Market segmentation is the process of dividing a market into smaller groups of consumers with similar needs or characteristics. This allows companies to create targeted marketing campaigns and tailor their products or services to specific segments of the market.
One company that has effectively used market segmentation is Titan, a leading manufacturer of watches in India. Titan has segmented its market based on several factors, including age, gender, income level, and lifestyle.
One segment that Titan has targeted is young, fashion-conscious consumers. To appeal to this segment, Titan has launched several trendy and fashionable watch collections, such as the Fastrack and Raga lines. These collections feature bold colors, unique designs, and trendy materials, such as leather and silicone.
Another segment that Titan has targeted is working professionals. For this segment, Titan has launched the Titan Edge and Octane collections, which feature sleek and sophisticated designs, as well as advanced features such as water resistance and chronograph displays. These watches are designed to appeal to professionals who need a reliable and stylish timepiece for their daily work routine.
In addition to these segments, Titan has also targeted the premium segment of the market with its luxury watch brand, Tanishq. Tanishq offers high-end watches made with precious materials such as gold and diamonds, and are targeted at affluent consumers who are willing to pay a premium for a luxurious and exclusive timepiece.
Overall, Titan's market segmentation strategy has allowed the company to effectively target different groups of consumers and offer a wide range of watches to meet the diverse needs and preferences of its customers. By understanding the unique needs and characteristics of each segment, Titan has been able to create targeted marketing campaigns and offer products that appeal to specific groups of consumers, ultimately helping the company to grow and succeed in the competitive watch market.
Titan Watches
Within the Titan mother brand are Nebula, which comes draped in 18-carat gold; the exclusive Insignia; PSI, for those turned on by technology; and Raga, which has been designed exclusively for women. These lead too many foreign brands enter into market of India and affect the sales of India. As the price for Sonata watches are cheaper, it attracts a larger number of customers and hence there is an increase in demand of these watches. For Men: Watches launched for men by Titan are Sonata, Steel, Nebula, Fastrack and Titan. The variable through which a market is segmented has an array of outlooks imbibed. International countries primarily include Middle East and Asia Pacific.
Stp Titan Watches
Titan, which is 15-years-old as a brand, has moved up the age spectrum. Product: In order to increase the total sales, the differences in prices of the watches are justified by its unique features. Cash Cows: Sonata was a star of yesterday. Promotion Strategy of Titan Watches Titan has been always active in promoting its products from time to time, be it digitally or from the traditional. Market Segmentation Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors and who might require separate marketing strategies or mixes. It has its kids targeted brand name Zoop that has collaborated with Marvel and Doraemon to produce kids-oriented themed watches.
Marketing Segmentation strategies used by Cadbury's and Titan
Porter 1985 , Competitive Advantage: Creating and Sustaining Superior Performance New York: Free Press, 1985 Molly Soat 2016 , More Companies Require Revenue-Focused Marketing ROI Measures, Study Finds, Marketing News Weekly, 2016 Nancy Lee and Philip Kotler 2015 , Social Marketing: Changing Behaviors for Good, 5th ed. They were stylish dress watches in all gold and precious metals. The price range was Rs. Besides that, gold and jewellery is very important in Indian life. It also helps include factors of customer loyalty and bettering of one's services and sales with time. In the past few years Titan has launched at a number of initiatives focused on specific segments Kelly, 2006, 144. Being so, a company can take advantage of a number of benefits.
