Description
BRAND INNOVATION CASE STUDY OF TITAN
PRODUCT
A brand innovation case study
Why study Titan watches ?
Only branded watch company to originate from a newly industrializing country
Became the best brand in a short time Brand leader in the country of its origin Broadest range of watches
Use of innovation
WHO? WHAT? WHEN?
• World's fifth largest wrist watch manufacturer.
• Designer and manufacturer of India's largest and best-known range of personal accessories • Joint venture between the Tata Group, and the Tamil Nadu Industrial Development Corporation.
Introduction : History
WHO? WHEN? WHAT?
• World's fifth largest wrist watch manufacturer.
• Designer and manufacturer of India's largest and best-known range of personal accessories • Joint venture between the Tata Group, and the Tamil Nadu Industrial Development Corporation.
• Established in 1987 • Envisioned by Mr. Xerxes Desai, a TATA Veteran and his team.
• Third Indian watch manufacturer after HMT and Allwyn.
Introduction : History
WHO? WHEN? WHAT?
• World's fifth largest wrist watch manufacturer.
• Designer and manufacturer of India's largest and best-known range of personal accessories • Joint venture between the Tata Group, and the Tamil Nadu Industrial Development Corporation.
• Established in 1987 • Envisioned by Mr. Xerxes Desai, a TATA Veteran and his team.
• Third Indian watch manufacturer after HMT and Allwyn.
• Indian designer and manufacturer of watches, jewellery and other accessories including sunglasses, wallets, bags and belt. • Precision engineering is another area of specialisation.
Introduction : History
Today, Titan watches account for more than 60% share of the total Indian Watch Market. Sold in about 32 countries through marketing subsidiaries based in London, Aden, Dubai and Singapore. Titan offers various brands including Steel, Regalia, Raga, Nebula, Sonata, Fastrack, Zoop, Orion, Purple, Obaku, Automatic, Tycoon, Bandhan, Octane and the HTSE series.
Introduction : History
Evolution of Titan
+
•
• • • Joint venture Electronic watches 150 designs ‘Aqura’ range of watches launched •
‘Raga’ range of watches launched. “Spectra” range reintroduced
+
Timeline
1984
1986
1989
1991
1992
1994
1995
1996
•
+
Digital & ana-digital watches
• •
‘Aqura’ sold to Timex Consultancy services Marketing strategy outsourced
• •
‘ Tanishq’ range of watches launched ‘Insignia’ launched in India
‘Sonata’ range of watches launched
• • • ‘Xylys’ range of watches launched ‘Crown’ range of watches launched •
‘Edge’ and Braille watches launched
‘Cyber’ range of watches launched ‘Titan-Fastrack’ launched ‘Baarah nai toh tera ampaign with pizza hut ‘Classique’ collection launched
2013
2006
2005
2004
2001
2000
‘Octane’, ‘Obaku’, ‘Automatic’, ‘Purple’ range of watches launched
‘Vizag ’ range of watches launched
‘Dash’ range of watches launched
1 3
5
strategies should lead to inimitability of strategic options that come from certain tacit knowledge elements or embedded organizational processes
2
Strategic innovation should allow a firm to pursue strategic options without loosing its flexibility.
Innovation should enable a firm to retain superiority in the market place.
4
Options pursued should lead to durable benefits
Strategic options an innovation provides should lead to sustainable competitive advantage.
Innovation
Technological
Slim watches Watches for disabled
Better finishes of watches
Designing watches through visualisation Broader ranges of watches
Robust design of watches
Innovation
+
Organisational
Increased reach: Retailing Cycle time reduction Continuous feedback Constant review Multi-brand outlets Service excellence
Innovation
Agility and openness to change
innovative approach to extend the reach to all major customer centers through the ‘watch supermarket’ concept.
Product richness
Alliance relationships, cross-functional teaming and design automation
Superior brand reputation
Innovation
Global brand World–class manufacturing New image driven by innovation High torque stepper motors for high reliability Vapour deposition technology for appearance parts Cycle time reduction through concurrent engineering World’s thinnest watch movement Concept marketing instead of product marketing Brand image building in Europe Brand leveraging in other personal product segments Global procurement Total Quality management at the suppliers end
Training new & young staff to have a new corporate culture Cross cultural marketing
Innovation
Conceptualisation
Design
Design studio Networking into the world of design Design software CAD/CAM European design ideas Continuous renewal of models
Operations
Short product realisation cycle times Rich styles Integrated manufacturing Innovative technologies High quality orientation Wide range
Innovation in Value Chain
World class manufacturing Thorough assessment of competitive trends Customer orientation
Distribution
Multi channel distribution Institutional sales Dealer training for attitudinal change
Marketing & Sales
Flagship showrooms Multi-brand showrooms Selling competitive products Rapid increase in reach by locating outlets in smaller towns Rapid brand extension
Service
Front service offers Spare parts warehouses Short service cycle time Intensive training for service excellence
What does all the innovation lead to?
Titan has claimed to have manufactured the world's slimmest wrist watch branded as Titan Edge with a total thickness of 3.5 mm and a movement of 1.15 mm.
Slim watch design
Watches for specially-abled
Better finishes, materials, broader ranges, robust design
Better finishes, materials, broader ranges, robust design
Better finishes, materials, broader ranges, robust design
Distinct in appearance & style
Art and design studio was set up
Design
Help from European designer Art software & computer aided design Watches are elegant & rich in style Retail networking and richness of product
Manufacturing
Strategy
+
Competition from lead competitor
Minimum return during sale period Quality: Central focus High torque stepper motors
Durable finishes using vacuum deposition Large range of styles in a short time frame
Strategy
‘Personal’ product
Thorough market analysis
Right market segment
Best staff-mix
Rock-solid vision
‘Telling the time’ product
An organisation with: Design Manufacturing competence (Automation) Marketing competence
Driven by: Futuristic mindset Contextual insight Business foresight
Volume creation: When Titan entered the market, the share of analog watches was just 5% Target the high opportunity segment
Position itself as a premium brand Roadmap
Started the company with a group of executives with rich but varied experiences: MD from Tata group Professional executives with extensive experience in watch manufacturing Executives with marketing experience specifically in retailing.
Rock-solid vision
Thorough market analysis
BRAND CREATION
Best staff-mix
Right market segment
Why do Indians prefer watches made abroad ? Nature of market Competitor offerings Analyse operation of competing brands Customer requirements Identification of major gaps: Styling, service Retail reach Showroom interiors Capability of franchisees Attitude of retailers towards customers Main weakness in the Indian market: No brand had a strong personality
Medium range market Large to handle High growth potential Quick segmentation ‘Doing it right the first time’: Usage of innovative advertising campaign to create & position the brand
REASONS Attractive Design Reasonable price Brand image
NO. OF RESPONDENTS 39 7 22
Good quality
25
Reasons for Brand Loyalty
Types of media TV Magazine Newspaper
NO. OF RESPONDENTS 46 25 36
Hoarding
15
Advertising
Reaching the customers
Speed and surprise are the crux of successful competitive strategy . -Art of War
320 STORES
130 CITIES
Increased reach: Retailing
Service excellence
Sustainability of brand reputation comes from service excellence.
www.titancare.co.in
Repair status Service feedback Service network information Do’s, Don'ts, Tips Quality policy & Service offerings Service news
Repair the hurt feelings of the customer
Repair the damage to TITAN reputation
Repair the watch
Service policy
32 COUNTRIES
2000 stores ; 135 million customers
became one of the first brands in the nonconsumer goods segment from India to be sold in Middle East, East Asia as well as Europe.
Globalization : International reach
Contemporary style
+ Excellent quality +
affordable prices
=
Global Success
* Regular interaction and systematic analysis of feedback * Training and skill development in cross-cultural marketing * Incremental approach supported by rapid learning and review * Rapid learning and rapid adaptation to changing requirements in new markets.
* Continuous communication, dialogue-based goal setting & fear-free feedback.
Globalization Globalization : Strategizing : Strategy
doc_427071485.pptx
BRAND INNOVATION CASE STUDY OF TITAN
PRODUCT
A brand innovation case study
Why study Titan watches ?
Only branded watch company to originate from a newly industrializing country
Became the best brand in a short time Brand leader in the country of its origin Broadest range of watches
Use of innovation
WHO? WHAT? WHEN?
• World's fifth largest wrist watch manufacturer.
• Designer and manufacturer of India's largest and best-known range of personal accessories • Joint venture between the Tata Group, and the Tamil Nadu Industrial Development Corporation.
Introduction : History
WHO? WHEN? WHAT?
• World's fifth largest wrist watch manufacturer.
• Designer and manufacturer of India's largest and best-known range of personal accessories • Joint venture between the Tata Group, and the Tamil Nadu Industrial Development Corporation.
• Established in 1987 • Envisioned by Mr. Xerxes Desai, a TATA Veteran and his team.
• Third Indian watch manufacturer after HMT and Allwyn.
Introduction : History
WHO? WHEN? WHAT?
• World's fifth largest wrist watch manufacturer.
• Designer and manufacturer of India's largest and best-known range of personal accessories • Joint venture between the Tata Group, and the Tamil Nadu Industrial Development Corporation.
• Established in 1987 • Envisioned by Mr. Xerxes Desai, a TATA Veteran and his team.
• Third Indian watch manufacturer after HMT and Allwyn.
• Indian designer and manufacturer of watches, jewellery and other accessories including sunglasses, wallets, bags and belt. • Precision engineering is another area of specialisation.
Introduction : History
Today, Titan watches account for more than 60% share of the total Indian Watch Market. Sold in about 32 countries through marketing subsidiaries based in London, Aden, Dubai and Singapore. Titan offers various brands including Steel, Regalia, Raga, Nebula, Sonata, Fastrack, Zoop, Orion, Purple, Obaku, Automatic, Tycoon, Bandhan, Octane and the HTSE series.
Introduction : History
Evolution of Titan
+
•
• • • Joint venture Electronic watches 150 designs ‘Aqura’ range of watches launched •
‘Raga’ range of watches launched. “Spectra” range reintroduced
+
Timeline
1984
1986
1989
1991
1992
1994
1995
1996
•
+
Digital & ana-digital watches
• •
‘Aqura’ sold to Timex Consultancy services Marketing strategy outsourced
• •
‘ Tanishq’ range of watches launched ‘Insignia’ launched in India
‘Sonata’ range of watches launched
• • • ‘Xylys’ range of watches launched ‘Crown’ range of watches launched •
‘Edge’ and Braille watches launched
‘Cyber’ range of watches launched ‘Titan-Fastrack’ launched ‘Baarah nai toh tera ampaign with pizza hut ‘Classique’ collection launched
2013
2006
2005
2004
2001
2000
‘Octane’, ‘Obaku’, ‘Automatic’, ‘Purple’ range of watches launched
‘Vizag ’ range of watches launched
‘Dash’ range of watches launched
1 3
5
strategies should lead to inimitability of strategic options that come from certain tacit knowledge elements or embedded organizational processes
2
Strategic innovation should allow a firm to pursue strategic options without loosing its flexibility.
Innovation should enable a firm to retain superiority in the market place.
4
Options pursued should lead to durable benefits
Strategic options an innovation provides should lead to sustainable competitive advantage.
Innovation
Technological
Slim watches Watches for disabled
Better finishes of watches
Designing watches through visualisation Broader ranges of watches
Robust design of watches
Innovation
+
Organisational
Increased reach: Retailing Cycle time reduction Continuous feedback Constant review Multi-brand outlets Service excellence
Innovation
Agility and openness to change
innovative approach to extend the reach to all major customer centers through the ‘watch supermarket’ concept.
Product richness
Alliance relationships, cross-functional teaming and design automation
Superior brand reputation
Innovation
Global brand World–class manufacturing New image driven by innovation High torque stepper motors for high reliability Vapour deposition technology for appearance parts Cycle time reduction through concurrent engineering World’s thinnest watch movement Concept marketing instead of product marketing Brand image building in Europe Brand leveraging in other personal product segments Global procurement Total Quality management at the suppliers end
Training new & young staff to have a new corporate culture Cross cultural marketing
Innovation
Conceptualisation
Design
Design studio Networking into the world of design Design software CAD/CAM European design ideas Continuous renewal of models
Operations
Short product realisation cycle times Rich styles Integrated manufacturing Innovative technologies High quality orientation Wide range
Innovation in Value Chain
World class manufacturing Thorough assessment of competitive trends Customer orientation
Distribution
Multi channel distribution Institutional sales Dealer training for attitudinal change
Marketing & Sales
Flagship showrooms Multi-brand showrooms Selling competitive products Rapid increase in reach by locating outlets in smaller towns Rapid brand extension
Service
Front service offers Spare parts warehouses Short service cycle time Intensive training for service excellence
What does all the innovation lead to?
Titan has claimed to have manufactured the world's slimmest wrist watch branded as Titan Edge with a total thickness of 3.5 mm and a movement of 1.15 mm.
Slim watch design
Watches for specially-abled
Better finishes, materials, broader ranges, robust design
Better finishes, materials, broader ranges, robust design
Better finishes, materials, broader ranges, robust design
Distinct in appearance & style
Art and design studio was set up
Design
Help from European designer Art software & computer aided design Watches are elegant & rich in style Retail networking and richness of product
Manufacturing
Strategy
+
Competition from lead competitor
Minimum return during sale period Quality: Central focus High torque stepper motors
Durable finishes using vacuum deposition Large range of styles in a short time frame
Strategy
‘Personal’ product
Thorough market analysis
Right market segment
Best staff-mix
Rock-solid vision
‘Telling the time’ product
An organisation with: Design Manufacturing competence (Automation) Marketing competence
Driven by: Futuristic mindset Contextual insight Business foresight
Volume creation: When Titan entered the market, the share of analog watches was just 5% Target the high opportunity segment
Position itself as a premium brand Roadmap
Started the company with a group of executives with rich but varied experiences: MD from Tata group Professional executives with extensive experience in watch manufacturing Executives with marketing experience specifically in retailing.
Rock-solid vision
Thorough market analysis
BRAND CREATION
Best staff-mix
Right market segment
Why do Indians prefer watches made abroad ? Nature of market Competitor offerings Analyse operation of competing brands Customer requirements Identification of major gaps: Styling, service Retail reach Showroom interiors Capability of franchisees Attitude of retailers towards customers Main weakness in the Indian market: No brand had a strong personality
Medium range market Large to handle High growth potential Quick segmentation ‘Doing it right the first time’: Usage of innovative advertising campaign to create & position the brand
REASONS Attractive Design Reasonable price Brand image
NO. OF RESPONDENTS 39 7 22
Good quality
25
Reasons for Brand Loyalty
Types of media TV Magazine Newspaper
NO. OF RESPONDENTS 46 25 36
Hoarding
15
Advertising
Reaching the customers
Speed and surprise are the crux of successful competitive strategy . -Art of War
320 STORES
130 CITIES
Increased reach: Retailing
Service excellence
Sustainability of brand reputation comes from service excellence.
www.titancare.co.in
Repair status Service feedback Service network information Do’s, Don'ts, Tips Quality policy & Service offerings Service news
Repair the hurt feelings of the customer
Repair the damage to TITAN reputation
Repair the watch
Service policy
32 COUNTRIES
2000 stores ; 135 million customers
became one of the first brands in the nonconsumer goods segment from India to be sold in Middle East, East Asia as well as Europe.
Globalization : International reach
Contemporary style
+ Excellent quality +
affordable prices
=
Global Success
* Regular interaction and systematic analysis of feedback * Training and skill development in cross-cultural marketing * Incremental approach supported by rapid learning and review * Rapid learning and rapid adaptation to changing requirements in new markets.
* Continuous communication, dialogue-based goal setting & fear-free feedback.
Globalization Globalization : Strategizing : Strategy
doc_427071485.pptx