Market segmentation of titan watches. Titan Watches 2022-10-22
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Market segmentation is the process of dividing a market into smaller groups of consumers with similar needs or characteristics. This allows companies to create targeted marketing campaigns and tailor their products or services to specific segments of the market.
One company that has effectively used market segmentation is Titan, a leading manufacturer of watches in India. Titan has segmented its market based on several factors, including age, gender, income level, and lifestyle.
One segment that Titan has targeted is young, fashion-conscious consumers. To appeal to this segment, Titan has launched several trendy and fashionable watch collections, such as the Fastrack and Raga lines. These collections feature bold colors, unique designs, and trendy materials, such as leather and silicone.
Another segment that Titan has targeted is working professionals. For this segment, Titan has launched the Titan Edge and Octane collections, which feature sleek and sophisticated designs, as well as advanced features such as water resistance and chronograph displays. These watches are designed to appeal to professionals who need a reliable and stylish timepiece for their daily work routine.
In addition to these segments, Titan has also targeted the premium segment of the market with its luxury watch brand, Tanishq. Tanishq offers high-end watches made with precious materials such as gold and diamonds, and are targeted at affluent consumers who are willing to pay a premium for a luxurious and exclusive timepiece.
Overall, Titan's market segmentation strategy has allowed the company to effectively target different groups of consumers and offer a wide range of watches to meet the diverse needs and preferences of its customers. By understanding the unique needs and characteristics of each segment, Titan has been able to create targeted marketing campaigns and offer products that appeal to specific groups of consumers, ultimately helping the company to grow and succeed in the competitive watch market.
To broaden the mass base, Titan created new segments and increasingly focusing on segments individually. Example, Sony appeared in the Da Vinci Code movie, when the movie release, sales of Sony rose by 85%. Spectra A truly unique collection of watches that combines the sturdiness of steel with the richness of gold. This influences more people have ability to purchase expensive products. These lead too many foreign brands enter into market of India and affect the sales of India.
BBC News, 2010 From being a backward country, nowadays India has become a powerful country and the Indian standard of living has improved a lot. The Sonatta range too was low priced. Promotion Strategy of Titan Watches Titan has been always active in promoting its products from time to time, be it digitally or from the traditional. Over and above, Titan managed to work on all aspects of the business from producing new designs, collaborating with trends to utilizing all kinds of marketing channels available. Market Share: Titan's growth plan is to expand its market share in the next five years to 75 per cent. Titan should consider targeting the Mizoram and Manipur because based on the information of Titan homepage: World of Titan 2008 , Titan still do not tapped to these two markets. According to the Transparency International 2010 , India is a number of 87 of 178 countries on corruption and India gets 3.
Moreover, due to growth in rural area, many people have increase in income as well as changing their buying behaviour. HMT and Allwyn also famous for its refrigerators once upon a time! For example for any service — Freemium model is a far more effective segmentation strategy than geographic, demographic, or psychographic. Titan sells watches to Singapore, Thailand, Vietnam and Middle East. Titan watches without any doubt are the market leader in this segment. Research reveals some interesting facts and figures about this diverse market. When positioning a product, you want the prospect to recognize that your product is created especially for them.
Learn new marketing strategies for customer growth. With such a specific product rather than just general jewelry , it creates a niche market that will generate loyal customers. This report will further elaborate the features and benefits associated with this product and how they have used them to their advantage in order to launch their new product into the local business market of New Zealand. They provide its customers with different variety of brands, efficient after sales service, looks and price ranges. The watch market for women's is growing faster by around 20 per cent per year as compared to the watch market for men. One often gains an opening for a further disaggregation of the consumers.
This forced SSIH and ASUAG - two long-established watchmakers - to go into administration at the beginning of the 80s. As advanced technology Titan received many international awards in design. When costumer purchases the watch from Titan, they will know that the quality of Titan is better than other competitors. This report is discussed about the Titan watch industry. This was a significant move as the women were now more liberal in the society and the corporate culture was establishing its roots in India.
Titan continuous innovation technology offers from steel to gold to diamond. Market segmentation is extremely important for companies around the world. Example, Titan operates 225 World of Titan outlets. The SWOT analysis of Titan is show in table below. In such cases the retailer gets 17% profit margin on sales as they buy watches for 17-18% lesser than the marked retail price.
Meetha did to Cadbury's what thanda had done for Coco-Cola. Titan Industries Ltd has split its mainline watch business into two:-Sonata and Titan. Styling was not a factor initially with the Indian watch industry but Titan was there to make a difference and gave a fresh breath of life to the age-old rusty style of wristwatches. This reflect that, is growing young population in India. In addition to this, the Titan Eye+ Brand provides its customers with a wide range of Eyewear products which includes frames, sunglasses, lenses and contact lenses. The company says it has spotted a distinct opportunity as most products in the fashion segment carry a price tag between Rs 3,500 and Rs 7,500.
This strategy able helps Titan to attract the new customer who prefer purchase products online and also can enhance Titan image by providing great sales and services. Cash Cows: Sonata was a star of yesterday. S SURESH SUBMITTED BY: DEEPIKA DATTA 12609195 GARIMA SINGH 12609217 CHARU SHARMA 12609160 HUMAYUN RAIS 12609211 INTRODUCTION The market surveys show that barely 20% of adult Indians own a watch and about 90% of them own a single watch. A strong market presence has translated into a healthy financial gain that allows the company to continue its current operations while exploring expansion… John Lewis Swatch Case In the 70s, the Swiss watch industry was facing heavy competition from cheaply made Asian quartz watches. The price range was Rs.
Marketing Segmentation strategies used by Cadbury's and Titan
The customer base of Titan is 65 million and manufactures 7 million watches per annum. In the Higher priced segments Titan is famous for pioneering innovations with innovations being in the field of Technology, Style, Uniqueness, and having a market for every one to offer from steel to gold to diamonds. Dahiya, 2009 This influences Titan difficult to maintain a sustainable growth because increase the competition of foreign brand. In Titan SWOT Analysis, the strengths and weaknesses are the internal factors whereas opportunities and threats are the external factors. Internationally, Timex is seen as a mid-priced quality watchmaker. It was offered in 200 different models. As show in figure above the purchasing power in India has been increase year by year.
 Titan Company Marketing Segmentation Targeting Differentiation Positioning Solution
. There collection of watches include watches for sailors, pilots, drivers and eco drive light powered watches for women and men. Ali Sadhik 2009 stated that India has one million knowledge and skills workers and a pool of workers are able to speak in English which is useful in technology area. It made sure that the festive and jubilant moods of the society that had paved the way for kilos and kilos of mithai, now made way for a large number of Cadbury's. Market Segment A group of consumers who respond in a similar way to a given set of marketing efforts. Differentiation is essential in modern marketplace because of the ease with which organizations can either develop new products or source them from third party suppliers who are working with other big brands.