Titan has 50% of market share in India and is the sixth largest watch manufacturer in the world. After being unsuccessful in targeting the luxury market, Titan decided to set its sights on the younger consumer of 25-35 years old.
* Brand awareness is our main objective and we hope to achieve an awareness growth of 10% over 9 months.
* We hope to increase sales in 5% over 9 months
* Increase the percentage of internet users 15% over 9 months
This section mainly discusses the concept of our watch, which includes our watch’s competitive positioning, and its lifecycle. Also in this section is the general information regarding our target audience, and what would be possible behaviour of our consumers. Also in this section is the media strategy we are going to use to market our watch accordingly. And finally we discuss the message of our advertising campaign.
Altogether, we spent £896,500 that was kept within our budget of £500,000 to £1million. In this section we analyse the internal and external considerations for our budget and what we decided to include in the budget is also mentioned. We also analyse what media we could not include in the budget and for what reasons. Also we design a table to simplify our budget and how we spent it.
Testing and evaluation
In this section we explain why we need to conduct market research, and then we identify the pre-test and post-test results of our market research. Then we specify the methodology and other additional costs not included in our budget. And finally we evaluate and conclude our report
As Titan is not yet in the UK market, there is no market share recorded however the market share in India is 50% making it a clear leader in that sector. This has been achieved by successfully targeting the middle and upper class segments, which would be a good market to target in the UK. Titan is the sixth largest watch manufacturer after Casio, Citizen, Seiko, Swatch and Timex. The watch that we decide to focus on is in the formal and fashion watch market. Its main competitors in the UK would be Seiko, Sekonda and Swatch.
Advertising designed for the generic product category, as opposed to selective demand advertising. i.e. instead of purchasing the dove soap bar, it would become, purchasing a generic soap.
Advertising which promotes a particular manufacturer’s brand as opposed to a generic product. i.e. instead of advertising Nike trainers in general, simply focusing on Nike shoes.
With regards to our marketing campaign of titan watches from India to the UK, we are going to be using selective advertising, because we have reviewed the range of watches available for purchase on their website, and have decided to simply focus our advertising on one selected item which we feel would be most appropriate.
Sending a promotional message directly to consumers Includes methods such as Direct Mail and Telemarketing.
This is an example of sending a promotional message via a mass medium. This would include television broadcast and radio.
To advertise the Titan watches we are going to use indirect advertising, because we believe that our target audience is generally quite broad- appealing to all sorts of consumers, which would allow us to successfully promote the watches on billboards and public transport, so that consumers can actually see for themselves what the item looks like, or if it is similar to the type of products of their choice.
Titan brand values are nearly one-third of our entire watch business. Titans average purchase value has a comfortable lead over rival brands such as Timer and HMT. Average value on a Titan watch sold is Rs 1,100, with Timex and
HMT watches sold at Rs 700 and Rs 500. Other competing international labels such as Esprit, Swatch and Crtizen are restricted to the premium end, have also entered the mid segment, between Rs 1,200 and Rs 3,500.
Tends are the growing role-played by fashion, branding and design. With a gain to get consumers to pay more for these aspects and for higher quality.
Growth in total market but primarily at higher price point, which will include higher price point market (mass market) this price range will range from £50-100. Through to premium watches at £150-500 and on to luxury watch sectors.
Displaying innovation in styling, making sure that the watch market is truly active and existing. This stimulates visibility and purchase and will provide an incentive to pay more for good design or quality watches such as Seiko and Accurist are consciously moving upmarket.
Fashion elements have a product purchasing cycle, and this affects mainstream watch brands as well as the fashion labels. It will also consider all levels of market from budget to luxury. As a buyer you need to be attracted to style as a part of self expression leads to brand peruse, which plays a role across the market.
We have chosen to increase our percentage by 10%, as it’s a new company entering the UK Market. We also asked people based on our observations and survey’s and found out that the majority were unaware about the company and product (Titan), with only 5% knowing what the brand is or even heard of it. This is why we want to increase our brand awareness by 10%
Product competitive positioning (appendix)
Our Unique Selling Point is the price and the way it is suitable for different types of styles. This is why our watch is stylish but affordable for the quality it holds. The watch is in the formal and fashionable category.
We can illustrate the position of the product with the use of the Positioning Map (figure ). From this we can decide on the competitive position which we can distinguish our products from those of competitors (i.e. position strategy).
The position we have set for our watch is to compete in the lower middle class price range as you can see from the positioning map. There is scope and room to place our product in this particular area. The watch is a quality watch set at a affordable price, which is one reason we believe it will be successful. We can create this differentiation by the price that has been set. (More info see appendix)
Price (see appendix)
The price we are setting for our watch is the exact price for the watch, which is set by titan itself (£90). We aim to keep this price level to breakthrough into the market, as it is set below that of our competitors.
By adding this we aim to attract more customers with the help of our advertising, we can create an image of a fashionable watch charged at an affordable price. This will help achieve our objectives.
Product Life Cycle
In India, the product is in the maturity stage that is why they have decided to concentrate on other countries. In the UK, the product is in the introductory stage of the product life cycle. The reason for this is because it is new and it is entering the UK watch market.
* In order for us to understand and analyse our target audience we will have to segment the market, this is because markets differentiate and they each have a different tailored marketing mix and different opportunities and threats (See appendix)
This consists of demographic, psychographics or geographic variables.
The demographics for the target audience for our titan watch are: –
– All males and some females
– Aged between 25-35
– BC1 social class
– Young-medium professionals
* We put the psychographic factors into consideration when designing our advertising campaign; which is why we came up with the findings that the lifestyle of our target audience tends to be slightly formal and fashionable, and considering their personality we have come up with an advert to reflect their self-expression as the new generation of young-medium professionals. (See appendix-adverts)
* The geographic elements are that the watches will be advertised mainly in the major cities in the UK due to the increase in standard of living and population.
The behaviour of our target audience is basically their attitude towards buying; also it is their loyalty and the stage of readiness they are at.
Our watch could be bought as either a gift or as self-purchase and it will be price sensitive, we feel that Titans current pricing for the watch is suitable for consumers without them being too sensitive to its price. Another variable of the behaviour is the readiness stage. For us to be successful in this advertising campaign we will firstly make consumers aware of our product, which is the point we are concentrating on in this report.(For more information see appendix)
As for our media strategy we are going to use two men’s magazines, which are GQ and FHM, and one celebrity magazine read by both sexes, which is OK. (See appendix)
We will be implementing a strategy known as flighting. (See Appendix) The advert will be put up for a period of three months and stopped for the next three months then put up again for another three months; this is because we want to raise awareness of the product and by doing so we will have to remind our target audience that we are still here after the three months break.
Our advert is going to be in full size A4 in the middle of the magazine specifically in the right hand side because according to a website (listed in the appendices) right hand pages are read more often than left hand pages and also there is a bigger chance it will be spotted in the right hand side by browsers than the left hand side.
Our next media tool was the public transport; we will put it inside train carriages; that is 3 in each carriage and 2000 in total for all trains running mainly through central London, Birmingham and Manchester. Also on the side of buses with central London routes and through the cities mentioned in the UK, 100 adverts are going to be put in a large print so it is visibly clear for everyone on the road. Also we are going to put 500 adverts in the bus stops so when passengers are waiting for their bus it will be easily noticeably for them as well. This campaign is going to be run in the same sequence as for the magazines.
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