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Titan Eye+BY
SHIKHA GUPTA
Brand Extension Analysis of
Contents Introduction
About Titan Industries Ltd.
Brand Extension of Titan
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
Target Segment
Competitors
Positioning
Product Strategy
Pricing Strategy
Place Strategy
Promotional Strategy
Introduction
Manufacturer
Parent Brand
Brand
About the Titan Industries Ltd.Created in 1984, as a joint venture between Tamil Nadu Industries
Development Corporation (TIDCO) and Tata GroupInitial business was manufacturing and marketing of watchesLater, successfully moved into other businesses, such as jewelry via Tanishq
and eyewear through Titan Eye+363 World of Titan outlets, 71 Titan One outlets and 140 Fastrack stores
across the countryKnown for product quality, marketing and advertising campaigns
Brand Extension of Titan
About Titan Eye+The Titan company extended the
category of Titan brand in eyewear segment 2006
300 exclusive stores in over 100 cities
Products include frames, ready readers and sunglasses for all age groups and in various styles and designs
Reputed for providing quality eye testing with highly-trained professional staff
Eyewear Industry in India
2009 2010 2011 2012 2013 20140.00
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
Eyewear Market in India (INR mn)
Eyewear
Growth of Eyewear Industry
2011-12 2012-13 2013-1416.00%
16.50%
17.00%
17.50%
18.00%
18.50%
Growth of Eyewear Industry in India
Eyewear
Analysis of the Eyewear IndustryEyewear industry in India continues to grow from 2008 to 2014 majorly due to:
Increased use of contact lenses and sunglasses among consumersUse of cosmetic lenses and sunglasses as fashion accessories as consumers are becoming
increasingly fashion consciousIncrease in consumer discretionary spending due to rising income levels
These trends are set to continue in the forecast period, the eyewear industry is projected to grow by a 7% CAGR at 2014 constant prices.International brands like Essilor, Crizal and Acuvue continued to dominate eyewear market in India.The eyewear industry is highly fragmented with majority of the players occupying small market shares. The largest share is occupied by local retailer shops.
Market Share of Titan Eye+
9%4%
4%
2%2%
2%
76%
Market Share in 2013
Essilor International SACarl Zeiss AGLuxottica Group SpAIndian Optics Pvt LtdSafilo Group SpATitan Industries LtdOthers
Market Share of Titan Company over the Years
9%4% 3
%
2%
2%2%
78%
2011
9%4% 4
%
2%
2%2%
77%
2012
9%
4%
4%
2%
2%2%
76%
2013
9%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
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%4% 2
%
1%
1%1%1%1%79%
2013
9%4%
2%1%1%1%1%1%79%
2013Essilor Carl Zeiss Suprol GKB Opticals Ray-Ban Hoya Titan Eye+ Lawrence & Mayo
Others
Analysis of the Titan Eye+Titan Industries is ranked sixth in spectacles and eyewear overall in 2013 in India with two brands of Titan Eye+ and Fastrack.The market share has remain constant at 2% from 2011-2013The market share of Titan Eye+ also has been constant with a percentage share of 1% from 2011-2013.
Market SegmentationThe market can be segmented on the basis of:Age- Kids, Youngsters, Middle Age and Old GroupGeographic Area- Metros, Class-I cities, Class-II Cities, Semi-Urban and Rural AreasPrice- Low, Medium, HighUsage- Medical Needs, FashionPersonality Type
Target Segment
Age- Youngsters, Middle Age Geographic Area- Metros, Class-I cities, Class-II CitiesPrice- Medium, AffordableUsage- Medical Needs, FashionPersonality Type- Style Conscious
CompetitorsUnorganized Sector is the biggest competitorInternational competitors:
Essilor International SACarl Zeiss AGLawrence and Mayo
Domestic competitors:GKB OpticalsVision Express
PositioningCompetitive Frame of
Reference
• Frames• Lenses• Sunglasses• Contact lenses• Ready readers• Accessories
Points of Parity
• New design collections
• Wide variety of Materials used
Points of Difference
• Zero-error testing• Quality of
manufacturing• Differentiated and
stylish frames• Sunglasses backed by
high-tech lenses• Browse, touch and
feel display
Product StrategyProducts include frames, lenses, sunglasses, contact lenses, ready readers,
and accessoriesTitan Eye Plus manufactures some of the most innovative optical lenses Known for quality of manufacturing99% clarity of the glasses and lensesCaters to all customer groups through different types of products:Enigma focusing on Indian womenTrendz focused on middle-aged customersAdreno is a sports collection
Pricing StrategyPrice is affordableThe price range varies from Rs495-
4495
Place StrategyIndia’s largest optical retail chainExclusive Titan Eye Plus Showrooms 366 retail outlets, 136 towns all
over India
Promotional StrategyCampaign on “affordability,
accessibility and availability”Positions eyewear as a style
accessory and not just as a functional product.
Free, zero-error eye testing at storesFriendly staff and quick turnaround
time Make Hearts Beat campaign to
showcase the friendly staff and quick services of Titan Eye
Thank You!