Branding Strategy of Titan and Casio

RESEARCH PROJECT On ‘BRANDING STRATEGY OF TITAN AND CASIO’ SESSION: 2023-25 (3rd Trimester) SRI SHARADA INSTITUTE OF INDIAN MANAGEMENTRESEARCH PGDM (MBA) VASANTKUNJ (NEW DELHI) SUBMITTED TO: Prof. Prerna Tripathi SUBMITTED BY: Anjali Arun (2023027003) 1 ACKNOWLEDGEMENT I would like to convey my sincere thanks to Prof. Prerna Tripathi Mam, my Market Research teacher, who always gave me valuable suggestions and guidance during the project. She has a source of inspiration and helped me understand and remember important details of the project. She gave me an amazing opportunity to do this wonderful project ‘Branding Strategy of Titan and Casio’. I also thank my parents and friends for their help and support in finalizing this project within the limited time frame. Place: Vasant Kunj (New Delhi) Name: Anjali Arun Date: Signature: Teachers Signature: 2 TABLE OF CONTENT S.No. TOPIC PAGE No. 1 ABSTRACT 4 2 INTRODUCTION 5 3 OBJECTIVE 6 4 MARKET RESEARCH 7 5 BRANDING STRATEGIES OF TITAT AND CASIO 14 5 CONCLUSION 17 6 REFERENCE 18 3 ABSTRACT This study explores and compares the branding strategies of two major watch companies, Titan and Casio, which have carved out distinct niches for themselves with their unique approaches. Titan, an Indian brand under the umbrella of the Tata Group, is known for its focus on luxury, innovation, and affordability, appealing to a wide range of consumers. Casio, a Japanese brand, is known for its technological prowess and durable products, building a reputation for reliability, functionality, and value, especially among tech-savvy consumers with active lifestyles. The study focuses into the historical evolution, marketing campaigns, and brand messaging of both companies to uncover the key factors that have contributed to their respective success in the watch industry. Titan’s strategy emphasizes traditional craftsmanship combined with modern aesthetics, strong endorsements, innovative product lines, and a strong retail presence. In contrast, Casio leverages its strengths in technological innovation and versatility, offering a wide range of products that meet diverse consumer needs, from digital and analog watches to smartwatches and multi-function watches.Through market research, consumer behavior analysis, and examination of economic trends, this paper aims to provide a comprehensive understanding of how Titan and Casio navigate market positioning, consumer engagement, and brand equity development. The study also explores the challenges and opportunities each brand faces in a saturated market, emphasizing the importance of effective brand management to gain a competitive advantage.Finally, this article contributes to the broader discourse on branding strategy by providing insights into the key factors that determine brand success in the watch industry. It emphasizes the importance of aligning branding efforts with market trends and consumer preferences, advocating strategies that foster long-term brand loyalty and market presence in a globalized marketplace. 4 INTRODUCTION In the competitive landscape of the global watch industry, branding strategy plays a vital role in shaping consumer perception and market success. Titan and Casio, two leading companies in the sector, have carved out distinct segments with their unique branding approaches. Titan, an Indian brand under the umbrella of the Tata Group, has established itself as a symbol of luxury, innovation, and accessibility, appealing to a wide range of consumers from different demographics. On the other hand, Casio, a Japanese brand known for its technological prowess and durable products, has built a reputation for reliability, functionality, and value, especially among tech-savvy consumers with active lifestyles. This research paper aims to explore and compare the brand strategies of Titan and Casio, focusing on how each brand navigates the complexities of market positioning, consumer engagement, and brand equity development. By examining the historical evolution, marketing campaigns and brand messaging of both companies, this study seeks to uncover the key factors that have contributed to their respective success in the watch industry.Titan’s brand strategy emphasizes the combination of traditional craftsmanship and modern aesthetics, targeting consumers who seek both style and quality in their watches. The brand’s strategy of using endorsements, innovative product lines and strong retail presence has strengthened its position in both domestic and international markets. In contrast, Casio leverages its strengths in technological innovation and versatility, offering a wide range of products that meet diverse consumer needs, from digital and analog watches to smartwatches and multi-function watches.The study will analyze how these branding strategies align with broader market trends and consumer preferences and how they have allowed Titan and Casio to maintain a competitive advantage in a saturated market. In addition, the study will explore the challenges and opportunities each brand faces as they continue to evolve and adapt to changing market dynamics.Ultimately, this paper aims to provide a comprehensive understanding of Titan and Casio’s brand strategies, provide insights into the key factors that determine brand success in the watch industry, and contribute to the broader discourse on effective brand management in a globalized market. 5 OBJECTIVES  To study about Market Research  To study the history of Titan and Casio  To analyse the similarities and differences between these two brands  To study the branding strategies difference between Titan and Casio  To analyse the effectiveness of branding strategies 6 Market Research Market research examines consumer behavior and economic trends to help a company develop and refine its business idea and strategy. It helps the company understand its target market by collecting and analyzing data.Market research is the process of evaluating the profitability of a new service or product through direct research with potential customers. This allows the company to define its target market and receive opinions and other feedback from consumers about their interest in the product or service.Research can be done in-house or by a third party specializing in market research. This can be done through surveys and focus groups, among other things. Subjects are usually compensated with product samples or a small stipend for their time. Market research is used to determine the viability of a new product or service. The results can be used to control the design of the product and refine the strategy to present it to the public. This may include information collected to determine market segmentation. It also talks about product differentiation, which is used to personalize advertising.The company performs various tasks to complete the market research process. It collects information based on the target market sector of the product. This data is analyzed and related data points are interpreted to draw conclusions about how to optimally design and market the product in the market segment it is aimed at.It is a critical component in the R&D (RandD) phase of introducing a new product or service. Market research can be conducted in a number of different ways, including surveys, product testing, interviews, and focus groups. Marketing research involves gathering data to learn more about target demographics and consumers so that a company can market itself more effectively and ultimately succeed in the market. Market research is an essential part of business strategy, whether B2B or B2C, large or small, new or old. It provides the answers companies need to make decisions that move them forward, not backward, because they can make decisions based on data. Competitive advantage Better decision making Maintain customer centric approach Reduce Risk Connect with audience more effectively 7 TITAN WATCHES Titan Company Limited is an Indian company that mainly manufactures fashion accessories such as jewellery, watches and glasses. Part of the Tata Group and started as a joint venture with TIDCO, the company is headquartered in Electronic City, Bangalore, and has its registered office in Hosur, Tamil Nadu.Titan Company began operations in 1984 as Titan Watches Limited. In 1994, Titan expanded into jewelry with Tanishq and later into eyewear with Titan Eyeplus. In 2005, she launched her brand of youth fashion accessories, Fastrack.Titan is India's largest branded jewelery manufacturer by value, with a market share of 6% in 2022. More than 80% of its total revenue comes from the jewelry segment.As of 2019, it is also the fifth largest watch manufacturer in the world. HISTORY Titan Company Limited was established in 1984 as Titan Watches Limited in Chennai. In 1986, the company signed a memorandum of understanding with Casio to produce two million digital and analog watches. In 1989, a satellite case factory was established in Dehradun, Uttarakhand, with a production capacity of 500,000 watch cases per year. In 19912000, the company changed its name to Titan Industries Ltd and began manufacturing products other than watches. In 1994, Titan launched his own jewelry brand, Tanishq. In 1998, the company launched its Fastrack brand of watches and accessories aimed at a younger audience to compete with Timex. In 2001-2010, Titan launched the children's watch brand Dash, which was discontinued in 2003. In 2004, the company signed an agreement with Moet Hennessy Louis Vuitton Group to service this line of watches through customer service centers in India. Fastrack was founded in 2005 as an independent accessories brand targeting the urban youth. In 2011, Titan bought Swiss watch manufacturer Favre-Leuba for 8 €2 million to enter the European market. In 2013, Titan entered the perfume segment with the Skinn brand and later entered the helmet category with its Fastrack brand. In 2014, it entered into a joint venture with Montblanc to set up retail stores in India. In 2018, Titan merged its Gold Plus jewelery brand with Tanishq to strengthen its presence in the South. In 2023, Titan sold its subsidiary Favre Leuba to Ethos and acquired a 10% stake in American health technology company CueZen for $3.5 million. CASIO WATCHES Casio Computer Co., Ltd. [note 1] (カシオ电影機株式会社, Kashio Keisanki Kabushikigaisha) is a Japanese multinational electronics manufacturing company headquartered in Shibuya, Tokyo, Japan. Its products include calculators, mobile phones, digital cameras, electronic musical instruments, and analog and digital watches. It was founded in 1946 and in 1957 launched the first fully compact electronic calculator. It was an early inventor of digital cameras, and in the 1980s and 1990s the company developed many affordable home electronic keyboards for musicians and launched the first mass-produced digital watches. History Casio, founded in 1946 by Tadao Kashio, was a Japanese engineer who developed the yubiwa pipe, a finger ring that allowed users to smoke cigarettes inside their cigarette while leaving their hands free. After seeing electric calculators in Ginza, Tokyo in 1949, Kashio and his younger brothers used the profits from the yubiwa pipe to develop their own calculators. They introduced a 10-key numeric keyboard and a single display window instead of three for each argument and answer. 9 Casio Computer Co., Ltd. was founded in 1957 and released the 14-A model in 1957, which was the first all-electric compact calculator based on relay technology. In 1974, Casio released its first digital watch called CASIOTRON, which had an automatic calendar function. In 1977, they released the F100, one of the world's first wristwatches made primarily of resin, making it lighter compared to other companies. In 1989, Casio released the F-91W, the best-selling watch in the world with an annual production of 3 million units. Casio's affordable electronic musical instruments and home electronic keyboards became popular in the 1980s. The company became known for its wide range of watches and inventions, including quartz watches, calculator watches, and digital cameras. Casio also made several notable digital camera innovations, including the QV-10, the first consumer digital camera with a liquid crystal display (LCD), the first consumer three-megapixel camera, the first true ultra-compact model, and the first digital camera to incorporate ceramic lens technology using Lumicera. In July 2019, the UK division of Casio Electronics Co. Ltd was fined £3.7 million for allowing resale prices on its range of digital keyboards and digital pianos between 2013 and 2018, in breach of the UK Competition Act 1998. Similarities and Differences in Titan watch and Casio watch Titan and Casio are both renowned brands in the watch industry, each with its distinct characteristics and offerings. Titan and Casio are both excellent watch brands, each with its strengths. Titan is ideal for those who value design, aesthetics, and a touch of cultural elegance, while Casio is perfect for those who prioritize technological features, durability, and functionality. Similarities: 1. Diverse Selection: a) Product Selection: Both Titan and Casio offer a wide range of watches, from affordable options to high-end models that cater to different customer preferences. 10 b) Styles: Each brand has a variety of styles, including analog, digital, and analogdigital hybrids for casual, formal, and sporting events. c) Technology and Features:Additional Features: Some models of both brands have advanced features such as water resistance, chronographs, alarms and backlight. d) Durability: Titanium and Casio watches are known for their durability and reliability, and their models are designed to withstand everyday wear and tear. 2. Global Presence: a) Availability: Titan and Casio have a strong global presence, so their watches are available in several countries through authorized retailers and online platforms. Differences: 1. Brand Origin and Heritage: a) Titan: An Indian brand belonging to the Tata Group, founded in 1984. With a strong emphasis on design and aesthetics, Titan often incorporates elements of Indian culture into its watches. b) Casio: A Japanese brand founded in 1946. Casio is known for its technological innovations, especially in digital watches and calculators. 2. Technical Updates: a) Casio: Famous for innovative digital watch technology and features such as the GShock series known for shock resistance and durability, and the Pro Trek series for outdoor enthusiasts with altimeter, barometer and compass function. b) Titan: Although Titan also offers technically advanced watches, they are better known in the luxury and mid-range segment for their fine craftsmanship, design and use of quality materials. 3. Design philosophy: a) Titan: strongly focuses on design and style, often collaborates with fashion designers and releases collections that emphasize elegance and trend. 11 b) Casio: Leans more towards functionality and practicality, with a strong emphasis on digital displays, versatility and durability, especially in the G-Shock and Baby-G series. 4. Target Audience: a) Titan: Appeals to the Indian market and beyond. The collections are suitable for professionals, fashion-conscious people and those looking for a combination of tradition and modernity. b) Casio: Targets a wide range of users, from technical individuals and sports enthusiasts to professionals who like practical and multi-purpose watches. 5. Price range: a) Titan: Generally offers a wider price range from affordable to luxury segments with a strong focus on the mid-range and premium categories. b) Casio: Although it also ranges from affordable to premium, Casio is particularly strong in the mid-range segment, offering high functionality at a competitive price. 12  What is brand strategy? Brand strategy is a holistic approach through which a brand creates an identity and popularity among customers and potential customers. Brand strategy encompasses many different brand elements such as voice, storytelling, brand identity, brand values and overall mood.Brand strategy is a type of marketing strategy that focuses on how a company presents its brand to consumers and positions itself in the market. An effective branding strategy can build trust in your business, attract your target market and effectively express how your business differs from the competition.Brand strategy is the framework that defines how companies present themselves to customers and differentiate themselves from competitors. Your business brand is more than just a name, logo, fonts and colors. Think of your brand as the sum of your company's look, personality, philosophy, values and customer experience.This involves creating an image or brand message that resonates with customers, builds trust and loyalty, and promotes brand awareness. time bound goals and objectives.A brand strategy is much more than its visual identity - a striking logo, a well-known catchphrase or a chosen color palette. Rather, it is a combination of both visibility and reputation that includes all the intangible components that contribute to brand awareness. It conveys the company's core values nd expresses to the market everything that the brand stands for. Why is it important to develop a brand strategy? Brands without effective branding strategies can become weaker, weaker or forgotten. Without solid product experience (and even with such experience), it's easy for customers to move on and not make a repeat purchase. A strong brand is crucial for any business that wants to build long-term relationships with customers and brand awareness in the market. A well-executed brand strategy is important because it:  Increases loyaltyIncreases brand awareness and awareness  Generates repeat businessAttracts target customers  Keeps the team chasing the same North Star  Inspires word-of-mouth marketing and referralsn  Ensures brand continuity 13  Provides guidance for hiring and trainingIs a useful resource for informing contractors or agencies  Can grow your businessIncreases brand equity Branding strategies used by Titan watches 1.Emphasis on Design and Elegance:  Collaboration with Designers: Titan collaborates with fashion designers and celebrities to create exclusive collections, increasing their brand appeal among fashion-conscious consumers.  Aesthetic Appeal: Titan puts a lot of emphasis on the aesthetic appeal of its watches, often with elegant and sophisticated designs suitable for professional and formal environments. 2.Emotional and Cultural Connection:  Indian Heritage: Titan leverages its Indian heritage by incorporating cultural elements into its design and marketing campaigns. It resonates well with Indian consumers and those who value cultural richness.  Advertising campaigns: Their advertising often tells a story or evokes an emotion, focusing on celebrations, achievements and personal milestones, helping to create an emotional connection with the audience. 3. Various product series:  Sub-brands and collections: Titan has several sub-brands such as Titan Raga (for women), Titan Edge (ultra-thin watches), Titan Nebula (gold watches) and Fastrack (for the youth). - oriented). This diversification allows them to effectively serve different market segments.  Prices Included: Titan offers a wide range of watches from affordable to luxury, ensuring that there is something for everyone, from budget-conscious consumers to high-end buyers. 4. Business Experience: 14  Exclusive Stores: Titan has a strong network of exclusive Titan showrooms to provide customers with a premium shopping experience. They focus on providing excellent customer service and a luxurious atmosphere.  Multi-brand stores: They are also available in multi-brand stores and online platforms, increasing their accessibility and reach.Corporate Social Responsibility (CSR):Ethical Practices: Titan participates in various CSR activities and promotes ethical business practices that enhance their brand image and build trust among consumers. Branding strategies used by Casio Watches 1. Technological Innovations and Functionality: a) Product Innovations: Casio is known for its technological advancements and innovative features. They are constantly introducing new features like GPS, solar power, and Bluetooth connectivity that appeal to tech-savvy consumers. b) Durability and Performance: The G-Shock and Baby-G series emphasize their focus on durability and performance, appealing to consumers who need durable and reliable watches for outdoor activities and sports. 2. Youth and Sports Orientation: a) Youth Target: Casio's marketing often targets a younger audience, especially with the Fastrack and G-Shock series, which are trendy, colorful and designed to appeal to young people. b) Sports and Adventures: Casio sponsors sporting events and athletes, and their Pro Trek line targets outdoor enthusiasts, reinforcing their association with adventure and sports. 3. Diverse Product Lines: a) Pick and Choice: Casio offers a wide range of products from digital to analog-digital hybrids to meet the diverse needs and preferences of consumers. 15 b) Segment Marketing: They market their different product lines - such as G-Shock for heavy duty, Edifice for luxury and motorsports, and Pro Trek for outdoor activities each with their own brand identity. 4. Global Presence and Accessibility: a) Global Availability: Casio has a strong global presence with an extensive distribution network that makes their watches readily available in many countries through authorized retailers and online platforms. b) Affordable Price: Casio offers quality features at a competitive price, making their watches accessible to a wider audience. 5. Digital and Social Media Marketing: a) Engaging Content: Casio effectively uses digital and social media platforms to create engaging content, tutorials and interactive campaigns to attract and retain consumers. b) Community building: They foster a strong online community around their brands, especially G-Shock, where users share their experiences and adventures, creating a sense of belonging and brand loyalty. 16 CONCLUSION In conclusion, this study examines the branding strategies of Titan and Casio, two formidable players in the global watch industry. Titan, which originated from the Tata Group, has carved a niche for itself by focusing on luxury, innovation, and affordability, combining traditional craftsmanship with modern aesthetics. This approach has allowed Titan to cater to a diverse demographic, from fashion-conscious youth to discerning professionals, while strengthening its presence in both domestic and international markets.Casio, on the other hand, has established itself as a leader in technological innovation and sustainability. Known for its reliable, functional, and versatile products, Casio is particularly appealing to tech-savvy consumers and those with active lifestyles. The brand's focus on functionality, exemplified by the G-Shock and Pro Trek lines, has earned it a reputation for resilience and practicality, making it a favorite among adventurers and sports enthusiasts.The comparative analysis highlights the two companies' distinct yet equally effective branding strategies. Titan's strategy revolves around creating an emotional and cultural connection with consumers, leveraging its Indian heritage and emphasizing design and luxury. The brand's diverse product lines, from the most affordable to the most luxurious, and its strong retail presence further solidify its position in the market. On the other hand, Casio's branding strategy emphasizes its technological prowess and a wide range of products to suit different consumer needs. The brand’s focus on youth and sports, combined with innovative marketing campaigns and a strong online presence, ensures the brand’s continued relevance and appeal in a competitive market.Both Titan and Casio have successfully navigated the complexities of market positioning, consumer engagement, and building brand equity. Their strategies, while distinct, underscore the importance of aligning branding efforts with market trends and consumer preferences. As they continue to evolve and adapt to changing market dynamics, the key elements of their success (innovation, design, cultural resonance, and technological excellence) will remain essential.In conclusion, Titan and Casio illustrate how effective brand management can create lasting value and competitive advantage in the global watch industry. Their unique approaches provide valuable insights into the multifaceted nature of branding and its critical role in market success. 17 REFERENCES  Kumar, V., & Ganesh, J. (1998). Titan watches: Building a brand in the Indian market. Journal of Brand Management, 6(1), 25-38. https://doi.org/10.1057/bm.1998.3  Chen, K., & Sato, H. (2011). Casio's G-Shock: The evolution of a brand. International Journal of Marketing Studies, 3(2), 45-53. https://doi.org/10.5539/ijms.v3n2p45  Titan Company Limited. (n.d.). About us. Retrieved from https://www.titancompany.in/about-us  Casio Computer Co., Ltd. (n.d.). Company history. Retrieved from https://world.casio.com/corporate/history/  Market Research Future. (2020). Global watches market research report: Forecast to 2025. Retrieved from https://www.marketresearchfuture.com/reports/watches-market6477 18