BARRIERS TO ENTRY:
Barrier could be the customers’ preference and loyalty towards Swiss brands due to Swiss heritage. Moreover, the technological of products with varieties of competitors lead consumers have more alternative to buy the product. The reputation made to in India, expansion of the European sector opened a corridor for new dimension.
THREAT OF SUBSTITUTES:
In watch and jewellery market, the product is not something to be purchased more often, and there is low level of substitutes when compare with other types of products. For example, mobile phones with timer in it will do the work better. However, if we include the characteristic of Indian people who always look for new imported products, this may lead consumers to move towards them.
BUYER POWER:
There are high competitions between suppliers (watch manufacturers) which buyers (department stores, watch shops) have more alternatives to select which brands they will put into their stores. All these reasons have led the power of buyers in the markets are relatively high.
SUPPLIER POWER:
Titan enjoys regulation to protect the intellectual property rights (Patents, trademarks, and copy rights). Tata, the parental company provides technical services such as repairs, spares and training on the manufacturing side. It is the name of TATA, which shines behind Titan and Tanishq.
DEGREE OF RIVALRY:
All service Providers in industry offer same products, but the price, place and promotion are different. Titan has to face many competitors in Premium watch market. For example: pricing of products when comparing with other premium brands (Rolex, Citizen) and the technological competitors’ products lead Titan to work harder in term of gaining the market share.
‘Vision for Titan Industries Limited’
“A company should not enter the market by setting up its own channels (stores and sales personnel) from the start: the risks may be too high. Instead, it should choose, from among existing channels, those that suit its products and strategies, collaborate with appropriate partners, distribute their products, and then foster a market”
(Euro monitor, 2004)
According to Titan Ltd, the company has to face with the high competition from foreign competitors. In order to gain its market share from this situation, Titan must make its products to be differentiated or unique (design or technology incorporate with the product) for competitive with other foreign brands. Today the Indian market requirement for watches is well over 20 million watches per year. The sub 1000 Indian Rupee segment generates majority of the demand. Liberalization has brought with it a host of brands for the Indian market, viz. Piguet, Cartier, Christian Dior, Omega, Raymond Weil, Rolex, and Tissot. Indian companies are now among the few set-ups in the world those are capable of manufacturing and integrating all parts of a watch. The industry growth rate is close to 8%. With the penetration level of 20 pieces per 1000, the Indian market presents an ocean of opportunity and potential for watchmakers. Least affected will be the players whose sales exceed manufacturing capacity and who have both strong brands and strong distribution.
The fast growing economy and globalisation makes the watch market of India a best destination for launching Swiss made premium watches. The liberalisation, privatization and globalization made India the fourth largest economy in the world after US, China and Japan with a GDP of $3.363 trillion at Purchasing Power Parity and is the tenth largest in the world, with a GDP of $691.9 billion at 2005 USD exchange rates and has a real GDP growth rate of 7.1% at PPP. In terms of growth rates, the national income is expected to rise by 7.9 per cent during 2005-06 in comparison to the growth rate of 9.0 per cent in 2003-04. Services have proved to be India's most dynamic sector in recent years, registering rapid growth in telecommunications and information technology (IT). Services accounted for over 48% of GDP in 2000, including banks, construction and other industries and small-scale private traders, as well as the public sector. India's GDP was poised to grow 7.9% during the current financial year and projected inflation at 5.5% this fiscal, as against 4.6% at the end of July.
The volume of watch sales in India is estimated to be around 25 million units per annum. With the abolition of import restrictions, many of the famous international brands have entered Indian market. But Titan enjoys 80% of the premium segment, with almost 100% brand recall among consumers intending to purchase a watch.
Accelerating Titan’s mode of expansion strategies, the company should explore options foraying into the prescription spectacles market as part of its expansion plans. The company should currently value this market and should take a decision to go ahead for expected change to be taken place in next five years. Titan's brand positioned against the Swiss-made watches is an opening, the premium watch market, which is estimated to be growing at a pace of over 20% annually, is expected to witness phenomenal growth in future. Titan Should forecast to expand its sales and services into the booming Indian wristwatch market launching a premium watch segment in India, which is presently dominated by well-known European brands.
MARKET PROFILES
Industry watchers say India will continue to buy at even higher prices as long as they remain stable and consistent. Investors hate volatility. If prices are stable, physical demand will remain. Indian households have always preferred to invest in physical assets like property, watches and gold. Although demand fell, net retail investment in India grew by 32%. This was on account of two factors - increased promotion by banks following the success of earlier WGC-assisted campaigns; and the general belief that prices will continue to rise. Individuals bought gold coins and small bars with the view of turning them into jewellery or premium watches at a future date.
When preparing a marketing plan for a completely new product, it is likely that there will be no historical data at all other than the foreign similar products at home market. There is, of course, the situation where the product is superseding another product and in such cases historical data for the superseded product should be used. Due note should, however, be taken of changes to the specification of the new product which may broaden its application.
The growth of Indian economy and the booming IT and outsourcing industries in India has created a new potential customer segment. The elite audience comprising celebrities, socialites and trade constituents about Titan's penchant for re-inventing and redefining the market in terms of manufacturing, designing, distribution, marketing and communication. The Premium Swiss watch from Titan will take its place of prestige amongst the other brand such as Sonata, Nebula, Fastrack and Raga amongst others. Titan is always been true to two core philosophies and values – customer - centricity in whatever we do and innovation. This has driven us to this new phase at the premium end of the watch market. This gives an opportunity to reinvent and redefine the way in which premium watches can be launched in Indian Urban markets.
MARKET SEGMENTATION
A market segment can be defined as a customer group within the market that has special characteristics that are significant to marketing strategy. In order to launch a premium Swiss Titan watch, social class segmentation is being done under Psychographical segments.
The watch market in India can be divided on the aspect of consumers’ behaviour towards the product offered by the company. This might relate to the benefits customers require from the product. In this case the purchase behaviour of the customers will help to develop an appropriate marketing mix for the product provided. So introducing premium Swiss style watches for premium customers will be an appropriate choice for Titan in India. The Psychographical segmentation, especially concentration social classes can be used to divide the market for Titan in India.
Market Targeting
The second stage of market planning process includes market targeting. The following factors are to be considered to target the market.
Size and growth potential of the market:
The Indian market is large and virtually untapped. Because of its huge population, India is an attractive target and offers significant opportunities, although not without risk. The Indian market is flooded with new ventures. The fiscal deficit in India’s increasing economic strength was 7.3 percent of GDP in 1993-94. The government's target for 1994-95 was to lower the fiscal deficit to 6 percent of GDP, largely as a result of increased revenues due to economic growth.
The structural attractiveness
The structural attractiveness is done mainly to find out the profitability of the company. Porter’s five forces are used to find the structural attractiveness of the company. The five principal factors are:
Threat of New Entrants
In watch market, the product is not something to be purchased more often, however if we include the characteristic of Indian people who always look for new imported products, this may lead consumers to move towards them. These threats can be eliminated by introducing good design, over the gray market by providing dependable after-sales service, and over the local players by establishing nationwide distribution network.
Power of Suppliers
There was no concept of having vendors in the watch industry. Since the suppliers’ role in this industry was very limited they did not have strong bargaining power. Power of parental company Tata, the main suppliers of raw materials for Titan and provides technical services such as repairs, spares and training on the manufacturing side.
Power of Buyers
The penetration of watches within India was low; therefore there was a huge untapped market. The buyers wanted watches that offered more than just the functional benefit. The brisk sales of imported watches in the gray market hinted that there were a segment of people who were willing to pay a premium for watches with good design and performance. There are high competitions between suppliers (watch manufacturers) which buyers (department stores, watch shops) have more alternatives to select which brands they will put into their stores. All these reasons have led the power of buyers in the market relatively high.
Availability of Substitutes
There are so many players in the market and therefore it is a highly competitive market. Since it is a highly competitive product the features considering the time, money, personal preference, and convenience and the quality are given prime importance. The brand name should be highlighted since it always plays an important role in the Indian market.
Competitive Rivalry
All service Providers in industry offer same products, but the price, place and promotion are different. Titan has to face many competitors in Premium watch market. For example: pricing of products when comparing with other premium brands (Rolex, Citizen) and the technological competitors’ products lead Titan to work harder in term of gaining the market share.
Psychographic Segmentation (Social Class)
Although demographic segmentation is useful, marketers can use alternative segmentation variables that aim to develop more accurate profiles of their target segments.
Psychographics segmentation can be broken down into lifestyle, social class, and personality characteristics. Income based is a popular basis for segmentation. Many companies target affluent consumers with luxury goods and convenience services. Good examples include Coutts bank, Moet & Chandon champagne and Elegant Resorts - an up-market travel company. Segmentation done in Social class, many Marketers believe that consumers perceived social class influences their preferences for cars, clothes, home furnishings, leisure activities and other products & services. There is a clear link here with income-based segmentation. Marketers are increasingly interested in the effect of consumer lifestyles on demand. Unfortunately, there are many different lifestyle categorisation systems, many of them designed by advertising and marketing agencies as a way of winning new marketing clients and campaigns.
Through social class segmentation society can be divided into 6 distinct groups based solely on occupation like professional staff, middle management, junior management, skilled manual, semi-skilled and unskilled workers those dependent on the state. Social class segmentation works on the assumption that the higher your profession the more you will earn. Thus the more affluent lifestyle you will lead. Marketers use this type of information to sell products and services based on lifestyle behaviour, and your profession does have an impact on the way you behave.
Psychographic segmentation divides the market into groups based on social class, lifestyle and personality characteristics. It is based on the assumption that the types of products and brands an individual purchases will reflect that persons characteristics and patterns of living. Psychographic profiles on a target market segments are obtained by doing a lot of questionnaires and surveys to ask people whether they agree or disagree with certain statements made about particular activities, interests or opinion. Women account for a significant percentage of workforce and and have a greater awareness of fashion than their mother’s generation. Buying watches and Jewellery is viewed not only as indulgence, but also as an investment in their appearance, if not their finances, and this has boosted the amount spent by women in this market. This opportunity must be utilize by attracting such social class segments by introducing watches exactly the same to Swiss made. Marketers should use personality variables to segment markets. They should endow the products with a brand personality that corresponds to a target consumer personality or social class wise. The company should ustilise product features, services, and image making to transmit the product’s personality.
The growth of Indian economy and the booming IT and outsourcing industries in India has created a new potential customer segment. The Introduction of Premium Swiss watches from Titan will really enjoy the particular segment. The entry should be into a wholly new, but the existing space aiming the social class segments, especially executive and CEOs in and around metropolitan cities in India. The launch marks an irony as well. Titan is credited with having turned the watch from a timekeeping device into a fashion statement in India and can certainly create buffer space - and perhaps develop an equally appealing personality of its own. India should talks of a paradigm shift in the premium watch segment. Our new product is created for the new generation achievers who go beyond the obvious.
Industry watchers say India will continue to buy at even higher prices as long as they remain stable and consistent. According to World Bank reports the Indian economy could be on course to grow at an average 6% over the next 15 years. THE Financial Times (FT) has estimated India's total gross domestic product (GDP) in 2004 at nearly $650 billion. Industrial growth jumped to 10.8% in May as double-digit growth in the electricity sector supplemented the already booming capital goods and consumer goods sectors. Exports recorded a healthy 19% growth in April-June but were dwarfed by a 38% increase in imports (40% for non-oil imports), which widened the trade deficit to more than $11 billion, up from $6 billion in the same period last year. Corporate earnings are still showing impressive growth momentum and the services companies are beginning to justify their historically high valuations with large absolute numbers in sales and profits, while still maintaining high growth path.
MARKETING MIX
PREMIUM CUSTOMER SEGMENT
Industry watchers say customers will continue to buy at even higher prices as long as they remain stable and consistent. With the launch of its Swiss model premium watch brand, customers will change the dynamics of the premium watch market in India. A whole new set of customers will aspire to buy premium watches, thereby growing this segment. The brand is targeted at men and women, who are today's people; supremely confident and conscious of the image they project. These individuals are actively seeking new experiences with the unconventional. Thus Swiss Titan, with its unique positioning Power, underlines the power of one's attitude. This attitude stems from a person's self-belief, which enables one to achieve success due to a passionate pursuit of one's dreams.
Product
Product planning decisions will have a balance risk and opportunity .The profits will be rewarded for its risk taking .The Ansoff’s matrix will help the company to analyse the risk and opportunity decisions Shaw (2004).
The Ansoff’s Matrix
Market
Existing New
Existing
Product
New
The matrix explains that the product can be divided into four categories The first one where the firm offers its existing product to the existing customers, Second is the existing products to the new customer segments third is new product into firm’s existing customers like Titan launches its Swiss watch in existing market and finally the fourth, where the firm takes a completely new product into the totally new market.
Keegan (2002) points out that Marketing Mix Planning is a logical sequence and a series of activities leading to the setting of marketing objectives and the formulation of plans to achieving them. The marketing mix will be tailored to offer value to customers, to communicate the offer and to make it accessible and convenient.
What's interesting is that India has become a significant market for
consumer goods (often sporting local Indian brands rather than worldwide
brands). When you have a billion people, even if only the top 5% to 10% of
them have incomes that are comparable to Western incomes, that still means a
market of 50 to 100 million consumers, as many as the larger EU countries
such as Germany or France.
PRICE:
Pricing decision in premium watch industry with competition is very important. Pricing and product service decisions should be made together. According to Keegan (2002), Titan must deal with a number of environmental considerations when pricing decision that are inflation, government controls and subsidies, competitive behavior, and market demand. But the new brand Swiss style premium watches are aimed psychographically; most customers should be from high social class group, rich lifestyle and the one who cares about personality a lot. Direct debit repayment options can be opted from these customers and holidays, festival reductions can also be considered.
PLACE:
In all areas of marketing links must be made between the customer and the product. Place doesn’t matter for Titan products because of their excellent distribution networks, boutiques and franchisees all over India, and regional offices in major cities.
PROMOTION:
Better options by opening Titan outlets and boutiques in airports and other areas with multinational companies where the product can reflects their values, attitudes and unique personal identities where brands are placed at the uppermost end of the market. Titan has to build brand awareness and get brand loyalty among the rural and newly developed urban markets, thus whole new set of customers will aspire to buy the premium watches thereby growing this segment. The company decided to use ‘PUSH’ strategy, which contains kinds of media. The company will use Media and other promotional methods as follows.
Television: To advertise in TV during peak hours and in-between business related programs and News.
Press Advertisement: Advertisement on Business and financial related newspapers will increase sales in business and executive groups.
Events: By inaugurating the product in famous events with national leaders, executive people and crowded personality group.
The company expects that these media channels will attract customers’ interest and perception towards TITAN products.
PRODUCT POSITIONING
Positioning is the process of creating an image for a product in the minds of the target customers. Product differentiation is widely viewed as the key to successful marketing; the product must stand out and have a clearly defined positioning. Positioning is based on customer’s perceptions and is there is therefore only partly within the control of marketers. In-depth marketing research leads to an understanding of how consumers perceive different brands and companies, which marketing variables they believe to be most important and by what magnitude Dibb (2001).
PERCEPTUAL MAPPING:
A is the traditional perception Titan Watches in the world market; B is new market position of Titan in the Indian market. It is this tool used to visually depict consumer perceptions and prioritising of brands and their perceived attributes. Here in this case Titan enters the market as very High quality guaranteed Swiss watches in order to compete with branded Swiss made watches like Tissot, Omega and Gucci.
Keegan (2002) explains that Positioning is the location of your product in the mind of your customers. Positioning is all about “Perception”. As perception differs from person to person, so do the results of the positioning map. Swiss brands are most preferable for Indian high social class people; followed by Japanese and France brands in the Middle market. In order to enter the top market, Titan has to build its brand image to executive population and gain market share in the markets by using marketing strategies.
As a newly introduced product, the company will emphasise on service and warranty of products in order to attract customers and to make them feel as popular Swiss brand after sales services. Besides, the company will develop a design of the product packaging in order to pursue customers, and collecting potential customers’ data including send new messages to them about the company’s new products (ex. Postcards or Brochures). Titan can offer ultra slim movements, which are as thin as any Swiss movements, but at a price, which is a fraction of what the Swiss charge. `Le Papillon' will retail for Swiss Francs 33, whereas the competing Swiss movements cost Swiss Francs 150. Titan’s Le Papillon movements will qualify for the made-in-Switzerland label, as components, which constitute 50 per cent of the cost of the movement, will be of Swiss origin. Parts like step motor, quartz crystal, chip and battery will be sourced from Switzerland while the plate, the moving parts, the electronic circuitry will be made by Titan at its plant based in India at Hossur. Titan also plans to provide a stiff competition to the Swiss companies by introducing their range of watches in Europe. Titan’s marketing strategy will be to offer watches that match the Swiss watches in looks and quality, but which come at a much lower price. Thus, Titan will be adopting the strategy of being the cost leader in the overseas markets. Titan expects to keep global brands at bay by building on its already established strengths and a better understanding of the domestic watch market. The multinationals, however, are hoping to tap consumers search for more options and lead an attack on Titans position as the overwhelming leader in the organised sector.
MARKET PROFILES
Profiling Fashion oriented markets is based on particular urban population who are more lifestyle concentrated persons. But, the typical Indian customer is price sensitive because of his modest disposable income. According to a study by National Council of Applied Economic Research (NCAER), the number of households with an annual income upwards of Rupees 1 Crore (US $228,351) has grown by 26 per cent in the period since 1995-96 to almost touch 20,000 in 2001-02. By 2005-06, it will go up by more than two-and-a-half times and by the end of the decade it will cross 1,40,000. Those who earn over Rupees 10 lakh (US $22,830) a year will grow from 0.2% to 1.7%. And the middle class will rise from 2.8% to as much as 12.8%. The upper income classes are rising faster than the lower-income ones and the lowest income units with an annual household income below Rupees 90,000 (US $ 2055) are shrinking. The world demand for watches is around 600 million and India currently produces about 12 million watches.
Global brands such as Omega and Swatch swamping the Indian market in the midst of growing competition on home turf, there should be a cause for concern for the domestic watch industry. But India’s leading watchmaker Titan Industries, which also claims to be the sixth-largest manufacturer brand in the world, remains both undaunted and undeterred. Thus an opportunity is being developed to compete with Omega and Swatch type fashion oriented watches.
MARKET SEGMENTATION
The watch market in India can be divided on the aspect of consumers’ behaviour towards the product offered by the company. This might relate to the benefits customers require from the product. In this case the purchase behaviour of the customers will help to develop an appropriate marketing mix for the product provided. So introducing Sports model fashion watches will be an appropriate choice for Titan in India. The Psychographic segmentation (Lifestyle) and demographic segments considering age and sex can be used to divide the market for Titan in India.
The 2003 World Bank reports shows that Indian population has crossed 1 billion and it is predicted that it will cross china in the year 2011.The current GDP is shown as 599 billion and it is showing an annual growth of 8% - 9%. The growing population and the increase in the GDP rate of India makes it a strong global customer base.
The main benefits these segment sought will be the cost advantage, but should be beneficial as a fashion or sporting model like Adidas or Nike brands that should be cheap in price and the other secondary benefits like after sales service, easy access to a large number of outlets. But price sensitivity is the clear one. The middle class and the lower middle class constitute more than 50% of the Indian population. It is estimated that there are 450 million to 500 million people in the middle-class and lower middle-class category and are the potential customers. The Indian middle class is roughly equal to the population of Europe.
Psychographic Segmentation (Life Style)
The particular fashion minded urban population is psychographically segmented based on their lifestyle. Lets consider benefit and demographic segmentation for a while to segment certain group of population under age and the in particular, the product benefit. Benefit Segmentation is the division of the market according to the benefits consumers want from the product. Determining the benefits desired will help to divide the customers into groups seeking certain sets of benefits. The effectiveness of benefit segmentation depends on several conditions. First, the benefits customers seek must be identifiable. Second, these benefits must be able to divide people into recognisable segments. Finally one or more of the resulting segments must be accessible to the company’s marketing efforts (Dibb, 2001).
Based on the benefit segmentation the middle class customers in India can be classified price conscious customers. The benefits of these customers sought will be in the products like Low prices (sonata), Occasions (Regalia, Nebula) thus user status, usage rate and loyalty status and can be differentiated into different age and income groups similar to Demographic segmentation. This market is aimed to enhance a sporty or fashioned outlook of the existing watch brands. It has been explained as benefit segment because of the benefit in using the same high priced sports and fashion models at a very low price like the brand ‘Sonata’.
The attempt is to target the urban youth segment with up-to-date fashion lifestyle with an appropriate line of products. After the initial success of the metal collection, FasTrack should be extended into the fashion digital collection and into colorful trendy plastics. FasTrack offers a variety of fashionable trendy watches at affordable prices. The decision to enter this segment is inspired by the resurgence of digital watches internationally and the need to revitalise a dormant segment of the Indian watch market. It also extends the width of Titan’s offer to the fashion conscious youth of India. Breaking away from the traditional, functional platform, Titan has positioned the FasTrack Digital collection on a fashion platform.
Lets launch products into three targets using demographic segments:
Young Market – consisted of consumers’ age 8-15 year-old, the lower income consumers who saw a watch mainly as a timekeeping device and bought mainly on the basis of price. For this market, Titan will offer Sonata and Dash ranges in their new sporty form in existing markets. These two sub-brands consist of over 200 different models with price range between 550 - 1200 Indian Rupees. Competitors of this market could be Swatch and Seiko.
Youth Market – consisted of consumers’ age 16-24 year-old, who preferred fashion in their watches and follow trends of fashion. While they have the capacity to pay the price required for a good watch, they would not purchase a watch without comparing various offers in the market. For this market, Titan will offer latest Fastrack, already a sport style but more fashion conscious. This collection is designed to meet the changing needs of the modern young consumer with price range between 3500-7000 Indian Rupees. Also this sub-brand is popular throughout the world. Competitors of this market could be Swatch, Baby G, G-Shock, Diesel and Fossil.
Adult Market – consisted of consumers’ aged over 25, middle-high income, elite consumers who buy watch as a fashion accessory not as a mere instrument showing time. They will also buy a watch on impulse but to them price did matter. For this market, Titan will offer Titan Steel Collection with elegance of new fashion industry which price range between 9000-18000 Indian Rupees. Competitors of this market could be Guess, Christian Dior, and Timex.
MARKETING MIX
Based on the Ansoff’s matrix explained above, analysing this segment also the company has to adopt the third matrix, which introduces new product to existing customers. This segment shows the characteristics of first matrix because here we upgrade the existing products at market and introduces it in the same environment.
PRODUCT:
Existing brands regenerated much more fashionable and sporty style is the product in which excellent after sales service and warranty being provided. New product functions according to latest technology and must sell in more attractive and fashionable packs.
PRICE:
According to Keegan (2002), Titan must deal with a number of environmental considerations when pricing decision, which are government controls and subsidies, competitive behavior, and market demand. Pricing is really important. Pricing and product service decisions should be made together. As the target market is middle group, the company expect for the price of products are between 750-17,500 Indian rupee, which depends on design, tariff, and income of customers and is at a very good competitive rates with the fashion products from domestic and international markets .
PLACE:
As mentioned earlier, all areas of marketing links must be made between the customer and the product. Easy access to products should be available throughout local and urban population. Since the product is fashion and age oriented, Titan outlets must be opened near schools, colleges and universities.
PROMOTION:
As promotion of the company, can be illustrated in term of communication plans and objectives like building brand image for Titan in rural markets. In order to achieve the communication objective, the company will use the objective and task method to set the budget. The concept of this budgeting rule is very straightforward. Firstly, the company will spell out the goals of the communication strategy. Secondly, determine the tasks needed to achieve the desired objectives. Finally, the total overall costs that the completion of these tasks will entail. This method can measure the impact of advertising on the brand’s awareness, sales volume, or market share (Kotabe and Helsen 2004). It also helps to create long-term brand image of the company. Company should use ‘PUSH strategy’ which contains kinds of media like:
Television – Advertising in movie and cartoon channels, and in channels like fun and entertainment which teenagers watch. Their favorite stars with our fashion segment products admire these groups thus increase in sales.
Billboard – Advertising boards to be launched in busy and public areas and department stores. Some near colleges will do better.
Magazine – Advertising in teenage magazines such as Cosmopolitan will teach fashion group about the new product. This will create brand awareness and image to the main target group (teenagers) who always follow the trends of fashion.
Events – by setting the booth at the department store and providing game and information of the products through the customers and through music events with popular persons. The company expects that these media channels will attract customers’ interest and perception to the company’s products.
PRODUCT POSITIONING
Product differentiation is widely viewed as the key to successful marketing; the product must stand out and have a clearly defined positioning.
PERCEPTUAL MAPPING:
As explained before, A is the traditional perception of Titan in Indian market and B the new market position of Titan in the Indian market.
It is the tool used to visually depict consumer perceptions and prioritising of brands and their perceived attributes. Here in this case Titan can enter into Indian urban fashion oriented market as the low priced watch. The success or boom in the Indian low budget market will increase the opportunities for Titan in the Indian market. When we map the two variables of price and quality in the perceptual mapping it can be seen in the low price and medium quality segment. It can be positioned in Indian market as the ‘Value watches’. Thus this product can be successfully positioned in rapid growing Indian consumer market.
CONCLUSION
The removal of Quantitative Restrictions has seen a flood of international players getting into the Indian market. With low levels of watch penetration and the large size of the Indian population, India is a market that no one can ignore. The future "Time Keepers to the Nation" will not only is Indian but also French, Swiss and the Japanese. This puts forth a new and a formidable challenge in front of the Indian watch manufacturers and especially Titan, which is the dominant player in the Indian market. As we have seen earlier, till date Titan has always been the proactive Shaper and not the reactive Adapter. Titan’s blueprint for the future includes making watches for international heavyweights such as YSL, Christian Dior and Gucci. Titan has the experience of playing against public sector giants like HMT, but fighting against nimble footed International players with deep pockets, and the latest technology is going to be a different ball game. It will be difficult to preempt the moves of such competent opponents, so Titan for the first time will be in a reactive mode than a proactive mode. Titan also has to contend with the basic Indian paradigm - "foreign goods are always superior”. Titan’s successes in markets like Dubai has given a hint that Titan does have the capacity to compete internationally, but, whether Titan can repeat its Indian success story on the international platform is a question which only time will answer.
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APPENDIX
COMPARISON OF MARKETING ENTRY MODES
FRAMEWORK FOR SEGMENTATION & POSITIONING
SUMMARY OF MARKETING MIX DECISIONS
