Customer-Driven Marketing Strategy of Titan (Watch Division)
Introduction
The company we have chosen to analyze in our assignment is the world's fifth largest wrist watch manufacturer and India's leading producer of watches, Titan. This assignment tells us briefly what Titan actually is, its customer driven marketing strategy, how they create value for target customer view on the size and sales of the company and also the various market segmentation strategies, target market strategies and differentiation and positioning their products to desired market with customer satisfaction.
Titan entered the Indian market of wrist watches in 1984, at a time when HMT watches were enjoying a monopoly-situation. The venture took birth from the TATA group and today is India's market leader in wrist watches. The constant innovation and effective market segmentation has been the great boon of the company. Today the company has a model for every price segment and every market.
Figure 1
English: A wrist watch from TITAN
Sample Target Audience Questionnaire Template for ...Initially when the mechanical technology was the norm, Titan went against the tide and built-up its line with Quartz.
Discussion:
The four major steps in designing a customer-driven marketing strategy are-
Market segmentation involves dividing a market into smaller groups of buyers with distinct needs, characteristics, or behaviors that might require separate marketing strategies or mixes.
Market targeting consists of evaluating each market segment's attractiveness and selecting one or more market segments to enter.
Differentiation involves actually differentiating the firm's market offering to create superior customer value.
Positioning consists of arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers.
Market segmentation of Titan
Market segmentation is concerned with identifying differences in the buyer behaviour, allowing a firm to match its capabilities with distinctive products and related marketing programs. Market segmentation tends to focus on the marketing...