Question

Please explain diversification strategy of Titan company ( Part of TATA group)

Answer 1

Titan, a part of Tata group, entered the watch market in India in 1984 and dominates the market by its creation of quartz watch, a masterpiece of its marketing strategy. Later on Titan industries diversified into jewellery to make its customers happy with a new range of products. By the passage of time, it also adds other products like precision engineering components and sub-assemblies, machine building and automation solution. Later on, it launched another product, i.e., eye-wear under the brand Titan Eye plus. It also brings accessories like belt, bag and wallets. Titan is continuously growing with its great quality and innovation. Titan has been able to mark its presence throughout the globe. Under Titan there are four branches: wrist watch, jewellery, eye-wear and precision engineering components, gaining popularity among customers day by day. Titan got serious competition from other market players on the ground of price. It's competitors offer a low price to take the market. In order to gain the competitive advantage Titan launched another brand Sonata, which was very popular in the market because of its low price. Time to time, Titan brought new products, models and sub brands for each branch of its business and able to keep its brand new and fresh. It's diversification strategy is continuously helping to make its position strong in the competitive market.