Titan Future Avenues
WelcomeOur idea: titan’s foray into the furniture industryHead: why should one enter the furniture industry in indiaSize of industry from anywhere betn 20-30 bn$85% of indsutry is unorganized playersEven though India is a price sensitive market, Due to increase in disposable income, rapid urbanization and influence of global lifestyle trend, customers have started paying attention to design and quality. Still organized giants such as Godrej Interio, Durian have tapped only 10% of the market. From demand side, furniture industry will grow because:Tourism and construction activity at robust rate. Demand from hospitality snd real estate likely to rise. From supply side, india has sufficient resource availability.Infact eeven before arrival in india, Swedish giant IKEA had an extensive network of 50 suppliers in the country. Head: why Should TITAN enter this industry:Titan’s core strengths are: Design:For years, titan has delivered quality products to customers owing to its design innovations and excellent craftsmanship. It already has a Titan Innovation Council and a Design Studio for its watches and jewelry pieces. Likewise, TITAN can capture the market with innovation and design in this industry as well, which is something unorganized players cant deliver.
ManufacturingTitan already has a seperate business division that is Precision Engineering Division catering to global majors across industry verticals like aerospace, automotive, oil & gas, engineering, hydraulics, solar and medical instruments. Thus Titan is well equipped to choose the right material and get manufacturing done perfectly by replicating these efforts in furniture industry. Brand Building:Titan, for years has established itself as a trustworthy brand. It is titan’s vision that has made the watch category so exciting and thus transformed it. Similarly Titan has the credibility to offer superior quality furniture to the customers.Retail & Customer ServiceTitan has a strong franchisee network spread across the length and breadth of the country.Today it is one of Indias largest, covering 900 stores. Titan also made the shopping experience for its customers exciting and interesting by introducing well-designed showrooms.Titan is well positioned to enter this industry and leverage its core strengths to capture a large chunk of the market. How can our idea enable TITAN to be Titan of TomorrowHousehold and institutional spending on furniture is increasing