MARKETING PROJECT

BY
J.SAINATH REDDY
D.MADHU
S.RAMESH
HIMAN MOHAPATRA
S.ANAND SHARIFF
EXECUTIVE SUMMARY

Timex watch segment is one of the Indias chief producer of

watches and ranks seventh in the worlds watch production.
Company really understands the psyche of the consumer and
they offered quality products in classical design with superior
technology. It is a perfect amalgamation of high-end Italian designs
and cutting-edge German engineering. Its Intelligent Quartz collection
is primarily made for fashion-minded men who are interested in
features like chronographs, fly-back movements and night-light.
Today the company has model for every prices segment and
every market. Basically it deals with four target market:
1. Low income group
2. Low-mid income group
3. Mid income group
4. High income group
As group Marketing Objective is to increase the market share of
the company as well as to increase the profitability of the
company.
The competitor is also playing an important role by having a
majority market share. To achieve a good market share the company
has to follow the marketing strategies, which basically include the
marketing mix.
The marketing strategies basically include the 4-Ps. Here the
marketer has to focus first on the product, which is basically for the
Timex doesnt have a wide range of product portfolio though having a
diversified sub-brand range. Secondly the promotions are not as
creative and good as its competitors. There is no wide range of
products in Timex whereas its main competitor Titan is offering
numerous products for different segments.
Though in the improperness or in innovation of the product,
Timex is fairly doing well, but there is a need of few changes.
HISTORY

Timex Group USA, Inc. (formerly known as Timex Corporation) is a

subsidiary of the Dutch company Timex Group B.V., and its US
headquarters, is based in Middlebury, Connecticut. The company
is the current successor to the Waterbury Clock Company,
founded in 1854 in nearby Waterbury, Connecticut.

Advent of the wristwatch

The Waterbury Clock Company met Artillery gunners need by
modifying the small Ingersoll ladies' Midget pocket watch to
become military-issue wristwatches, thus making one of the first
wrist watches.
Slogan: It takes a licking and keeps on ticking
John Cameron Swayze, as a spokesperson for live torture tests on
television with the tag line created by Russ Alben, "Timex Takes
a Licking and keeps on Ticking" a well-recognized campaign in
advertising history. A strong relationship was forged between the
companies in 1950 resulting in United States Time becoming the
exclusive manufacturer of all Polaroid cameras worldwide. In
recognition of the Timex brand's worldwide success, United States
Time Corporation was renamed Timex Corporation on July 1,
1969.

Timex Corporation (19692008)

In the 1970s and early 1980s, the American watch and clock
industry was devastated by the arrival of cheap mechanical
watches from the Far East, as well as the development of digital
quartz watches pioneered by Japanese companies. New
technology, in the form of electronic digital watches and quartz
analog watches, was developing very rapidly, making Timex's
mechanical watchmaking production facilities obsolete.
Timex Corporation transformed itself again in the mid-1980s as it
abandoned its development of various consumer products and
refocused efforts specifically on timepieces.
In 2000, Timex Corporation purchased the French fashion watch
brand Opex. Under its Callanen subsidiary, Timex acquired the
watch license for urban fashion designer Marc Ecko in 2002.
The company entered the luxury market in 2005 and acquired
Swiss-based Vertime SA, Vincent Berard. Vertime is responsible
for the design, manufacturing and distribution of Swiss-Made
watches and jewelry for the Versace and Versus brands.
In 2007, Timex Group B.V. established Sequel AG as a separate
company devoted to the design, manufacturing and distribution
of the Guess and the Swiss-Made Gc watch brands.

Timex Group USA, Inc. (2008present)

In 2008, Timex Group USA signed a four-year agreement making
Timex the first official timekeeper of the ING New York City
Marathon. Meanwhile, parent company Timex Group B.V.
launched two new Swiss-Made luxury watch brands Salvatore
Ferragamo Timepieces and Valentino Timeless under the Timex
Group Luxury Watches business.

Timex Group India Ltd.

The Company was incorporated on 4th Oct 1988. It was originally
established as a joint venture between Timex Group Limited,
Bermuda and Jayna Times Industries Limited, an Indian company.
They planned 2 million quartz analog watches per annum.
The company was promoted by Timex watches BV & Titan
Watches Ltd. The main objective of the company is to
manufacture and sales of quartz based wristwatches. During the
course of implementation of the project, Jayna Times Industries
Limited withdrew from the project, and was replaced by Titan
Watches Limited. The name of the company was changed to
Timex Watches Limited on 1st Jan 1991.
Currently, Timex, US, holds a 29.68% stake in the company.
Under Phase II, the company is to undertake in-house
manufacture of various watch components including bezels, dials,
straps, movement components, crystals and case backs.
The company has marketing and selling arrangements to use Titan
Industries marketing network of over 4300 outlets all over the
country and 172 high-profile showrooms and shops. It takes a
project for the manufacture of metal cases utilizing vacuum
plating in May '95.
Company name has been changed from Timex Watches Ltd to
Timex Group India Ltd. in 2009.

VISION
Our vision for the future goes way beyond timekeeping. We will
delight and surprise our customers through innovation in design,
technology and application of our brands and deliver a superior
customer experience. This will lead to enhanced values for our
shareholders and increase returns on investments and assets.

VALUES
Design, Durability and Performance
OBJECTIVE
Though TIMEX is one of the leading watch makers in the world
with wide range of products, it has failed to capture majority market
share in India. Our objective is to study the reason behind this.

4-P ANALYSIS
PRODUCTS
Timex has wide range of products for different segments. It owns brands
like HELIX, SALVATORE FERRAGAMO, VERSACE, TARUN TAHILIANI, and
MARC ECKO.
Apart from these sub-brands Timex portfolio includes watch ranges like
EXPEDITION, WEEKENDER, INTELLIGENT QUARTZ, EMPERA and CLASSICS.
These ranges have watches for both men and women.
EMPERA and CLASSICS have watches for a pair in addition to men and
women. Timex in India has not launched many products for kids segment.
Timex tied up with designer Tarun Tahiliani and released jeweled watches
in two ranges: bridal and ready to wear.
Helix targets the youth segment.
Versace, Salvatore Ferragamo and Marc Ecko are targeted towards lifestyle
and upper premium segments.

PRICE
Timex products are initially priced in such a way that it attracted low to
mid- level segments initially. With diversification in its segmentation the
company launched products with different prices for different segments.
Timex presently markets watches in a wide price range starting at Rs.1500.
Most of the watches are in 2000 to 5000 rupees category with products like
Expedition, Classics, Weekender, and Intelligent quartz.
Versace and Salvatore ferragamo are for ultra-premium segment priced at
more than one lakh.
PLACE
Timex during its initial years concentrated more on semi urban and rural
areas but with changing trend in consumer tastes it started concentrating
more on urban areas where its target groups mainly youth are located.
Timex apart from selling through normal retail stores it also followed
shop in shop model and opened stores in malls where youth presence is
maximum. Timex also opened its exclusive stores by name Timex world and
Time factory in all major cities in the country to market its products.

PROMOTIONS
Timex even from its initial years did less promotions. Advertising had been
very less for Timex. Timex for a brief period endorsed Brett lee as
companys ambassador, but after that it did not endorse celebrities for
promotion. Timex was one of sponsors of ICC World cup 2011. Timexs
biggest mistake is not having an Indian celebrity to promote its brand. Very
less advertising through ads, also Timex generally doesnt give many
discount offers on occasions. Lack of effective promotions is one of the
biggest drawbacks of Timex.

COMPETITVE ANALYSIS

MARKET SHARE: In India the market share of wrist watches of the

organized sector is 35%, out of which
1. TITAN 65%
2. TIMEX 12%
3. CASIO 3%
4. CITIZEN 2%

For every 10 watches sold per day in an outlet, Timex share was only
1-3 watches, whereas Titan share is 5-6.
 Most of the sales for Timex are in price range of 1000-5000. In
this price range it has tough competition with its competitor Titan.

In India youth are the majority segment for watches, here Timex
failed to capture that segment effectively with its sub-brand Helix,
whereas Titans FastTrack is doing exceptionally well.

PRODUCT:
When comparing with other brands Timex has a less number of
product variety and designs. For example: Titan and Timex both have
sub-brands for Youth segment, namely Fast Track and Helix
respectively. The number of sales happening in Helix is far lesser when
compared with Fast track due to less number of models & designs
available. In another instance Titan has a separate sub-brand for
Women & Kids segment, Raga & Zoop; whereas Timex doesnt have
any such provision. No special collections have been launched by
Timex on any occasions.

PROMOTION:
There is no effective promotion taking place for Timex when
compared with its main competitor Titan. Titan covers almost all kinds
of media for promoting its products whereas Timex has failed in
reaching all segments of customer. Shop-in-shop stores Timex outlets
are smaller in size and has less products when compared to other
brands. No special discounts where given from the company on
different occasions.
SEGMENTATION TARGETING POSTIONING
SEGMENTATION
Timex initially used income segmentation and concentrated more on low to
mid-level income groups with products which are priced at Rs.1000 and
below. But consumer behavior was changing. Watches are considered as
fashion accessories rather than just timekeeping machines. So company
had to diversify their segments more specifically suiting the needs of
different consumers. So Timex had to intensify its segmentation strategy.
Timex criteria of segmentation
1) Demographic segmentation
Income
Gender
Social class
2) Psychographic segmentation
a) Lifestyle
Luxury
Mid premium
Mass
b) Personality
Luxury
Sports and casual
Fashion
Economy
3) Behavioral segmentation
a) Occasions
Formal
Fashion

TARGETING
Timex initially targeted mid income groups but with changing consumer
behavior their product portfolio had increased. So they revamped their
targeting strategies too.

Timex now follows three different targeting methods

a) Single product for a single segment.
 Ex. Sub-brand HELIX is targeted towards GEN Y specifically.
b) One product for all segments
c) In addition to the above two Timex also adopts multi segment targeting.
Timex owns many sub-brands targeting various segments.

POSITIONING
Timex initially positioned itself as a value for money brand with
technologically advanced features and sporty look. But in recent times it
has failed to position itself successfully in India. With changing taglines it
failed in communicating its values to the consumer. Its initial tagline was
Technology that keeps you ticking, then they changed tagline to Time
on your side and now the tagline is what next. It failed itself to
successfully position itself in mind of the consumer.

QUESTIONNAIRE TO RETAILERS
1) In what price range watches are sold the most?
2) How many watches are sold per day?
3) How many of those sold are Timex watches?
4) Which brand of Timex is sold the most?
5) Watches in which segment are sold most?
6) How often are discounts given on Timex?

RECOMMENDATIONS:
1. Increasing the number of models and designs available in all
price ranges.
2. Creating number models especially for women and youth.
3. Capturing youth segment with attractive offers and promotions.
4. Setting up exclusive stores for youth segment( like Titans
FastTrack stores)
5. Effective promotions through advertisements and other media.
Endorsing an Indian Brand Ambassador to promote the brand.
6. Effective store management in shop-in-shop outlets.