Titan Elevate 7.0 - Case Document PDF

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About Us: Titan Company Limited (Titan), a joint venture between the Tata Group and the Tamil Nadu Industrial Development Corporation (TIDCO), commenced its operations in 1984 under the name Titan Watches Limited and has now become the fifth largest integrated own brand watch manufacturer in the world. Over the last three decades, Titan has expanded into underpenetrated markets and created lifestyle brands across different product categories. Tanishq, Titan's flagship line of jewellery is today a success with discerning customers and has set standards in the Indian jewellery market. Titan Eye+ was launched into the organized eyewear segment in March 2007 and has become a market leader in the category. New opportunities paved way for new entrants into Titan Company's business portfolio with SKINN and Taneira being our latest additions. Targeting and Retaining Generation Z

By 2025, Gen Z’ ers (born 1996–2010) will make up a quarter of the Asia–Pacific (APAC) region’s population—the same as millennials (born 1980–1995). Retailing is witnessing a transformation due to rapid technological developments. Retailers are using smart technologies to enhance the shopping experiences and to stay competitive. The biggest foreseeable challenge for marketing and retailing seems to be generation Z, since members of this generation behave differently as consumers. Gen Z have grown up during rapid digital advancements, challenging economic conditions and complicated global situations- this has led members of this generation to be exposed to a unique set of experiences, which influence their habits, behaviours, and expectations. Generation Z has the largest network of friends due to social media and their desire to stay connected 24*7. Despite their young age, they already hold unprecedented influence over important family purchase decisions. They are reaching their prime working and spending years, hence their impact on the economy is going to be significant. The key consumer trend we notice is the higher propensity or even a change in customer behaviour to buy products online.

Titan has given the country some of the most iconic and well-known brands. Fastrack became a pioneer fashion brand in the early 2000s, targeting the younger generation. It is however, difficult to keep up with a generation that are entering adulthood, at a time when they are the target audience for most of the companies and are spoilt for choices. With the influx of international fashion brands and the distinctively different brand aspirations for a Gen Z, it is difficult to stay relevant and stand out in such a diverse market to a particular segment.

Employer of Choice:

Tomorrow’s workplace is being given shape and form by today’s youngsters who have entered the job market recently or will be entering in the new few years- a group that is most influential and vocal about what they need and expect. They are entering Titan through both the campus and lateral route as well, with their numbers only going up in the next few years. Gen Z is entering the workforce at a point of significant evolution of work. With jobs undergoing changes, technology taking over many jobs and with the workforce shrinking, competition for talent is fierce. Companies need to prepare and adapt differently to win in the talent market in a way that can both attract and engage Gen Z and ensure that jobs continue to generate a pipeline of future talent. At Titan, we have various opportunities and career development programmes aimed at empowering high calibre individuals to build a successful career with Titan, but there are a lot of new age companies and start-ups offering a wide variety of options at a campus and lateral level, with whom we have to compete with to be regarded as the employer of choice. With the latest edition of Titan Elevate 7.0, we wish to target Generation Z. We wish to collaborate with you, to help us in making Titan an aspirational brand for Gen Z as consumers and an employer of choice. Today, brands like Titan are striving to stay relevant with the ever-changing consumer habits and behaviours. We are looking forward to implementable suggestions and strategies that would bring a significant change in how the Gen Z view our company from both business as well as employer perspective, which will eventually lead to Titan becoming a preferred brand for them. We have briefly described some of the avenues that can be explored. Please feel free to explore beyond these areas. Targeting and Retaining Generation Z Consumers: Marketing: Focusing more on organic digital marketing target. Gen Z wants more personalized contents from brands. Penetration in Tier 2 and Tier 3 market: Gen Z market for the Tier 2 and Tier 3 cities are relatively under explored - Strategies to capture these markets. Customer Experience: Titan is known for our exceptional customer experience but there can be various customer touch points In-Store as well as E-Commerce that can be revised keeping the customer group in mind. It’s a very competitive market environment, but clearly this shift in channel preferences increases the pressure on retail channels to attract young people profitably.

Social Media: Gen Z is known for being empowered and active social media users. The generation freely communicates, networks, and reviews and connects brands. Packaging: Seventy-nine percent of all consumers say that they include sustainable packaging in their purchasing decisions—always, usually, or at least sometimes. Gen Z cares deeply about the environment and expects others, particularly the companies they do business with, to do the same. Technology: Gen Z’s affinity for technology is reshaping the retail space; there is a need for better technology focusing on the group. Loyalty: Gen Z are always perceived to lack loyalty, but they are loyal to the brands that they love. What Strategies do we adopt to capture and retain their brand loyalty? Employer of Choice: We want to be prepared for the workforce of the future. The strategies and suggestions can be based on ways to become the employer of choice and engaging and retaining the future workforce in our company. The areas mentioned above are just to describe a few avenues. Please feel free to offer ideas beyond the above suggested areas....