Pestel Analysis of Titan Watches

1914 Words Dec 14th, 2011 8 Pages
Pestel analysis of Titan Watches

PESTEL analysis : Pestel stands for Political, Economical, Sociocultural, Technological Environmental, Legal analysis of the external environment affecting the business. PESTEL analysis is done by managers to understand the macro environmental factors affecting the business. These analysis are strategic tools for understanding market growth, market share, latest trends etc. * Political factors : These refer to the relevant government policies that affect the business environment. For eg. Tax policy,labour law , minimum wages law ,tariff rates etc * Economic factors : These refer to the macro economic factors that may affect the business. For eg. Inflation,
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Indian consumers are more confident than a decade ago and they are buying products which were a dream for their previous generations. More over with the advent of globalization and internet there is no dearth of information about the commodities. Socio-cultural factors : The Indian consumer is highly segmented with respect to the Indian watch industry. The various segments can be segregated as below * The Indian Urban fashion consious elite : This segment of people buy watches as a fashion statement and for them Titan has exclusively launched the ZOYA brand. The watches of this segment range from Rs 1500 and above. This segment is not Price sensitive. Most of them are brand conscious and very few of them frequently change brand. These people have a yearly salary of more than 8 lakhs. * The Indian Urban upper middle class : This segment of people are somewhat price conscious. They want to buy the most stylish watches at the most affordable prices. Titan has launched the Sonata segment specifically to cater this segment. These people are the bridge way between Indian deep rooted values and western fashion statement. This is the reason Sonata has launched Bandhan for married couples. It is a set of two watches for both the husband/boyfriend and wife/girlfriend. This category of consumers wants to get the best thing at the best affordable price. They don’t mind to pay the extra buck if the quality is good. This segment of consumers has an annual

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