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1. Introduction………………………………………………………………….

Page 1

2. Marketing Planning Process…………………………………………..Page 2

3. Segmentation………………………………………………………………..Page 3

4. Customer Driven Marketing Strategy…………………………….Page 5

5. Market Segmentation Procedure…………………………………..Page 12

6. Targeting……………………………………………………………………….Page 13

7. Differentiation……………………………………………………………….Page 16

8. Positioning…………………………………………………………………….Page 17

9. Conclusion…………………………………………………………………….Page 20
Though Maldives is a small island nation, there is almost nothing that is not available here.

Established in 1980, Reefside Co. Pvt Ltd dedicated to provide branded products. This was a
time when the general merchandise in Maldives consisted of mixed items and this
exclusiveness was something unique and extravagant. It was this dedicated effort that brought
out the growth of the company. Among those leading brands, Reefside is the exclusive
authorized distributer of TITAN watches in Maldives.

World’s sixth largest manufacturer brand of watches

Titan Industries is the world’s sixth largest and India's leading manufacturer of watches. The
company has manufactured more than a 100 million watches till date; and has a customer base
of over 80 million. The umbrella brand Titan is one of India's leading watch brands that brought
about a paradigm shift in the Indian watch market, offering quartz technology with
international styling.

The brand Titan is committed to offering its consumers watches that represent the compass of
their imagination. Titan's customers are therefore consistently introduced to exciting new
collections, which connect, with various facets of their deep−rooted yearnings for self-
expression. The new brand philosophy of Titan, encapsulated in the words "Be More", touches
this as well as all other aspects of the brand.

The market surveys show that more than 40% of adult Maldivians own a watch and about 90%
of them own a single watch. There are more than 10 worldwide brands of watches available in
Maldives. So as to sustain and strive in this scenario, a company has to market itself well.
Among those marketing strategy applied by the company, one is STDP (Segmentation, Target
Marketing, Differentiation and Positioning) ANALYSIS. As the world’s sixth largest
manufacturer brand of watches, TITAN Watches attracts the classes and mass both.
Businesses that succeed do so by creating and keeping customers. They do this by providing
better value for the customer than the competition.

Marketing management constantly have to assess which customers they are trying to reach and
how they can design products and services that provide better value (“competitive
advantage”).

Marketing planning is the process of making and coordinated set of decisions that constitute a
marketing strategy for one or more target market.

Marketing process can be realized by the marketing mix in step 4

TITAN PERSPECTIVE

The brand Titan is committed to offering its consumers watches that represent the compass of
their imagination. Titan's customers are therefore consistently introduced to exciting new
collections, which connect, with various facets of their deep−rooted yearnings for self-
expression. The new brand philosophy of Titan, encapsulated in the words "Be More", touches
this as well as all other aspects of the brand.
Dividing the market by grouping the customer with similar tastes and preferences into one
segment is called is called “segmentation”. Segmentation help marketers understand the needs
of different customers better and serve them with better value propositions.

A market comprises of different consumers possessing innumerable tastes and


preferences. Depending on their marketing approach and the nature of the products marketers
can adopt different level s of segmentation. The levels of market segmentation are:

 Segment Marketing
 Individual Marketing
 Niche Marketing
 Local Marketing

A) SEGMENT MARKETING: Marketers target more than one segment when it is not
economically feasible to design products and services for individual segments. The focus
of segmenting the market will be on providing enhanced service to the customer by
offering customized products that will satisfy the needs and wants of customer in that
particular segment to a large extent. Segmentation is also sometimes identifying,
capturing and retaining potential new markets.

TITAN PERSPECTIVE

Titan has segmented its business into three main categories:

 Mass

 Mid-premium

 luxury

B) INDIVIDUAL MARKETING: Individual Marketing is the extreme level of segmentation in


which marketers focus on individual customers.

TITAN PERSPECTIVE

Titan has not applied this for its marketing.


C) NICHE MARKETING: A niche is more narrowly defined group, typically a small market
whose needs are not well served. Marketers usually identify niches by dividing a segment
into sub segments or defining a group seeking a distinctive mix of benefits.

TITAN PRESPECTIVE
In a study conducted to study the customers of watch market, it is revealed that 42% of
them are youth. So, TITAN tried to target this by:

Introducing FAST TRACK

Extraordinarily innovative technology coupled with a fresh sense of style in the Titan
Fastrack watches became an instant rage especially with youths. With a price range of
MRF 300/- to MRF 800/- it is highly affordable as well as stylish.
In the Titan portfolio it is believed to contribute a 4% value. Significant rise in Titan
Fastrack watches sales has subsequently compelled Titan to establish it as a separate
brand.

D) LOCAL MARKETING: Marketing programs being tailored to the needs and wants of local
customer groups. The prominence of local marketing has also become very dominant.

TITAN PERSPECTIVE
All the products of TITAN are addressed to all the customers as a whole. Localized products are
not available.
Mass Marketing

Broad-brush, unfocussed attempt to appeal to an entire market with one basic marketing
strategy utilizing mass distribution and mass media. Also called undifferentiated marketing. But
Companies today have recognize that they cannot appel to all buyers in the marketplace or at
lest not in the same way. Buyers are, too widely scattered, and too varied in their need and
buying practice. Hence, it must design marketing strategies that build the right relationship with
the right customers.

Thus, most companies have moved away from mass marketing and towards

Target Marketing: Identifying market segments, selecting one or more of them, and
developing products and marketing programs.

There are mainly 4 types of segmentations.

 Geographic
 Demographic
 Physiographic
 Behavioral Segmentations

Geographic segmentation: It calls for dividing the market into different geographic units such
as nations, states, regions, countries, and cities.

More than 20% of total population of Maldives is foreigners, especially Indian’s and Sir-
Lankan’s, who are here for different purposes.

TITAN PERSPECTIVE

Titan’s brands like Bandhan, Regalia, Royal and Karishma is especially targeted to Indians and
Sir-Lankan, who are here Maldives.

With the gold plated luxury look with an affordable price range of MRF 300/- to 900/-.
BANDHAN ROYAL KARISHMA REGAL

Demographic segmentation: In this the market is divided into groups on the basis of variables
such as age, family, size, life cycle, gender, income, occupation, education, religion, race,
generation, nationality, social class. These variables are the most popular basis for
distinguishing customer groups. The following are some of the demographic variables used to
segment the market:

 Age and life cycle stage: Consumer wants and preferences change with age. These
tastes and preferences are not constant and change with time.
 Gender: Gender segmentation has been applied to clothing hairstyling cosmetics,
wristwatches, magazines etc. There are certain brands, which are positioned exclusively
for a specific sex.

TITAN PERSPECTIVE

 Age Group 15 to 20 : FASTTACK, with its stylish and colorful factor


and with its innovative and Fashionable designs.

LADIES

GENTS

 Age Group 21 to 27: for this segment TITAN has more than 1 brand.
AUTOMATIC, ORION, OCTANE, STEEL and EDGE
With a price range from MRF800/- to MRF 2000/-its Unique
Design and Style and more professional look with Steel and
Leather Straps for guys.

TITAN EDGE has position its Status AUTOMATIC, OCTANE, STEEL


as WORLD slimmest Watch.

For this age group segment TITAN has a very Elegant, Luxury look
for the Ladies. RAGA, RAGA CRYSTAL.with a price range from
MRF800/- to MRF2000/-. Titan has wins the hearts of all.

RAGA RAGA CRYSTAL

 Age Group 28 to 40: TITAN CLASSIQUE, with its Elegant design and Classique look
for guys, with a affordable price range of MRF400/- to MRF700/-.
TITAN RAGA DIVA, with its looks and graceful design for ladies.
With a high-class look only for MRF 1000/- to MRF 2000/-. Royalty
at your finger tips.
RAGA DIVA CLASSIQUE

Income: Marketers tend to segment product and services on the basis of income
groups. Nowadays, companies have recognized the potential of lower end income
groups and have started targeting them.

TITAN PERSPECTIVE
Titan offers its products with a price range to suit the different income groups such as:
- Below MRF 500/-
- Between MRF (500/- to 700/-)
- Between MRF (700/- to 900/-)
- Between MRF (900/- to 1000/-)
- Between MRF (1000/- to 2000/-)
- Nothing above MRF 2000/-

 Generation: Generation plays a major role in segmenting markets. Every generation is


deeply influenced by various activities. Such influences deeply impact their product
purchase pattern.

TITAN PERSPECTIVE
Titan has many products to satisfy all the generations. And through constant innovation
Titan developed many products for new generations like FAST TRACK, TECHNOLOGY,
FLIP etc.

 Social Class: Social Class segmentation is influenced by customer choices of


automobiles, interior decoration, clothing preferences etc. The tastes and preferences
of the social class also change according to time.
TITAN PERSPECTIVE

Titan has realized the demand of the society and has marketed its products for each of
the following social strata.
- First segment: For this segment, watch is a fashion statement. Titan has ROYALE,
AURUM, and NEBULA for this segment. These products have specialties like
European leather, sapphire crystal, scratch resistant, crafted with 18 ct. solid gold &
inlaid with precious stones.
- Second Segment: For this segment also, watch is all about fashion but price does
matter to them. In this range, Titan has RAGA,TECHNOLOGY, FAST TRACK etc.
These products have digital technology & of trendy shapes. Always splash oomph on
to your ward robes and smear danger on your look.
- Third segment: For this segment, watch is just an device to show the time. They
invest after a lot of thoughts. In this category, Titan has TIMEX, SONATA, KARISHMA,
etc.

Psychographic Segmentation: Buyers are divided into different groups based on personality,
values, belief, lifestyle, motivation, etc. People within the same demographic group can exhibit
very different psychographic profiles.

 Lifestyle: People generally exhibit different lifestyle depending upon their income, social
group etc. People usually buy the product which suits their lifestyle or the life style of
their favorite movie star.

TITAN PERSPECTIVE

According to the life style of people Titan has segmented it’s product to fit the box.like
in the luxury section it has NEBULA, AURUM etc. In the mid-premium section RAGA,
GOLD-STEEL, TECHNOLOGY, etc. And in the mass section, it has SONATA,TIMEX and
KARISHMA .

 Personality: Marketers can use personality variables to segment markets. They endow
their products with brand personalities that correspond to consumer personalities.

TITAN PERSPECTIVE
Titan advertises its products by portraying movie stars as user of its products and it
offers a lot of option to its customers. For example:-

 Values: Values affect customer behavior in the long run. Marketers can use values and
beliefs to segment the markets.

TITAN PERSPECTIVE

Time has the same value for all irrespective of cast, creed and sex. Still, Titan
successfully segmented its products according to customer values. But it is basically
related to type of generation they are in to. So, the segmentation is also related to that.

BEHAVIORAL SEGMENTATION
Organizations can divide markets on the basis of behavior that consumer shows towards the
usage of the products. Various variables for segmenting market on the basis of purchase
behavior of customers are occasions, benefits, user status, usage rate, loyalty, etc.

 Occasions: Markets can be classified on the basis of various occasions that customers
encounter because people need different products for different occasions.

TITAN PERSPECTIVE

Titan also offers occasion specific products like Formal and for wedding gift special
(BANDHAN, NEBULLA, STEEL, RAGA, GOLD&STEEL), Dress wear (REGALIA, RAGA,
GOLD&STEEL, ROYALE), Fashion (TECHNOLOGY, STEEL, RAGA, GOLD&STEEL, FAST
TRACK)

BANDHAN

 Benefits: Market is divided on the basis of the benefits customers seek from the
products. Benefit segmentation can be used to position various brands within the same
product category.

TITAN PERSPECTIVE

Titan product has benefits like:

 Watch Service Centre made its presence felt through the exhaustive after-
sales service it offered to the customer clientele.

 It provides a huge product range to choose from.

 Its products have good life cycle.

 And for most 2year warranty

 Usage Rate: The usage rate of a particular product/service can be divided into heavy,
medium and light. Marketers are usually attracted to heavy users than other type of
users.

 Loyalty Status: The loyalty status of a particular market can be divided into different
groups, according to the intensity of their loyalty to these brands.
It is a three step procedure:

1. Service stage: Here the researcher conducts exploratory interviews and focused groups
to gain insights into consumer motivations attitudes and behaviors. Then the researcher
prepares a questionnaire and collects data on attributes and their importance ratings,
brand awareness and brand ratings, product usage patterns, attitudes towards product
category and demographics, geographic, psychographics and media graphics of the
respondents.
2. Analysis Stage: In this the researcher applies factor analysis to the data to remove
highly correlated variables then apply cluster analysis to create specific number of
maximally different segments.
3. Profiling stage: Here each cluster is profiled according to its distinguishing attitudes,
behavior, demographics, psychographics, and media graphics and media patterns. Each
segment is given a name depending on its dominant characteristics. Market
segmentation should be redone periodically because they change.

For effective segmentation, segmentation variables need to exhibit certain characteristics.


These are discussed below:

 Measurable: The variable used for the segmentation of the markets should be
measurable to be effective. For example, a variable like the purchasing power of
potential customer is measurable.

 Substantial: When dividing the market into segments, a marketer should take enough
care to see that each segment consist of adequate number of customers worth catering
to.

 Accessible: The segment of the market that a marketer is trying to target should be
accessible to him. The appropriate selection of the media, its coverage and other factors
like the product distribution facilities play a major role in a marketer becoming
accessible to customers.

 Differentiable: Each segment of the market should be different from others in terms of
its needs and wants. Each segment requires different marketing strategies because it
responds to different strategies differently.

 Actionable: A segmentation variable should help marketers develop effective marketing


programs to attract and serve potential customers effectively.
It is the second stage of the Segment “Target” Position (STP) process. After the most attractive
segments are selected, a company should not directly start targeting all these segments. The
attractiveness of the segments is also depending on other important factors. In the main
activity of defining a target market, four sub activities are given which are the bases for
deciding on which segments will actually be targeted.

The four sub activities within targeting are:

1. Defining the abilities of the company and resources needed to enter a market

2. Analyzing competitors on their resources and skills

3. Considering the company’s abilities compared to the competitors’

4. Deciding on the actual target markets.

After the market has been separated into its segments, the marketer will select a segment or
series of segment and ‘target’ it/them. Resources and efforts will be targeted at the:

A) Secondly, the marketer could ignore the differences in the segments, and choose to aim a
single product at all segments i.e. the whole market. For example, Sonata and Fast track
brands of Titan are targeting mass and mid premium segment.
SONATA

FAST TRACK
B) The first is the single segment with a single product. In other word, the marketer targets
a single product offering at a single segment in a market with many segments. For
example, Titan’s sub brand, Raga is targeting the upwardly mobile ladies in the upper
premium segment.

C) Finally, there is a multi-segment approach. Here a marketer will target a variety of different
segments with a series of differentiated products. For example, Titan itself provides with
the number of different brands/products which are targeting different segments in the
market. Following is the table which represents the various sub brands and their targeted
segments of TITAN.
This means the company decides to operate several marketing segments and offer different
products and marketing offers for each segment. With this approch, the company can increase
both sales and coustomer satisfaction.
MARKET BRAND PRICE
COMPANY SUB-BRANDS TARGET CONSUMERS
SHARE ENDORSEMENT RANGE(MRF)
Automatic
Orion Maldivian high Class with
MRF 300/- to
Octane style and Quality. Age group. 10% Amir Khan
1000/-
Edge 21 to 27
Steel
Raga Maldivian high Class Ladies.
MRF 600/- to
With an Elagant and Luxury 5% Rani Mukherjee
Raga Crystal 2000/-
Look for age group. 21 to 27
Matching Pair of Watch, MRF 700/- to
Bandhan 5% Amir Khan
Perfect Gift for couples. 1500/-
With Colourful, Style and
TITAN Fashionable desines, its MRF 300/- to
FastTrack 15% Amir Khan
targeted especially for Teenage 800/-
Girls and Boys
With its Classique look and
MRF 300/- to
Classique Elegant, its targeted for Amir Khan
800/-
Gentalmen(age group 28 to 35).
10%
With its Unique, Luxuary Diva
MRF 1000/- to
Raga Diva look.. Its targeted to High class Rani Mukherjee
2000/-
Ladies (age groupe 28 to 35.

Regalia
Mainly targeted for Foreigners, Amir Khan & MRF 300/- to
Royal 15%
with its Gold expensive look Rani Mukherjee 1000/-
Karishma
Introduction:

The importance of an image has become an emotional part of everyone. A brand name
represents the image, character and personality of a brand. A brand name should be clear,
lucid, easy to remember, distinct from the competition and should not be generic to the
category. It should become customer's Top of the mind brand (TOMB). Most successful brand
names would satisfy these criterions to quite an extent. Brand loyalty is one thing which has
made the branding more popular. As someone rightly said "Brand loyalty is not dead, it's just
more like loyalty to a girl/boyfriend than loyalty to a husband/wife".

Vast flow of names today makes a brand harder to differentiate them unless they come out
with their own uniqueness. This way, they could come to their special position in everyday life.
The image following a particular name is also determined by the role of communication it
undergoes; of which the followings are included: its manner, personality, behavior, ethics,
values, etc. The importance of brands depends on the true ambitions of the company.

The increasing spread and domination of international brands has seemed inevitable for at least
the last 30 years. All around the world we have witnessed the disappearance of local brands
and local variants. But despite this trend, local and regional brands still remain strong. In India,
for example, protected for many years by government policy from the invasion of foreign
brands, homegrown brands dominate many sectors - Tata automobiles and Titan watches, to
name but a few. In the end people want both global and local brands - brands that make them
feel part of wider international community and brands that root them in their home culture.

Why are brands so important?

Strong brands help a company to maintain market share in the face of a changing competitive
environment and it has been shown that a strong market share is associated with above-
average profits. Brands have become assets in their own right. In addition, they represent low-
risk opportunities for the manufacturer or service provider and they also represent reduced risk
for the consumer.

What is meant by brand positioning?

Positioning is statement that shows how you are different, better or more special than your
competition. Position is that one thing that one descriptive sentence or slogan the company is
known for that one specific idea that first comes to mind about the product. It is that one
characteristic that sets the service apart from competitors.
For

 McDonalds is “A fun place for kids.”


 Nokia “Connecting People”
 Coca-Cola “ Enjoy”
And for TITAN “Be More”

Why brand positioning is important?

We need to be clear about why it is important to position a brand-and exactly what a brand is.
As consumers, we are all influenced by the effects of a powerful brand positioning-
"brainwashed," so to speak-to have preference for one versus another. But today there are so
many choices for consumers that this term has a secondary derivation-"whitewashing."

That is, the brand choices are so varied and the differentiation so minimal in terms of product
functionality that we're faced with a sea of indiscernible offerings. This is why it is critical for a
brand to be well positioned and uniquely differentiated.

What does the result of brand positioning research show?

The market position of a brand shows where a specific brand is located. It also shows the
relationship to competitive brands. We can determine the market position of a brand on the
basis of the answers to the following four questions:

1. Why (which benefits and advantages does the new brand bring to the consumer)
2. When (determining the opportunities for which the brand is most suitable)
3. For whom (it is about the determination of the consumer of a brand or target group)
4. Against whom (determining the main competitive brands)

TITAN PERSPECTIVE

a. Titan initially pioneered the concept of "Gifting watches". The ads captured the essence
of gifting and along with the trendy music, easily caught the imagination of the market.
Customers who were fed up with ugly time machines welcomed the brand and Titan
had a dream run for many years. Titan then moved away from gifting. Titan was
positioning itself as a fashion accessory rather than a time keeping device. Titan also
found its persona in Mr. Aamir khan which provided the much needed edge to the
brand. Titan was careful in keeping the brand above the celebrity. The ads were fresh
and neatly executed. The idea was to make watches that would be seen as style and
fashion accessories rather than just utilitarian devices. The company decided to use
Aamir Khan in brand and product communication on television and in the print and
outdoor media.

Though, the distribution and service network of Reefside had served as an effective
entry barrier in the 1990s, other brands were becoming increasingly popular in the early
2000s. But with TITAN’s Quality and affordable price for everyone, TITAN holds the
Market Shares of 60% in Maldives.
Titan is world’s sixth largest manufacturer plant for watches. It has achieved this position by
its wonderful marketing strategies. From time to time, it has been involved in STDP analysis to
sustain its brand image and growth rate and also to become the leader in the Indian watch
market and also in international market. Through its meticulous segmentation, it has been
able to reach out to every possible single segment of consumers. The product range varies
from MRF 300/- to MRF 2000/- covering all the economy and super premium segments. Iit is
also a strong competitor of various leading International watch makers. The main competitors
of Titan are Timex, Citizen, Esprit, and Swatch. HMT is its closest competitor in numbers. Titan
manufactures over 7 million watches per annum and has a customer base of over 65 million.
Titan has over 60 per cent of the domestic market share in the organized watch market. Its
exclusive retail showroom chain – World of Titan – is amongst the largest in its category. Titan
watches are sold through over 9,000 outlets in over 2,300 cities and internationally in over 30
countries including the UK, Spain, Greece and countries in the Middle East and Maldives.
The authorized distributer in Maldives Is Reefside Co. Pvt Ltd. Which brings titan to us.
Watch Service Centre made its presence felt through the exhaustive after-sales service it
offered to the customers delight.
Vision of Reefside Watch Service Center
To expand our services to meet the requirements of the growing phase of Maldives tourism
and the relocation of the population to spread out islands.
Reefside is the Authorized service center for TITAN.