Titan is changing its portfolio by shifting its focus from product attributes to the yearnings, emotions, experiences and aspirations. Titan industries, the watch and jewellery major is also changing its approach to its portfolio. The Tatas took two decisions that paid them well as well and changed the face of Indian watch market.
The organized sector contributes to half the volume turnover of the industry and rest by the unorganized sector. Diligent care and quality processes ensure that the Tanishq finish is unmatched by any other jeweller in the country.
The Indian jewellery market is estimated to be around Rs. It exploded the market with facts about rampant impurity across India. Titan was first in India to introduce the style concept and was successful in projecting its watches as more than a time keeping machine.
Titan was perceived to be a premium brand but with Sonata at that time "Sonata from Titan" endorsed by Titan took away the premium image from the mother brand.
Experts say it is one of the trickier questions to answer. Titan entered the watch market as a premium watch. It is no longer bought for investment purpose. Corporate strategies expand the scope of operations through diversification into new businesses. To make this segment more attractive, Titan is planning to open exclusive Fastrack stores.
From being a fashion brand for young people with its light weight jewellery Tanishq added mainstream wedding jewellery to its portfolio. But answer lies in the gains that a company reaps after diversification.
Titan made a big mistake. These small players offered competition to Titan on the price front. Another problem with Titan has been that it mainly operates in the mid-priced segment and competitors accuse Titan of keeping the segment underdeveloped on account of its sheer dominance.
The Tata Group expanded regularly into new spheres of business. Tata helped pave the path to industrialization in India by seeding pioneering businesses in sectors such as steel, energy, textiles and hospitality. Titan now is trying to be more contemporary and more relevant to the consumers by establishing more firmly in the minds of the consumers.
Titan is one of the most powerful brands in the Indian market, scoring very high on brand awareness, brand image and brand preference.
It introduced technology-backed challenge in a category completely governed by individual trust. The watch market in India recorded an approximate volume turnover of 23 million units Large firms generate cash that can be invested in other ventures.
With the success of Titan watches and jewellery segment and their recent entry in eyewear they are more comfortable with developing lifestyle brands. For that Titan launched another brand Sonata. Reliance is the only corporate house after Titan that has entered both in the jewellery and eyewear markets.
The picture that is emerging with this kind of collection is of the organization that is gearing up to leverage its strengths in manufacturing, design capability and retailing to grab a larger share in lifestyle market. Many organizations pursue one or more types of growth strategies.Titan wanted to franchisees to perceive the Titan business as one of dealing in ornaments, rather then watches.
Started a company in London- Titan International Marketing Ltd. Titan watches are now selling in over shops in UAE, Oman, Bahrain Documents Similar To Titan case study.
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