Titan WatchesExecutive SummaryThis report summarizes an in-dept analysis of Titan Watches and assesses strategies for its market. Titan Watches is a product of Titan Industries Limited, an extremely successful company in India having captured more than 50% of the market. It has penetrated the global market having established the Titan brand in many centers in Europe, Asia Pacific and the Middle East. The objective of the report is to perform an in-dept analysis of the watch industry, including Titan Industries Limited and develop strategic marketing tools that will help in the marketing decision of Titan Watches.
1. Strategic PlanThe strategic plan will be a management tool that will present the direction and goals of Titan Watches in response to the understanding of what the customer needs, and the current opportunities and challenges that the company is facing. The first five-year period of this strategic plan will focus on appraising and deepening Titan Watches’ approaches to its brand marketing work. Concurrently, Titan Watches will take more of a leadership role in the watch industry developing a market focus that is yet untapped in a global standing, while protecting its image in India. 1.1 VisionIn the coming years, the company is envisioned to be a world leader in the watch and jewelry business being at par with the Swiss and Japanese watches and capturing a large global market. 1.2 MissionHaving established itself well in the Indian Market, Titan Watches’ mission is: Establishing a substantial and unique brand presence by developing lucrative niches in the global market such as the UK and USA1.3 Summary of the Environmental Scan One of the most important parts of the strategic plan is a summary of the environmental scan which documents and determines facts and trends in the environment of an organization that will likely affect it.
1.3.1 PEST AnalysisThe PEST analysis helps to scan the external macro-environment in which the company operates. It assesses the Political, Economic, Social and Technological factors. Presented below is the summary of the PEST analysis of Titan Watches: PEST AnalysisPolitical-Indian watch market generates sales of almost 25 million units per annum-Indian National Disability Act has introducing employment. Economic-Grey market operator and imported cheap watches from china affect growth in the market. Social -Due to change in consumer perception of watches, there are a considerable number of designer trendy watches in the market. -Watch has become a fashion wear now rather than being necessity and customers choose for brand so as to make an impression in their society. - Influence on cultural change of India. TechnologicalTechnological advancement has developed watch industry so as to maintain the status of watch industry.
GPS, calculator, torch and all have been incorporated into watches. 1.3.2 SWOT AnalysisThe SWOT analysis analyzes both the internal and external factors affecting the organization.
The following is a brief summary of the strengths, weaknesses, opportunities, and threats of Titan Watches. 126.96.36.199 StrengthsTitan Watches’ key strengths include the organization’s positive brand image of good quality, value, durability, fashion forward and price competitive offerings. Moreover, it enjoys 100% brand recognition and has become a household name in India with 80% market share. The company offers a wide variety of selection that caters to all segments in the society. The company has a very high grade facility, in excellent condition and with state of the art tools and equipments having acquired technology and developed technical skills in producing contemporary watches.
It also houses a talented in-house design Studio which assimilates the latest fashion trends and creates cutting-edge products. The company also has a well built management structure and has a well developed system for capturing market information and tracking the competition. 188.8.131.52 WeaknessesAlthough Titan has established itself in the local market, it has weakly established its brand in the global market and global recognition is still yet to be achieved. This reflects the lack of marketing experience in the international watch and jewelry market.