INTRODUCTION OF BRAND IMAGE

Brand image is the current view of the customers about a brand. It can be defined as a unique bundle of associations within the minds of target customers. It signifies what the brand presently stands for. It is a set of beliefs held about a specific brand. In short, it is nothing but the consumers perception about the product. It is the manner in which a specific brand is positioned in the market. Brand image conveys emotional values not just the mental image. Brand image is nothing but an organizations character. It is an accumulation of contact and observation by people external to an organisation.It should highlight an organizations mission and vision to all. The main element of positive brand image are unique logo reflecting organizations image, slogan describing organization business in brief and brand identifier supporting the key values.

Brand image is the overall impression in consumers mind that is formed from all sources. Consumers develop various associations with brand. Based on these associations, they form brand image. An image is formed about the brand on the basis of subjective perceptions of associations bundle that the consumers have about brand. Volvo is associated with safety .Toyota is associated with reliability.

The idea behind brand image is that consumer is not purchasing just the product/services but also the image associated with those product/services. Brand images should be positive, unique and instat.Brand image can be strengthened using brand communications like advertising, packaging, word of moth publicity, other promotional toolset. Brand image has not been created, but is automatically formed. The brand image includes products appeal, ease of use, functionality, fame, and overall value.

Brand image is actually brand content. When the consumer purchase the product, they are also purchasing its image brand image is the objective and mental feedback of the consumer when they purchase a product. Positive brand image is exceeding the customers expectations. Positive brand image enhances the goodwill and brand value of an organization.

BRAND POSITIONING
BRAND POSITIONING refers to target consumers reason to buy your brand in preference to others. It is ensures that all brand activity has a common aim; is guided, directed and delivered by the brands benefits/reasons to buy; and it focuses at all points of contact with the consumer. Brand positioning must make sure that: Is it unique/distinctive vs. competitors? Is it significant and encouraging to the niche market? Is it appropriate to all major geographic markets and business? Is the proposition validated with unique, appropriate and original products? Is it helpful for organization to achieve its final goals? Is it able to support and boost up organization?

Brand positioning involves identifying and determining points of similarity and difference to ascertain the right brand identity and to create a proper brand image. Brand positioning is the key of marketing strategy. A strong brand positioning directs marketing strategy by explaining the brand details, the uniqueness of brand and its similarity with the competitive brands, as well as the reasons for buying and using that specific brand. Positioning is the base for developing and increasing the required knowledge and perceptions of the customers. It is the single feature that sets your competitors. For instance kingfishers stands for youth and excitement. It represents brand in full flight.

INTRODUCTION TO THE INDUSTRY

Indian Watch Market:

The watch market in India recorded an approximate volume turnover of 29 million units (2007-08). It is growing at 9% per annum. The organized sector contributes to half the volume turnover of the industry and rest by the unorganized sector. Tough competition is anticipated between the low priced variants introduced by the organized sector and the unorganized sector. Watch consumption in India is 20 units per thousand persons. The top 23 cities account for 80% of the watches sold in India, which therefore leaves a lot of scope for penetration in the rural towns. Three players dominate the organized sector, HMT (34% market share), Titan (39%) and Timex (23%). Besides HMT, Titan and Timex several companies like Westar, Shivaki, Maxima, Before and SITCO made a bid for the Indian watch market. Liberalization has brought with it a host of brands for the Indian market, viz. Piguet, Cartier, Christian Dior, Omega, Raymond Weil, Rolex, and Tissot.

Segmentation of Indian Watch industry

Based on price Mass (Rs.350-600), Popular (Rs.600-900), Premium (Rs.900-1500), 4

Super-premium (Rs.1500-8000) Connoisseur segments (above Rs.8000)

Mass Market (Rs 350 - 600):

This segment represents the low end users and the rural market. Basic characteristic of this market is low margin and high volume. HMT brands in this price range: Lalit, Chetan, Chetak, Rajat, Kedar, Ravi, Kohinoor and shakti Titan is with: Basics, Aqura, and Sonata

Popular Watches (Rs.600-900):

This segment is slightly above the mass market segment. Somya and Tennax from HMT targets college going men and women who see themselves as fashionable people. A similar offering, Timex's Mariner addresses the same profile as HMTs Sowmya but a slightly older age group. It is difficult to categorize Titan's Royale, Regalia and Classique as premium or popular. Though they have a premium image they are available at prices less than Rs.1000.

Premium Watches (Rs.900-1500):

Vista from Timex and Chandan, and Sangam from HMT falls in this segment. Royal , Regalia etc of Titan can also be considerd under this range.

Super Premium Watches (Rs.1500-8000):

Titans Insignia, Slimline, and Bandhan; HMT's Elegance range, and Misuni; Timex's Indiglo and Datalink are main brand offered in this market segment.

Connoiseur's Watches (Above Rs.800):

Titan's Tanishq and HMT's Gem range fall into this category. So do most of the Swiss watches like Omega, Piaget, Longines, etc. These are bought more as status symbols and jewelry rather than watches.

Segmentation based on user category:

Fashion and style is most visible feature of this segment

Men's Watches: HMT's Roman is probably the only watch that addresses the men's segment. Market research indicated that HMT wasseen as a masculine brand while Titan was seen as a feminine brand. In keeping with its masculine image HMT introduced the Roman range.

Youth Watches: Age group between 15 and 20 is treated as youth segment. Ruggedness and durability at low price is basic feature of this segment.

Kid's Watches: Target group is children aged between 7 and 10. Mainly digital watches fall in this category. Grey market is most dominant player of this segment. HMTs Zap TIMEXs Gimmix and Titans Dash are branded watches offered in category.

Sports Watches: Stress of this segment is on trendy designs for casual wear with advanced features for the techno-savvy consumer.

TATA BRIEF INFORMATION

The foundation of what would grow to become the Tata Group was laid in 1868 by Jamsetji Nusserwanji Tata then a 29-year-old who had learned the ropes of business while working in his fathers banking firm when he established a trading company in Bombay.

The Tata Group Companies is one of India's oldest, largest and most respected business empires. The Group's businesses are spread over seven business sectors. It comprises of 96 companies and operates in six continents. There are some 2,46,000 employees and put together it has a shareholder base of over two million and market capitalization of $57.6 billion.

Activities
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The main companies under the Tata Group are Tata Motors , Tata Indicom , Tata Steel , Tata Consultancy Services , Tata AIG Insurance , Tata Tea Limited.

Tata Motors:
Tata Motors Limited is India's largest automobile company, with revenues of Rs. 32,426 crores (USD 7.2 billion) in 2006-07.

Tata Indicom:
Under this there are three segments which are Tata Teleservices Ltd., Tata Teleservices Maharashtra Ltd., Videsh Sanchar Nigam Ltd.. These are major companies in the telecom industry.

Tata Tea Limited:

The operations of Tata Tea and its subsidiaries focus on branded product offerings in tea but with a significant presence in plantation activity in India and Sri Lanka.

Tata Consultancy Services (TCS):

TCS is one of the world's leading information technology companies. Through its Global Network Delivery Model, Innovation Network, and Solution Accelerators, TCS focuses on helping global organizations address their business challenges effectively. 9

Tata Steel:
Established in 1907, Tata Steel is Asia's first and India's largest private sector steel company.

Tata AIG Insurance:

Tata AIG General Insurance Company Ltd. is a joint venture company, between Tata Sons and American International Group, Inc. (AIG).

TATA CODE OF CONDUCT

1. NATIONAL INTEREST
A TATA Company shall be committed in all its actions to benefit the economic development of the countries in which it operates and shall not engage in any activity that would adversely affect such objective. It shall not undertake any project or activity to the detriment of the Nations interests or those that will have any adverse impact on the social and cultural life patterns of its citizens. A TATA Company shall conduct its business affairs in accordance with the economic, development and foreign policies, objective and priorities of the Nations government and shall strive to make a positive contribution to the achievement of such goals at the international, national and regional level as appropriate.

2. FINANCIAL REPORTING AND RECORDS

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A TATA Company shall prepare and maintain its accounts fairly and accurately in accordance with the accounting and financial reporting standards which represent the generally accepted guidelines, principles, standards, laws and regulations of the country in which the company conducts its business affairs. Internal accounting and audit procedures shall fairly and accurately reflect all of the companys business transactions and dispositions of assets. All required information shall be accessible to company auditors and other authorized parties and government agencies. There shall be no willful omissions of any company transaction from the books and records, no advanced income recognition and no hidden bank account and funds. Any willful material misrepresentation of and/or misinformation on the financial accounts and reports shall be regarded as violation of the code apart inviting appropriate civil or criminal action under the relevant laws.

3. COMPETITION
A TATA Company shall fully strive for the establishment and support of a competitive open market economy in India and abroad and shall co-operate in the efforts to promote the progressive and judicious liberalization of trade and investment by a country. Specifically, a TATA Company shall not engage in activities, which generate or support the information of

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monopolies, dominant market positions, cartels and similar unfair trade practices. A TATA Company shall market its products and services on its own merits and shall not make unfair and misleading statements about competitors products and services. Any collection of competitive information shall be made only in the normal course of business and shall be obtained only through legally permitted sources and means.

4. EQUAL- OPPORTUNITIES EMPLOYER

TATA Company shall provide equal opportunities to all its employees and all qualified applicants for employment without regards to their race, caste, religion, color, ancestry, sex, age, nationality. Employs of a TATA Company shall be treated with dignity and in accordance with the TATA Policy to maintain a work environment free of sexual harassment whether physical and verbal or psychological. Employee policies and practices shall be administrated in a manner that would ensure that in all matters equal opportunity is provided to those eligible and decisions are merit based. A TATA Company and its employees shall neither receive nor offer or make directly or indirectly, any illegal payments, remuneration, gifts, donations or comparable benefits which are intended to or perceived to obtain business or uncompetitive favours for the conduct of its business. However, a TATA 12

Company and its employees may accept and offer nominal gifts which are customarily given and are of commemorative nature for special events.

5. POLITICAL NON-ALIGNMENT
A TATA Company shall be committed to and support a functioning democratic constitution and system with a transparent and fair electoral system in India. A TATA Company shall not support directly or indirectly any specific political party or candidate for political office. The Company shall not offer or give any company funds or property as donations, directly or indirectly, to any specific political party, candidate or campaign.

6. HEALTH, SAFETY AND ENVIRONMENT

A TATA Company shall strive to provide a safe and healthy working environment and comply, in the conduct of its business affairs, with all regulations regarding the preservation of environment of the territory it operates in. A TATA Company shall be committed to prevent the wasteful use of natural resources and minimize any hazardous impact of the development, production, use and disposal of any of its products and services on the ecological environment.

7. QUALITY OF PRODUCTS AND SERVICES

A TATA Company shall be committed to supply goods and services of the highest quality standards backed by efficient after-sales services consistent with the requirements of the customers to ensure their total satisfaction. The quality 13

standards of the Companys goods and services should at least meet the required national standards and the Company should Endeavour to achieve international standards.

8. CORPORATE CITIZENSHIP
A TATA Company shall be committed to be a good corporate citizen not only in compliance with all relevant laws and regulations but also by actively assisting in the improvement of the quality of life of the people in communities in which it operates with the objectives of making them self reliant. Such social responsibility would comprise, to initiate and support community initiatives in the field of community health and family welfare, water management, vocational training, education and literacy and encourage application of modern scientific and managerial techniques and expertise. This will be reviewed periodically in consonance with national and regional priorities. The company would also not treat these activities as optional once but would to incorporate them as integral part of its business plan. The company would also encourage volunteering amongst its employees and help them to work in the communities. Tata companies are encouraged to develop social; accounting systems and to carry out social audit of their operations.

9. CO-OPERATION OF TATA COMPANIES

A TATA Company shall co-operate with other TATA Companies by sharing physical, human and management resources as long as this does not adversely affect its business interests and shareholder values. In the procurement of product and services a TATA Company give preference to another TATA Company as long as it can provide these on competitive terms relative to third parties. 14

10. PUBLIC REPRESENTATION OF THE COMPANY AND THE GROUP

A TATA Company honours the information requirements of the public and its stakeholders. In all its public appearance with respect to disclosing company and business information to public constituencies such as the media, the financial community, employees and shareholders, a TATA Company or the Tata Group shall be represented only by specifically authorized directors and employees. It will be the sole responsibility of these authorized representatives to disclose information on company.

11.

THIRD PARTY REPRESENTATION

Parties which have business dealings with the TATA Group but are not the members of the Group such as consultants, agents, sales representatives, distributors, contractors, suppliers. Etc. shall not be authorized to represent a TATA Company if their business conduct and ethics are known to be inconsistent with the code.

12.

USE OF THE TATA BRAND

The use of the TATA name and trademark owned by Tata sons shall be governed by manuals, codes and agreements to be issued by Tata Sons. The

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use of the TATA brand is defined in and regulated by the TATA Brand Equity & Business Promotion Agreement.

13.

GROUP POLICIES

A TATA Company shall recommend to its Board of Directors the adoption of policies and guidelines periodically formulated by Tata Sons.

14.

SHAREHOLDERS

A TATA Company shall be committed to enhance shareholders value and comply with all regulations and laws that govern shareholders rights. The Board of Directors of a TATA Company shall duly and fairly inform its shareholders about all relevant aspects of the Companys business and disclose such information in accordance with the respective regulatations and agreements.

15.

ETHICAL CONDUCTS

Every employee of TATA Company, which shall include whole time Directors and the Managing Director, shall deal on behalf of the company with professionalism, honesty, integrity as well as high morale and ethical standards. Such conduct shall be fair and transparent and be perceived to be as such by third parties. Every employee shall be responsible for the implementations of and compliance with the code of his professional environment, Failure to adhere to Code could attract the most serve consequences including termination of employment.

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16.

REGULATORY COMPLIANCE

Every employee of TATA Company shall, in his business conduct, comply with all applicable laws and regulations, both in letter and in spirit, in all the territories in which he operates .If the ethical and the professional standards set out in the applicable laws and regulations are below that of the Code then the standards of the Code shall prevail.

17.

CONCURRENT EMPLOYMENT

An employee of TATA Company shall not without the prior approval of the Managing Director of the Company, accept employment pr a position of responsibility (such as a consultant or a director) with any other company, nor provide free-lance services to anyone. In the case of a Whole-time Director or the Managing Director such prior approval must be obtained from the Board of Directors of the company.

18.

CONFLICT OF INTEREST

An employee of TATA Company shall not engage in any business, relationship or activity which might detrimentally conflict with the interest of his Company or the Group. A conflict of interest, actual or potential, may arise where, directly or indirectly, (a) an employee of TATA Company engages in a business, (b) an employee is in a position to derive a personal benefit or a benefit to any of its relatives by making or influencing decisions relating to any transaction, and (c) an independent judgement of a Companys or Groups best interest cannot be exercised. 17

The main areas of such actual or potential conflicts of interest would include the following: Financial interest of an employee of a TATA Company or his relatives including the holding of an investment in the subscribed share capital of any company or a share in any firm which is an actual or potential competitor, supplier, customer, distributor, joint venture or other alliance partner of the TATA Company. (The ownership of upto 1% of the subscribed share capital of a publicly held company shall not ordinarily constitute a financial interest for his purpose.) An employee of a TATA Company conducting business on behalf of his company or being in a position to influence a decision with regard to his companys business with supplier or customer of which his relative is a principal, officer, or representative, resulting in a benefit to him or his relative. Award of benefits such as increase in salary or other remuneration, posting, promotion or recruitment of a relative of an employee of a TATA Company such an individuals in a position to influence the decision with regard to such benefits. Acceptance of gifts, donations, hospitality and/or

entertainment beyond the customary level from existing or potential suppliers, customers or other third parties which have business dealings with the company. 18

Notwithstanding that such or other instances of the conflict of interest exist due to an y historical reasons, adequate and full disclosure by the interested employees should be made to the companys management. It is also incumbent upon every employee to make a full disclosure of any interest which the employee or his immediate family, which would include parents, spouse and children, may have in a company or firm which is a supplier, customer, distributor of or has other business dealings with his company. Every employee who is required to make a disclosure as mentioned above shall do so, in writing, to his immediate superior who shall forward the information along with his comments to the person designated for this purpose by the MD/CEO who in turn will place it before the MD/CEO and the Board of Directors/Executive Committee appointed by the Board and, upon a decision being taken in the matter, the employee concerned will be required to take necessary action as advised to resolve the conflict. If an employee fails to make a disclosure as required herein and the management of its own accord becomes aware of an instance of conflict of interest that ought to have been disclosed by the employee, the management would take a serious view of the matter and consider suitable disciplinary action against the employee.

19. SECURITIES INFORMATION

TRANSACTIONS

AND

CONFIDENTIAL

An employee of a TATA Company and his immediate family shall not derive any benefit or assist others to derive any benefit from the access to and possession of information about the company or the group, which is not in the public domain, and thus constitutes insider information. An employee of a TATA Company shall not use or proliferate information that is not available to the investing public and which therefore constitutes insider 19

information for making or giving advice on investment decisions on the securities of the TATA Company on which such insider information has been obtained. Such insider information might include the following: Acquisition and divestiture of business units. Financial dividends Announcements developments. Asset revaluations. Investment decisions/plans. Restructuring plans. Major supply and delivery agreements. Raising finances. of new product introductions or information such as profits, earning and

20. PROTECTING COMPANY ASSETS

The assets of a TATA Company should not be misused but employed for the purpose of conducting the business for which they are duly authorized. These include intangible assets such as equipments and machinery, systems, facilities, materials, resources as well as intangible assets such as proprietary information, relationships with the customers and suppliers, etc.

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21. CITIZENSHIP
The employee of a TATA Company shall in his private life be free to pursue an active role in civic or political affairs as long it does not adversely affect the business or interests of the Company or the group.

22. INTEGRITY OF DATA FURNISHED

Every employee of a TATA Company shall ensure, at all times, the integrity of data or information furnished by him to the company.

23. REPORTING CONCERNS

Every employee of a TATA Company shall promptly report to the management any actual or possible violation of the code or any event he became aware of that could affect the business or reputation of his or any other TATA Company.

24. GOVERNMENT AGENCIES

A TATA Company and its employees shall not offer or give any company fund or property as donation o any government agencies or their representatives, directly or through intermedries, in order to obtain any favorable performance of official duties.

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The Titan Story

Early 2001, when Indian consumers rated Titan ahead of all other brands as the Most Admired Brand in India across all product categories (the first ever such survey done by Brand Equity), it did not surprise people that a 13 year-old had managed to upstage many older and more well-known brands: it was expected of Titan to achieve such things, it was so natural. It was also a fitting tribute to a brand, which had not only revolutionized the Indian watch industry, but also brought in world-class benchmarks in product design, quality and retailing into India. 22

Back in the early eighties, the Tata Group had identified the watch category as a potential consumer market for the Tatas to enter. Xerxes Desai, a Tata veteran and the then MD of Tata Press, was chosen to lead that venture. In those days of pre-liberalization the watch market, like most consumer markets in India, was way behind the rest of the world. The technology in vogue was the reliable, but outdated "Mechanical" technology, which used the unwinding of a mechanical spring to tell time. Not only was the accuracy of time-keeping not good enough, but the bulky mechanical movement did not permit the creation of sleek products. The industry was dominated by the public sector which had brought in watch manufacturing into India, enjoyed tremendous goodwill in the market, but had not really invested in evolving itself and its consumers: styling still remained basic, choice was limited. The watch shops were narrow, dingy and typically located in the older, traditional markets of the city. You went there only to buy a watch, never to browse, never to simply check out. Visual merchandising was very much at the stage of "decoration" if any, and neither the brands nor the retailers saw it as important. The companies themselves did not have much contact with retailers, preferring to sell through wholesalers, doing well that way. There was hardly any need for consumer contact or research. It was a sellers' market. All this affected the consumers. Watches remained a time-keeping device, so one watch was enough, thank you. Since the quality of the watch was quite good, it lasted quite a while, and the consumers did not change it for 10, 15, 20 years. And when they did change it, they did not pay a high price for the new piece because, what the hell, they were buying another time-keeping device. Xerxes Desai's vision was to dramatically alter this perception of consumers, and make Titan a fashion accessory. He knew that that was the only way that this new brand would explode the market and wrest control from the dominant HMT. So he and his team went about breaking all the rules in the category: 23

Mechanical technology was the norm - Quartz had not really taken off in India. Titan would go against that and build its line based on quartz. Accuracy would become a selling-plank. Styling was basic - This was a constraint imposed by the technology as well the outlook of the manufacturers. Titan decided to make style a table-stake. Choice was limited - You had 200 models to pick from, that was it. Titan decided to inundate consumers with a wide choice in style, functions and price. The initial range was 350 models. Shops were dark, dingy and uninteresting - There was no importance given to presentation, and therefore no attempt made at it. Titan brought in the concept of retailing into the watch market, established a network of fine showrooms which would later become the world's largest network of exclusive watch stores. These stores not only helped Titan to gain leadership substantially, but also irrevocably altered the retail landscape of the watch market through a demonstration effect on the traditional dealers. Advertising was expenditure - Titan saw this as a vital investment. Right from Day 1, Titan invested significantly in advertising and in that process created a set of memorable and effective properties over the years. So Titan, backed by world-class quality created at a world-class plant located just off Bangalore, backed by the Tata name, was launched into the Indian market on the back of these new rules. It created waves right in the early days, mesmerized consumers, demolished competition and rode into the sunset with panache. Today, in early 21st century India, it is taken for granted that a watch is a fashion accessory. Titan dominates the market, with a 60% share of the organized sector market (the total market, including the unorganized sector, is estimated at around 42 million units). Titan's quality record is impressive, its sales and service 24

network is wide and deep, and its network of exclusive showrooms, The World of Titan, is one of the most prestigious and visible retail brands in the country, offering world-class levels of shopping comfort and customer service. What is truly amazing about Titan is the sheer scale of its offering and the consequent choice it offers to multiple segments across taste, age and economic background. Titan saw this approach as the foundation of its leadership strategy in the early days. Even the early range had distinct offerings for different requirements: formal watches (gold plated cases with fine leather straps) for the executive, dress watches (gold plated cases with ornamental gold plated bracelets) for those with a preference for jewellery, rugged watches (all steel watches with a skew to functionality) for those whose usage demanded a certain durability. Titan has built on this principle over the last 15 years, almost year after year: In 1989, it was Aqura, the trendy range for the youth, colourful, smart and affordable plastic watches for the youth: The other side of Titan for the other side of you. In 1992, it was Raga, the ethnic range, with striking symbolism from ethnic India, for the sophisticated India woman who appreciated such things. In 1993, it was Insignia, very distinctive and international-looking top-end watches, for those seeking exclusivity and status. In 1994, it was psi 2000, rugged, sporty and very masculine watches with serious sports features (200-m mater resistance, high precision chronographs) for those with the penchant for adventure. In 1996, it was Dash, the cute and colourful range for kids.

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In 1997, it was Sonata, the affordable, good quality range for the budgetconscious. In 1998, it was Fastrack, the cool, trendy, funky range for the young and youngat-heart. In 1999, it was Nebula, the sold gold and diamond-studded range of luxury watches for those affluent people to whom gold is a precious acquisition. In 2001, it was Steel, the smart and contemporary collection for the young 21st century executive. And in 2008, the brand has collections like the Octane, Diva, WWF and Zoop each of them unique and fascinating. The underpinning of this entire market development and segmentation is Innovation. Titan has kept innovation core to its strategy, realising fully that the only way to sustain the fashion accessory perception is by continuously coming out with collections that make the current ones somewhat dated, thereby creating a certain discomfort in the consumers' mind, which leads to another purchase. This impact has shown up in every one of the collections spoken of earlier. They were fresh and distinctive, unlike what consumers had seen before, and thus created curiosity, walk-ins and sales. A stellar example of Titan's Innovation is Edge, the slimmest watch in the universe. Titan's R & D talent created a wafer-thin quartz movement, a mere 1.15mm thin, over 4 years of development work. The immensely talented Design team collaborated with the Manufacturing group to create Edge, a 3.5-mm watch, a gem of elegance, with water-resistance to boot! Edge was launched in India early 2002 to tremendous market acclaim and sales success. It is a design and technological marvel, which justly received the Best Design Award in the Lifestyle

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Product Category in the first annual design contest organised by Business World and NID. In the early nineties, Titan chose to develop the "Gifting" market. Watches had always been favourite things to gift, and Titan had benefited from that. Titan was convinced that there lay a greater potential in that segment. A set of 3 films were developed in 1991 around 3 relationships, where the gifting of a Titan culminated in a moving personal moment and a strengthening of the bond between the protagonists. These films became a big hit and created a genre of advertising films which lasted a good 8 years. During those years, a series of films involving a variety of characters (father, daughter, teacher, boyfriend, ex-boyfriend, thief!) and with local flavour (for Onam in Kerala, Puja in Bengal) were created and released. These not only helped build a good-sized gift segment for Titan, but also became Titan's Theme Campaign, building strong emotional values for the brand. One of the films in the series, where a man and his younger daughter conspire to give his older daughter a Titan as a surprise gift at her wedding, released around 1994, went on to become the most popular Titan film ever, even voted by the viewers of Zee Television as the second most liked TV commercial on the channel. The most enduring part of the Titan advertising has been the music track. Chosen by Xerxes Desai and the creative head of O & M in 1987 for its class and western vibes, the segment from Mozart's 25th Symphony has arguably become Indian Advertising's most memorable track (incidentally, and perhaps not coincidentally, this was the most liked advertising track in the same Zee TV survey). Starting in 1987 in its pure classical versions, with a single violin playing the melody, this piece has been rendered in countless innovative versions over the years: Indian Classical, Indian Folk, Operatic, Rock, Funk,. And has become such a powerful audio mnemonic for the brand.

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Another successful customer-facing aspect about Titan has been its stores. Organized retailing did not exist in the late eighties. The concept of exclusive brand stores was almost non-existent. In a pioneering effort that dramatically altered industry standards, the World of Titan was born. Located in the newer parts of a city, with a good frontage and layout, the showroom immediately stood out on the street and attracted walk-ins. Once inside, you were totally impressed with the presentation. You walked along the wall, where recessed "mood windows" showcased specific collections in the appropriate context with the help of visuals, decorative props and word (the place looked almost like an art gallery). You could get a better idea about that collection through such a contextual presentation and could make up your mind which collection was right for your requirement. Then you would walk along to the selling area, where the entire range was displayed in style. Smart and helpful salespeople waited on you there and helped you choose the best piece by giving you information and suggestions. You walked away overwhelmed. This experience now has over 255 branches and has penetrated the width and breadth of India. Helping the brand increase sales, increase price premium, sell the more expensive watches, improve image, keep competition at bay and keep the brand name salient on the high streets of the country. Refurbished with a contemporary look in 2001, this chain has become even more integral to the brand's destiny today. Doing all this in style has earned Titan enormous goodwill and respect. Titan was voted the Most Admired Brand (across categories) in India by consumers, in the first such study by Brand Equity done in 2001. Titan was voted the Most Admired Consumer Durables Marketer by industry professionals, 8 out of 9 times (the ninth time it was No 2), in A & M's annual survey done between 1992 and 1999. Titan was voted the Most Respected Consumer Durables Company in a Business World Survey in 2003. Consumers and professionals alike have resonated equally to Titan's successful efforts in bringing international standards 28

to India. And in 2008, it emerges as the 24th Most Admired Brand in the ET Most Admired Brands survey done annually, it was also the most admired Consumer Durable brand. Titan has also done the seemingly impossible reverse thing: taking Indian quality to international markets. Since starting export operations in a small scale to the Middle East in the early nineties to exploit the resident NRI population, Titan has come a long way. Moving into the European market in the mid-nineties and Asia Pacific in the late nineties, Titan today sells in the UK, Spain, Portugal, Greece, Singapore, Dubai, Malaysia, Oman, Philippines and many more countries. The customers are no longer only NRIs. They are the Thais, the Greeks, the Arabs, the Filipinos - through a combination of Contemporary Style, Great Quality and Great Prices, Titan has put together an irresistible proposition for the people of these countries.

INTRODUCTION OF TITAN INDUSTRIES: A CONCERN OF TATA GROUP

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About The Company

Titan, a joint venture between Tamil Nadu Industrial Development Corporation (TIDCO) and the renowned Indian business group Tatas, entered the watch market in 1984. Titan changed the watch market in India completely by making quartz watch the centerpiece of its strategy. Titan Company is the unquestioned leader in Indian Watch Industry. Titan is one of the most powerful brands in the Indian market, scoring very high on brand awareness, brand image and brand preference. Over the twelve year period of its existence as a manufacturer, Titan has added considerably both to capacity and to capability. It has a highly integrated plant, making virtually all the parts that go into a watch. Titan is today the sixth-largest "manufacturer-brand" in the world, after Casio, Citizen, Seiko, Swatch and Timex of America.). Since its inception, Titan decided that it would be the shaper of the watch industry and not an adapter. They created competitive advantage through differentiation. They first concentrated on technological leadership. The Tatas took two decisions they will manufacture only quartz (analog and digital) and not mechanicals, and they would set up state-of-the-art plant to manufacture watches in a wide variety of designs and prices. HMT and local players had always looked at the functional utility of the watch. Titan was first in India to introduce the style concept. They projected the watch as a fashion accessory. They clearly identified that their main competitor was not HMT, but the gray market. A firm differentiates itself from its competitors if it can be unique at something that is valuable to the buyer beyond simply offering low price. Differentiation allows a firm to command a premium price, to sell more of its products at the same price, or to gain equivalent benefits such as greater buyer loyalty. Differentiation leads to a superior performance if the price premium achieved exceeds any added costs of being unique. At Titan the products were developed in such a way so as to enhance quality and features to increase buyer 30

value. This was the perfect example of differentiation through technological leadership and product technological change. In the initial years Titan chose to concentrate on the higher end of the market which was responsive to the style element of the watch. Also this segment of the market was relatively price inelastic. This was done so as to build the brand image of Titan as manufacturer of good quality stylish watches. Over the years the Titan brand and its signature tune Mozzarts Fifth Symphony has become one of the most recognized in Indian consumer durable goods segment. Company has shifted its growth strategy from adding to equipment and manpower to one of obtaining increased production through innovative ideas and greater operating efficiency by adopting global best practices. It has come up with two priorities the first priority has been to resolutely drive down unit costs through product and process modifications and aggressive sourcing. The second priority has been to boost asset productivity - producing more with less: less of men, materials, machines and time - and thereby securing the twin benefits of higher output and lower costs. Company sold 4.76 million watches in the domestic market as against 3.97 million in the previous year. Growth came mainly from improved market penetration and from the newly introduced Sonata brand (now Under TATA name), which now includes over 400 models at prices which start from Rs350. Company has recently developed a new focus on several market segments with large potential: women, youth, children, sportsmen, the budget-conscious and, of course, the big spenders. A systematic programme of launching these has already commenced and highlights of the year included the relaunch of Fastrack and Raga. The current year has seen the launch of the children's range, Dash. A new, attractively priced, solid gold line, Nebula, is also being rolled out.

Sales and Marketing

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Titan launched totally a new product, quartz analog watch was an entirely new product for India in 1987. Titans marketing strategy was initially built around five features: A product of international quality; Indian designs; Competitive prices; An intensive advertising and promotion campaign; and Specialized retail shops to control the presentation, since the general quality of watch merchandising in India was low. This ambitious marketing program was intended to position Titan watches as high-quality, fashionable timepieces, available in clean and comfortable surroundings, priced higher than other watches then on the market but not beyond the reach of millions of potential purchasers. It was not a program, therefore, that would place Titan watches in direct competition with, say, mechanical watches from HMT. The marketing program would introduce to India the type of promotional effort familiar in most developed countries. In order to be successful, however, all facets of the program had to come together: attractive designs, high-quality products, sufficient inventories, a logistical support system and, a well-timed promotional campaign. Accomplishing these multiple tasks in a timely way was a monumental undertaking for a new, untested company. Titan Industries is a manufacturing company that produces India's largest and best-known range of personal accessories watches, jewellery, sunglasses and prescription eye wear. Titan Industries was established in 1984 as a joint venture between the Tata group and the Tamil Nadu Industrial Development Corporation. The company brought about a paradigm shift in the Indian watch market, offering quartz technology with international styling, manufactured in a state-of-the-art factory at Hosur, Tamil Nadu.

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Titans Main Products

PRODUCTS: The company manufactures over 8 million per annum and has a customer base of over 75 million. It has manufacturing and assembly operations at hosur, 33

dehradun, roorkee and himachal Pradesh and an ECB plant in goa. Its main products are: Watches: The company currently manufactures three main watch brand viz. Titan: it is for the premium segment. Fastrack: focused on the youth and trendy fashion space. Fastrack, India was lounched in 1998 as a sub-brand of the moguls of the wrist-watch industry, titan. Fastarcks mantra from the get-go has been to capture the essence of what the youth seek: Individuality, style, affordability. Fastrack entered the market of designer watches & eye gear saturated with International designer labels and soon carved a niche for itself with designs that were refreshingly different, causal, chic, eclectic & fun with prices that would not burn a whole through the pockets of the youth with no compromise of quality. With a team of young designers who incorporate unique, edgy, unconventional designs into every watches & pair of sunglasses, fastrack has now established itself as quality youth brand. But the fastrack market does not extend only to teens & young adults. All those who seek an individuals style that sets them apart from the masses, a nonconformist spark and panache have fastrack adorning their wrists and eyes. Present in over 4000 outlets across 450 town, fastrack has added exclusive brand kiosks in metro mails to its multi-channel distribution network, Large formet chain stores viz. Shoppers stop. Lifestyle, central, big bazaar etc, multi brand watch & optical outlets. Sonata- it is for the below us$25 category and is Indias largest selling watch brand. Sonata is value for money watch brand from Titan Industries Ltd. it is targeted at consumers seeking durability and value with a clear positioning of No 34

compromise watch. Sonata comes with the backing of being a Tata product with five clear functional attributes, Affrodability, looks, 1 year guarantee, waterproof (up to 30m water resistant) and Durability. It is therefore known as 5 ghadi k barabar and equivelant for non-compromise watch. It is Indias largest selling watch brand with a sale of over 30 lakhs watches in 2007-08. Sonata has a wide range of over 400 watches in different traditional designs for gents and ladies. The range starts from Rs.395 and goes up to Rs.1250 . the exclusive designs are made with best quality material, undergoing several stringent test. Primarily, Sonata is known for being a brand that is strong in gold plated watches, but now it also has a very good collection of steel watches. The Titan brand architecture comprises several sub-brands, each of which is a leader in its segment. Notable among them are.. Titan Edge- The worlds slimmest watch which stands for the philosophy of less is more. Titan Raga- the feminine and sensuous accessory for todays women.

Nebula precious jewellery watches from Titan. A collection of intricately carved designs for women inspired by paisley and floral patterns. Priced between Rs.18000 & Rs.45000, these watches are engraved with beautiful patterns in gold. Adding to the exclusive is elegant mother of pearl dials, available in nature and light-champagne hues.

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An elegant kada watch with 16 diamonds that sparks delicately around the watchicesn like a crown jewel. Perfect to complement a traditional or contemporary outfit. Crafted in solid gold and precious stones and several other collections like wall street, Regalia and gold & steel, all of which from a part of the Titan wardrobe. The company has launched its first swiss made watch Xylys for the hi-end connoisseur and new age achiever. It also markets Tommy hifiger watches under a licensing arrangement. Today, the titan portfolio has over 60% of the domestic market share in the organized watch market. DRESSWEAR WATCHESSplendid dress watches for lifestyle that flies high. Fusing the ethnic with the contemporary, these designers come in all-gold and bicolar look with intricate bracelets and patterned dials to add that finishing touch to your ansemble. FORMAL WATCHESCollection that fuse elegance to bring you the perfect wrist-wear for your work environment. Bringing you the haute fashin of leather and metal combination, the cool sophistication of steel watches and design on the cutting edge of watch making technology like edge, the slimmest watch in the universe. Formal wear that is perfect for your finely tuned sense of style. FASHION WATCHESCrafted from the metal that is driving the world wide. Watches in steel gold, steel leather and all steel for the young professional 36

with an eye on every trend. In designs that range from serious fashion to statements of minimalist funk.

SPORTY/CASUAL WATCHESAccess the raw essence of hip with these edgy fastrack watches walk the fashion tightrope with groovy colors and chunky styles. Kick start cool with bold broad straps and trendy metal bracelets for the girls and sports watches in leather and metal straps for the guys. Digital-tech and trendy shapes splash oomph and onto your wardrobe and smear danger on your look.

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Organization Structure of Titan

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Product Portfolio of Titan

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Sonata: From Titan (Now sold under TATA) aims at the mass market and advertises itself as "a Titan watch at low price". Sonata sold an estimated 0.8 million pieces (2007-08) within four years of its launch. It is probably the largest selling sub brand from Titan. Titan entered the watch market as a premium watch but competition from the unorganized sector and low priced options from HMT forced Titan to introduce Sonata. Sonata was so successful that it cannibalized the brand from the extensions low price connotation. Titan's Exacta, a rugged steel watch starts at the low end of the price spectrum but offers high price versions as well. It is reportedly selling 1.0 million pieces per year because of the constant up gradation in its models.

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It is difficult to categorize Titan's Royale, Regalia and Classique as premium or popular. Though they have a premium image they are available at prices less than Rs.1000. Regalia (estimated sales - 0.3 million units) is at the higher end with dress watches for special occasions. The Royale range (estimated sales 0.6 million watches) caters to the gift segment. There is also Royale Crown in the upper end of the Royale range. Caciques are an office wears accessory that is gold-plated and leather strapped (estimated sales - 1 million units). Classique watches are targeted at the older, male segment of the market, and profess timeless elegance through a combination of fine leather straps, clean classic dials and sleek cases, thus making it,A perfect fit for formal wear." Caciques are the embodiment of everything that is everlasting yet contemporary. These watches tend to be generic in their simplicity, and find no real competitors, except

HMT: These watches are priced between Rs 550 to Rs 3000. Though there are
very high priced watches in the above three ranges it is the relatively low-priced ones that sell. They all target the upper middle class men and women in their thirties. Royale, Classique and Regalia are the watches that gave Titan the popularity and the prestige it enjoys. The Spectra range in this price band is a well-designed bimetal watch ("stylishness of gold and ruggedness of steel"). It sold just 70,000 units in 199798. Titan Industries launched (September, 2001) its range of watches in steel, targeted at urban men and women in the age group of 25-35 years. The Titan Steel collection has a range of bracelet and leather strap watches for both men and women priced between Rs 1,250 and Rs 6,000. The range will be retailed through World of Titan, Time Zone and other retail outlets. The launch of the steel watches, available in 90 designs, will be followed by an aggressive marketing campaign.

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Titan's Tanishq range initially targeted the European market with limited success. In India also Tanishq faced resistance because Indian women do not treat watches as jewelry. The company is exploring the possibility of filling up the gap in the super premium segment. At present only Swiss brands have a presence in this niche. TIL, however, has its Nebula range for both men and women priced between Rs 6,000 and Rs 32,000. The new range is expected to higher price than the Nebula range. In fact the company's focus would be on niche segments to grow the market. By planning to launch a brand in the super premium category, Titan perhaps hopes to be present across all categories. Titan's Raga is an interesting product concept that offered to give dials that match with designs on saris. This promise was unrealistic and Raga flopped (estimated sales - 20,000 units). Raga is now being launched in more mellow colors and its positioning changed. Raga silver watch range also did not fare well because Indian dials. Titan Industries launched its Fastrack range of watches for women (For Men It is already present). The ladies watches are available in different finishes frosted, polished and satin and come in varied geometric shapes with trendy leather straps and classy metal bracelets. The watches retail from Rs995 to Rs1,950 and are attractively priced. The watches which have been designed at Titan's creative studio is the outcome of research that has highlighted the need for a watch that is fashionable, bold, unconventional and designed to accessories western wear. A collection of watches with contemporary styles those are young and distinctive. Designs that go from the relaxed and informal to the definitely sporty. The woman's collection presents the all-new international 'Frosted' look, which is trendy and chic. The Fastrack collection has elements like cool mesh straps and features that include backlight and dual time. Also presenting a range of fashion 42

digitals in contemporary wrist hugging cases with oversized displays and features that include countdown timers, chronographs, lap timers, hourly chime, alarm and Hi-light glow. Dash is Titans reply to Gimmix and Zap. Dash is available in 3 new collections for kids - Popeye, Digital and Lumibrite. Titan is the sole licensee of Popeye in India and this range is priced between Rs350 and Rs395. Giving Popeye of the spinach-eating fame the additional responsibility of keeping time, the Popeye brand of watches come in 6 different designs. The Digital range in a collection of 10 digital watches has features like El-light compass and Velcro straps for the sporty and is priced between Rs425 and Rs 495. and Lumibrite.

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OBJECTIVES
To know the promotion technique of TITAN. To know the purchasing power of customers. To know the craze of watches now. To study the behavior of retailers. To know the image of Titan in small cities. To get the real demand of watches in small cities.

NEED OF STUDY
In India there are 4 metro cities and only 15 to 20 big cities that contain only 25% of total population of our country and about 75% of the population live in small cities. If we do not give attention to this major population then any company cannot be successful in market. This type of study is very important for Titan Company, in this study customer research done on the brand image of about 100 customers of various tastes and preferences and various customers give their views about the company and about its products and this project include actual figures of various data which is very important for any of the company. This project not only includes customers views but also the retailers views that provide various information to the company by the use of various pie charts, which give the easily readable data to the company. 44

RESEARCH METHODOLOGY
Research Brief:Keeping the objective of the study in mind it was decide to carry out a survey among dealers in the various routes in Jaipur. It was done with the help of questionnaire. This process was carried over a period of 30 days. About 40 dealers were contacted. This study was aimed to get information about the Image of Titan in small cities I used some parameters for attaining objectives of the survey, there are as follows: (a) (b) In questionnaire, direct question was asked to the dealers. I have direct discussion with dealers regarding to the sales and about the competitors.

PROJECT DESCRIPTION
BRAND IMAGE OF TITAN IN SMALL CITIES has designed and developed for the TITAN Company to know about the image and brand value of the Titan Company. This project is to get the real image of the company in small cities so that they can improve the performance in small cities. This research project is to show how The gender The age The mentality Their profession Their income levels 45

Research Design
The Research was descriptive in nature as is dealt with describing the market and the behaviour of consumers. The research was designed to discover the potentiality of BRAND IMAGE OF TITAN IN SMALL CITIES at Jaipur and also the survey of the individuals to know about their perception, the psychological factors associated with the product, the benefits they are looking forth from the product and how do they rank in terms of risk and returns associated with it.

Sample Design
The first step in order to accomplish the task was to draw a sample. To serve this purpose, the sample technique adapted was Random Sampling. Sample Size for the conduct of survey was taken as 50 dealers to get the details with necessary and reliable information. Also by adopting this procedure it was ensured that the sample drawn would have the same composition and characteristics of the population.

Type of Universe
The dealers and retailers, who were dealing in the Titan and other brands, were the sources of getting information.

Sample Size
Since the population was homogenous in nature to large extent, hence a sample size of 50 respondents was taken into account to achieve the objective of the study. Other prominent factors, kept in view while determining the size of the 46

sample, the number of questions in the schedule, the sampling procedure adopted and the time constraints. Thus it fulfilled the requirements of efficiency, reliability and flexibility.

Data collection
I have used primary data in research study and it was collected by using Random Survey technique. Keeping the objective of dealers in the various route of city, it was done with the help of questionnaire. This process was carried over a period of about 40 days.

Data Sources
Primary data: Interviewing the dealers and collected primary data by the questionnaire method. Secondary data: Secondary data was collected from some magazines and some website and with the help of Mr. Ujjwal.

Research Instruments
Research was done with the help of questionnaire consists of 11 sample questions.

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Contact Method
Initially dealers were informed about the project that it is the practical fulfillment of the course and then requested to give their response to the questionnaire. The only problem faced here was that some they could not spare their time immediately to give response. Some time dealers were not aware of English Language. Thus the language was explained to them in the local language and then answers were got from them. Thus a structured interview was taken.

Steps to be followed:
Formulation of research problem. Collection of data. Analysis of data. Interpretation. Presentation of report.

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ANALYSIS AND INTERPRETATION

1. CONSUMER SEGMENTATION ON PRICE BASIS

S No.

Price

BRAND Grey market-Chinese

PERCENTAGE

1. 2. 3. 4.

Below 400 400-1000 1000-5000 Above 5000

watches Maxima, HMT Titan, Citizen Omega, In sigma Calvin

11 43 33 13

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SEGMENTATION
1 Below 400 Grey market-Chinese watches 2 400-1000 Maxima, HMT 3 1000-5000 Titan, Citizen 4 Above 5000 Omega, Insigma Calvin
2. FAMILY MONTHLY INCOME
S No. 1. 2. 3. 4. Monthly Income Below 10000 10000-25000 25000-50000 Above 50000 Percentage 47 33 17 3

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Monthly Income

1 Below 10000 2 10000-25000 3 25000-50000 4 Above 50000

In this customer ranked the Titan Company in their own view and also share about what is the most important for him for the Titan. In this pie chart this is clearly shown that brand image of Titan is most important for the consumer.

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3. RANKING OF TITAN IN CONSUMER VIEW

S No.
1. 2. 3. 4. 5. 6.

Basis
Brand Image Service Price Guarantee Style Quality 52

Percentage
15 20 7 22 9 17

Ranking

1 Brand Image 2 Service 3 Price 4 Gurantee 5 Style 6 Quality

In this pie chart consumer tells about his preference when he is going for purchase what is most important to him in this pie chart. We know that brand image of Titan is most important for the consumer but in this pie chart company cannot neglect anything for their consideration because every single percent is showing their sales value.

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4. PREFERENCE INDUCES TO PURCHASE

S NO.

PREFERENCE

PERCENTAGE

1. 2. 3. 4.

Word of Mouth Discount Brand Endorsement Image 54

14 29 10 47

PERCENTAGE

1 Word of Mouth 2 Discount 3 Brand Endorsement 4 Image

SWOT ANALYSIS

STRENGTH
Titan retained no. 1 brand in the brand equity survey Super brand 2003-brand equity award. 55

WEAKNESS
Non-availability of cheaper raw material from domestic sources. Titan weakness is that Titan has not focused on lower end level rural areas which is contributing about 40% share in Indian watches market.

OPPORTUNITY
Branded jewelry is less than 2% of the over all market so there is importance of jewelry to Indian customers. Globalization and revamping of brand India and Indian brands. Huge market in the exchange business marketing of other brands in consumer attitude increasing penetration will drive growth of low end mass market segments.

THREATS
Luxury watches are highly cyclical. Changing trends in fashion liberalized. Import of watches in the EXIM policy allows major international players to enter in the high-end segment. Raw material cost are said to be high because of high import duties.

CONCLUSION
According to the data collected by the survey method about the company I found that company performed well if we take overall market of INDIA but if we take only small cities company do not perform so well. Generally TITAN Brand is not for the small cities or low-income group people.

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Titan already made different alternatives in the name of SONATA but still there are lot of customers who can afford Titan but not purchase it because of some reason as: Service time taken by the company, sometime there is not availability of high range watches. The main targeted customer is between the ranges of 1500-10,000 because after 10,000 customers will go for another premium watches because of new model and brand and before 1500 customer has no option to buy this and sometime retailers convince the customer to other brands due to unawareness of the customer in Titan company.

SUGGESTION

Improved feedback system. Need to improve their service or reduce the time.

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 New promotional techniques should be used in small cities also. Special discount for the loyal customers. Company should launch new sports model in Fastrack in low range. New attractive models in range of 1000 to 1500. Need to operate Customer Care Office to identify the problems of customer. Give special credit to small cities for Premium Watches. Try to keep a strong relationship between the customer and the company.

TITAN QUESTIONNAIRE
NAME_____________________________ 1. Gender ?

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M[ 2. Married ? Y[ 3.

F[

N[

Members in family ? a) <2 b) 2-4 c) >4

4.

Monthly family income ? a) >5000 b) 5000-10000 c) 10000-25000 d)<25000

5.

Age group you belong ? a) <15yrs. b) 15-21yrs. c) 21-30yrs. d) >30yrs.

6.

You are? a) Under 10th b) 12th c) graduate d) post graduate

7.

You are? a) student b) house person c) business person d) service person

8.

When you wear watches? a) daily b) weekly c) occasionally d) never

9.

In which way you prefer watches ?

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a) necessity

b) fashion

c) need

d)jewelry

10. Preference of wearing watches ? a) classic b) sports c) party wear d) stainless steel

11. Which watch company you prefer wearing ? a) Titan b) Timex c) maxima d) HMT

12. Have you ever gifted watches to anybody or received ? Yes [ ] No [ ]

13. How many watches you have ? a) none b) one c) two d) more than two

14. What promotion induced you to purchase TITAN brand? a) retailer b) advertisement c) image d) discount e) brands endorsement

BIBLIOGRAPHY

BOOKS 60

Research Methodology by C.R. Kothari

WEB www.clocksonly.com www.google.co.in Wikipedia.org www.indiainfoline.com MAGAZINES 1. Business World 2. Business Today

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