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Titan Industries (Watches)

Executive Summary:
Titan’s watch segment is the India’s chief producer of watches and
ranks fifth in the world in production of watches.

Company really understands the psyche of consumer and they offered


quality products in classical design with superior technology.

Today the company has model for every prices segment and every
market. Basically it deals with three target market

High income group


Middle income group, and
Lower income group

Titan alone holds 70% market share in domestic level whereas 60% in
organized market.

As our Marketing Objectives is to increases Market Share of the


company by 5% in the coming year as well as to increase the profitability
of the company by 10%.

The competitor are also playing an important role to grab the


market share .We as the Marketer try to increase the market share by
grabbing the opportunity from other company. To achieve this company
have to follow the marketing strategies, which basically include the
MARKETING MIX.

The marketing strategies basically include the 4 p’s.

There the marketer have to focus at first on PRICE ,which basically


for The titan is not affordable in the Mid –Segment, whereas the
competitor like HMT and Maxima are doing good business by holding
market share of 45% whereas titan hold the only the 32%,therefore it is
important for the company to reduce price in mid –segment.

Though in the improperness or in innovation of the Product, Titan


doing well, but there is need of few changes. For example HMT, the
nearest competitor innovate ‘BLUE CHIP’ in the watches.

We also have to implement this type of innovation to bring the


flexibleness in our product.

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Titan Industries (Watches)

As it is also important to do some creativity in advertisement by


showing the importance of time to the mass. The company brand
promoter is Amir Khan.

The place can be taken into consideration ,as it is need foe the
company to open some show rooms in the rural area and as the
company don’t have so much market share in the foreign market ,so to
expand the business company should launch its showroom all over the
globe in the more number.

METHODOLOGY
Survey was carried out at Titan World.

• The survey was conducted at Titan world, Ahmedabad the


main reason for choosing v-mart for survey is its
demographic outlook (which includes both educated and
uneducated, people) consumers of various age groups
have been conducted with the research survey.

Research instrument used was questioner in addition, it


comprises both open and close-ended questions.

• Secondary data:
(a) Internet

(b) Magazines

(c) E-media

(d) Books of P.G.D.A.M.

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Introduction
When we talk about the “wristwatch brand”, remember the
only Indian wristwatch market were so shabby, one more ordinary
than other and when the craze for “imported watch” was not
implemented. That was before the time of titan, a name which
brought the revolution in the Indian wristwatch market.

Titan wristwatch brand is the part of titan industry, which was


launched in 1987 by TATA group. TATA group had identified the
watch category as a potential consumer market for the TATA’s to
enter.

Xerxes Desai, a TATA veteran and the MD of TATA Press was elected
to that business.

By offering quality products and classic design with advanced


technology to the consumers, Titan made a success story.
Outstanding services, wide variety of models and effective
marketing helped Titan to capture the market in its born stage.

The reason behind the success of Titan watches was their


research on the Indian consumer psychological mind. The company

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today has a model for every price segment and every market, urban
and rural, regional and international.

Titan brought quartz technology first in the Indian market and


acquired first place by displacing HMT into second place, who offers
mechanically driven wristwatch.

It also brought a sense of style and design, which is only


available in the West or in Japan at that point of time.

Market share of the Competitor in Domestic


Market
HMT 19%

Maxima 13%

Rado 7%

Casio 3%

The strongest selling point of Titan is that it is available and


affordable. Titan provides watches for all segments, like from low-
cost Sonata for first time user, Fast-track for the trendy young, Dash

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for the kids, and the higher priced Regalia and Nebula to the
premium segment customer.

The Indian watch market is estimated at 25 million watches a


year, where the domestic sale is 6 million watches per annum. The
rural segment is the diverse market in the present scenario. The key
success story of Titan is capturing the rural market on a large scale.
The range cost is between Rs. 495 to Rs. 1200. And the model is
available exclusively in all showrooms and is sold mainly in small-
town in India.

Though, The Company faced enormous challenges from its big


list of competitor, the company still in the number one position in
domestic market because of the weakness of the competitor. The
company becomes more reliable and more acceptances to the
consumer because of its marketing mix. The company has adopted
the new marketing innovation to improve the feature of the product
by time to time.

Though the current financial environment is not in favor, but the


company performing well and saw an increasing trend in the profit
chart.

The company trying hard to convert its weakness into


strengths and threats into strengths and threats into opportunities
by bring revolution in the product style, model, features, pricing
policy, product quality, etc.

Companies certain initiatives and policy such as new


innovative design, guarantee, the research and development, wide
dealer network, committed service team, discount and offers make
the company.

OBJECTIVE OF THE PROJECT

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• To analyze the market of the Watches in India. As first of


all concept of branded watches was introduce especially
for the Middle Higher and Higher Class basically, it is a
impact of socio-cultural environment as preference is
given to a Branded watches. To find out that is market of
Branded watches is limited to Middle Higher/Higher Class
in the country or it has an ability to expend. Now in India
watches for Lower class are also available in the market.
To find in which segment the market is wide survey was
done.
• To study the factors influencing brand preference for
watches.
-Firm’s marketing effort.

-Socio-cultural environment.

-Psychological field.

• To study the business environment factor affecting the


product category.

General environment.

-Socio-cultural environment.

-Legal environment.

-Technological environment.

Specific environment

-Customers

-Competitors

-Marketing intermediaries

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To find out the brand preference for watches.


Environmental Analysis
A. The marketing environment.

 Competitive Forces
Major Competitor

There are lots of competitor in wrist watch segment which directly or in directly affecting the
titan watches industry. The major players’ are-

➢ Domestic Level:
• HMT
• Maxima-quartz
• Rado
• Casio
➢ International level:
• Espirt
• Swatch
• Citizen
• Tag heuer
• Seiko
• Cartier
• Giordano
➢ Fashion Houses:
• Dkny
• Gucci
• Adidas
• Nike
• Bvlgary

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Among all these competitors, Maxima-quartz and HMT are major players .The strength and
weakness of the companies varies from segment to segment.

Industry’s Role
As there have many competitor exists in this Industry, the competition is too much.
Whenever any company bring changes in its marketing mix, all the companies also
implement changes in their marketing mix to sustain in the competition. By that the structure
of whole industry is changing and affects the competitive forces in the Industry.

 Economic forces
Economic landscape
Indian corporate sector is nervous because of current Inflation. This problem occurred not
only in India, but it affected all the countries due to United State financial crisis.

As we came to know from Federation of Indian Chamber of Commerce and Industry (FICCI)
that 64% of the 413 companies are running currently in worst condition from last 6 months.

Consumers view
As we know that Inflation is in double digit figures, but the people who lives in urban area or
metro city, are having optimistic view towards economy.

People think that the economic condition of our country will be improved in the near future.

Purchasing power of consumers


BRAND PURCHASING CATEGORY
POWER (PRICE) RS.
FAST TRACK 550-1,430 YOUTH
EXCTA 595-1,430 LOWER MIDDLE
CLASS(Office wear)
SPECTRA 650-1,830 COMMON CLASS
ROYAL 960-2,830 UPPER- MIDDLE
CLASS
RAGA 1,420-4,000 UPPER CLASS
BANDHAN 1,675-8,085 COUPLES

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REGALIA 1,725-7770 UPPER MIDDLE


CLASS-UPPER CLASS

4,500-5,200 BUSINESS CLASS


EDGE

NUBULA 10,000-45,000 UPPER CLASS

The company’s watch sales grew by 18.8 per cent and its income increasing from Rs255.34
crore during the second quarter of last year to Rs303.45 crore during the second quarter of
this year. On the basis of the above table and profit figure we easily understand consumer
buying power in target market.

Spending habit of consumers


Despite of high inflation, high oil prices and high volatility in gold prices, watch segment of
Titan Industries doing well in the current fiscal. For these, watch segment sales income
increased from Rs.168.83 crore during the first quarter of last year to Rs.171.89 crore during
the corresponding period this year. These data indicate that consumer’s spending pattern is
increasing respective target market.

From the above information we can easily understand that consumers buying more of Titan
wristwatch. There are few reasons behind the growth in sales of Titan .They are as follow.

➢ Brand name
➢ Quality of the products
➢ Features ,which differentiate from others
➢ Attractive models
➢ New innovation

 Political forces
Political landscape:
In 2004 /05 the new Government came through election in India.

Our new Government took lots of steps to make the global relation as well as some steps to
develop our country GDP, decreasing the rate of Inflation by decreasing rate of Cash Reserve

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Titan Industries (Watches)

ratio (CRR) as well as by decreasing the Repo rate. These all steps help the Industries to get
sustain in the market.

As all the steps help the Titan industry to compete in the watch industry. The performance of
this sector for last few years are-

Relation with political officials


As we all know that TATA group is the one of reputed companies in the world, it really helps
the country development.

Moreover, the companies always want to make good relation with the political parties,
because we know that India is a democratic country which is it- self elected by the people the
country.

 Legal and regulatory forces


As the titan industries operates their business in the global area ,they have to follow lots of
regulatory norms.

The industry can be directly affected by the certain rules such as change in Taxation rate.

 Technological forces
Impact of Technology
Changing in technology always play a great role in the target market.
Titan decided to manufacture only QUERTZ (Analog and digital) and not
mechanical and they would start plant to manufacture watches in wide
variety in design and prices.

Titan changes the technology in that ways which help in enhance the
quality and the features to increase buyers’ value. Titan gets advantages
in the target market through innovative technology.

As there is too much competition, if Titan not accept the changes in technology then they
can’t sustain in the market. In premium segment, competitor will capture whole market by
improve technology. And in the mid-price segment, other companies will give a tough
competition to titan.

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Technological changes
The new marketing innovation can bring a drastically changes in the marketing activities of
the company. The new innovations which can differentiate the company from the
competitor are

➢ Implementation of Heart-beat checking system in wrist watch.


➢ Implementation of Blood pressure checking system in the wristwatch
➢ Some companies can come with the watch which help in knowing the mood of
the person.

 Sociocultural Forces

Tata believes that improve the quality of the life of people and the employee is the primary
purpose of their business. It uses its resources in the best possible way. They also takes some
reasonably steps to improve the quality of life of the people of the areas in which they
operates.
Tata adopt the Corporate Citizenship Index, Tata Business Excellence Model and Tata Index
for Sustainable Development which reflect its commitment to its Corporate Social
Responsibility (CSR). Tata spends 5-7% of its profit after tax on several CSR initiatives.
These CSR initiatives are spread across three core areas, such as employee welfare, the
environment and the welfare of the community at large.

A. Target market

Identification
The titan industry basically deals in three segments for its watches. They were as follow.

 High Income/Elite consumers

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In this segment mainly the consumer who buys a wrist watch as a fashion accessory.

 Middle group:
In this segment mainly consumers like some fashion in their watches. These consumers
would not purchase a watch without comparing various offers in the market.

 Lower-income people:
This segment mainly consisted of lower- income consumers who want watch mainly as the
time –keeping device and purchase on the basis of price.

Marketing Mix:
• PRICE
• PRODUCT
• PROMOTION
• PLACE

Price:
As achieve our marketing our marketing objectives, we can do some change in the pricing .

The main consideration will be in changing price are followings.

A. Survival:

In case of some of the watches titan prices them according to the features .The Exacta is a
simple steel watch priced at Rs.600-1,100. As the company also deals with Spectra, Raga
through pricing policy.

B. Market share:

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As we know that 70% of sales in watches come from the lower segment, therefore by pricing
Sonata at 350 onwards with guarantee.

Titan prices its world watches which compared equal to an international players like Calvin
Klien where a customer pays 4 times as value of the world watch, therefore market with low
prices to international players to gain market share.

C. Market Skimming: In Indian watch industry there is no one offering pure gold watches,
watches in pair, jewellery watches. Here Titan offers there product with the Indian touch in
its design, the product, the love.

Product:
Quality and leadership are the two main terms for the Titan. As to achieve the marketing
objectives this aspects should also be considered.

A. Product line: To increase the sales, the difference in the prices of the watches are justified
by the features.

B. Product pyramid: Portfolio of Titan’s product is of 3 distinct price-range that can be


defined in general, as Popular, Mid, and Premium. At the popular segment, the emphasis is
on in volumes but not in margins. At the premium segment, the emphasis is on profits and
image but not in volumes. Obviously, company giving more emphasis at the top of the
pyramid as profits at the top of the pyramid is very high. This pyramid guided the strategy of
Titan.

C. Product strategy: Titan was first focused only on the premium segment of the watch
market. As per the product strategy they took, Titan moved in to the mass market for
watches. To widen base, Titan created new segments and increasingly focusing on segments
individually. In the past few years Titan has took a lot of initiatives to focused on specific
segments.

D. Product Quality: Quality and leadership are synonymous to Titan. It seek to achieve both
through their value for products compared to their prices.

Promotion:
Promotional pricing:

A. Marketing pricing: As by opening new shops such as the world of Titan – buy
directly from the dealer and hence the element of middleman is not there.

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Here the retailer in this category buys watches for 17-18% lesser than MRP and hence they
are able to get the 17% profit margin on sales.

It is managing to successfully convince to the customer of the perceived value of ‘WORLD


WATCH’ using hoarding all around the city, increasing buyer image, trust worthiness,
innovation, differentiation, value for the product.

Price discount and allowances: Every year Titan comes with a price discount sale on the
MRP of the watches. The allowances varies from one segment to another.

B. Creative advertising: Titan introduces a contest on cartoon network in india.com


which invites children to use creativity and design watch.

The prize winning design was launched as a new watch in summer 2002 collection .

Type of advertising: Titan believes in making its ads clean, well made, touch on emotional
chord. As the company is using celebrities or superstars that is Amir Khan for the Titan
watches.

As here we can say that a female actress would be more effective for the promotional
purpose. It can be Katrina Kaif, as now she is one of the popular actress in Bollywood.

C. Promotion on occasion: Titan is one of the company which formally believes in


the policy of promotion the product based on the occasions.

Place:
Keeping in mind about the young trendy and fashionable consumers, Titan distribute its
product and set up ‘world of titan’ in different region. The consumers life style in India,
especially in urban area(because the turnover in urban area is 210 million, while the turnover
in rural area is 90 million) plays a significant role in the success of Titan.

A. Time Zone: Titan Industries brings together the country’s leading watch brands under one
roof, providing the customer with variety in brands, looks and price ranges and also efficient
after-sales service. These 1142 Time Zones located across 89 towns which offer its customer
the complete watch shopping experience.

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B. Value Mart: These outlets sell surplus stocks of Titan watches at reduced prices. By
doing these it offering fabulous value for money with the same warranty as a regular full-
priced watch enjoy. However these shops would not be placed in the main locations and not
working as a normal shops. This is to make the customer go to the shop rather than the shop
calling the customer and hence the locations are not very suitable for shopping.

C. Sonata Stores: Sonata stores is also an Authorized Service Centre for Sonata & Titan
brands. Sonata store meet the large scale demand for the watch and also to attract customers
in more. These shops had full stocks of the watch in demand whereas the others could afford
to maintain only limited stock.

Consumer Buying Behavior


Cultural

Social

Culture Reference group Personal

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Subculture Family Age and life-cycle stage Psychological


Social Class Roles and statuses Occupation
Motivation
Economic
Perception
circumstances
Learning Buyer
Lifestyle
Beliefs and attitudes
Personality and self-
concept

A.Cultural Factors
• Value, perception, and preferences
• Nationalities, religion, race, geographical regions
• Social class
A.Social Factors
• Reference Groups
• Social Class

• Roles & Status


A.Personal Factors
• Economics Circumstances
• Occupation
• Age & Life Cycle Stage
• Lifestyle
• Personality and self-concept
A.Psychological Factors
• Motivation
• Perception
• Learning
• Beliefs and attitudes
 Men’s segment:

With Titan positioning its range of watches as a life-style, the


Indian market started viewing watch more as a complement to

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dress than just a time showing machine. They are also realising
that, unlike other forms of art that are meant to be admired, high-
end jewellery watches have that added bonus: practical luxury with
a function other than beauty. Watches have joined the list of tie,
deodorant and shoes to represent the occasion and flaunt your
status.

– Dress Wear
Titan has three brands positioned for this segment: Nebula,
Regalia and Insignia.
Nebula:
Marketed as the “Jewellery collection from Titan”, Nebula is
targeted towards affluent men who consider wearing gold jewellery
a symbol of status. Magical blend of most coveted of metals, Gold
and craftsmanship; Nebula is more of a connoisseur watch with the
lowest price model at Rs.5500. It is marketed as a “watch for
discerning individual” positioned as a gold jewel.
Regalia:
“Incredibly eye-catching…. magic in gold”.
The watch uses the unique combination of gold and bicolour
looks representing the essence of dress-wear. In India, gold-look is
associated with status but at the same time, the silver-look is the
fashion of the day in international watches. With the combination of
both, this watch is targeted towards affluent businessmen. The
elegant looks and colours make it a strong competitor to the foreign
brands like the Tissot, Piaget and Rado.

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This is also marketed as a watch for gift “Special Watch for


special occasion”, positioning this as a costly gift.

Insignia:
‘The World Watch from Titan.’
The watch with fascinating designs and precision engineering
was targeted towards the European markets. The complexity of this
watch is 10 times more than a regular titan watch. Though it didn’t
meet with much of a success in Europe, this tag line and keyword
“International” are used to position this watch as a world-class
watch for international traveller with European tastes.

– Classic Watches
Watches that are for every-day use and those with less frills
and more value are classified as Classic watches. These watches
are normally targeted towards middle and upper middle-income
class consumers.

Classique:
“Power dressing now has a new weapon!”
“Timeless elegance captured on the wrist.”
Classique' is marketed as a fusion of function and
sophistication. Classique with its looks fits the formal corporate
image and is positioned as a watch for corporate employees. This
also reinforces the importance of watch along with the dress worn.
These watches are generic in their simplicity and find no real
competitors except HMT.

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Royale:
“Collection of designs that suit everyday wear”.
Royale with its gold plated case and golden straps represents
a formal every day watch targeted towards the employees who
can’t afford multiple watches for occasions. The watch includes
designs from simple to dressy eveningwear switching between
informal and formal looks based on the place and situation.

Spectra:
“Designed for those who look beyond the ordinary”.
This brand from Titan extends over wide range of prices from
900-7000. It is a classic premium watch with style, which boasts of
combining the sturdiness of steel with richness of gold. The
positioning of the watch is not very clear as it is targeted towards
the salary earners with its lower price point models and appealing
models for the corporate executives at the higher end.

– Sports Watches
In the Indian scenario the sport awareness is not quite there.
And the market is not mature enough that consumers buy special
watches for sporting except in the super-premium and segments
above that. A sports watch in the mind of an average Indian is a
polyamide watch with stopwatch and trendy look. So there is no
clear distinction between sports watches and casual watches. But in
the available market Timex, Casio, and Titan are major players and

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after the lifting of QR restrictions, world famous Tag- Heur has also
entered India but in the Connoisseur segment of sports watches.
PSI2000:
Titan has introduced a range of contemporary Precision Sports
watches. The brand is marketed as tough, outdoor, adventure
brand. (Psychographically segmented) Ranging from 800 to 7500,
these watches are in direct competition with foreign brands like
Swatch Irony.

– Casual Wear:
The segment of watches that has a variety of brands and
models to appeal to the youth and mentally young people is casual
wear. The watches in this segment are mainly sporty watches, which
are unconventional and typically symbolize the attitudes of younger
generation.

Titan Fast Track


“Cool watches from Titan”.
The target audience for this watch, in the 20-35 age group
include working adults and postgraduate students of both sexes in
metros and mini metros. The Fast Track user, in terms of attitude is
one who wears an informal dress, wears branded jeans, shirts,
sunglasses and branded informal shoes. The Fast Track personality
is that of a young, energetic, achievement oriented person, who
seeks to express his or her individuality by braking free from
constraints of formal environment, without being a rebel. Built
around the Cool concept, this watch from Titan has virtually very

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few competitors because no one offers the feature combination and


price but Casio (in digital range) and Espirit and Swatch (in the
analog range) can be considered as competitors feature-wise.

– Technology Watches
Wrist Watches have changed a lot from the inception- a time
showing convenience machine to a status symbol. But the
underlying concept remained unchanged, convenience. Stretching
this concept a bit with the development of technology are the
technology watches available in the market. Watch for time, status
has in the new technology era is looked for convenience of carrying
data. In to the competitive market with people willing to pay a
premium for that advantage, a good number of brands have
ventured.

Technology (2350-8200):
“Multi-functional watches for the Tech-savvy”.
This brand is marketed as mergers of classic elegance and
technological mastery giving rise to multi-functional chronographs
using the solar power. This brand is positioned to compete against
the Citizen’s EcoDrive.

 Women’s segment

– Dress Wear
Titan has chiefly three brands in this category.

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Nebula (6000-65000)-
“The Jeweler’s Collection”
Nebula is a precious jewellery watch from Titan. It is marketed
as ‘a magical blend of most coveted of metals and engineering
excellence’. The Nebula range of watches is positioned as objects of
ornamentation. A 21 carat gold watch, studded with gems it is
targeted at the upper most end of the market in competition with
brands such as Rolex and Cartier.

Regalia

Regalia range is positioned as “Essence of dress wear”. It is


marketed as “Incredibly eye catching…magic in gold”. With the
unique combination of gold and bicolor looks and sleek case, Regalia
is targeted towards middle-aged women who consider watch to be a
status symbol and also representing their delicacy. It is available in
many price points between Rs.1800 onwards.

Raga and the Silver Raga


Raga and the Silver Raga collection are positioned as “Ethnic
Indian styling for the sophisticated woman”. Each piece is truly
unique and represents elegance, delicacy and feminine. The
designs and the bracelets represent traditional Indian ornaments as
well as contemporary style.

Both the watches are exclusively designed to appeal to women


more as an ornamental possession than a watch. The Silver Raga
has been crafted exclusively for the sophisticated woman who
believes in value-for-money and who wears silver jewellery with
élan.

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At the beginning, when the brands were launched, they were


positioned as “Watches for all dresses” with changeable dials
matching the sari color. But the proposition was viewed with
skepticism and hence didn’t meet with much success. Keeping in
mind Indian women’s love for jewellery, both these brands are
repositioned as a perfect accessory that completes a woman's
wardrobe.

– Casual Wear

Fastrack
The woman's collection presents the all-new international
'Frosted' look, which is trendy and chic. The ad line : ‘Fastrack- ‘Cool
watches from Titan’, aims at building the brand around the ‘cool ‘
concept.

Fastrack is targeted at a personality that is young, energetic,


achievement-oriented, who seeks to express her individuality by
breaking free from constraints imposed by formal environments,
without being a rebel. The positioning of Fastrack for men and
women is almost the same.

 Children’s Segment

Titan has a brand called Dash! for kids. These are bright,
colorful watches targeted at children aged 6-14 years. These
watches are priced Rs.250 onwards to Rs.495 and are marketed
under the ad line: “Wow! Watches from Titan”. The three main
collections from Dash include the ‘Popeye Collection’, which feature
cartoon character Popeye, and his friends. There is also a Digital
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Range, which has features like Ellight, compass, Velco straps. So


Titan is positioning Dash watches as ‘Fun’ watches for kids. Its
features such as comic characters also appeal to the frivolous
nature of the children.

Dash also has a special collection for girls, with changeable


bezel rings, priced at Rs.295.

Bibliography
Source of information’s:

www.titanwold.com
www.tata.com/titan
www.google.com
www.indianfoline.com
www.thehindu.com
www.economictimes.com

BOOKS REFERED

–MARKETING MANAGEMENT – PHILIP KOTLER


– PGDAM (Post Graduate Diploma in Applied
Management) Book – 1st Semester – Courseware 3

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