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ACCOUNT PLANNING RESEARCH ON FASTRACK MADHUBANTI DAS GAURAV SHARMA

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Page 1: 1account planning assignment  gaurav & madhubanti

ACCOUNT PLANNING

RESEARCH ON FASTRACK

MADHUBANTI DASGAURAV SHARMA

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RESEARCH DETAILS

No. of Interviews : 9 INTERVIEWEES Department Manager – Pantaloons, Phoenix Mall Sales Man – Sunglass hut, Phoenix Mall Sales Girl – Fastrack store , Kalyani nagar Watch Repairer – Time Plus, Chandan Nagar CUSTOMER Kiran sabde Sayantam pahuja Anindita khemka Sandra awasthy Saurabh Sharma

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MEMBER #1

MADHUBANTI DAS

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RESEARCH DETAILS No. of interviews : 5

INTERVIEWEES

PUSHKAR TEWARYDesignation: salesmanVenue: sunglass hut, phoenix mall

SANDEEP SINGHDesignation: watch repairerVenue: time plus shop, chandan nagar

KIRAN SABDEDesignation: engineering studentVenue: mg road, fashion street

ANINDITA KHEMKADesignation: verve communications, bpoVenue: phoenix mall, viman nagar

SANDRA AWASTHYDesignation: homemakerVenue: mg road, fashion street

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INTERVIEW

NAME PUSHKAR TEWARI

DESIGNATION Salesman, sunglass hut

VENUE Phoenix mall, Viman Nagar

STORE HOURS 9 am to 6 pm

BRANDS AT STORE No Fastrack sunglasses

CUSTOMER FLOWWeekdaysWeekends

From 12noon to 12.30pmFrom 9.30 am to 10 am

CUSTOMER AGE GROUP YOUNGSTERS TO MIDDLE AGED (oldies occasionally)

CUSTOMER’S MIND FLUCTUATION

Not very often

PARAMETERS FOR MIND FLUCTUATION

Product style

WHY NO FASTRACK SUNGLASS @ SUNGLASS HUT

Low sales; sub-standard style

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INTERVIEW

NAME SANDEEP SINGH

DESIGNATION WATCH REPAIRER

VENUE TIME PLUS, CHANDAN NAGAR

STORE HOURS 10 am to 9 pm

BRANDS AT STORE LOCAL BRANDS

CUSTOMER FLOW From 11 am to 9 pm

BEST BRAND FOR REPAIR TITAN, SONATA

CUSTOMER AGE GROUP NO SUCH GROUP – EVERYONE

EVER REPAIRED FASTRACK

YES

MAIN PROBLEM WITH FASTRACK

LOOSELY BUILT BELTS; DIAL GET STUCK USUALLY

DOES THE PROBLEM GET FIXED ON FIRST ATTEMPT

NO; DIALS GET STUCK EVEN AFTER REPAIR

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INTERVIEW

NAME ANINDITA KHEMKA

PROFESSION Verve communications, bpo

AGE GROUP Between 24 – 30 years

PREFERRED BRAND FOR WATCHES

Titan

OPINION ABOUT FASTRACK Too flashy and not formal

ANY OTHER PRODUCT OF FASTRACK YOU FAVOR

I LIKE ITS BAGS, BUT CAN USE IT ONLY ON FRIDAYS AND WHEN I HANGOUT WITH friends(which is not very regular)

HOW DO YOU RATE FASTRACK FOR ITS COST

Not very costly but only the youngsters who love to flaunt will buy it

WOULD YOU BUY FASTRACK JEANS OR SHOES OR JACKETS

I would love to try its shoes

HOW MANY TIMES HAVE YOU BOUGHT FASTRACK PRODUCTS

A bag for me and twice(watches) for my friends as a gift

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INTERVIEW

NAME SANDRA AWASTHY

PROFESSION Homemaker

AGE GROUP Between 30 - 35 years

PREFERRED BRAND FOR WATCHES

OPINION ABOUT FASTRACK For youngsters except for sunglasses

ANY OTHER PRODUCT OF FASTRACK YOU FAVOR

Sunglasses and belts are cool

HOW DO YOU RATE FASTRACK FOR ITS COST

Under the budget

WOULD YOU BUY FASTRACK JEANS OR SHOES OR JACKETS

Yes i would love to try its shoes

HOW MANY TIMES HAVE YOU BOUGHT FASTRACK PRODUCTS

I buy its belt on regular basis

WOULD YOU RECOMMEND IT OTHERS

Yes; infact i have already referred it to my sister-in-law

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NAME KIRAN SABDE

PROFESSION ENGINEER

AGE GROUP BETWEEN 19 - 25 YEARS

PREFERRED BRAND FOR WATCHES

FASTRACK

OPINION ABOUT FASTRACK GREAT BRAND, STYLISH AND COOL

ANY OTHER PRODUCT OF FASTRACK YOU FAVOR

SUNGLASSES AND BAGS

HOW DO YOU RATE FASTRACK FOR ITS COST

UNDER THE BUDGET

WOULD YOU BUY FASTRACK JEANS OR SHOES OR JACKETS

OFCOURSE, I WOULD DEFINITELY TRY

HOW MANY TIMES HAVE YOU BOUGHT FASTRACK PRODUCTS

LOTS OF TIMES; ESPECIALLY SUNGLASSES AND WATCHES

WOULD YOU RECOMMEND IT OTHERS

ALL MY FRIENDS’ CIRCLE USES IT

INTERVIEW

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MEMBER # 2

GAURAV SHARMA

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RESEARCH DETAILS

NO. OF INTERVIEWEES : 4

RAKESH PATEKARDesignation: department managerVenue: pantaloons, phoenix mall

SAURABH SHARMADesignation: engineer, bajaj finservVenue: wadgaon sheri

DIVYA KHEMKADesignation: sales girlVenue: fastrack store, kalyani nagar

SAYANTAM PAHUJADesignation: college studentVenue: mg road, fashion street

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NAME RAKESH PATEKAR

DESIGNATION DEPT. MANAGER, PANTALOONS

VENUE PHOENIX MALL, VIMAN NAGAR

STORE HOURS 11 am to 10 pm

BRANDS AT STORE ROLEX, FASTRACK, ZOOP, TITAN, TOMMY HILFIGER, RAYBAN, etc.

CUSTOMER FLOW 11 am to 9.30 pm

CUSTOMER AGE GROUP CHILDREN TO OLD AGED PEOPLE

CUSTOMER’S MIND FLUCTUATION

NOT VERY OFTEN, BUT IT DOES HAPPEN

PARAMETERS FOR MIND FLUCTUATION

PRODUCT STYLE

VISITORS GETTING CONVERTED TO CUSTOMERS

8/10 – OTHER BRANDS WATCHES6/10 – FASTRACK WATCHES8/10 – FASTRACK SUNGLASSES

INTERVIEW

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INTERVIEW

NAME DIVYA KHEMKA

DESIGNATION SALES GIRL, FASTRACK STORE

VENUE KOREGAON PARK PLAZA, K.P.

STORE HOURS 10 am to 8.30 pm

BRANDS AT STORE FASTRACK WRIST WATCHES, SUNGLASSES, BELTS, BAGS, WALLETS, WRIST BANDS, ACCESSORIES

CUSTOMER FLOW 10.30 am to 8.15 pm

YOUR VIEWS ON FASTRACK JEANS AND JACKETS

DEPENDS ON THE PRICE AND STYLE.PEOPLE ARE ALREADY BRAND LOYALS. WILL BE VERY DIFFICULT FOR FASTRACK TO PENETRATE.

MOST SOUGHT AFTER FASTRACK PRODUCT

SUNGLASSES & WRIST WATCHES

CUSTOMER AGE GROUP YOUNGSTERS TO MIDDLE AGED PEOPLE

CUSTOMER’S MIND FLUCTUATION HAPPENS IN VARIOUS PRODUCTS

PARAMETERS FOR MIND FLUCTUATION PRODUCT STYLE & PRICE

VISITORS GETTING CONVERTED TO CUSTOMERS

8/10 – WATCHES6/10 – BAGS8/10 – SUNGLASSES4/10 – ACCESSORIES

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INTERVIEW

NAME SAYANTAM PAHUJA

PROFESSION Student, christ college

AGE GROUP Between 19 - 25 years

PREFERRED BRAND FOR WATCHES

I buy watches from fashion street

OPINION ABOUT FASTRACK Good for people with disposable money; i can get the same style-watches with similar features at fashion street in less than half its cost

ANY OTHER PRODUCT OF FASTRACK YOU FAVOR

Sunglasses are good but again, I buy sunglasses also from F C road

HOW DO YOU RATE FASTRACK FOR ITS COST

Costly for me

WOULD YOU BUY FASTRACK JEANS OR SHOES OR JACKETS

YES , IF IT COMES IN THE PRICE RANGE BETWEEN rs.700-1500

HOW MANY TIMES HAVE YOU BOUGHT FASTRACK PRODUCTS

Once; as a gift for my elder brother

WOULD YOU RECOMMEND IT TO OTHERS

Its feasible to buy from fashion street or F C road, so i would not suggest them to buy branded watches or sunglasses. Besides, Sonata has better watches in the same range.

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INTERVIEW

NAME SAURABH SHARMA

PROFESSION Engineer, Bajaj Finserv

AGE GROUP Between 25 - 30 years

PREFERRED BRAND FOR WATCHES

Titan

OPINION ABOUT FASTRACK Too flashy but stylish

ANY OTHER PRODUCT OF FASTRACK YOU FAVOR

Sunglasses are good; but i prefer ray ban over fastrack

HOW DO YOU RATE FASTRACK FOR ITS COST

Its not very costly but the products are not at all formal which i need mostly for office or formal parties.

WOULD YOU BUY FASTRACK JEANS OR SHOES OR JACKETS

I would love to try it based on its variety and price

HOW MANY TIMES HAVE YOU BOUGHT FASTRACK PRODUCTS

Never; once i was given as a gift

WOULD YOU RECOMMEND IT TO OTHERS

Yes; to my younger brother

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PRIMARY RESEARCH INFERENCE

Fastrack has a high brand recall and awareness yet unwilling to buy

Few consider it too flashy Other’s consider it high priced –

compared to Chinese watches available at road side shops

Youngsters are willing to buy it. Middle aged people (30-35) use it as

gifts.

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UNDERSTANDING THE PROBLEM THROUGH OUR PRIMARY

RESEARCH WE FOUND: Watches are not very much liked by the

people who are :

A. LOWER MIDDLE CLASS

B. ELITE SECTION

It is being used by the youth of Upper Middle Class

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UNDERSTANDING THE PROBLEM THROUGH OUR SECONDARY

RESEARCH WE FOUND Currently Fastrack contributes 36 per cent

of Titan's watch division profits. Titan plans to add 200 Fastrack stores

during this fiscal. It expects to sell 4.6 million watches, over

1.1 million sunglasses and a million other accessories this year.

Source: http://profit.ndtv.com/news/corporates/article-how-titan-plans-to-grow-with-fastrack-307455

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FASTRACK – ABOUT PARENT COMPANY: TITAN INDUSTRIES LIMITED (Joint

Venture of TATA Group & Tamil Nadu Industrial Development Corporation)

PRODUCT CATEGORY: WATCHES, BAGS & ACCESSORIES (WALLETS & BELTS)

SECTOR: LIFESTYLE AND RETAIL

CONTRIBUTES 25% SALES REVENUE IN TITAN’S REVENUE

TAGLINE: MOVE ON

USP: YOUTH APPEAL

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FASTRACK OVERALL BUSINESS Titan is the world’s fifth largest wrist watch

manufacturer Size of the current watch market is 40-45

million pieces annually. Fastrack sells 3 million watches annually Fastrack’s turnover was about Rs. 615

crore, 2011-12Source: http://www.moneycontrol.com/news/business/titan-industries-sees-fy12-sales-top-rs-8200-crore_554467.html

http://profit.ndtv.com/news/corporates/article-how-titan-plans-to-grow-with-fastrack-307455

http://www.businessstandard.com

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FASTRACK OVERALL BUSINESS The company reported net sales of Rs.

8,838 crore. Fastrack plans to launch helmets, bicycles

in the next two years. Currently Fastrack contributes 36 per cent

of Titan's watch division profits. Titan Industries expects its revenue in the

current fiscal (2011-12) will be over Rs 8,200 crore, compared with net sales of Rs 6,532.97 crore in 2010-11

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FASTRACK - RESOURCES

Human Resource Product Manufacturer Factory Outlet Raw Materials Distributor Retailer Major Chain (eg. Future Groups’ Big Bazar)

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OTHER BRANDS

WATCH SUNGLASS BAGS & WALLETS

SHOES

SWATCH RAY BAN PUMA PUMA

CASIO ARMANI NIKE REEBOK

TIMEX ARMETTE SKYBAGS NIKE

DOLCE & GABBANA

FEEL GOOD

ADIDAS

DKNY VINCENT CHASE

BATA

GUCCI BUTTERFLY

ALDO

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FASTRACK - AMBITIONS Fastrack is thinking of going global as the segment is

borderless – Bhaskar Bhatt, MD, Titan

Brand Extension – Planning to extend in motorcycle Helmets and footwear.

Planning to open 100 fastrack stores in tier 2 and tier 3 cities

The company is planning to enhance store space from current 500 sq. ft to about 700 sq. ft.

The company will also be investing heavily on increasing its physical presence both in terms of retail networks and advertisements.

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THEREFORE..

Fastrack is in the growth stage now as it is marking rapid climb in sales. Early adapters like the product and the additional customers start buying the product. Company continuously coming up with new features and variants keeping the brand moving forward satisfying the tastes and needs of different customers.

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CATEGORY - SHOES

COMPETITIVE SET All stylish and trendy shoe(non-formal)

brand All sports shoe All the shoes that people wear while

hanging out

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CURRENT SCENARIO

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CURRENT SCENARIO Reebok is currently the market leader in India with 46

% of market share in the sportswear circuit. Adidas is currently ranked 2nd with 21% share They are followed by other brands with 16% market

share Nike and Puma comes at the bottom in branded

sportswear. The price of Nike shoes starts from Rs.900 whereas

those of Puma starts at Rs.2000 and that of Reebok starts at Rs. 4000.

The local brands of Shoe is also doing a good business with most middle class segment of people opting for Roadside shops to buy sports shoe.

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WHAT’S NEW

Fastrack is planning to enter into a new category – Shoes.

It will take on Puma, Nike and Adidas. Fastrack Shoes will range between Rs.

700 – 3500. Fastrack plans to sell at least 10 million

pairs in the first year.

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COMPETITORS

MAJOR COMPETITORS

ADIDAS PUMA NIKE

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OBJECTIVES OF COMPETITORS

ADIDAS Adidas' main objective is to become the best sports brand in the

world. The company aims to set high standards for other similar companies. Adidas also aims to make innovative products modelled on the

athlete's needs. Source: www.adidas-group.com

PUMA

PUMA’s goal is to be “The Most Desirable Sport lifestyle Company”. Puma tries to strengthen its position in all categories and regions as

one of the few multi-category brands. The long-term potential of the company is estimated to be € 4 billion in

sales.Source: http://about.puma.com/category/company/strategy/corp-strat/

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OBJECTIVES OF COMPETITORS

NIKE Nikes main objective is to develop products that help

athletes of every level of ability reach their potential, to create business opportunities that set Nike apart from the competition and to provide value for its shareholders.

Source: www.nikeresponsibility.com

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COMPETITOR’S STRATEGY TARGET MARKET ADIDAS Sports personalities involved in various sporting activities such as soccer,

rugby, swimming, athletics and basketball Young people: male and female,

between the ages of 10 to 30

PUMA Age – 15 to 30 years when a person is sporty and active Both male & female

NIKE Active people who enjoy high-quality sporting goods. Young kids that love foot wear and running and improving

the running in track in any sports

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COMPETITOR’S STRATEGY POSITIONING

PUMA Sport lifestyle brand that takes pleasure in skilfully

combining sports and lifestyle influences and which strives to contribute to a better world.

NIKE To bring inspiration and innovation to every athlete in the

world. This is supplemented by Nike's definition of an athlete as anyone who has a body.

ADIDAS Multi-sports specialist: leading sports brand in the world

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BRAND

BRANDING IDEA

CREATIVE BRIEF

ACCOUNT PLANNING

18/09/13

CREATIVE BRIEF BRAND: FASTRACK

MADHUBANTI DAS & GAURAV SHARMA

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BRAND – CAMPAIGNS TILL NOW

Fastrack has been using the following means to promote itself:

TVC PRINT ADVERTISEMENT OUT OF HOME ADVERTISEMENT WEBSITE PROMOTION SALES PROMOTION PUBLIC RELATIONS SOCIAL MEDIA PROMOTION ONLINE CAMPAIGN

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TVC

‘Cool Watches from Titan’ campaign which made Fastrack to grab Attention of the customer by using the name of its Parent company which was already established.(year 1998)

After the growth became stagnant Fastrack changed the message to ‘Move On’ and ‘How Many You Have?’ (2003 – current year).

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TVC

•Most of the Fastrack TVC is based on youth content and youth Ambassadors.•Most of its ad campaigns were based on Sex contentEg.

Yes Sir Ad (How many you have campaign)Fastrack Sunglasses Ad starring John Abraham Blame Fastrack campaign – Girl coming out of hostel, naughty hand adGenelia D’Souza and Virat Kohli fastrack bags ad – Move OnLive In, Mature is In, etc campaign

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TVC

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NEWSPAPER ADVERTISEMENT

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OOH

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WEBSITE AD

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SALES PROMOTIONFASTRACK always come up with sales promotion during festival seasons and special locations.They provide 20-40 % discount on all ranges

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PR 2.0 Campaign Fastrack was one of the few companies in India to take

the lead on embracing PR 2.0. Fastrack has come out with the Fastrack social media

news room for bloggers. They are using the newsroom to share information and

news on Fastrack. It also features social media press releases (Bikers and

Neon Disk), videos, media coverage, product and company information, spokesperson profile, RSS feeds, and more.

For the consumers, Fastrack has launched two Facebook groups called Life on Fastrack and Bikers on the Fastrack.

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MY EX BOX – ONLINE CAMPAIGN

Fastrack has launched MyExBox An Online campaign Users can post videos that communicate Encourages users to vent reasons why they had to

dump someone or something and ‘Move On’ The most viewed video of the week wins Merchandise

and gets a chance to be on TVC.

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FASTRACK – HIDDEN ASSETS Fastrack caters to the urban youth aged

between 16 and 25. This segment is huge It is ready to try different things. The design of ranges of Fastrack

products are very stylish and changes frequently

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FASTRACK – HIDDEN ASSETS Its packaging is also very stylish, unique

and attractive to the youth. Therefore, it has the capacity to go

beyond this country as this segment is borderless.

Fastrack Shoes has the capability to reach abroad.

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CUSTOMER WHO

A teenager who aspires to achieve success by making his own footprints and not by following others.

STAGE IN LIFEHe/she is rebellious and wants to bring about a change in the society in his own way, yet he/she respects the old traditional values.

A DAY IN LIFE

He wakes up early in the morning and goes for jogging before leaving for his college. He returns home in the evening and manages his assignments without ignoring his house chores. He goes to gym in the evening and then catches up with his friends and his girlfriend. He is always active among his friends and is seen as the style icon by others.

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CUSTOMER MEDIA TOUCHPOINTS While jogging While going to college While going to gym While hanging out with friends While dating While partying

I am Fastrack Shoes. I am the catalyst that pushes him to go that extra mile and achieve success; and I also act as a stylish accessory that separates him from others, thereby making him the style icon among his friends.

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TRIGGERNeed to wear stylish, sporty and affordable shoes

SEARCHPromotion through various mass media.Easier for its customer to collect information.

CONSIDERVarious trendy, stylish and affordable shoes

CHOOSEReputationFastrack shoes the best option

BUYSub decision – convenience, availability, payment

EXPERIENCEComfortable and stylish experienceBeing the style icon among friends

CONSUMER BUYING SYSTEM

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Need to look stylish, cool and trendy. Youth has an upper hand Looking stylish and trendy gives me a

separate identity – style icon among friends. I want to be the trend setter among my

friends.

“Everyone wants to have a separate identity – Fastrack Shoes gives a way to be the style icon.”

KEY DISCOVERY: CONSUMER

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THANK YOU