Titan Company- Innovation and

Entrepreneurship
Submitted by: Group 5

Aditya Jaiswal - 2011289

Chelsea Khandelwal - 2011055
Kamlesh Nayak - 2011340
Nitin Prabhakar - 2011312
Prakhar Pandey - 2011174
Sai Gowtham - 2011211
Siddharth Nahar - 2011243
Suraj Jain - 2011254
Case Facts (Titan Company)
○ Watch Business setup in 1987; Jewellery Division in 1994; entered new businesses in eyewear
and fashion accessories
○ By 2015, 1300 outlets in 240 towns and cities of India;; sold through 2300 outlets in 32
countries
○ 120 Billion sales and 8.2 billion of profits; 9% growth rate
○ 65% market share in the organized watch segment; 7.3% growth; 19.19 billion in sales
○ Jewellery sales of 94 billion; growth of 9.2%
○ Other products revenue of 5.64 billion; 13% growth
○ Had a backward integrated model which helped in fuelling its growth
○ A Category player instead of being a retailer
○ First to build modern storefronts in the watch and jewellery segment
○ The Future Shock and Ignitor Program
○ Goldplus and Eyeplus
○ How to keep up with the changing environment? How to fuel growth?
How Titan developed its retail concept in watches,
jewelry, and eyewear?
Titan developed their retail model in watches, jewellery, and eyewear using the following strategy:
Titan aimed to be a category player for a certain consumer group. Titan's retail locations were created
to assist the corporation in promoting the categories in which it wished to compete. Titan was a
company that specialised in "Personal Adornment.”
● WATCHES
○ Focused product development on quartz watches instead of automatic or mechanical watches
○ Results of our in-house watch and product development team & with the backward integration
into the manufacture of key watch parts, titanium has grown rapidly, expanding its watch
portfolio from 200 models to 850 models in three years.
○ Air-conditioned store with attractive product presentations
○ Well-trained store staff
○ Strong brand development through advertising
○ Widely spread stores-452 World of Titan Stores, 159 Fastrack Outlets, 41 Helios dealer
○ 11,000 dealers sold titanium watches in 2,500 cities
How Titan developed its retail concept in watches,
jewelry, and eyewear?
● GOLD (Tanishq and Gold Plus)
○ Availability of equipment for customers to check purity
○ Quality emphasis as part of branding
○ Gold Plus was introduced one level down for the middle class Consumer

● EYEWEAR
○ Prescription eyeglasses were launched in 2007
Apart from the Case facts, what do you know about the
journey of Tanishq?

● First store opened in 1996, became first Indian jewelry retail brand
● Among top five retailers in India by 2003
● 40% of Titan’s revenue made up by Tanishq
● In early 2000s it opened stores outside India
● In 2014, started exporting its products to UAE
● It also launched several sub-brands
○ Mia: Launched in 2011 for working women
○ Rivaah: Launched in Jan 2017 targeting wedding segments
○ Aveer: Launched in Dec 2017 with products for men
Titan’s strengths
● Innovation and entry into new business has been important driver for Titan's success
● Market leader in watch industry with estimated 65% market share
● Backward integration into manufacturing leads to large number of models
● Created strong brand through advertising, Ability to create top brands in unorganized space
● Modern storefront: improving customers experience
● It's product is not the core competencies, but the people and their ability to make precision
products
● Keen customer insights and design skills allowed the rapid product innovation and brand
building
How Titan promoted innovation and entrepreneurship

● Culture: Focussed on entrepreneurship

● Trust in People
● Talented and entrepreneurial workforce
● Process:
○ Forming teams and mentoring them
○ Having a process of innovation (Ignitor program)

● Strategy: Have a short term and long term goal

● Resources: Having everything accessible (separate office, market research)
When does it make sense for a company to stop looking for
new businesses and exploit the current opportunity?
A company should exploit in the introduction and growth phase of the PLC, but also try to make increments
to its product in the maturity phase while looking for other opportunities
What should Titan do?
They should keep focusing on their current businesses as they are still experiencing
high growth due to the dynamics of the Indian economy. Keep making incremental
improvements to their products and introduce new products in the same segments
to target new customers.
Also, they should keep promoting the strong entrepreneurial culture in their
company which gives way to identify new business opportunities.
Adopting the two faceted growth mindset has helped them grow very quickly
without compromising on margins. The same should work in the future as they
have already found the right balance in their business model.