Brand Extension: Titan Eye Plus
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Analysis of brand extension by Titan Company in the eyewear market in India
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Brand Extension: Titan Eye Plus
- 1. Titan Eye+ BY SHIKHA GUPTA Brand Extension Analysis of
- 2. Contents Introduction About Titan Company Brands Under Titan Company About Titan Eye+ Eyewear Industry in India Growth of Eyewear Industry in India Analysis of the Eyewear Industry Market Share of Titan Eye+ Market Share of Titan Company over the Years Market Share of Titan Eye+ over the Years Analysis of the Titan Eye+ Market Segmentation and Target Segment Competitors Positioning Perceptual Map Product Strategy Pricing Strategy Place Strategy Promotional Strategy Summary References
- 3. Introduction TATA Group Titan Titan Eye+ Manufacturer Parent Brand Brand
- 4. About Titan Company • Created in 1984 • Transformed Indian watch market • Fifth largest integrated own brand watch manufacturer in the world • Largest jewellery retailer in India • 363 World of Titan outlets, 71 Titan One outlets and 140 Fastrack stores across the country
- 5. Brands Under Titan Company
- 6. Titan entered eyewear segment in 2006 300 exclusive stores in over 100 cities Frames, ready readers and sunglasses for all age groups and in various designs Highly-trained professional staff About Titan Eye+ Quality eye testing
- 7. Eyewear Industry in India 0.00 20,000.00 40,000.00 60,000.00 80,000.00 100,000.00 120,000.00 140,000.00 160,000.00 180,000.00 2009 2010 2011 2012 2013 2014 Eyewear Market in India (INR mn) Eyewear Source: Euromonitor
- 8. Growth of Eyewear Industry 16.00% 16.50% 17.00% 17.50% 18.00% 18.50% 2011-12 2012-13 2013-14 Growth of Eyewear Industry in India Eyewear Source: Euromonitor
- 9. Analysis of the Eyewear Industry in India • Increasing use of cosmetic lenses and sunglasses as fashion accessories as consumers are becoming increasingly fashion conscious • Increase in consumer discretionary spending due to rising income levels • Industry is highly fragmented .The largest share is occupied by local retailer shops • Presence of International Brands like Essilor and Crizal which dominate the market
- 10. Market Share of Titan Company over the Years 9% 4% 3% 2% 2% 2% 78% 2011 9% 4% 4% 2% 2% 2% 77% 2012 10% 4% 4% 2% 2% 2% 76% 2013 10% 4%4% 2% 2%2% 76% 2013Essilor International SA Carl Zeiss AG Luxottica Group SpA Indian Optics Pvt Ltd Safilo Group SpA Titan Industries Ltd Others Titan Ltd. Titan Ltd. Titan Ltd. Source: Euromonitor
- 11. Market Share of Titan Eye+ 10% 4% 4% 2% 2% 1% 77% Market Share in 2013 Essilor International SA Carl Zeiss AG Luxottica Group SpA Indian Optics Pvt Ltd Safilo Group SpA Titan Industries Ltd Others Source: Euromonitor
- 12. Market Share of Titan Eye+ over the Years 8% 4% 2% 2% 1% 1% 1% 1% 80% 2011 9% 4% 2% 2% 1% 1% 1% 1% 79% 2012 9% 5% 2% 1% 1% 1% 1% 1% 79% 2013 9%5%2%1% 1% 1% 1% 1% 79% 2013Essilor Carl Zeiss Suprol GKB Opticals Ray-Ban Hoya Titan Eye+ Lawrence & Mayo Others Titan Titan Titan Source: Euromonitor
- 13. Age • Kids • Youngsters • Middle Age • Old Geographic Area • Metros • Class-I cities, Class-II Cities • Semi-Urban and Rural Areas Price • Low • Medium • High Usage • Medical Needs • Fashion Personality Type • Sober • Stylish Conscious Market Segmentation Age • Kids • Youngsters • Middle Age Geographic Area • Metros • Class-I cities, Class-II Cities Price• Medium Usage• Fashion Personality Type • Style Conscious Target Segment
- 14. Competitors Unorganized Sector is the biggest competitor International competitors Domestic competitors
- 15. Points of Parity Points of DifferenceBrand Positioning Statement Position eyewear as a style accessory at an affordable price Positioning
- 17. Product Strategy Products include frames, lenses, sunglasses, contact lenses Innovative optical lenses Quality of manufacturing; 99% clarity of the glasses and lenses
- 18. Enigma focuses on Indian women Adreno is a sports collection Caters to different age groups through different product variants
- 19. Cabana is a sun glasses collection Dash is a kids collection
- 20. Lenses Progressive Lens Anti-reflection coating Coating to prevent electromagnetic interference Scratch resistant coating
- 21. Pricing Strategy Price is affordable The price range varies from Rs495-4495
- 22. Place Strategy India’s largest optical retail chain Exclusive Titan Eye Plus Showrooms 366 retail outlets, 136 towns all over India
- 23. Promotional Strategy Campaign on “affordability, accessibility and availability” Free, zero-error eye testing at stores Make Hearts Beat campaign to showcase the friendly staff and quick services of Titan Eye+
- 24. Trendz is for value conscious customers Flair focuses on middle-aged customers
- 25. Promotion through Advertisements The message of the ad is style at an affordable price The ad uses the popularity of the actress to create an appeal to try the new collection of titan eye+
- 26. The ad introduces the enigma collection especially for women The ad introduces the new flair collection at an affordable price for the middle aged target segment
- 27. Summary Manufacturer- TATA group Parent Brand- Titan Company Market Share of 1% since last 3 years Unorganized sector is main competitor International competitors- Zeiss, Essilor, Lawrence and Mayo, Vision express Domestic Competitors – GKB opticals Positioning as a fashion accessory at an affordable price Product varients like Engima, Flair, Dash to cater needs of each age group Pricing is medium and affordable Exclusive Titan Eye Plus stores Promotion through campaigns, free eye testing and advertising
- 29. Prof. Sameer Mathur Indian Institute of Management, Lucknow Marketing Professor: August 2013 – Present McGill University Marketing Professor: July 2009 – July 2013 Carnegie Mellon University Ph.D. in Marketing : August 2003 – June 2009 G These slides were created by Shikha Gupta, IIM Lucknow, as part of a MBA course “Brand Management" (www.Brandstrategy.in) taught by Prof. Sameer Mathur
- 30. Thank You!