Titan assignment
Download as DOCX, PDF1 like815 views
- Titan Watches has over 1 million customers worldwide through its World of Titan retail stores and third-party dealers. It has a 45% market share in India. - Titan outlines several trade promotion objectives including reducing the role of middlemen by opening more World of Titan stores, increasing publicity of these stores, and promoting online sales through its website and partners like Flipkart. - Titan also aims to improve customer relationships by enhancing after-sales service, training sales staff, and offering discounts on occasions like Mother's Day to boost emotional connections and sales.
Titan assignment
- 1. Background The Titan Watches division has sold over a million watches through the unique retail format of 'World of Titan' - where both in-house brands & licensed brands are offered - and through a vast network of dealers and lifestyle stores in India and in 27 countries worldwide. The division offers after-sales service network that has been considered a benchmarked operation in the industry. During 2010, TIL increased its market share in multi-brand outlets (as measured by M/s. Francis Kanoi Research) by a further 2% to 45%, in the face of competition from over 65 competitor brands. Titan’s share in the total market including sales at exclusive stores and corporate clients stands at 47% by value. TRADE PROMOTION Objective_1 To reduce the middle man Activity As by opening new shops such as the World of Titan and hence the element of middleman is not there. The retailer in this category buys watches for 17-18% lesser than MRP and hence Titan may able to get the profit margin up to 17% on sales. Reason for choosing ● Will incease the profit margins as, margins given to retailer will directly add to companies revenue. ● Will be able to get Customer insight more easily How it will be Measured As Company is owning the store, profits as well as feedback can directly be measured through retail outlets. Objective_2 To increase the publicity of company owned Store
- 2. Activity Titan can manage the perceived value of customer on ‘World of Titan’ using hoarding all around the city, increasing buyer image, trustworthiness, innovation, differentiation, value for the product. Reason for choosing Customer will prefer Company store for buying Titan products. How it will be Measured Pre promotion Sales and after promotion Sales performences will be compared Objective_3 Promoting Online Trade Activity As E-commerce is the new trend, for buying and selling, Titan already has its own ecommerce website and has tie- ups with various other vendors like Flipkart and ebay. Further Strengthening the relations and providing more 1-2% margins to the websites vendors. Reason for choosing Because its the in trend and for consumer its easy to see and compare all designs, and then can buy online or through retail stores How it will be Measured Data can easily be gathered from websites vendors that how many people visit each product and how many buy. Objective_4 To improve Customer relationship by improving Sales Service by training Sales Personal Activity After sales service has to be improved. That is, the process of servicing and repairing of watches should be made faster. This can be done by ensuring the spare parts availability and training all sales personnel in Titan showrooms to undertake these tasks. Reason for choosing This will Improve Customer loyalty and will improve relationship.
- 3. How it will be Measured Proper feedback will be taken after every service given to condumer CONSUMER PROMOTION Objective _1 To enhance customer relationship ( emotional ) and to improve sales Activity During special occasions like Father’s day, Mother’s day, etc. Discounts or other offers on related watches with proper advertising to make people aware that Titan has something special for them on this special occasion. Reason for Choosing This will improve customer relationship and also will improve sales How will it be measured Can be measured by calculating the increase in sales ● Titan is one of the companies, which formally believes in the policy of promotion of the product based on the occasions. ● To increase its visibility, Titan Company can sponsor events similar to fashion shows in which all latest designs launched are displayed. This would have multiplier effect as the latest designs launched by the company get noticed by different segments of the customers in varied ways. ● Provide more discounts on Online buying through Titan’s own website, because the cost of retail shop is saved. ● Can come up with Corporate Discounts of around 10% in particular sectors, like corporate discount for IT company employees.