customers perception about titan stores in hyderabad

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A Specialization Project Report on

Study on Positioning Strategy & Customer

Satisfaction level of Titan Stores in Hyderabad

Report submitted in partial fulfillment ofPOST GRADUATE DIPLOMA IN MANAGEMENT

Submitted By

Santosh Singh

PGDM ( Marketing )- 5th Batch

Roll No. M5-34

Under The Esteemed Guidance of

.

SIVA SIVANI INSTITUTE OF MANAGEMENT, KOMPALLY

SECUNDERABAD-500014

(2010-12)

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ACKNOWLEDGEMENT

I bow to Almighty for bestowing upon me with patience, perseverance and courage tocomplete this project timely and successfully.

I express my heartiest gratitude to my extreme teacher, ..,Faculty, SSIM, whose thorough knowledge; excellent guidance, valuable helps and co-operative nature became the way to complete this project report in the proper manner.

I also thanks ., in charge Library and other library staff forproviding all the literatures required completing the project.

Last but not the least; I want to express my gratitude towards my parents and my friends

for their cooperation during the project.

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DECLARATION

I, Santosh Singh, declare that this project report titled CustomersPerception about Titan Stores in Hyderabad is done by me on my own.I further declare that it is my original work as a part of my academic course.I have not published it anywhere else for any academic or business purpose.

PLACE: Hyderabad Santosh SinghDATE: PGDM ( Marketing ) 5th batch

M5-34

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TABLE OF CONTENT

S.NO. CHAPTER NO. DESCRIPTION PAGE

NO.1 Chapter 1 1-7

2 Introduction 2-3

3 Literature review 4

4 Objective Of The Study 5

5 Scope Of The Study 5

6 Significance Of The Study 5

7 Limitations Of Study 6

8 Scheme Of Dissertation 7

9 Chapter 2 Research Methodology 9

10 Method Of Data Collection 9

11 Primary Data 9

12 Secondary Data 9

13 Sampling Procedure 9

14 Sample Size 9

15 Chapter 3 Organizational profile 10-32

16 Industry profile 11-21

17 Company profile 22-32

18 Chapter 4 Data Analysis And Interpretation 33-42

19 Chapter 5 Findings And Recommendations 43-46

20 Findings 44-45

21 Recommendations 45-46

22 Chapter 6 Annexure 47-50

23 Questionnaire 48-4924 References 50

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CHAPTER I

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INTRODUCTION

Until some years ago, in order to build a store, the only decision to make was to choose the

location and display the items on the shelves. However, nowadays, with the market getting

more saturated, the consumers usually make their purchase decisions based more on thestore image than on its tangible physical attributes. The retail stores have images of their

own that serve to influence the perceived quality of products they carry and the decisions of

consumers as to where to shop. Consumers also possess self -images, which are strictly

associated with their personality. Consumers tend to shop in stores that have images

consistent with their own self-images. The retail store can be the key success factor, the

competitive advantage of a retail company. The major source of competitive advantage for

retailers is found in the value added delivered to customers, through the performance of

functions or activities. This value added must be firmly based upon customer needs and

values, and may comprise both tangible or functional and intangible or symbolic elements.

Therefore, it is fundamental that the stores understand the store image importance in the

positioning statement. The success or failure of stores can often be attributed to under tested

or underemphasized elements of their image. That is why a number of chains are

increasingly stressing customer service and the provision of a pleasant shopping experience,

rather than focusing on price promotions.

The image monitoring process is, therefore, a tool that can either dictate immediate actions

or direct longer-term marketing programs. For McGoldrick, the accumulated image is also

an indicator of the asset value of the retail brand, which represents the long-term results of

the marketing activities.

The India Retail Industry is the largest among all the industries, accounting for over 10

per cent of the countrys GDP and around 8 per cent of the employment. The Retail

Industry in India has come forth as one of the most dynamic and fast paced industries

with several players entering the market. But all of them have not yet tasted success

because of the heavy initial investments that are required to break even with other

companies and compete with them.

The India Retail Industry is gradually inching its way towards becoming the next boom

industry.

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The total concept and idea of shopping has undergone an attention drawing change in

terms of format and consumer buying behavior, ushering in a revolution in shopping in

India.

Modern retailing has entered into the Retail market in India as is observed in the form of

bustling shopping centers, multi-storied malls and the huge complexes that offer

shopping, entertainment and food all under one roof.

A large young working population with median age of 24 years, nuclear families in

urban areas, along with increasing workingwomen population and emerging

opportunities in the services sector are going to be the key factors in the growth of the

organized Retail sector in India.

The growth pattern in organized retailing and in the consumption made by the Indian

population will follow a rising graph helping the newer businessmen to enter the India

Retail Industry.

In India the vast middle class and its almost untapped retail industry are the key

attractive forces for global retail giants wanting to enter into newer markets, which in

turn will help the India Retail Industry to grow faster. Indian retail is expected to grow

25 per cent annually. Modern retail in India could be worth US$ 175-200 billion by

2016.

The Food Retail Industry in India dominates the shopping basket. The Mobile phoneRetail Industry in India is already a US$ 16.7 billion business, growing at over 20 per

cent per year. The future of the India Retail Industry looks promising with the growing

of the market, with the government policies becoming more favorable and the emerging

technologies facilitating operations.

LITRETURE REVIEW

The store image is the mixture of tangible and intangible dimensions, and the complexity of

meanings and relationships attributed to retailers by customers have long been recognized.

One of the earliest definitions of store image was offered by Martineau in 1985, in his

classical book The personality of the retail store, which emphasizes the need to consider

not only more visible or measurable factors, but also the less tangible factors, such as the

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personality of the store. Store image is the way in which the store is defined in the

shoppers mind, partly by its functional qualities and partly by an aura of psychological

attributes.

The effect of any specific stimulus would be largely determined by a number of individualstate variables or conditions of deprivation/satiation and societal and sub cultural norms. It

means that many personal characteristics and expectations of the society within which the

individual lives influence perceptions, reactions and therefore the nature of the images

formed. It was observed that while images are usually formed on the basis of limited

information, they nonetheless assume a greater proportion and significance than the

individual contributory Retail store image: analysis of the implications for store positioning

Ambient odors as part of the retail

Atmospheric Ambient odor is one of the elements of a retail atmosphere that has not

received the interest from researchers that it probably deserves. The perception and

interpretation of odors is a complex phenomenon that involves a mixture of biological

responses, psychology, and memory. Of the five senses, smell is considered to be the

most closely attached to emotional reactions because the olfactory bulb is directly

connected to the limbic system in the brain, which is the seat for immediate emotion in

humans. This makes ambient odors in a retail environment an important atmospheric

variable to study because fragrances have an increased likelihood of producing an

emotional reaction from consumers

OBJECTIVES OF THE STUDY

To find the image of the store in the mind of customers.

To find the positioning of World of Titan in the mind of customers.

To find out which Communication channel pulled what per-cent of individuals to

the store. To find out the competitors of Titan Stores

To find out the satisfaction level of the customers

To find out the income level of customers visiting the stores and the frequency of

the visit

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SCOPE OF STUDY

This study will give the whole idea about the image of world of titan store in the mind of

consumers. It will help to understand customers behavior their likes and dislikes and

preferences in the stores, which will give a clear view to the store to make correction in

that fields if required. It will also help to the store employers to get the customers

perception about the store and areas where they need to improve. The study will suggest

positioning the store according to customers point of view.

SIGNIFICANCE OF THE STUDY

This is a limited study which takes into consideration the 50 respondents. This Data can

be taken in consideration for exploration of market for all products which Company

deals with. And this study can give whole industry trend and suggest some Good

marketing strategies to put on practice. The significance for the industry lies in studying

these trends that emerge from the study. It is a rapidly changing and evolving sector. As

some new global giants have entered in the Indian market which is direct challenge for

the titan. So now it is very tough to sustain in this scenario.

LIMITATIONS OF THE STUDY

Though the present study aims to achieve the above mentioned objectives in full earnest

and accuracy, it may hampered due to certain limitations. Some of the limitations of this

study may be summarized as follows:

1. Sample size is limited; only 50 respondents were taken in sample.

2. This study carried out on the responses of visiting people in the stores in only two

stores i.e. paradise and somajiguda.

3. Getting accurate responses from the visitors was difficult as some were in hurry.

4. Limited time period to collect data and carry out study.

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5. Study may not reveal the standard result which may fit in each and every

condition due to limited sample size and time.

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SCHEME OF DISSERTATION

This study has been carried out To study titan store image in mind of consumers.

For this market research 50 questionnaire were filled by customers in titan store in

paradise, and somajiguda in Hyderabad.

The study is carried out to find out the image of titan sunglasses and watches in the

mind of consumers. The study also explores the perception of consumers about titan

watches and sun glasses.

Introduction: Introduction gives a brief idea about retail industry, scope of study,

significance of study, and objectives of the study.

Organization Profile: This part comprises of retail industry profile and watch and

sunglasses industry profile and company profile. This part gives a brief idea about

current trends in industry and company.

Research methodology: This part give an idea about research design, sample

size/design and method of data collection, and tools used in analyzing the data.

Analysis and Interpretations: This part tells about data analysis, method carried out for

data analysis and interpretations from the analysis part.

Findings and Recommendations: This part gives an idea about what are the major

findings of the study and recommendations to work on the findings to gain market

share.

Bibliography and Annexure: This part comprises of references taken for this study and

questionnaire which was framed for this study.

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CHAPTER II

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RESEARCH METHODOLOGY

This research involved a study, which was descriptive in nature. It basically aims at

gathering primary data from the titan watches and sunglasses store at paradise store and

somajiguda store respectively to check the store image and brand image in mind ofconsumers.

Methods of Data Collection:-

Primary Data

Primary Data Collection: - Primary data is collected by Survey. Here, only survey

method of data collection is preferred which is very suitable to reach the researchers

motto.

Research Instrument: - Printed questionnaire was used as the research

instrument to collect the required information.

Area of Survey: - The survey was conducted in titan store in paradise, and

somajiguda in Hyderabad.

Secondary Data

Secondary data was collected by different mediums like research papers, different

company websites and data provided by store employees to carry out study.

Sampling Plan: - Sampling plan consists of:

a) Sampling unit: - The stores located in Hyderabad.

b) Sample Size: - it was taken sample size of 50 respondents for this study.

c) Sampling Procedure: - Random sampling procedure was followed.

d) Sampling Method: - Data were collected by interviewing visiting

consumers at store personally.

Tools used to analyze the data:

MS EXCEL was used to analyze the data.

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CHAPTER III

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INDUSTRY PROFILE

RETAIL INDUSTRY

The Indian retail market, which is the fifth largest retail destination globally, has been

ranked the second most attractive emerging market for investment after Vietnam in the

retail sector by AT Kearney's seventh annual Global Retail Development Index (GRDI),

in 2008. The share of retail trade in the country's gross domestic product (GDP) was

between 810 per cent in 2007. It is currently around 12 per cent, and is likely to reach

22 per cent by 2010.

A McKinsey report 'The rise of Indian Consumer Market', estimates that the Indian

consumer market is likely to grow four times by 2025. Commercial real estate services

company, CB Richard Ellis' findings state that India's retail market is currently valued at

US$ 511 billion.

Banks, capital goods, engineering, fast moving consumer goods (FMCG), software

services, oil marketing, power, two-wheelers and telecom companies are leading the

sales and profit growth of India Inc in the fourth quarter of 2008-09. India continues to

be among the most attractive countries for global retailers. At US$ 511 billion in 2008,

its retail market is larger than ever and drawing both global and local retailers. Foreign

direct investment (FDI) inflows as on January 2009, in single-brand retail trading, stood

at approx. US$ 25.18 million, according to the Department of Industrial Policy and

Promotion (DIPP).

India's overall retail sector is expected to rise to US$ 833 billion by 2013 and to US$ 1.3

trillion by 2018, at a compound annual growth rate (CAGR) of 10 per cent. As a

democratic country with high growth rates, consumer spending has risen sharply as the

youth population (more than 33 percent of the country is below the age of 15) has seen a

significant increase in its disposable income. Consumer spending rose an impressive 75

per cent in the past four years alone. Also, organized retail, which accounts for almost 5

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per cent of the market, is expected to grow at a CAGR of 40 per cent from US$ 20

billion in 2007 to US$ 107 billion by 2013.

India has emerged the third most attractive market destination for apparel retailers,

according to a new study by global management consulting firm AT Kearney. It further

says that in India, apparel is the second largest retail category, representing 10 per cent

of the US$ 37 billion retail market. It is expected to grow 12-15 per cent per year.

Apparel, along with food and grocery, will lead the organized retailing in India. India has

one of the largest numbers of retail outlets in the world. A report by Images Retail

estimates the number of operational malls to grow more than two-fold, to cross 412, with

205 million square feet by 2010, and a further 715 malls to be added by 2015, with major

retail developments even in tier-II and tier-III cities in India.

Marks & Spencer Reliance India is planning to open 35 more stores over the next

five years, according to Mark Ashman, CEO of the company. The 51:49 joint

ventures between UKs Marks and Spencer and Reliance Retail Ltd already have

15 stores in India.

Future Group has been restructured to test the new rules on FDI under Press

Notes 2, 3 and 4 issued in February 2009. The company plans to bring in up to

US$ 148.7 million in foreign investment. Although FDI is permitted only in

single-brand retail and not permitted in multi-brand retail businesses like Future

Group's, the conglomerate has created two layers of operations to take advantage

of the three Press Notes that allow FDI up to 49 per cent in operating-cum-

investment companies as long as they are owned and controlled by Indians.

Carrefour SA, Europes largest retailer, may start wholesale operations in India

by 2010 and plans to set up its first cash-and-carry outlet in the National Capital

Region. Currently, Carrefour exports goods worth US$ 170 million from India toEurope, UAE, Indonesia, Europe, Thailand, Singapore and Malaysia.

Jewellery manufacturer and retailer, Gitanjali Group and MMTC are jointly

setting up a chain of exclusive retail outlets called ShuddiSampurna Vishwas.

The joint venture, which plans to open around 60 stores across India by end of

this year, will retail hallmarked gold and diamond jewellery.

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Mahindra Retail, a part of the US$ 6.7-billion Mahindra Group, plans to invest

US$ 19.8 million by 2010 to step up its specialty retail concept 'Mom and Me'.

Policy Initiatives

100 per cent FDI is allowed in cash-and-carry wholesale formats. Franchisee

arrangements are also permitted in retail trade. 51 per cent FDI is allowed in single-

brand retailing.

Road Ahead

According to industry experts, the next phase of growth is expected to come from rural

markets, with rural India accounting for almost half of the domestic retail market, valued

over US$ 300 billion. Rural India is set to witness an economic boom, with per capita

income having grown by 50 per cent over the last 10 years, mainly on account of rising

commodity prices and improved productivity.

According to retail and consumer products division, E&Y India, basic infrastructure,

generation of employment guarantee schemes, better information services and access to

funding are also bringing prosperity to rural households. The rural market, product

design will need to go beyond ideas like smaller sizes (such as single use sachets) to

create genuinely new products, according to Ramesh Srinivas, national industry director

(consumer markets), KPMG India.

According to the Investment commission of India, the overall retail market is expected to

grow from US$ 262 billion to about US$ 1065 billion by 2016, with organized retail at

US$ 165 billion (approximately 15.5 per cent of total retail sales). India is expected to be

among the top 5 retail markets in the world in 10 years.

According to new market research report by RNCOS titled, "Booming Retail Sector in

India", organized retail market in India is expected to reach US$ 50 billion by 2011.

Number of shopping malls is expected to increase at a CAGR of more than 18.9

per cent from 2007 to 2015.

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Rural market is projected to dominate the retail industry landscape in India by

2012 with total market share of above 50 per cent.

Organized retailing of mobile handset and accessories is expected to reach close

to US$ 990 million by 2010.

Driven by the expanding retail market, third party logistic market is forecasted to

reach US$ 20 billion by 2011.

WRIST WATCH MARKET IN INDIA

Wrist Watches form an integral part of the personality of individuals in the present era.

Earlier seen as a luxury item, they are now witnessing a fundamental change in

perception, and are now gaining respect as an essential utility item. For the watch

industry, time seems in its favor what with the liberalization of the Indian market

coupled with the rising purchasing power of the young and consumerist Indians.

Indian watches market was for long dominated by public sector organizations like

Hindustan Machine Tools Ltd. (HMT) and Allwyn (also famous for its refrigerators once

upon a time!), and has now left the pioneers far behind or nowhere in market by private

sector enterprises like Titan, Sonata, Ajanta and Timex along with foreign entities

jostling for display space in the smallest of shops selling these products.

Before the establishment of HMT as the dominant player in the Indian markets initially,

the country was solely dependent on imports to meet the internal demand. However,

establishment of HMT as the leading player in the wrist watch segment in the 1960s,

changed the scenario.

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In post liberalization India, the market stood to witness intensive competition between

foreign and Indian manufacturers like Timex, Titan, Movado, Longines, Rado, Rolex,

Frederique Constant, Mont Blanc, Swatch, and many others. Many watch makers have

made significant inroads in the industry and others are in the process of establishing

themselves, currently.

Besides this, buyers are extremely choosy about the brand and type of wrist watches they

wear. Being extremely brand conscious, their tastes have evolved over the years and

have gone beyond the realms of durability to choose in terms of aesthetics and elegance.

Thus it is a buyers market with multitude of designs that have entered and flooded the

market place.

The size of the watch market currently is estimated to be around 40 to 45 million pieces

annually. The organized sector alone contributes up to 30 percent of this figure, and the

rest of the demand is being met by the unorganized grey sector. This data is significant

indeed in view of the socio economic distribution of the Indian populace. More than 58

percent of the population is under twenty five and more than 80 percent of the population

is below 45 years of age.

In dollar terms, the estimated annual market size is around USD 195 million, despite the

fact that the penetration of watches is the lowest, compared globally. Looking into this

fact and the long standing Indian tradition of comparing watches with jewellery and

other traditional items, many watch companies are interested in setting up base in India.

The average growth in the size of the market is slated to be around 10 -15 percent per

year.

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A casual study of the watch market reveals that it is segmented on basis of multiple

proportions such as price, benefits and types of watches. The price of the watches is a

major motive in the minds of the customer. Accordingly, three segments can be

identified here, namely low priced, medium priced, and high priced watches.

The lower priced segment consists of watches priced less than INR 500; the medium

price range consists of watches in the INR 500-1500 range and the high priced watches

come in the INR 1500 upwards range. There are other higher categories as well such as

the premium and luxury range, but they appeal to only a small category of the watch

market in India.

According to a recent study, more than 90 percent of the watches were from the lower

price ranges with international costs being less than 20 Euros. Moreover, around 20 to 25

watches are being sold for every 1000 citizens. Thus there is enormous potential for

growth of the industry in this untapped segment. Some customers look out for features

like fashion appeal, technology, sophistication and status. Others go for durability,

economy and precision.

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Many customers prefer mechanical and automatic watches, while others prefer quartz

watches. Newer segments are also on rise such as ladies watches, childrens watches and

gents watches. Customers usually base their preferences and buying decisions on a

variety of factors like price, durability, utility, aesthetic appeal and brand name. A

combination of all these points ultimately forms the customers buying decision that

translates into the purchase of a watch.

The retail sector has just begun to boom in India. Since the early 1990s, Indian

customers are relying more on departmental stores and shopping malls to purchase their

wants and needs. This has come as a boon for watch manufacturers and dealers, who are

now looking forward to utilize these new outlets to reach out to the Indian masses.

Watch manufacturers are looking at a suitable mix to market their products ranging fromexclusive retail outlets to display sections in malls and large departmental stores.

In the end, though India is still considered to be a difficult market to penetrate, due to

reasons like price sensitiveness and its largely unorganized sector. However, with the

right planning and the right partners and experienced collaborators, it is expected that

both international and domestic watch manufacturers will do well in the Indian markets.

Could the wrist watch industry be growing?

Is it possible that wrist watch production and sales could actually be growing?

Conventional wisdom is that the always with you devices such as cell phones and I-pods

have driven down demand for watches, particularly in the younger generation who have

grown up with cell phones.

The fastest growing industry in the Indian state of Karnataka (where Bangalore is

located) in 2008 was the wrist watch industry.

The number of wrist watches produced rose from 6 million units between April-

December 2007, to 12.5 million units in the same period in 2008, a 109% growth

rate, compared to only a 0.32% growth from 2006 to 2007.

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Only the cement industrys growth came close during that period at 70%.

Cigarettes were third at 8%. Most other industries showed negative growth.

Rise in watch production was a result of local consumption combined with an

increase in export orders.

EYE CARE MARKET

In the worldwide contact lens market, North America is the largest market but it is also

the slowest growing. North America is followed by Europe and Asia-Pacific. Asia-

Pacific region is growing most rapidly. Major eyewear players are targeting emerging

markets such as India and China. Italian companies like Safilo Group and Luxottica

Group, and US-based Viva International Group are entering emerging markets in Asia.

The demand for varifocals (compared to bifocals) is increasing, even though varifocals

are four times as expensive as single vision lenses. The transition to disposable contact

lenses and demand of specialty lenses is also driving market growth. Another key trend

is that individuals over the age of 50-55 are larger users of photochromatic lenses

compared to younger users. The worldwide sunglass market is usually segmented by

price and function and the two major price segments are premium and value.

The premium segment is growing rapidly as compared to the value segment.

With consumers treating sunglasses as their fashion statement, eyewear designers are

focusing on bright, multi-colored and bejeweled designs of sunglasses. Different designs

of sunglasses are being developed for office, casual wear, party wear, or beach wear.

The overall contact lens industry is quite fragmented comprising of eye care

practitioners, mass merchandisers and direct marketers, with eye care practitioners

having the largest share of the retail market. Direct marketers of contact lenses usually

conduct sales via the Internet. 1 800 Contacts is the largest players in the US followed by

Coastal Contacts and Visiondirect.

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The report analyzes the eyewear market in US, UK and Germany, besides providing an

overall view of the worldwide market. The report provided in-depth analysis of contact

lens and sunglass segments of the global eyewear market. It also profiles the major

retailers and manufacturers, with a discussion of their key business strategies. The report

also analyzes the major trends prevalent in the eyewear market.

The sunglasses market in India

The sunglasses market is estimated at Rs 4.8 billion. It is projected to grow over Rs 11

billion in the next five years.

The organized segment contributes about 19 per cent to the overall eyewear market.

Within the organized segment, the share of sunglasses is around 40 per cent.

Branded sales contribute about 70 per cent to the overall sunglasses market.

This market is highly polarized with concentration either at the upper end of the market

(the organized segment) or at bottom price points.

There are limited branded options in the middle price range.

World's Best Branded Sun Glasses

From the 1950s sunglasses are popular as a fashion statement, especially on the beach.

They have been associated with style, protection and trend. Here is a perfect guideline

for people who are planning to purchase a new branded sunglass. Read to know which of

them are of good quality and fast selling brands today. Buy glasses that protect your eyes

from UV rays and at the same time add on to your great sense of style and classy look.

Today, consumers are looking for sunglasses that are latest in style, expensive and highquality. In that perspective the best brands would be Ray Ban, Gucci, Prada and

Oakley. Fast track is joining the track too with its latest style and trends.

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RayBan

Ray-Ban, a high-end manufacturer of sunglasses has maintained its top quality

production ever since its first output in 1937. It has a variety of popular styles to suit

everyone's needs and individual tastes.

Ray Ban is credited till date for creating two of the most spectacular models ever, Ray

Ban Aviator and Ray Ban Wayfarer. Aviators created in 1936 were developed

specifically for military pilots. However, they were available to the commoners within a

year of time. Wayfarer came into picture after 17 years. Today it is reported as the best

selling style in history.

Ray Ban sells excellent products that combine great style with exceptional quality and

comfort that delivers legendary sunglasses performance. Italian Luxottica Group, the

present owner of Ray Ban brand focuses on latest fashion with the blend of Ray Ban

tradition. It offers more feminine designs the emphasize quality, function and comfort.

Today aviator offers various lens treatments and wayfarer, which is associated with

celebrities like Tom Cruise and Michael Jackson, is available with polarized lenses and

spring hinges. Colorful versions of gradient, flash mirror and mirror lenses bristle in the

new collection.

Frame colors range from shiny and matte plastics to gunmetal and black in the metals.

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Oakley

Oakley is known for high-end sunglasses and ski goggles with wearable electronics.

Although these are priced high, its quality is the most dependable.

It sets a trend among other sports eyewear manufacturers. Oakley believes in great

protection with the rate quality and in style fashion. The materials used by them have

high impact protection. Frames are designed with specific needs like alloy C5 is used in

most of the wires series. The other materials used to make the frames include acetate,

magnesium, aluminum alloy (like in RazrWire), and nylon composite paltic wear and

titanium alloy. Plutonite lenses are used in all the Oakley sunglases. It features impact

protection and integral ability to block all forms of UV and blue light Lexan lenses are

used for googles. The Oakley THUMP sunglases introduced in 2004 contain MP3 playerof either 256 MB or 512 MB version. It is the worlds first digital music eyewear. They

range to the price of $249 with seven color combinations. Other new releases of Oakley

sunglases are, Grapevine, Script, Ducati Riddle, in O Matter and Oakley Dart, Square

Wire, in wire collections. They range from $105 to $150.

So choose the wide variety among these two brands and stay in style. Read the

forthcoming article on the best sunglass brands that include, Prada, Gucci and Fast Track

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COMPANY PROFILE

Titan Industries Limited

Titan is the largest watch company in India and the sixth largest in the world.

Background

Titan Industries was established in 1984 as a joint venture between the Tata

Group and Tamil Nadu Industrial Development Corporation (TIDCO). The

company set up its corporate office in Bangalore (Karnataka) and its watch

manufacturing facility in Hosur (Tamil Nadu).

In two decades the company has built an impressive watch business to become

Indias largest manufacturer and the world's sixth largest manufacturer ofwatches. This has mainly been achieved by developing a formidable distribution

network.

The company has amongst the world's largest retail chain of exclusive retail

showrooms for watches called The World of Titan spread over 100 towns.

It also has multi-brand outlets named Time Zone, service centers and dealer

outlets. Globally Titan has a presence in over thirty countries through its

marketing subsidiaries. Titan has also entered the jewellery business in 1995. Jewellery is sold in India

through an exclusive company controlled retail chain, comprising of owned and

franchised outlets. It is also exported to Singapore and the Middle East.

The company has watch assembly plants at Dehradun (Uttarakhand ) and Baddi

(Himachal Pradesh) and a plant manufacturing electronic circuit boards in Goa.

The majority stake in the company is held by the promoters, with TIDCO having

28 per cent of the shares and Tata Group companies owning 25 per cent of the

shares. Public holding in the company is around 28 per cent. The rest of the stake

is held by foreign institutions, non-resident Indians, mutual funds and other

institutions.

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Products and brands

In watches, the company has two flagship brands Sonata and Titan. Sonata is

positioned in the low-end segment in the market with a price band of Rs 250 to

Rs 1250, thus addressing the affordability issue of Indian consumers. The brand Titan is positioned in the middle and upper segment and has a range of

sub-brands like Edge, Fastrack, Nebula, Raga, Steel, Regalia, Bandhan and Flip.

The jewellery business selling under the brand name Tanishq has a share of

slightly over 50 per cent in the total revenues of the company while watches have

about 45%.The balance is accounted for by the new businesses viz. Precision

Engineering, Accessories & Licensed Products.

In jewellery, gemstudded jewellery, which has higher margins as compared to

plain gold jewellery, has seen its share rise steadily to 30 per cent. The company

is involved in retailing of accessories like sunglasses (brand Fastrack) and

manufacturing of precision engineering products, mainly in automotive and

aerospace.

Watches under the license of designer wear brand Tommy Hilfiger have also

been launched.

In the international markets Titan has also introduced a perfume under the brand

name Evolve.

Titans contribution in making Made in India global

Titans first foray into international markets was through the export of watch

movements in 1989. This was a result of an arrangement with France Ebauches

from whom Titan had sourced its movement technology to buy back a part of

Titans production of watch movements. This led the company to get keen on

selling the value-added watch in the international markets instead of selling the

movements.

The company first launched its watch range in the Middle East in 1991.The

Middle East emerged as the best choice as it had a sizeable non-resident Indian

population that was familiar with the brand. With the availability of Indian

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newspapers and television channels, the spillover of domestic advertising was

another influential factor.

The first global footprint was placed in the United Arab Emirates the largest

market in the Middle East. This was followed by an entry into Kuwait, Oman,

Saudi Arabia, Egypt and a few key markets in Africa.

Despite competition from global majors, Titan achieved sales of over 100,000

watches within a year of its launch. With the success of the Middle East venture,

the company was eager to advance its geographic presence.

The neighboring countries of Sri Lanka, Bangladesh, Nepal and Maldives were

identified as ideal locations. The company also moved into the Asia-Pacific

markets of Singapore, Vietnam, Malaysia, Thailand, Fiji and Philippines. After

covering these markets, the company set its sights on Europe. The company

decided against the soft option of driving its globalization through private label

exports.

It launched its watches under its own brand name in the UK market in 1993.The

direct sales route was employed in the UK and the distributor-led route in other

markets The Mecca of Swiss watches was a huge challenge in every sense of the

word.

The company hired leading European designers on a time sharing contract to

design a distinctive watch collection to spearhead its entry in the world market.

It also set up a separate manufacturing facility with an annual capacity of

200,000 watches per annum for manufacturing its range of Euro watches. After

an extensive survey of the European market, Titan found that with brands jostling

for shelf space, retailers needed good reasons to stock the brand. The need of the

hour was also to create strong consumer demand. So the company unleashed a

massive advertising campaign to create brand awareness.

It also participated in the world-renowned Basle Fairs, an annual event in which

the

Worlds biggest watch and jewellery manufacturers customarily participate in

and unveiled its Eurowatch range at this fair.

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The company received a huge amount of interest from major watch distributors

and companies. Soon thereafter Titan inducted a French watch industry veteran

and the man credited with establishing Seiko in Europe, Jacques Meyer, to the

board of its overseas subsidiary TIME. Meyer had a host of distribution contacts

throughout the continent and Titan leveraged these to expand its presence in

twelve European markets.

It also created a specific campaign for each market.

However, the investments required for such a strategy were huge. Also, in the

time taken to launch, the initial designs had to be augmented with a new

collection. So the company went back to the drawing board and created a

completely new collection for the European market. A few years into its

European operations, the company realized that its returns were not concomitant

with the investments made.

The country of origin is very important in the international watch industry.

The Made in India tag was more of a disadvantage for Titan.

The cumulative losses of its European operation touched GBP 9 million. This led

the company to shape a new business model for Europe. The companys Presence

was focused on four key European markets, Spain, Portugal, Greece and UK, in

which it had a fairly large presence. All sales and marketing efforts were only on

these markets. This move halved the advertising spend in the European market.

The company also decided to shift its warehouse to lower cost locations to reduce

the overhead costs and rationalize its manpower employed in managing European

operations in its subsidiary TIME.

To consolidate the operations in overseas markets and provide a unified thrust

across countries, a new division, the International Business Division was formed

in the financial year 2004-05 for watches, jewellery and other products of Titan.

The globalization efforts of the company rested with this division with a sharp

focus on country prioritization, market positioning and identification of profitable

business opportunities across the globe.

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The same year also marked the entry of Titan into a new product category -

perfumes, under the brand name Evolve, launched initially in the Middle East

region.

The International Business Division launched the Titan brand in two new

countries - Kazakhstan and Yemen and its second brand Sonata in Kuwait.

Today Titan watches are sold internationally through a network of approximately

2500 dealers across the world with increasing presence in jewellery. Plans are on

to enter the markets of Pakistan and Indonesia, for which market surveys have

already been conducted.

Factors fuelling Titans global initiatives

The watch industry historically was a licensed industry in India with the only

major player having the license to manufacture watches being HMT.

However, HMT was strong only in the mechanical watches segment. It only

made a handful of ordinary looking quartz watches and neglected styling

altogether. In the late 1970s the Government of India as a part of its efforts to

step up watch production in the country had granted TIDCO the license to

manufacture watches, the other recipients of the license being small-scale units.

TIDCO was seeking an Indian partner to collaborate with and was aware of the

Tata Groups intention to enter into watch production.

The Tata Group saw this as an opportunity and formed a joint venture with

TIDCO to venture into watch production. The company made aggressive efforts

to ramp up its position in the domestic market. Besides heavy advertising and

publicity to build up a brand name, the company also concentrated on the design

element.

At the time of Titans entry, the consumer had a total of 400 models to choose

from across various brands and companies.

Titan entered with 200 models of its own and rapidly expanded its product range

to over 850 models. Its product development cell focused on encouraging

consumers to own multiple watches in order to expand the market.

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Titan also revolutionized the retail market with its innovations in enhancing the

customers in-shop experience through fashionable outlets.

Once the company established itself in the domestic market, it leveraged its scale

and experience in brand building in the watch business to make its presence feltin the global markets.

It consciously recognized that customer choices and hence international designs

for watches are different in the European markets from those that are popular in

India. Accordingly it invested in building designing capabilities for the

international markets.

Future plans

Titans future growth plans are comprised of increasing market shares through

geographical diversification as well as improving sales through change in product

mix. Going forward the company plans to enter five new global markets in a

year.

At present Tanishq is exported only to a handful of countries, namely the Middle

East and Singapore.

The company plans to target both the NRIs and the American consumers for its

jewellery business and hence is testing the market in the US for the same.

In the domestic market it has plans to expand its portfolio of licensed brands &

Accessories. Since the manufacturing of these items would be entirely

outsourced, there would be no significant risk in this venture, while it could boost

profitability if successful.

In watches business, the company intends to focus on rural and semi-urban

markets to tap first-time watch users.

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EYEWEAR MARKET

Sighting Brand Value:-

Every third person in India wears glasses. And that translates into a Rs 1,800-

crore prescription eye wear market. While small retailers meet most of this

demand, a few players have set up store chains across the country to tap the

brand space. Prominent among them are Lawrence & Mayo, Color softs Ottica

and Cartier.

Now the Rs 2,000-crore Titan Industries plans to do things differently. The

Bangalore-based watch and jewellery maker from the Tata Group will open 10

Titan Eye+ stores by the year end nationally, and then scale up.

We plan to roll out 150 stores in about 3-5 years, says Harish Bhatt, COO,

Titan Industries. In terms of numbers, this would leave its rivals far behind:

Lawrence & Mayo has 42-odd outlets, while Ottica has 30. However, the existing

players are not unduly worried. With the market growing at 20 per cent, there is

plenty of space, especially in the smaller cities. Says Vivek Mendonsa, marketing

director, Lawrence & Mayo, in Mumbai. The entry of new players will not

affect profitability. But it might force some small players to back off. The profitability, in the current scenario, depends on the kind of eyewear sold.

On an average, the net retail margin is about 10 per cent on the non-branded

products. But Titan is planning to change the format. It will offer a wide range of

products that will cater to the brand-conscious as well as the price-conscious. It

had already forayed into fashion eyewear with its Fastrack Eye Gear sunglasses,

and the new stores will go a step further in catering to the upper segment.

The plush outlets will be equipped with state-of-art facilities and will stock

global brands like Gucci and Armani.

Titan also plans to source lenses and frames from across the globe, particularly

Europe and China.

It has tied up with France-based Essilor for lenses. With an investment of about

Rs 40 lakh-50 lakh per store, it plans to have a mix of company owned and

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franchised outlets. The company hopes this will bring in better margins than the

industry has.

Apart from the high-margin branded products, Titan Eye+ will cater to the

middle with frames ranging from Rs 400 up to Rs 15,000. The middle class

segment is where the growth is, says Bhatt.

Titan also plans to have a special brand for kids eyewear under the brand Dash

starting from Rs 395. It wants to capture one-fourth of the Indian eyewear market

in five years with this all-range retail format.

Plus, Titan plans to introduce new consumer-friendly practices. Besides a more

streamlined eye testing process, the stores will offer a new browsing method for

frame selection. We plan to involve the customer at every stage. Self help will

assume a new meaning, says Bhatt.

Titan has its eyes set on changing the face of prescription eyewear retail. As will

others who are likely to enter the space soon. Their impact on the small retailers,

however, will be dependent not on their scale of operations, but on how the

consumers take to larger chains.

About Titan Eye+:-

Titan Eye +, the third major line of consumer business from Titan Industries Ltd,

ventured into the eyewear segment in March 2007. The move was an initiative to re-

define the industry and straddle the marketplace with exacting quality standards,

unparalleled in Indias prescription eyewear industry.

Titan Eye+ offers wide range of stylish and contemporary eyewear through exclusive

optical stores across the country. Benchmarked against the best in the world, Titan Eye+

will herald standardization in the optical industry.

Titan Eye +, in sync with Tata s principles of quality and trust, offers international

quality standards and practices coupled with various aspects such as transparency in

pricing, style and contemporary design in the eyewear segment and new practices in the

highly fragmented and undifferentiated Indian optical retail segment.

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Currently, Titan Eye + has 73 stores functional across 38 cities i.e. Delhi, Gurgaon,

Noida, Chandigarh, Jaipur in North; Kolkata, Ranchi, Patna, Dhanbad, Bhagalpur,

Jamshedpur in the East; Bangalore, Hyderabad, Chennai, Mangalore, Hosur, Vizag,

Vijaywada, Guntur, Calicut, Cochin, Tuticorin, Madurai and Coimbatore in the South

and Mumbai, Ahmedabad, Pune, Nagpur, Kolhapur, Amaravathi, Baroda, Indore,

Bhopal, Gwalior, Raipur, Bhilai, Jabalpur in the West of India .

Titan eye

Products and services:-

The Titan Eye+ chain leverages the companys retail and design expertise to offer a

world-class optical store experience with a range of over 1,000 stylish products.

Frames

The stores carry frames bearing the brands Titan, Eye+ and Dash (for children) brands.

Titan Eye+ stores also sell a host of international brands of frames. Conforming to

Titans exacting quality standards. The stores offer warranty of up to one year on Titan

products.

Lenses

In terms of optical lenses, the company offers three brands Essilor, Kodak and Titan

lenses. The stores offer a six-month warranty with the Titan brand lenses.

Titan Eye+ has recently entered into a technical pact with the renowned Sankara

Nethralaya for training of retail & clinic staff.

Contact Lenses

Titan Eye+ also houses contact lenses from Bausch and Lomb, Johnson & Johnson and

Cibavision.

Sunglasses

For our style conscious customers, Titan Eye+ has a variety of international brands of

Sunglasses in addition to Fastrack-a well known brand from Titan Industries Ltd.

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Other facilities:-

Zero-error eye testing in state-of-the-art optometry clinics

Style Consultancy to help select the right frames

International designs and style trends

Wide range of distinctive, attractive frames

Only branded scratch-resistant lenses

Browse, Select & Buy format

Warm and friendly environment.

The target of Eye+

Eye+ is aimed at the fashion and style conscious customer. It is backed by the Titan

guarantee of quality and promotes the concept of eyewear as fashion accessory. The

Eye+ brand offers a wide array of products that coordinate eye gear with day wear, night

wear, youth and children styles, etc.

The appeal of Eye+ lies in its attractive retail format. Customers are free to browse and

try on as many frames as they please. Style consultants are present to guide buyers on

shapes and colors that suit each individuals facial structure.

Each Eye+ outlet has a choose-your-style section where customer preferences are

captured by a web camera. These images are then used by customers under the guidance

of experts present in the store, to choose the best option. The brand is expected to

revolutionize the eye accessory market in the same way Tanishq revolutionized the

jewellery market.

The brand inherits the values of trust, reliability and quality that customers associate

with the Tata group. This association has helped it build a strong and loyal customer

base among all customer segments.

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CHAPTER IV

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Data Analysis And Interpretation

1-Income level of respondents

Table 1

Level Frequency Percent (%)

Less than 10000 9 18

10000-20000 13 26

20000-30000 8 16

30000-40000 12 24

Above 40000 8 16

Total 50 100

Figure 1

Interpretation:-

It is evident from graph and table that most of the visitors i.e. 50% to store from income

level 10000-20000 and 30000-40000. The income group of above 40000 also has good

weightage.

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2- Communication channel which pulled individual to the store

Table 2

Response Frequency Percent (%)

Newspaper 2 4

Hoardings 1 2

Electronic media 0 0

Relatives / friends 18 36

Have visited before 29 58

Total 50 100

Figure 2

Interpretation:

It is evident from the graph and table that majority (94 per cent) respondents visited

because of the friends advice or have visited before. So this is clear repeat buying is

have a good per cent i.e. 58 per cent and reference of friends and relatives have

weightage of 36 per cent.

3- Frequency of visits to the store.

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Table 3

No. of Visit Frequency Percent

Once in a month 0 0

Once in six months 7 14

Once in year 11 22

Randomly when

required

32 64

Total 50 100

Figure 3

Interpretation:-

It is evident from the graph and table that majority (64%) of the respondents visit store

whenever they feel need followed by once in a year (22%) and few i.e. 14% once in six

months.

4- The best thing about the store

Table 4

Response Frequency Percent

Ambience 2 4

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Variety 8 16

Quality 11 22

Service 7 14

All of the above 22 44

Total 50 100

Figure 4

Interpretation:-

It is evident from the graph that majority (44%) people believe that store has good

ambience, variety, quality and service. But some are very specific to a particular factor

like quality (22%), variety (16%) and service (14%).

5- Preferred company watches and sun glasses other than titan

Table 5

Company Frequency PercentGucci 11 22

Armani 10 20

Carl Ziess 6 12

Polo 15 30

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Not specific 8 16

Total 50 100

Figure 5

Interpretation:-

It is evident from the graph that respondents also want to see some other brands than

titan. The choice high of polo (30) followed by Gucci (22%) and Armani (20%).

6-Satisfaction from service and varieties of the store

Table 6


Yes satisfied 47 94Options not available 0 0

Price is high 2 4

Service is not good 1 2

Total 50 100

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Figure 6

Interpretation:-

It is evident from the graph that almost all the respondents i.e. 94 percent were found

satisfied by the after sale service provided by the company. Only few said that price is

high (4%) and service is not good (2%).

7- Satisfaction with the ambience of store

Table 7


Yes 46 92

No 4 8

Total 50 100

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Figure 7

Interpretation:-

It is evident from the graph that majority (92%) of the respondents found satisfied by the

ambience in the store. Only few (8%) are not satisfied by the ambience of this store.

8-Preference of respondents

Table 8


Less expensive model 21 42

More variety 7 14

More stores 22 44

Total 50 100

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Figure 8

Interpretation:-

It is evident from the graph that most of the respondents (86%) have demand of more

stores and less expensive model. Few ask for more variety in the both sunglasses and

watches i.e. 14 per cent.

9- One word about the store

Table 9


Beautiful 21 42

Good 27 54Need some improvement 2 4

Total 50 100

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Figure 9

Interpretation:-

It is evident from the graph that majority of the people have good image about the store

in which 42 per cent said it is beautiful and 54 percent said its good.

So in one word we can say positioning is good in the mind of consumers but should be

taken care of those customers who are not satisfied by the store service and offerings.

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CHAPTER V

FINDINGS AND RECOMMENDATIONS

FINDINGS

The primary data collected from visitors in titan stores and information collected

by secondary sources led to the following key observation were made to meet

objectives of the study.

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It was found that titan has a good store image in the mind of consumers in terms

of ambience and service provided by the company. Most of the respondents were

happy with the etiquettes of the people working in store.

So in general way we can say that titan has a good image and good market base

in minds of consumers.

From the table 1 it was found that majority of the customer base is from income

group of more than 10000. It means middle class and high class people could be

target.

From the table 2 it was found that most of the people (58%) have visited before

to store, and 36 percent people visited by the reference of the friends or relatives.

From the table 3 it is clear that majority of the people (64%) visit to the titan

store whenever they feel requirement of the particular product. But some are also

there which are regular buyer they come to store once in year or six month.

From the table 4 it was found that most of the people that is 44 per cent believes

that store have good ambience, variety of the products and good quality of

products and a satisfactory after sales service.

It was found (table 5) the nearest competitor of Titan Stores is Polo (30%).

It was found (table 6) that majority i.e. 94 per cent people are satisfied with the

service only few i.e. 4 per cent says that price is high and 2 percent says that

service is not good.

It was found (table 7) that majority of the respondents were satisfied with the

ambience of the store. Which is a integral part in the making store image.

It was found (table 8) that majority (44%) people want some stores in different

locations with some less expensive product line.

It was found (table 9) that in overall the positioning of the store in the mind of

consumers in good in the mind of consumers only thing to take care is start

targeting on individual customers.

RECOMMENDATIONS

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As it was found that most of the visitors were from high income group but less

than 10000 income group which includes students have a good potential of the

customer base. So special strategies should be made like making available

products which suits younger generation with style at reasonable price. There is

huge potential as students are more style conscious and also cost.

As store has a good image where maximum base of customers either have visited

before or referred by friends. This could be only possible when a good image of

brand is there. So by satisfying these visiting customers would work slow but

steady and give a good customer base in few years. So this viral marketing

concept fits and this is the cheapest way of doing promotions.

As most of the visitors visit randomly but a strong base is there also which visit

in a year or in six months. So these are regular customers. So for these kinds of

customers special schemes like loyal customers which could get benefit of

discount could be done.

As most of the respondents are satisfied with the ambience, variety of products,

and quality and after sale service. So it proves a good image in the mind of

customers.

But a little care should be taken in maintaining them with full satisfaction as few

are not satisfied with the service and ambience of the store.

As youth asks for sports watches and sunglasses other that titan brand. Which

could be included in the store to pull that segment of customers.

As most of the respondents demands for the more stores in different locations

across the city which are easy to reach. And also some less expensive models in

each segment i.e. sunglasses and watches.

So in overall we can say that the image of store is good but still some customers

are dissatisfied due to some reasons. So that should be taken care of with full

attention. Because business is done only when attitude towards the product is

positive after using the product.

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CHAPTER VI

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QUESTIONNAIRE

Dear customer,

This is a survey that is being conducted to find out customer preferences about world ofTITAN. The findings of the survey will be kept confidential and will not be revealed to

any person. So please spare for us few minutes of your valuable time in completing this

questionnaire.

Name: .. Contact no:

Age:

Occupation:

1) Income level per month

a) Less than 10000 b) 10000 20000 c) 20000 30000

d) 30000 40000 e) more than 40000

2).How did you come to know about TITAN store?

a) Newspaper b) Hoardings c) Electronic media

d) Relatives/Friends e) have visited before

3). How frequently do you come to TITAN store?

a) Once in a month b) Once in six month c) Once in year

d) Randomly (whenever I feel the need) e) . If Any other

4). The best thing about the store?

a) Ambience b) Variety c) Service

d) Quality e) all of the above

5). Any specific model you prefer but not available at store?

a) Gucci. b) Armani. c) Carl Ziess. d) Polo.

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6). Are you satisfied with the service and varieties of store? (Yes/ No)

If no,

a) Options not available b) price is high

c) Service is not up to the mark d) -----------------if any other

7). what do you like/dislike at the store?

.

8). Are you satisfied with the ambience of the store? (Yes/No)

Ifnot,

why

..

9). What offers and promotional schemes do you expect from the store?

..

10). Any other preferencea) Less expensive models b) More variety c) More stores

d) Specify if any other..

11) One word about the store-

a) Beautiful.

b) Good.

c) Needs some improvement,

specify..

12). Any other suggestions for store.

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REFERENCES

http://www.fibre2fashion.com/industry-article/free-retail-industry-article/indian-

retail-industry-its-growth-challenges-and-opportunities/indian-retail-industry-its-

growth-challenges-and-opportunities1.asp.

http://www.ibef.org/industry/retail.aspx.

http://www.infibeam.com/static/indian-watch-market.html.

http://apurvadesai.com/2009/04/10/could-the-wrist-watch-industry-be-growing/.

The International Review of Retail, Distribution and Consumer Research 9:1 Jan

1999 116

Journal of Retailing and Consumer Services 11 (2004) 247258

Journal of Retailing and Consumer Services 8 (2001) 189}198

Journal of Retailing and Consumer Services 7 (2000) 77}88
http://www.fibre2fashion.com/industry-article/free-retail-industry-article/indian-retail-industry-its-growth-challenges-and-opportunities/indian-retail-industry-its-growth-challenges-and-opportunities1.asphttp://www.fibre2fashion.com/industry-article/free-retail-industry-article/indian-retail-industry-its-growth-challenges-and-opportunities/indian-retail-industry-its-growth-challenges-and-opportunities1.asphttp://www.fibre2fashion.com/industry-article/free-retail-industry-article/indian-retail-industry-its-growth-challenges-and-opportunities/indian-retail-industry-its-growth-challenges-and-opportunities1.asphttp://www.ibef.org/industry/retail.aspxhttp://apurvadesai.com/2009/04/10/could-the-wrist-watch-industry-be-growing/http://www.fibre2fashion.com/industry-article/free-retail-industry-article/indian-retail-industry-its-growth-challenges-and-opportunities/indian-retail-industry-its-growth-challenges-and-opportunities1.asphttp://www.fibre2fashion.com/industry-article/free-retail-industry-article/indian-retail-industry-its-growth-challenges-and-opportunities/indian-retail-industry-its-growth-challenges-and-opportunities1.asphttp://www.fibre2fashion.com/industry-article/free-retail-industry-article/indian-retail-industry-its-growth-challenges-and-opportunities/indian-retail-industry-its-growth-challenges-and-opportunities1.asphttp://www.ibef.org/industry/retail.aspxhttp://apurvadesai.com/2009/04/10/could-the-wrist-watch-industry-be-growing/

customers perception about titan stores in hyderabad

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