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Strategic Brand Management Proof Reading Service
The following assignment is concerned with the various aspects related to the brands or the brand audit of the one of the most popular Indian companies Titan. The assignment further helps to provide a detailed idea regarding the different brands and the sub brands of the company, the image of the brands, the strategies associated with the brands, competitors of the concerned brand or the company and the final segment of the assignment deals with the evaluation of the Strategic brand system.
Titan Companies Ltd. is one of the famous Indian manufacturers as well as the designer of watches, precision engineering components, jewelries and also other accessories which are inclusive of wallets, sunglasses, bags, helmets as well as fragrances. It is basically a joint venture between the Tamil Nadu Industrial Development Corporation and the world famous Tata Group. It is a famous global brand and exports its products to more than 32 countries in the world.
A brand can be commonly defined as the combination of marketing as well as communications methods which proves to be helpful for the company in distinguishing it from the other companies as well as its competitors and also helps to create a lasting impression within the minds of the potential customers or the consumers. The major components associated with a brand include brand communication, brand identity, brand loyalty, awareness regarding the brand as well as other strategies related to the management of the brand.
The four major brands of Titan Company includes –
Titan : It has been basically designed and developed for the mid premium segment
Fastrack: It has been majorly designed for meeting the changing trends in the world of fashion and also to attract the young people belonging to the Generation X and Generation Y. It is in the market since the 1998 and is famous for its cool, trendy and funky range of watches.
Sonata: It has been mostly created to attract the mass market and also has been successfully in its attempt. It has successfully emerged to be one of the largest selling watch brands in India
Xylys: It is mostly designed for the high income group people or the people belonging to the premium group or market. It mostly aims to attract the achievers of the young generation
Tanishq:It is considered to be one of the famous jewellery brands of India which has pioneered the entire concept of branded ornaments in the country, India.
The brand architecture of Titan consist of a number of sub brands as it is a commendable fact that each of the sub brands of the Titan Company is itself the market leader in its own very segment or field. The entire portfolio of the Titan brand acquires about 60% of the total domestic market share in the category of organised watches (Krishnan, 2012).
The Unique selling Proposition (USP) of the brand Titan is the fact that it is “an Indian brand with international styling”. Some of the famous sub brands of the company Titan can be listed as below –
1. Titan Edge (its distinguishing factor includes the fact that it is the slimmest watch in the world which is about 3.5mm thick)
2. Titan Raga (This brand aims to target the women and has designed different collections for different occasion such as traditional, formal, etc.)
3. Titan Eye+
4. Nebula (It is in the market since the year 1999 and is well known for its solid gold watches)
5. Zoop (This brand is mainly designed for the children)
8. Octane (It is one of the recent launches of Titan and it mostly includes sporty and bold chrono range and was launched in the year 2008)
Brand Image and Strategy
Brand image can be broadly defined as the impression regarding the complete personality of the brand which is inclusive of real as well as imaginary qualities and also negativities or shortcomings within the minds of the potential customers (Hanna & Rowley, 2011).
Titan has been successful in developing a consistent brand image over the years and also has been authenticated by the direct experience of the customers. Titan was the first company to introduce the concept of style in India and even projected its watches efficiently in the market differently rather than just being a time keeping machine. Although the brand image of Titan was initially of a premium brand which in turn limited the target group of the company but it then launched the brand “Sonata” which offered watches at cheap rates and was a huge success in the Indian market as well (Saaksjarvi & Samiee, 2011).
Titan mostly operates in the medium priced segment and is even successful in maintaining its dominance in this segment over many years. Moreover Titan watches are known for its quality and performance in the international as well as in the domestic watches. Titan brand also enjoys a significant number of loyal customers who are satisfied by the service provided by the same and also took pride in wearing as well as owning the most desired watch of high quality. The company even makes huge efforts to improve the quality of watches as well as to launch and provide innovative and stylish watches to their customers. As a result of which there is a huge demand for the Titan watches in the Indian as well as in the overseas market.
The total worth of the Indian watch industry has been estimated to be around 1600 crores and Titan acquires 60% of the total markets share in the watch segments.
The following diagram shows the awareness of the customers regarding the different brands and the sub brands of the company Titan
(Krishnan & Jha, 2011)
The brand Titan is also known for its continuous brand extension over the years in order to increase its revenue generation as well as to provide new as well as innovative products to the customers and also to meet the changing demands and preferences of the customers.
The following graph shows the continuous brand extension of Titan form the year 2009 to 2013 which has even resulted in the increase of profits as well -
Titan is known for providing quality, stylish new and innovative products to its customers. It has launched various different brands in order to attract the customers belonging to the different customers segments. Some of the examples include Fastrack which was promoted with the tagline “Cool watches form Titan” and was mostly stylised and designed for the youth belonging to the age group of 20-25 years, the brand Sonata was launched by Titan for attracting the lower as well as the middle income people, Raga is considered to be a premium brand and is mostly designed for attracting the female customers, etc.
Titan has a rich brand heritage as well and being a significant part of the Tata Group it is successful in enjoying its rich heritage as well. The production of Titan commenced in the year 1986 and it was launched in the market in the year 1987 with its brand “Titan”. The company launched its first product which was the analogue electronic Quartz range which was found to be very appealing by the watch starved and hungry consumer market segment of the country, India. Over the time span 25 years along with the growth and success the project of Titan Watch came to be known as Titan Watches, which late become Titan Industries and is finally known as Titan Company Limited.
The following diagram shows the brand building activities adopted by the Titan Company Limited:-
The steps involved in the brand building can be further discussed in detail as follows –
The first step is to understand the demands, needs, preferences as well as the expectations of the customers as well as to understand what the brand has to offer to the customers in order to link the brand with the customer. In order to achieve this objective internal and external brand audit is required to be done.
The next step is to develop a proper brand strategy before entering the market. Titan has a group of experts to efficient and capable enough to frame appropriate strategies for the different brands by carefully analysing the target market as well as their changing needs and preferences.
The following step is to launch the product in the market which is implemented by the company by making efficient use of the different forms of media, social networking sites as well as brand endorsements. For example Titan Raga is mostly designed for women form different fields and for their different occasions as well and the famous Bollywood actress Katrina Kaif has been signed as the brand ambassador for the same.
The men’s collection is being endorsed by the famous Bollywood actor Aamir Khan. The advertisements of Titan are only eye catching, shot lavishly but also has an appealing factor and is apt the particular target segment the brand aims to attract.
The company mostly conducts customer survey by making use of the online mediums while the feedbacks of the customers are gathered from the social networking sites like the FaceBook, Twitter, etc. (Mishra, 2011).
The advertising campaigns of Titan are very popular and have complimented its wide range of products over the years and are also considered to be the major reason behind the grand success of the brand. The advertising campaign of the brand mostly focuses on the most innovative as well as the unique concept of the brand that is its style statement (Wheelen & Hunger, 2011).
The major competitors of the brand Titan include – Timex, Casio, Citizen. The competitors of Titan are not strong enough to affect the business of the company as Titan is the market leader and dominates the market mainly in the category or the segment of watches.
Titan also enjoys the maximum market share in the Indian watch segment which can be shown in the following figure –
(Keller, Parameswaran & Jacob, 2011)
One of the major competitors of Titan is Timex which is although not a tough competitors but it does attract significant number of customers especially in the Indian Market. The major strengths of Timex include high brand awareness, quality and the reliability of the products of the company, good advertising techniques, etc.
A brand is termed as strategic brand when it is of strategic importance for the concerned organisation. It is also considered to be an efficient and significant driver of cash flow, differentiation, reputation, sales as well as the loyalty of the company towards the customers and vice versa. Proper identification of the strategic brands help the company to ensure that that the resources associates with the brand building activities are not misallocated (Keller, Parameswaran & Jacob, 2011).
The brand ‘Titan’ is considered to be the strategic brand of the Titan Company Limited as it is the most significant brand of the company and generates maximum revenue for the company as well.
However strategic brands can be categorised into four types –
Current Power Brands –These are the brands which are generating the maximum profits for the company. The brand Titan falls under this category.
Future Power Brands – The brands that are expected to generate profits in the near future falls under this category. Titan Eye+ and Tanishq can be included in this category.
Linchpin Brands –These brands have the capability of influencing the market position as well as the sales of the company in the future indirectly. These brands are mostly considered to be the branded differentiators as they possess leverage or linchpin points which are related to a significant business area or which includes an innovative business vision for the future of the concerned company as well. Titan encircle which is a loyalty program and can be included in the category of Linchpin brands for the company Titan as it adds leverage to the company by attracting the potential customers to its stores.
Niche Brands –These brands are particularly designed for specific target markets or niche markets but do not have the capability to become the power brands in the future. Titan Raga can be included in this segment as they mostly target the elite group of customers.
A silver bullet brand can be simply described as the brands or the sub brand which positively influences the image of the other brand or brands of the company in the market. It is considered to be a major factor in creating as well as managing the change in the brand image of the company. For example by launching Tanishq which is a jewellery brand Titan has made efforts to change its brand image. Tanishq can be treated to be a silver bullet brand for the company as it has positively influenced the image of the brand Titan. In addition Titan Eye+ can also be treated as the silver bullet brand for the company Titan.
This silver bullet brand of Titan has been exploited completely as Titan Company is leaving no stone unturned to promote the authenticity of the brand and to attract the potential customers. It is also making efforts by the means of its advertising campaigns to generate a need for the product even if the need is not present.
Additional silver bullet brands are required in order to improve the brand image of the company as well as its different in the domestic and in the international markets as well. Titan Company Limited is making efforts to extend its brand range and to launch innovative products in the markets. It is also making significant efforts to diversify its product range and to identify and explore different new and niche markets as well.
Titan the most popular brand of the company plays the role of the endorser and successfully endorses the other different brands as well as the sub brands of the company Titan. The brand Titan dominates the watch industry of the Indian market and has been successful in building strong relationships with the customers over the years. The famous, loyal, trustworthy as well as sustainable brand image of Titan helps to attract the customers for the new brands or sub brands which they launch in the market. However as Titan is mostly famous for its watches people sometimes have doubts regarding the quality of the other products which the company launches. Moreover its image as a premium brand sometimes fails to attract the customers for the other brands as they consider it is to be pricy or expensive.
The umbrella range of brands of Titan Company Limited mainly includes its famous and the most successful brands Titan and Sonata. The company is even planning to launch another luxury watch under the category of umbrella brands which will chiefly for those people who imported to look out for Swiss watch.
Brand System Evaluation
Titan Company Limited has a wide range of brands and as such the focus of the company has been diversified rather than focussing on one particular brand. By launching different brands the company tries to capture the different market segments or the different segments of the target customers. Titan already has a wide range of brands in the category of watches which are earning significant amount of profits for the company but now the company needs to focus on other different areas rather than the watches in order to establish itself as a bigger brands in the overseas market.
The wide range of watches of the company has been stretched too far and as such there is no further need to add additional brands in this particular segment of watches. The quality of the products, the style factors as well as the comfort factor and the after sales services must always be branded in order to attract customers as well as to maintain a unique identity of the particular brand as well.
Some of the brands of Titan Company such as the Octane, Purple or Tycoon are not leveraged enough as such they are not as popular in the Indian market as Titan Raga, Fastrack, Sonata, etc. As they are not leveraged brands hence they cannot be used for attracting new products markets, although it is possible if the brands are re-launched by the company by adding on some of the additional features by focusing on the demands of some different target segments.
There are various opportunities for partnering or co-branding with a brand that will help to enhance the features of the brand that needs to be leveraged. For example Fastrack can be co-branded with Octane so that the popularity of Fastrack can be en-cashed by Octane. Moreover the sporty and the bold features of Octane can be eye-catching as well as appealing to the youth who are the target customers of the brand Fastrack.
The brand system helps to provide a clear idea regarding the different aspects of the company and its products as well as to its potential customers. It helps to clearly convey the message of the company regarding their respective products and services to its customers. On the other hand the customers can even identify the products as well as the services with respect the brands. Thus it can be said that the brand system provides unique identity to the company as well as the products and the services related to the same and also helps to distinguish a company from its competitors available in the market. Although the sub brands of the company sometimes creates confusion among the customers reading the image of the brands also sometimes fails to meet the expectations as well (Tiwari & Herstatt, 2012).
The key brands of the company have a unique identity and also help to provide leverage to the other brands and the sub brands of the company. For example the brand image of Titan or rather the popularity of the same has played a major role in attracting the customers for its other brands such as Fastrack, Sonata, etc.
Titan Company limited is one of the famous as well as successful companies of India. Titan has a wide range of brands and is even the market leader in the segment of witches as it is well known for providing the unique range of watches of watches to its customers. The brand audit of the company Titan helps to provide a brief idea regarding the different brands of Titan the scope and the popularity of the different as well as the awareness of the customers regarding the same. Titan is the most famous brand of the company and has been successful in building strong relationships with the customers which has indeed proved to be helpful for the company in ensuring the loyalty of the customers as well. Titan now needs to focus on diversifying its product range and to being the market leader in the different segments as well other than the market segments.
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