The Marketing mix of Titan Industries analyses the 4Ps of Titan Industries, including the Product, Price, Place, and Promotions. Titan Industries is a joint venture between Tamil Nadu Industrial Development Corporation, whose operation commenced in 1984, and Tata Group. TATA Group’s watch-making division brought about a revolution in the Indian watch industry. TIDCO commenced operation under the name Titan Watches, after which it diversified to jewelry in 1994 under the brand name Tanishq. Subsequently, it got into eyewear and fragrance under SKINN in 2013. The same year, Fastrack helmets were released. It was in 1993 that the company name was changed from Titan Watches to Titan Industries.
Titan is the world’s leading wristwatch manufacturing company in India and ranks number five globally in the production and sale of watches. The company has been able to understand the consumer needs and psyche, hence its ability to position itself as the leader in watches in India, with about 65% of all watches being bought in that country being from within its brands. The company has quality products, with high-income groups, middle-income groups, and low-income groups all being targeted alike for its watches.
It is the advantage of the classical design and technology that its products have, in conjunction with good quality of their superior qualities, that have made Titan outclass its other world and local competitors, namely:
- Timex
- Casio and
- Citizen
About Titan Industries
- Type: Public limited company
- Industry: Fashion accessories
- Founded: 1984
- Founder: Tata Group
- Headquarters: India
- Area served: India
- Key people: N. Chandrasekaran (Chairman) and S. Ravi Kant (CEO)
- Number of employees: 25,000
Table of Contents
Titan Industries Product Strategy
Titan Industries, known for marketing its extensive range of luxury products and services, operates primarily in the lifestyle segment market, offering a diverse mix of titans that spans several categories.
The new Product Mix of Titan Industries in 2024 is as follows (Source).
- Watches and Accessories: Titan is renowned for its wide range of watches, catering to various consumer segments under different brands, including Titan, Fastrack, Sonata, and more. This category also encompasses watch accessories and smartwatches.
- Jewellery: Under the Tanishq, Mia, Zoya, and CaratLane brands, Titan offers a vast selection of jewelry, including gold, diamond, platinum, and silver pieces. This segment significantly contributes to Titan’s revenue, offering everything from traditional to contemporary designs for various occasions.
- Eyewear: Titan Eyeplus is the brand under which Titan operates its eyewear business, offering a wide range of eyeglasses, sunglasses, and contact lenses, along with eyewear accessories. This segment caters to the needs of diverse customer groups, offering both style and functionality.
- Fragrances: Titan has ventured into fragrances with the SKINN brand, offering a variety of perfumes for men and women.
- Sarees and Ethnic Wear: Titan has expanded into the clothing segment with Taneira, which offers handcrafted sarees and ethnic wear, emphasizing traditional Indian textiles and craftsmanship.
- Smart Wearables: Understanding the growing market for smart devices, Titan has introduced smart wearables that integrate technology with traditional watch aesthetics.
- Other Accessories: This includes belts, wallets, bags, and other fashion accessories to complement the company’s core product lines.
Titan Industries’ business and marketing strategy also involves offering a wide range of products to cater to consumer needs and preferences, strengthening its presence in the lifestyle segment. Titan aims to maintain its market leadership and attract a broad customer base by continuously innovating its technology and expanding its product and service lines.
Titan Industries Pricing Strategy
Titan Industries employs a multifaceted pricing and marketing strategy that caters to its diverse product mix, ensuring broad market share and appeal while maintaining its premium brand image. This strategic approach enables Titan to navigate the competitive landscape of the lifestyle and luxury goods sector effectively. Here’s an insight into Titan’s pricing and marketing strategy mix.
- Premium Pricing for Luxury Segments: The company adopts a premium pricing strategy for its high-end products, especially in the jewelry and luxury watch segments under brands like Tanishq and Titan Edge. This approach reflects superior quality, craftsmanship, and brand prestige and appeals to the aspirational desires of the upper-middle-class and affluent consumer segments. By positioning these products as symbols of status and luxury, Titan successfully creates a perception of exclusivity and desirability.
- Competitive Pricing for Broader Appeal: In categories like eyewear, intelligent wearables, and mid-range watches (e.g., Fastrack, Sonata), Titan employs a competitive pricing strategy. This approach ensures its products are accessible to a broader audience, including middle-income consumers who seek value for money without compromising brand value. By strategically pricing these products, Titan competes effectively with domestic and international brands, ensuring a strong presence in these segments.
- Psychological Pricing to Enhance Attractiveness: Titan leverages psychological pricing tactics to make its products more appealing. By pricing products just below a round number (e.g., INR 999 instead of INR 1000), Titan taps into consumer psychology to encourage purchases, making customers feel they are getting more value for their money. This strategy is prevalent across various product categories, enhancing sales through perceived affordability.
- Dynamic Pricing for Seasonal and Festive Sales: Understanding the significance of festivals and occasions in its key markets, Titan employs dynamic pricing strategies to maximize sales during these periods. Special offers, discounts, and limited-time promotions are strategically used to increase footfall in stores and online traffic, thereby boosting sales volumes. This approach capitalizes on consumer buying behavior during peak seasons and helps clear inventory, making way for new collections.
- Skimming Strategy for Technological Products: For its smart wearables and innovative products, Titan occasionally adopts a price skimming strategy where initial prices are set high to recover R&D costs quickly, tapping into the segment of early adopters. Prices gradually lower as the market expands and competition increases, making the technology accessible to a broader audience.
- Value-Based Pricing for Unique Offerings: The company adopts a value-based pricing strategy in segments where Titan offers unique products, such as handcrafted sarees from Taneira or bespoke jewelry pieces. Prices are set based on the customer’s perceived value, considering the uniqueness, craftsmanship, and emotional connection these products offer. This strategy reinforces the brand’s image of providing exclusive, high-quality products worth their price.
Titan’s pricing and marketing strategy is a balanced amalgam of market-based pricing and perceived value, tailored to each product and price category’s unique characteristics and consumer base. This nuanced approach to price allows Titan to safeguard its market share across different price segments and reinforce its brand equity as a purveyor of luxury and lifestyle products.
Titan Industries Place Strategy
Titan sells its products mainly through online and offline stores. Most of the stores selling its products are run by franchisees. Still, it also has exclusive design studios to develop further, promote, and sell watches and jewelry. The company brags of at least 204 Titan Eye+ Stores and 332 exclusive showrooms branded as “World of Titan.” These are in 130 cities. It also has at least 700 after-sales service stores, 83 Fastrack shops, 31 Goldplus shops, and 130 Tanishq boutiques & Zoya shops.
Here’s Titan Industries’ place strategy.
- Extensive Retail Network: Titan Industries has established a wide-reaching retail network across India, including exclusive brand outlets, multi-brand stores, and large-format retail chains, ensuring its products are easily accessible to a broad customer base.
- Global Presence: Beyond its stronghold in India, Titan has strategically expanded its international footprint, marking its presence in several countries through partnerships, exports, and select brand stores, catering to the global Indian diaspora and international customers.
- Online Sales Platforms: Embracing digital transformation, Titan operates robust e-commerce platforms for its various brands, alongside leveraging third-party online marketplaces, to meet the evolving shopping preferences of consumers, ensuring convenience and a wider reach.
- Experience Centers: For select high-value products, especially in the jewelry and luxury watch segments, Titan has invested in creating experiential stores that offer personalized services, fostering a premium buying experience and building customer loyalty.
- Strategic Location Choices: Titan’s physical stores are strategically located in high-footfall areas such as shopping malls, central shopping districts, and upscale neighborhoods, optimizing visibility and accessibility for target consumers across different regions.
Titan Industries Promotion Strategy
The company uses different promotional and marketing strategies and mechanisms for different products. It mainly employs two broad promotional and marketing strategies and mechanisms: Precision Engineering products and watches, jewelry & accessories. For watches, jewels, accessories, loyalty cards & gift cards are used to attract customers. It has used different promotional platforms like digital, print, and radio.
The company also uses social media and pop-ups as other marketing methods, such as product promotion, to promote their business. Gold retailers also offer their potential customers installment schemes & EMI options for Gold products. The company also uses celebrities such as MS Dhoni, Soha Ali Khan, Katrina Kaif, Farhan Akhtar, and Amir Khan to endorse and promote their products.
Some Recent Video ads and Print ads for Titan Industries are:
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