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Vision and Mission
VisionTo be a world-class, innovative and progressive organisation and to buildIndias most desirable brands.MissionTo create wealth for all our stakeholders by building highly successfulbusinesses based on a customer-centric approach, and to contribute to thecommunity.Values and Standards
Total customer orientationCustomers take precedence over all else, always.
Employee appreciationWe value and respect Titanians and endeavour to fulfil their needs andaspirations.
Performance culture and teamworkAt Titan Industries, high performance is but a way of life and is nurtured by
teamwork.
Creativity and InnovationDriven by innovation and creativity, we focus on smarter approaches andnewer technologies.
Passion for excellenceIn all our pursuits, we ceaselessly strive for excellence.
Corporate CitizenshipWe ensure that a part of our resources is invested in environment andcommunity betterment.
StrategiesTitan has adopted strategies that are in sync with the companys objectives.These strategies are reflected in all their activities from their productioninnovation to marketing and communications.
Marketing Mix Strategies A glimpse
Product
o Successfully identified the changing trends in the lifestyle of the Indianconsumer and launched the relevant brands over a period of time.
Brand Genesis
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o Emphasis on product quality and finishes, Titan majorly uses Gold andstainless steel.
o Strong brands for each segment of the market, suit each ones needsand traits.
o Targeted various age groups, for various occasions
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Product Price PyramidTitans portofolio of products spanning 3 distinct price-bands that can bedefined, in general, as Popular, Mid, and Premium.
PremiumThe first consisted of the high income / elite consumers who were buying awatch as a fashion accessory not as a mere instrument showing time. Theywere also willing to buy a watch on impulse. The price tag did not matter tothis segment.
MidThe next segment consisted of consumers who preferred some fashion intheir watches but to them price did matter. While they had the capacity topay the price required for a good watch, they wouldnot purchase a watch without comparing various offers in the market.
Popular The third segment consisted of the lower-income consumers who saw awatch mainly as a time-keeping device and bought mainly on the basis ofprice.
PlaceTitan watches are sold through over in over 2,300 cities and internationallyin over 30 countries including the UK, Spain, Greece and countries in theMiddle East and Asia Pacific.
o By the exclusive outlets selling Titan brands, called The World of
Titan, it changed the boring perception of consumer about watchstores.
o Uses an MIS to intensify the distribution system, since 1999.
Titan is available at:
Exclusive Brand Outlets (WOT),company owned
Exclusive Brand Outlets(WOT), franchisee owned
Exclusive Brand Outlets(Fastrack)
Exclusive Brand Outlets(Tanishq)
Exclusive Brand Outlets(Sonata)
Multibrand Watch Outlets
Titan Service Centres Titan Watch care centres
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PromotionTitan is best known for its advertisements and communications withcustomers. From using celebrity as endorsers to positioning watches asfashion accessories, the brand adopted pull strategy rather than thetraditional push strategies by other watch retailers/brands in the country.
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Industry Analysis
Industry Overview - Indian Watch Industry The Indian watch industry was born in the year 1961 with thecommissioning of the watch division of HMT. The first watch modelmanufactured by HMT was the Janata model in the year 1962. HMT wasthe leader in the watch market till the Tatas formed Titan Watches inassociation with Tamil Nadu Industrial Development Corporation in theyear 1987.They took a major strategy decision, which later changed theface of the Indian watch market- to manufacture only quartz watches.Liberalization in 1992 and the removal of quantitative restrictions due toWTO has opened the doors for many foreign brands in the Indian marketviz. Tissot, Swatch, Omega, Rado, TAG Heuer, Rolex and many others. Theimport duties on watches are falling which makes the Indian market lookattractive for the global majors like Casio, Swatch and Citizen.
Five Forces Analysis Indian Watch IndustryThe five forces model, as developed by Michael E Porter, illustrates thebiggest factors that may enter into the strategic decision making process.
THREAT OF SUBSTITUTE PRODUCTS (MEDIUM)
No direct substitute to product (watch) May include direct purchase from manufacturer, online purchases, mobile
phones and custom-made watches
None of these are significantly prevailing in India Touch and feel psychology of Indian consumers
RIVALRY AMONGEXISTING FIRMS
(HIGH) Industry growth rates
are high, and relativemarket shares varies
Strategic stakes arehigh
Low switching costs
High inventory costsconstitute majorportion of VariableCosts (VC)
Increasing use of creditcard payments alsoresult in high VC
DETERMINANTS OFBUYERPOWER(HIGH)
Low
switchingcosts
Pricesensitivit
DETERMINANTS OF
SUPPLIERPOWER (LOW)
No strongsuppliers
Lack of
bargainingpower
Rise ofChina,
THREAT OF NEW ENTRANTS (LOW) High R&D and Technological requirements Existence of many brands in the industry, that lack product
differentiation unorganized and organizes
Leading brands of diverse categories, like UCB, Levis, Merc-Benzhave introduced watches
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Threat of New EntrantsThe Indian watch market has shown a dramatic increase in the number ofbrands available in the market, due to removal of quantitative restrictions. The industry has also witnessed leading apparel, automobile and
accessory brands introduce watch lines and collections. Barriers to entryare not many, but the new entrant has to have an offering, which can bepositioned and differentiated from the other players in the market.This differentiation could be either through price or function or theemotional appeal. The prime barrier for entry, thus, is to build a uniquebrand image and price its products competitively.
Threat of Substitute ProductsThere are no such substitutes to watch as a product. However, in terms ofthe brands and companies offering variations for watches such as pendantwatches and jewellery watches, some sort of substitution has developed.Rich consumers prefer to purchase watches more as a fashion accessoryrather than simply for its typical use.Another substitute to consider could be substituting the purchase from aretailer/ retail store. Customers have the option to purchase directly fromthe manufacturers of watches or to purchase through the internet. Both ofthese are not significantly popular in India, which further reduces thethreat of substitution.
Determinants of Supplier PowerThe major firms in the watch industry in India are Titan, HMT, Timex and
Citizen. HMT has its own fully integrated operation for production of itswatches. Timex established its state-of-the-art precision Tool room in1992 to support production of its watches. Titan has its own productionfacilities for which it has invested roughly 120 crore rupees over theyears, the manufacturing capacity of which is 6 million units. Also therehas been a rise of low cost producers in China and Taiwan which hasprovided an opportunity for watch makers to outsource watchmanufacture at low cost, just as Titan has done to outsource thecomponents for Dash. Due to the large supply of watchmovements available, there is little supplier power in the watch market.
Determinants of Buyer PowerThe Indian watch buyers are very price sensitive, especially in the lowerend of the market. There is still a huge untapped market in Indiawith market penetration of only 20units per thousand people while theworld average is more than 100. At the same time, there is a segment ofpeople who are willing to pay a premium for watches with goodperformance and with a recognized brand name. So understanding thebuyers preferences is very crucial in this industry in order to gain asubstantial market share.
Rivalry among Existing Firms
There are many companies in the Indian watch market. However, theproduct ranges offered by them are diverse. This makes the competition
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very stiff and complex. At the lower end of the market, is the Value forMoney concentration, which differentiates the players targeting thesegment. The strategic stakes for the producers are very high. Titan Ltd.,the largest company in terms of market share in the organized sector, hasalso faced losses in the quarter ended June 2001 despite an increase in
the market share due to macroeconomic situation. This shows that a leadin market share does not guarantee a significant increase in sales growth.HMT faced a similar situation when Titan was introduced in the 1980swhich lead to a sharp fall in its market share.
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The Present Watch Market Scenario
The Indian watch market is today of 40 million units, out which 60% is inthe unorganized sector, in which the maximum number of watches are
sold are below Rs.300.Quartz watches form two thirds of the organized sector and the rest issplit between mechanical and digital watches. Even in the organizedsector, three fourth of the sales by volume comes from watches that arepriced below Rs.1000.Plastic as such is not acceptable to average Indian consumers, especiallythose from the small towns and rural areas who regard it as cheap andflimsy. They want toughness-which translates into a good quality metalmodel at a reasonable price.Watch is one of the consumer durables whose replacement rate is veryhigh. The replacement rate of watch is 33.8%(Source: India market
demographics report, 1998). This is also due to the fact that the estimatedscrap rate of wrist watches is 7.8%, which is applicable after 6 years(Source: India market demographics report, 1998). So due to high scraprate, outdated models and the shift from the mechanical watches to thequartz watches is causing a very high replacement demand for watches.This along with the low penetration levels represents the untapped marketpotential for watches in India.
Major brands in the Indian watch marketThe major players in the Indian watch market include HMT, Titan and
Timex. Other players are Westar, Shivaki, Maxima, SITCO. Internationalleading brands such as Cartier, Piaget, Omega, Tiffanys and Corrum,Gucci, Longines, Casio, Citizen, Tag Heuer and Esprit have also made anentry into the Indian market. Titan has been consolidating its market share over the past decade.Timex watches, which entered in India with collaboration with Titan, nowindependently has also gainedsubstantial market share.
Segmentation of Indian Watch industry
Based on price
Mass (Rs.350-600), Popular (Rs.600-900),
Premium (Rs.900-1500),
Super-premium (Rs.1500-8000)
Connoisseur segments (above Rs.8000)
Based on user category
Mens watches
Womens watches
Youth watches
Kids watches Sports watches
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Market Analysis
PESTLE Analysis (For the watch Industry)
Political and Legal
[] the Indian timewear industry is not able to grow to its fullpotential; thanks to government restrictions on foreign directinvestment (FDI). ('FDI restrictions holding back growth of watchmarket', January 2011)
All India Federation of Horological Industries (AIFHI) and TechnopakAdvisors says the watch industry, one of the oldest in India, has apenetration level of just 27 per cent and the market size is muchless compared to other countries, due to unfavourable government
regulations and policies.
FDI restrictions are not allowing international brands to havecomplete control over watch retailing. This is in favour for Titan andother domestic brands to gain maximum market share.
Economic The economic factors that have a favourable impact on the Indiantimewear industry are:
Globalization
Increase in the PPP of indian people. Increase in the disposable income
Prices of gold-plated watches vary depending upon the karatage of thegold (e.g. 14 kt or 18 kt) and the thickness of the plating - measured inmicrons. Titan Nebula offers 18k gold-plated watches, and its prices areon the rise due to the rise in gold prices, that has affected the watchesand jewellery industry globally.
Socio Cultural
People have changed their attitude towards watches, from mere time-keeping devices to a lot more. The transitions that have occurred in thepast few decades are:
Perception of watches as life style products
Worn as accessories
Trend to give watches as gifts
Having multiple watches, to suit different requirements
The need to match watches with apparel. Watch as a symbol of status
Technological
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Prevailing and new technologies have played a huge role intransforming the watch industry.
The movement (mechanical/ electronic) and the display (digital/analog) have created a world of difference in watch brands.
The introduction of additional features like calendar/ alarms etc
have added to it. Edge, a sub-brand of Titan is claimed to be the slimmest watch in
the world and has gained immense popularity and acceptance for it.
SWOT Analysis - Titan
STRENGTHS WEAKNESSES
Targets all segments
Promoted watches as afashion accessory
Has watches of all priceranges
Wide presence throughoutIndia and overseas
One of the few Indianbrands to make a mark inthe Global market
Quality
Brand image Customer service and after
sales service International tie-ups with
Hugo Boss and TommyHilfiger.
Cus
Waterproof watches not a
part of its offerings. Rural India does not form a
substantial part of customerbase.
Kids are fascinated withmobile phones these daysand incidentally, they showthe time
No watches specifically forsenior citizens
OPPORTUNITIES THREATS
Under-penetrated market
for watches as only 35%(approximately) of Indianpopulation possesseswatches.
Watches positioned as afashion wear rather thanjust utility products.
With a changing consumerattitude, people like topossess multiple watchesfor different occasions and
events. Huge market in the
From competitors
a) Japanese - Citizen, Casiob) Swiss- Rolex, Omega, Rado,Tissot, Tag Heuer etc.
Chinese watches Increasing purchases from
Grey markets Mobile phones and wall clocks
could become a substitute towatches
The fashion trend keeps onchanging
People may perceiveInternational brands as of
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exchange business. Introducing waterproof
watches. Rural market may be
tapped. Have more International
collaborations Growth of Indian watch
market is very fast & hugeopportunity in organizedwatch market.
Can introduce a collection/sub brand targeted at seniorcitizens.
superior quality That the Indian market is
open to imports, it maybedifficult for the Indian playersto maintain a sustainable
growth.
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Porters Generic Strategy (source: Porter, 1985,p.12)
According to Porter, there are three generic strategies that a companycan undertake to attain competitive advantage: Cost Leadership,Differentiation, and Focus.
Titan has tried to achieve a balance of cost focus and differentiation focusthrough design.
Cost FocusIn the lower end (Popular segment) of the market, it seeks to achieve a
cost advantage by exploiting the differences in cost behaviour.
Example:The Titan Sonata gold plated watches are popular with the Indian middleclass. Their collections start at ` 395 in a leather strap and ` 550 with agold plated metal strap.
Design FocusIn the middle and higher end (Mid and Premium segment) of the market, itseeks differentiation by providing better designs, like no other watch-
maker.
Example: The Titan Raga No other Indian watch brand for women has suchdelicate and international designs.The Helia model in Ragas Diva Collection has a radiant dial mirror itsmany selves in dazzling details. Your aura of indulgence, graced byglowing enamel and ornate motifs. Available in yellow gold, steel, androse-gold finish on metal. (Raga Diva Collection)
Generic Opportunities Threats
COMPETITIVE ADVANTAGE
COMPETITIVE
SCOPE
Lower Cost Differentiation
Broad
Target
Narrow
Target
1. Cost Leadership 2. Differentiation
3A. Cost Focus 3B. Differentiation
Focus
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Strategy
CostLeadership
Can pass on cost benefit tocustomers Drastic price differences could
affect image quality of brandHigher profits/ marginsHigher bargaining power withsuppliers
Brand could be associated aslow price low quality
The factors that lead to costleadership can also provideentry barriers
Differentiation
Able to charge a premiumprice for its products in themarket.
Extra costs to promote theproduct/ product category.
Higher brand loyaltyHigher cost can lead to highprices
Influence and make thedemand inelastic Difficult to estimate if the
extra costs entailed indifferentiation can actually berecovered from the customerthrough premium pricing.
Capitalize on marketing skillsActs as a means of creatingyour own market to someextent.Higher margins can help theretailer to deal with powerfulsuppliers.
Threat of new entrants
Focus
Exploit market as it has less
competition
Perception of differentiation
may vary between buyers andsellers
Ability to pass on highercosts to customers as thereare less or no substitutes
Lower volumes leading to lessbargaining power withsuppliers
Product Portfolio Analysis
Product Life CycleLike human beings, products and brands also have a life-cycle. Theproduct life cycle goes through multiple phases, involves manyprofessional disciplines, and requires many skills, tools and processes.Product life cycle (PLC) has to do with the life of a product in the market
with respect to business/commercial costs and sales measures. (Day,Autumn 1981)
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The picture above shows which stage in the PLC, each of the four World ofTitan stores which I have visited for the purpose of this project, are.Titan, as a brand is in the maturity stage of the PLC, as is the WatchIndustry in India. Incidentally, Titan entered the watch market when theindustry was in its growth stage nearing maturity. The brand changed theway watch retailing is done in the country and now, after two decades, theindustry is in its maturity stage.
Ansoff Growth Matrix
The Ansoff Growth matrix is a tool that helps businesses decide theirproduct and market growth strategy. Ansoffs product/market growthmatrix suggests that a business attempts to grow depend on whether itmarkets new or existing products in new or existing markets.
Titan has all four of these in some form:
Market Penetration By constant advertising of the Titan brand itself,reinforcing its brand identity and changing its themes and captionsregularly to connect with the target audience.
Product Development Titan launched Zoop, the kids watch brand.Earlier it had Dash, but it had to kill the brand as there was no market forthe brand at the time. Now, the segment is receiving tremendousimportance and Titan re-introduced it as Zoop.
Market Development Titan has tried to find a new market for its existingproduct. Eg: Repositioning Sonata brand for a more young appeal, bywhich the brand wanted to capture the youth segment.
Diversification Titan has diversified into Jewellery and Eyewear, in the
brand names of Tanishq and Titan Eye + respectively.
ExistingProduct
NewProduct
Existing
Market
MarketPenetration
ProductDevelopment
NewMarke
t
Market
Development
Diversificati
on
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If Titan has to develop either a new product/ new market, according to me there is a potential for the brand to foray into watches for the seniorcitizens. Currently. No brand in India (and hardly, in the world) caters tothis segment. This would be a form of diversification as the brand will then
be launching a new product by catering to a new segment altogether.
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Segmentation
Levels of Segmentation
SEGMENT MARKETING Segments and then targets more
than one segment serving the needs of customers in thatparticular segment, thereby catering to various categories ofcustomers.
o Mass Introduction of Sonatao Mid Introduction of Regaliao Luxury Introduction of Nebula
NICHE MARKETING A study conducted to understand thedemographics on the watch consumption market in India revealedthat almost 42% of them were youth. Titan then re-introduced
Fastrack as offering affordable and stylish watches, starting at `700.
LOCAL MARKETING Although Titans major business is inIndia and it has international presence with most collectionsidentical everywhere, some of their products which are available inUK have images of eminent personalities on their dial like M.K.Gandhi, Mr. Jawaharlal Nehru etc. so that the customers can identifythe product with those dignitaries.
Bases of Segmentation
Basis VariableBrand/
Collection Target
Demographi
c
Age Fastrack Teenagers/ Youth
Gender Raga Women
MaritalStatus
Bandhan Couples
SocialClass
Royale, Nebula First Class
Raga, Fastrack Second Class
Sonata, Timex Third Class
IncomeBy offering watches at different priceranges ( ` 500, < ` 1500, < ` 3k, < ` 5k, < `
10k, > ` 10k )
Psychographic
Lifestyle
Nebula, Aurum Luxury
Raga, Gold-steel Mid-premium
Sonata, Timex Mass
Attitude Fastrack Happy-go-lucky
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"move-on"
Benefit Sonata, Timex Value-for-Money
Behavioural Occasions
Nebula/ Steel Formal
Fastrack Casual
Regalia/ Raga Evening
Geographic Pictures on UK watch dials.
Positioning Titan has always been an aspiration brand, providing high qualityproducts. With its numerous sub-brands catering to different segments,the challenge that Titan faces is to create a strong brand image. Itfollows different positioning strategies; these strategies can also beanalyzed as given below:
POSITIONINGSTRATEGY
SUB-BRAND
DESCRIPTION
Attribute
Classique Elegant, sophisticated
Raga Feminine, Unique
Regalia "Magic in Gold"
UserDash Fun and smart children
Fastrack Vibrant, cool and young
BenefitFastrack
DigitalFunctional, as well as attractive
Competitor TanishqIncreased prices to compete with
brands like Tissot, Omega
Price
Titan(Europe)
Value for Money
Sonata Starts at 275/-
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Perceptual MappingThe perceptual map below uses two factors: price and design of thevarious watch brands available in the Indian market.
Pricing Decision
Titan consists of watches that cater to various segments and categories;and their pricing strategy is also in accordance to their products and thefeatures offered by them cashing in on monopoly, unique features,outstanding performance and the name Titan.Titans primary pricing objective is to kill competition. Being an Indian
manufacture and infusing the advantages of the Indian market with the
- Dominated by Titan WatchesFORM
AL/CLASS
IC
Omega Rado
Longines
Raymond
Sonata Tissot WeilHMT
Nebula
Maxima
Citizen Xylys
LOWPRICE
HIGH
PRICE
Tag Heuer
Esprit
Swatch Fossil Hugo Boss
Fastrack
Giordano C DiorTommyHilfiger DKNY
FASHION/
SPORT
Y
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dynamics of the western market, the company has carved itself a placedifficult to achieve by foreign players.
The other objectives for pricing are:
SURVIVAL In some cases, Titan prices watches according to thefeatures and the value delivered by them. For example, a simple steelwatch is priced at around ` 600 to ` 1,100. This unique combination ofsimplicity and good styling is to keep the brand going with its offeringbeing value for money.
MARKET SHARE In India, 70% of the sales of watches comes from thelower segment. By pricing Sonata at ` 275 onwards and backing it with a TATA guarantee, no one can match its value. Titan watches foundinternationally are priced equal to Global players like Calvin Klein where acustomer pays about 4 times a value of the world watch hence
penetrating the market with low prices to international players to gainmarket share.
MARKET SKIMMING In the Indian watch industry, there was no onebefore Titan to offer pure gold watches, watches in pairs, Jewellerywatches, though it was common in other countries. Titan has customizedthese offerings with the Indian touch in its designs, the products andlooks. Hence it is able to skim the market with certain products at higherranges.
PRODUCT-QUALITY RELATIONSHIP Quality and leadership aresynonymous to Titan. It seeks to achieve a balance between both throughits value for products compared to their prices.
Price Bands (Average):
Brand/ Sub-Brand Price Range
Brand/ Sub-Brand Price Range
Fastrack ` 600 - ` 4,000 Titan Octane ` 2,700 - ` 8,500
Sonata ` 275 - ` 1,400 Titan Orion ` 4,000 - ` 8,000
Titan Bandhan ` 1,675 - ` 8,085 Titan Purple ` 3,500 - ` 7,000
Titan Edge ` 4,500 - ` 7200 Titan Raga ` 1,420 - ` 6,000Titan Flora ` 6,200 - ` 7,500 Titan Regalia ` 1,725 - ` 7,770
Titan Heritage ` 5,000 - ` 10,000 Titan WWF ` 3,000 - ` 3,500
Titan Nebula ` 10,000 - ` 75,000 Titan Zoop ` 450 - ` 900
o Titan offers fine quality, unique designs, international features etc.Yet, its prices are competitive. Thus their pricing strategy is in linewith the companys strategies.
o In its marketing plan, Titan comes out with discounts on theMRP ofthe watches every year. In order to gain maximum sales at the time,the retailer gets a special allowance from Titan, if the store picks upmore than a certain quantity.
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o Titan promotes sales by adding a free warranty or servicecontractto its watches and this is backed up by the name TATA which isespecially needed toconvince and march ahead in the lowersegment market.
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Fishbein Model Analysis
The cognitive component of a three part model, measuring beliefs,attitudes and behaviours is generally assessed by using a version of themultiattribute or Fishbein model:
Ao=[SUM] BiEi
where:
Ao = the overall attitude toward object oBi= the strength of the belief that object o has some particular attribute iEi= the evaluation of the goodness or badness of attribute i
For the following Fishbein analysis, the attributes taken are:
After SalesService
Brand Image
Design
Longevity
Overallsatisfactionand
Value forMoney
Sample size: 20Question type: Closed-ended question, ranking
The total of this survey goes to show that Titan is rated almost twice as goodas Timex in terms of the attributes taken.o However, a closer look at each of the attributes and the responses
received reveals that customers feel that the Longevity of a Timexwatch is higher than a Titan watch
o Also, that customers perceive Timex watches as more value for moneypurchases.
o Customers are twice as satisfied with Titan designs than Timex, whichcould be the reason why customers perceive Titan is more expensive.
Suggestions:
Titan Bi Ei Ao
After SalesService
1.3 -1 -1.3
Brand Image 1.6 1 1.6
Design 1.5 2 3Longevity 1.02 1 1.02
OverallSatisfaction
1.4 2 2.8
Value forMoney
-0.5 1 -0.5
5.32
Timex Bi Ei Ao
After Sales
Service
1.3 -
1.3
-1.69
Brand Image 1.6 0.9 1.44
Design 1.5 1 1.5Longevity 1.0
21.2 1.224
OverallSatisfaction
1.4 1.1 1.54
Value for Money -0.5 2 -1
3.014
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o Titan must position itself as an affordable item; not budget but, aValue for Money purchase.
o Titan invests in its quality and R&D, however customers are notcompletely satisfied with its longevity, advertisement messagesshould focus on the quality of the product.
Even after enormous expenditure on marketing, the brand image of a Titanis close to that of a Timex. The brand manager must ensure either theperceived brand image of Titan is high or that of competing brands in waylesser.