the craze for an `imported watch’ never seemed to wane? That was before the time of Titan, a name which changed forever the way watches made in this country were seen by Indians and the world.
Launched in 1987, Titan is credited with transforming the face of India’s watch industry. By offering consumers quality products the blended classy designs with superior technology, Titan became byword for success stories. Outstanding service, wide variety of models, and effective marketing has helped Titan consolidate its early gains, to the point where the company is a force to be reckoned with beyond Indian shores.
Understanding the Indian consumer’s psyche has been vital to Titan reaching its current position of strength. The company today has a model for every price segment and every market, urban and rural, regional and international. Within the Titan mother brand are Nebula, which comes draped in 18-carat gold; the exclusive Insignia; PSI, for those turned on by technology; and Raga, which has been designed exclusively for women. Titan’s focus has always been on India.
Research reveals some interesting facts and figures about this heterogeneous market.
The Indian market is estimated at 25 million watches a year, with 50 per cent being sold by the organized sector. Titan is the runaway market leader, with domestic sales of 6 million watches a year. There are 190 million watch-owning Indians; between them they own about 210 million watches.
Urban India accounts for 120 million of these watches and 90 millions are on rural wrists. More men than women own watches in India, and more working women than housewives own watches.
It is the rural segment within this diverse market that Titan is now looking to tap. “The key to success is getting into the rural market on a larger scale. The company’s Sonata range is targeted at rural customers, and is part of a strategy where the alignment of price and reliability are crucial. The rage costs between Rs.495 and Rs.1, 200 has showrooms exclusively for it, and is sold mainly in small-town India.
Welcome Titan… Welcome Innovation
It brought in quartz technology, displacing the mechanically driven HMT, till then number one, into second place and smaller towns. It brought a sense of style and designs, till then available only in the West, or in Japan, to its range. Even today, with so many foreign brands gaining visibility, as well as a buoyant grey market, the strongest selling point of Titan is that it is available and affordable. It provides for all segments, from the low-end Sonata for a first-time user, Fast-Track for the trendy young, Dash for kids, and the higher-priced Regalia and Nebula with its latest offerings being steel Collection (Rs.1,500 to Rs.6,700) and the world watch, and by the year-end it has ambitious plans to augment its existing ranges. But Titan’s flurry of expansion and extension, and its four-year- several-crore R&D,...