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About the industry
History of watches
Introduction about the company
Vision, mission, quality policy
Human resource structure
Human resource function
The following report is an organizational study of Titan Company Ltd is one of India’s leading Watch Manufacturers with a revenue over 156 Billion.
The project HR structure and demand analysis of Titan industries limited was basically an organizational study mainly focusing on HR function of the company. The main motive behind doing the project is to know about the industry, have an overview about the Titan company limited and known about the HR function of Titan company limited.
I have done a research about the company and hence gained an insight about the company’s organization structure and HR functions.
Chapter 1: Introduction
About the Industry
Fashion Retail Industry
What everyone thinks of fashion—The first thing that comes into everyone’s mind is Beauty? Celebrities? Craze? Glamour? Prestigious? Well, fashion is something more which you think and imagine. Moreover, the political revolution also made much impact on the fashion trend. Fashion is very important to every nation because it indicates the history of our nation and helps to tell the story of the world. The market share of the fashion retail industry is around 4% to 5%. Many industries together form up a fashion industry as we know it today, such as merchandising, designers and textile industry. A major part of fashion careers is the retail business.
What is Fashion Retailing?
Fashion retailing is part of business activities, Now the clothes have been performed and manufactured according to their need to be sold for the final consumer. The negotiation of acting as an intermediary between the manufacturers and the final customer is known as retailing. In simpler terms, can be identified as “Purchasing the products from the manufacturers and selling them to a final costumer”.
Many expensive watches in today’s generation add a host of extra features today like humidity, Temperature checking, Altimeter, etc. These kinds of watches are very tough to design. Watch
companies say that the workers and engineers spend much time adding extra innovative features to them. These are beautiful. Now a day’s watches come in all kinds of sizes, shapes, and different innovative features. Let us see how the titan watch will look like.
The History of Watches
The watch came into existence in 16th century Europe, where watches make progress from easily carrying spring-driven clocks. Later the watches which established were made from a mechanical device that was made from hands. The design of the quartz watch in the early 1960 ran on with the help of electricity. Later quartz watches obtain the market from the mechanical watches it is referred to as a quartz crisis, the broad greater number of watches now have quartz movements. The origin of the word watch comes from the old English word Woecce which indicates “watchmen” why because it’s been used by the watchmen to manage records of their shifts.
Fashion and Wrist Watches
Since the time of wristwatches arrival, Wristwatches become very famous and popular. In the past day’s men use to wear pocket watches more when compare to wristwatches whereas women used to wear wristwatches. It was expressed as a luxury gift for all occasions. The wristwatch usage in men came to present after the army men started using on their wrist. Watches were also started passing from one generation to another. As watches evolved more and more variety of features like date, calendar, seconds were fused into them. In today’s generation even mobile phone has watched in them.
Introduction About the Organization
Titan Company is one of the well-known among the fashion companies in India. It is famous for producing jewelry, watches, spectacles. Titan company ranks 5th in the world and 1st in India at manufacturing wristwatches. Titan Company is the part of the tata group, it’s headquartered is located in electronic city, Bangalore.
Titan Company Limited was inaugurated on 26th July 1984 under the name titan watches limited Chennai. A plant was set up to manufacture quartz analog electronic watches in the state industries promotion corporation of Tamil Nadu ltd. Industrial area at Hosur.
Titan Company limited was set in motion in 1984 in Chennai. It started as a joint venture company. Xerxes Desai is the founder of Titan Company. Later a plant was established to manufacture a quartz electronic watch in the industrial area Hosur. Later another plant was set up at Dehradun, Uttar Pradesh to manufacture over 5,00,000 watches each year. Titan company entered with a large disintegrate jewelry brand known as Tanishq with no known brands in 1995, Later Tanishq becomes India’s fast-growing and well-established jewelry brand.
The major turning point for titan was when the company started expanding the manufacture of watches from the domestic market to several prestigious brands. The company begins its second Jewelry brand known as gold plus it was mainly aimed at mass marketing on small towns and rural India. The company launched its watch in the brand of Fastrack it was targeted at a younger audience in competition with Timex. Titan eye plus the spectacle business from Titan company was started in 2007. It has over 550 stores working in more than 300 cities which offers a unique range of stylish and modern eye-wear.
Titan Engineering & Automation Limited (TEAL), earlier known as the Titan-precision Engineering division (PED) is an absolutely bought subsidiary of Titan Company. Titan now trades in building, automation & component manufacturing business to all Global markets.
Swiss watch manufacturer, Favre Leuba, came into existence in 2011 and integrated as a subsidiary of Titan company limited. Finally, the company was obtained for 2 million and its headquarters is located in Switzerland. Carat Lane private Limited Company basically a jewelry company was incorporated in 2007 and Titan purchased more than 65% of its share which is more than half of the shares at the cost of somewhere under 50 million. Titan watch company Limited, currently it is a wholly subsidiary of Favre Leuba, Switzerland.
Chapter 2: Organization Profile
Titan Industries form up as a joint venture company connecting the Tata Group and Tamil Nadu Industrial corporation. The company bought a drastic increase in comparison to the Indian watch market competitors. When its launch innovative quartz mechanics, it was complemented by international fashion styling. Titan ranks 5th in the world wristwatch manufacturing and they are one of the leading companies in India for producing watches. Titan is engaged in producing watches, jewelry, eyewear, and engineering precisions. They manufacture the watches under several brands such as Fastrack, Sonata, RAGA, octane, Xylys, Nebula. The first retail shop was inaugurated in Bangalore and subsequently in New Delhi and Hyderabad. Later-on, Company invented a smartwatch getting into collaborating with Hewlett Packard (HP). Fastrack watch has received a bronze medal at the Indian Effie award Company. Titan Company is again the biggest jewelry operator in India over more than 160 Tanishq stores, and bygone more than 30 gold plus stores. Tanishq has made its landmark when it opened the 150th showroom in India. Tanishq brand started to export its goods to all over the world. Tanishq has also won the coveted “Effie award”.
Titan has again formed its invasion into eyewear, offering a collection of separate products to the final consumer consisting of lenses, Frames, Contact lenses, and accessories. Titan experimented in eyewear over its Fastrack brand. It has also invented the brand’s Titan eye+ that has a wide area of contact lenses, prescription eyewear, and Sun Glasses. Eye+ started a world-class Lens manufacturing unit. Titan received the best-governed company award for corporate governance and sustainability. In addition, the company markets special accessories such as belts, wallets, bags, and new perfumes under the Skinn brand. Titan has ranked 10th amid 16,000 of variety of brands over 9 cities. Titan, it has around 8% of the market share in the electronic device market as of 2018. This year company is expecting to earn revenues of all over Rs. 125 crores.
B. Vision, Mission, Quality Policy
We create great involvement in for the people we touch and remarkably impact the world where we work in. To be a top world-class, ingenious, enlightened organization and to build India’s most preferred brand.
To generate wealth for all our shareholders by taking the company’s business to the high level based on a customer-centric approach, and devote to the community.
It ensures that all the requirements of the costumers are properly and absolutely satisfied in a safe, productive, and skillful manner all over the stages of the contract. To comfort in accomplish this policy the company has established a management system that balance all the sector of the company’s activities.
C. Competitors Analysis
Below are the Top 5 Titan Competitors
Timex Corporation is the American brand manufacturing company in Waterbury. It is one of the most customer trusted brand for watches in India. It manufactures a good quality of products and affordable everyday watches. Timex is known for its simpleness and long durability and it has a broad range of the model.
Casio is a Japanese based multinational electronics manufacturing company situated in Tokyo, Japan. They have a great number of watches in many more categories. The company has created a widespread network for giving out the products and services across India.
Tag Heuer is a company it serves the products worldwide it’s headquartered is located in Switzerland. They manufacture and retail fashion accessories along with watches, as well as spectacles and mobile phones. The company’s slogan is “swiss avant-garde 1860”
Omega company formally changed its name to Omega SA, the company is situated in Switzerland. It is basically controlled by the Swiss Swatch Group. Omega is originally founded by Louis Brandt. Army’s chose Omega watches for formal timekeepers for its military organization. Importantly Omega watches were kept for the Formal timekeeper of the Olympic games.
Citizen Company ltd is a Tokyo, Japan-based company primarily known for its watches, in addition to citizen watches it is the originator of American watch company Bulova. It is also famous for producing products such as calculators made of electronic gadgets. The growth of these brand watches has become very affordable for the public.
D. Ownership Pattern
Founder: Xerxes Desai
Xerxes Desai becomes the managing director of the titan company ltd, which is an Indian watch company, and he was a major role in making the foundation of the company. Desai was a graduate student from Elphinstone college oxford university at Mumbai. He established Titan as a joint venture company forming with J. R. D Ratan Tata. Desai came up with the plan of introducing the thinnest watchmaking around 1.15mm thick. The name of the brand is Titan Edge was established in the year 2002. After the Titan achievement, Desai came up with the Tanishq, a jewelry brand. Which led to the huge success in the market. Later, Desai was retired in the year 2002.
Bhaskar first worked with a Tata company with Tata watch company. At Titan, Bhaskar handles sales and marketing, HR, and different general managerial assignments. He then later on become a managing director of Titan company. Later on, he was chosen for the Non-Executive Director of the company. Bhaskar subsequently he was elected as a Non-Independent Non-Executive Director of Titan Company Ltd. Bhaskar was a post-graduate Diploma student in management at IIM-Ahmedabad.
Managing Director: Mr. C K Venkataraman
He is a post-graduate student of diploma holder in Management from IIM-Ahmedabad. He worked for the Titan company in the field of advertising and marketing functions before getting into the head of sales and marketing for Titan company limited. Later on, Venkataraman becomes an InCharge of Tanishq jewelry and later he becomes a chief executive officer of jewelers. afterward, he becomes the officer as managing director of the company from 2019.
Tanishq earned ET now global awards for market excellence, it has won totally 3 awards at ET market award held at Mumbai. Titan highlighted as one of top 10 ingenious Company brand at Bengaluru, also titan achieved the most customer experience award at 2018 on customer fest. Titan company earned an award for manufacturing a great electronic gadget in the year 1998. Titan was in the FAB 50 companies list for 2013. It has got a best of best award amid the top 5 in Asia pacific. Mr. Bhaskar Bhat got a best transformative leader award for managing director.
F. Titan Products
Titan watches are one of India’s leading sellers of watches it bought a standard shift in the Indian watch market with the technology having international style. Titan watches have a wide variety of brands like Fastrack, Sonata, Octane, Raga, and XYLYS. The Company earned the revenue of 2000 crores in the year 2018 almost 10% of the total company.
Xerxes Desai started the journey of brand Tanishq in the year 1995. It started establishing a well- repudiated jeweler system prevalent in India. Offering classic and modern pieces in platinum, gold, and diamond, taking into a reflection of every costumer’s individual needs and preferences. Tanishq has also won the coveted “Effie award”.
Titan Industries occupied the fashion attachment industry with the launch of sunglasses. Titan Eye+ provides Indian consumer a world-class visual retail experience through products which comes in a different modern design and styles, Titan Eye+ collaborated with Sankara Nethralaya, India’s one of the leading eye care institute.
In the year 2013 Titan Company released more than 6 various types of perfumes in the retail market with the name of the brand called ‘SKINN’. The Company came in contact with the worlds-famous trending perfumes including Nose Olivier and Alberto Morillas. SKINN became one of the trusted brands in India. The Company makes the perfume business famous for offering products to customers.
F. Main Offices
The Offices Operation is as Follows:
- Bangalore, Mumbai, New Delhi, PantNagar, Uttar Pradesh, Hosur, Kolkata, Coimbatore, Sikkim, Roorkee, Goa, Bandra, Chennai, Tamil Nadu, Rajasthan, Andhra Pradesh, Pune, Chikkabalapur.
- The main office or its headquarters is located in Electronic city, Bangalore.
There are around 7,000 Employees working in the Company.
There is around 10,000 odd franchise.
Future Growth and Prospects
The management of Titan Company Ltd aims at producing a large pool of capability leaders. Robust leadership-development systems that quicken the improvement of current and destiny leaders, the performance ability that is measured over rigorous processes. And the innovative benefit instrument at Titan company is some of the great practices in the corporate world.
With a capable philosophy of ‘people first’, Titan company notices the contribution and strength of the people in the company’s achievement and improvement. The working-culture in the titan company boost the employees to initiate, examine, learn, and grow.
- The Company has taken aggressive action to largely expand its total sales in a market by making available products in different concepts. The Company also use the inventive idea to attract their customers.
- The company is devising to launch a new product line for its customers and to engage youngsters for their brand.
- Ideas are going on to increase their company’s business to each and every corner of the country and to make their products available to every person.
Chapter 3: Organization Structure
Human Resource Management
Human resource is an important resource for the organization. The Human resource division plays a vital role in the company by operating the various functions like Selection, Training and, Development, Recruitment, wages, and salary administration, performance appraisal system, etc. Personal operating work affecting product quality shall be component based on arts, Experience, Training, Education. The Human resource department structure is as below:
Human Resource Structure
Function of HR Department:
Human Resource Management deals with issues related with to compensation, Performance management, organization development, safety, wellness, benefits, employee motivation, training and others. HRM plays a strategic role in managing people and the workplace culture and environment labor relations. It deals with mainly six functions they are as follows:
Recruitment and Selection
Recruiting and training new employee is main function of the HR department. This part of task generally brings about advertising open positions, obtain candidates, interviewing and separately time devoted to train new recruits. The Human Resource department generally produce training materials and handbooks describing all the aspect of job.
Promotion and Compensation
Titan Company promotes its employees based on their good performance. And it ensures that employees are able to handle their position at a given responsibility to give training to fresh employees. Senior-level promotion is given when the employees are having long work service in the company say for the period of 20 years’ experience in the company. Compensation comes under the management of the human resource officer and the company pays remuneration to their employees based on ranks or position. The company pays salary on a monthly basis whether the employee gets retired or met with an accident the company gives compensation and retirement benefits to retired employees.
Company Policy and Regulation
The main duty of Human Resource officer of the company should be sure that the business operation is followed by the rules and regulations. The company has to be aware of state’s rules on employment regulation like number of hours to be worked by the employee their age limit and restrictions.
Another main function of the human resource department is bonding an employee relation. When there is any misunderstanding between employers and employees or managers it is the HR officer who controls the situation. Employees are supposed to notice relational issues to the Human Resource staff for resolution.
Record Keeping and Tax Compliance
The Human Resource officer should record the account details of the company. According to IRS, the company should record accounts like income and expenses, Purchases and summary of business transactions. The human resources department should maintain employees record with their tax forms, the company’s license, inventory statistics, insurance, and all other business information should be recorded in a file.
Employees Performance Improvement Plans
The Human Resource department must be pledged to protect the employee’s prosperity, their advancement inside the company, encouragement. Checking the environment where they work, offering motivation, triggering the development programmer are just a few examples of the work they going to do in the company.
Ensure Compliance with Labor Laws
There is a lot of employment management and laws for which the HR administration will regularly be responsible. Lay off, sick leave, maternity leave, all of this must be managed and should be truly executed.
Titan Company Ltd Conducts Performance Appraisal during the financial year ending and it evaluates the job performance of the employees-based quality, Quantity, Cost, and reviews within the company. It mainly focuses on giving feedback to employees, to check whether more training is required for the employees like salary hike, Promotion, equal employment opportunity, and developing skills of employees. If the employees go behind the limit they are terminated from the job.
Chapter 4: Swoc Analysis
Swoc analysis is an important devising method which is used to judge the strengths, Weaknesses, Limitation, Opportunities, and Threats which is involved in a job or a business enterprise. It is a well-established technique for the audit and analysis of the overall strategic position of a business and its environment. It contains determining the objective of the job or business enterprise and recognizing the internal and external elements that are favorable and unfavorable to reach the objective. SWOC stands for Strength, Weakness, opportunities, and Challenges, Strength and weakness are internal elements. Opportunities and threats are external elements.
S: Characteristics of the company are helpful in accomplishing the objectives.
W: Characteristics of the company that is harmful in accomplishing the objectives.
O: External situation those are helpful to accomplish the objectives.
C: Characteristics outside the company are harmful in accomplishing the objectives.
Strengths of Titan Company Ltd
- Titan company has a huge grid of exclusive stores and service centers all over the place.
- Titan is famous for its great design and its great quality. Titan watches are favored by each and every segment of people.
- The company uses celebrities as their brand ambassadors to advertise itself.
- Titan company’s watches are exported over more the 40 countries.
- Titan is giving great customer service. Titan watches generally don’t need any repairs and if they need the company to exchange the watch with the new one in the warranty time.
- Titan is one of the worlds 5ths and India’s 1st leading manufacturers
- Various sub-brands below the brand titan have become successful in their positioning.
- The company has strong advertising and brand existence of titan.
- Titan watches are used as a fashion statement.
- Titan has come up with a world’s slimmest watch taken under the brand name Titan edge.
Weakness of Titan Company Ltd
- Titan Company has to face problems to take up fake Copying
- The company has not gone through the global market as some other international watch manufacturer.
- Titan watches are not completely water-resistant.
Opportunities of Titan Company Ltd
- Seasonality: At the time festival, like Diwali titan promotes nebula, Bandhan because there is a demand for the products. Gold watches and pairs are like wedding occasion. The Fastrack watch is promoted in the month of June and august when schools and colleges re-open.
- Exchanging offer: All the titan stores provide an exchange offer to its customers of any old watches, at any time, in any condition function or otherwise receive a flat discount of 25% on their purchase of the brand-new technological and stylish products.
- India is underpenetrated retail for watches.
- Titan company can target on more brand alertness and having watches catering to every sector.
- Overall development and tie-ups with global watches and jewelry brands.
- Costumers favor owning diverse watches for a different time and movement with increasing customer viewpoint.
Challenges of Titan Company Ltd
- Mobile: Now a day’s people can find the time and the other feature on their mobile phones. So, the need for watches is decreasing in today’s generation. People can see the time on a cell phone instead of buying a watch and some people think that there is no need for a wristwatch.
- Solid Competition faced by foreign brands, especially in the superior segment can drop Titan’s market share.
- Being an international brand, the company’s trade is damaged by bankruptcy and economic uncertainty.
- A broad target segment may lead to a lack of focus in brand planning
- Titan is also facing risk from Chinese watch companies that are trading their Products at a more low-priced.
- Titan watches are simple in design that means imitation is probable.
- The fashion trend keeps on changing from time to time.
There are huge varieties of brand watches in the market. comparing other watch market share Titan watches stand first, it is the top shareholder in the market it has over 60 percent of the domestic market share in the watch market. In the extension of giving a hard competition to its competitors in India, it also became a strong competitor for an international watchmaker. Titan ranks the world’s 5th largest watch producer and it has placed itself by its wonderful marketing plan.
To increase its appearance in the market, Titan company can sponsor events like fashion shows in which recent watches launched are displayed. This would have various effect as the current pattern launched by them get observed by various segments of the costumers in different ways. The product rate varies from Rs. 250 to Rs.1,80,000 wrapping all the economy and great premium section.
Now and then the company focuses on Segmentation, Targeting and, Positioning analysis to continue its brand fame and growth rate and also to become a top ranking in the watch industry. Titan has become the first choice of Indian costumers over 33% of respondents use it. The other important watches used by Indian customers are Timex, Sonata, citizen.
The Company’s after-sales duty itself standard operation having a network over more than 616 service centers and it is the world’s rapid inversion time. Company to maximize their market share they have to give priority on the manufacturing of gold type and plastic kind watches.
- Most people look into prices before they tend to purchase it so the company should maintain its cost leadership.
- Titan products are used by the maximum number of customers in India so the industry should position its other brand also.
- Most of the customer who purchases titan products assumes titan is the symbol of prestige so the company must maintain its sustainability and launch the new products in accordance with this declaration.
- Titan Company – Wikipediaen.wikipedia.org › wiki › Titan_Company
- Titan: The Official Website for Titan Watches, Wallets, Belts …www.titan.co.in