Question

Watches is the 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 problem facing a watch marketer is the problem of cannibalisation across the price points. Timex introduced Basics (Rs. 450)at the lowest end. The Sonata range extends from Rs. 400 to over Rs. 1,200.

Question: Develop a segmentation and positioning plan for Sonata covering the following aspects

1. Market segmentation

2. Positioning

3. Marketing mix

Answer 1

Sonata is well known brand in Indian subcontinent. It can divide its market into three major categories,

1) Watch for children ( Age 05 years to 18 years)

2) Professional segments of customers/ Working professional looking formal watches Above 18 to 50 years of age

3) Senior citizens ( Above 50 year)

Positioning is a process through which Sonata can make huge customers base in the marketplace. In this , brand features, specialties and services must be differentiated to each segments discussed above. TV commercials should be designed to attract new customers as well as retaining the existing groups of customers. Social media campaigns may be utilized to make people aware about Sonata's product range and after sales services.

Marketing mix is a combination of four important aspects of any business which includes product designs, pricing strategies, place or location decisions, and promotion.  

Sonata should offer world class watches with fashionable designs. It can work on innovation related dynamics. Point of sales strategies should be based on survey results conducted via inhouse teams or any third party firm. A counter based customer's feedback and suggestions should be recorded.

Pricing should be based on segment's paying capacity. A market based approach, differential pricing and cost plus pricing schemes may be adopted by Sonata company.

Promotion mix should be included television advertising, print media, newspapers, social pages etc. Customer centered approach may be more beneficial.