CONCEPT OF ECONOMY USED IN TITAN COMPANY

TITAN WATCHES

*Titan industry was established in 1994 as a joint venture between TATA group and Tamil Nadu Industrial Development Corporation.

*The five economic concept used by company as follow:-

1.   PERFECT COMPETITION

        The company brought Indian watch market  offering quartz technology with international level styling and quality , while he segmented the youth ,women and men. For youth its launched the FASTRACK, for women its launched RAGA series of watches and for men segment its launched SONATA… acquired   the 60% of watch marketing 1984 for competitors like imported brand TOMMY HILFIGURE and SWISS WATCH.

2.LAW OF DEMAND

       After acquiring the Indian watch market with the domestic sales of 6 million a year where the DEMAND where the demand is the high for the Titan Watches because 190 million watch owing Indian, between them 120 million people are from urban ,90 million from rural, women owns more than men, so titan lesser its price from others  brands like TOMMY HILFIGURE with its pricing starting range was ₹6000 but TITAN WATCHES set his range ₹600 for youth and all the segment. They also provided the international quality SWISS WATCH named XYLS which was affordable than the other international Swiss watches starting the range was around ₹20000.

3.LAW OF SUPPLY:

        From the producer point of view as the slight increase in price and supply in the RAGA and FASTTRACK watches after branding and using the brand ambassador like very famous celebrity of Indian Cricketer M.S DHONI the supply increases in the youth segment and men.

4.ECONOMIC OF SCOPE ;

        Here economic of scale applied because the TITAN COMPANY started the giving service in EYE CARE and started producing the TITAN SPECS i.e TITAN+ EYE CARE  and lenses , and also enters in jewelry market the famous products is TANISHQ , MIA , ZOYA, GOLDPLUS ,FQ TEEN DIAMONDS.

5.ECONOMIC OF SCALE :

     

          Titan watches started producing the TABLE CLOCKS and big decorative watches after acquiring the wrist watch market and also increases the market share of 25% from 2003.