Watches are a category which has stiff competition in the present day context. Titan, the market leader, has offerings for various market segments. Pricing and positioning strategies play an important role in appealing to the respective target segment. Titan has Insignia, Classique and Sonata as some of its brands. It also has Fastrack priced between Rs. 900 and Rs. 1,500. One of the problems facing a watch marketer is the problem of cannibalisation across price points. Timex introduced Basics (Rs. 450) at the lowest end. Timex's Vista, Aquara and Lextra contribute to almost three fourths of Timex's saies (These brands start from Rs. 500 onwards). It is very likely that sub-brands of the brand may cannibalise each other. Titan's Sonata and Classique ranges have similar designs. The Sonata range extends from Rs. 400 to over Rs. 1,200. Questions: Develop segmentation and positioning plan for Sonata covering the following aspects: a) Market Segmentation b) Positioning c) Marketing Mix
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Marketing Mix
Explanation:
- A marketing mix consists of the product, price, place and promotion.
- Product: Titan watches
Types include,
a- Classique
b-Sonata
c-Fastrack
- Price:
Use the price skimming strategy or psychological pricing strategy
a-Classique (not mentioned)
b-Sonata 400-1200
c-Fastrack 900-1500
- Place:
Its placement could be where its sales would be higher. Since its branded, malls and online website should be the best fit.
- Promotional
Use celebrity endorsements for watches that are highly priced and are one a kind.
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