Aglawe Manish Ranjeet 2011PGP518 | Koli Ramdas Rahulkumar 2011PGP692 | KapolSarkar 2011PGP680 | Rohit Arvind 2011PGP828

Rohit Arvind 2011PGP828

About Fastrack Fastrack was born in the year 1998 as a sub brand of Titan and was initially known as Titan Fastrack. The aim of Fastrack was to endeavour in the branded market segment which was mainly dominated by international brands like Ray-ban, Citizen, Swatch, Casio and Timex. International brand and caved as a niche segment in the youth accessories of watches and sunglasses. From the initial days itself Fastrack has targeted the generation next of India. Fastrack is positioned as the ultimate fashion accessory for accessory for the youth in variety, multiplicity and constant excitement for each day. Customers have high knowledge about the product, it is highly differentiated in its category and consumers see the brand as being relevant to their want.

Fastrack has targeted the young customers and Timex and Titan parted their ways because of this. Fastrack had a good start i.e. turnover of Rs. 15 crore in very first year and had a good run till 2001-2002 where its turnover raised to Rs. 25 crore. But due to high price the target group was moving away from the brand.

Later in the year 2003-2004 Fastrack started targeting the executive as well as causal watch segment. It was a risky experiment to review the brand. So the sales dropped and remained stagnant for some time. The research showed that the consumer were not willing to pay Rs. 1200 to Rs. 3000 for the watches. So in 2005 they again went for repositioning of the brand. They adopted the break-away positioning and again targeted the youngsters. They also moved towards mix of plastic and steel. And by doing so Fastrack was able to reduce the prices to Rs. 500 to Rs. 2000 which in turn helped to increase the sales.

They were able to relate to the youth in a setting they were familiar with their advertising. The brand provided with designs that are refreshingly different, casual, fun with prices that don’t burden the pocket.

It is also the first Indian brand to get 1 million likes on Facebook and currently it has more than 4 million likes compared to 2.5 million likes to united Colours of Benetton which also shows strong affiliation of youth to this brand.

As of 2008 Fastrack was serving customer through 6000 outlets across 800 towns including 228 strong World of Titan network and through 122 Large Format Chain stores.

Following are products from Fastrack

Serial Number Product Description1 Variety of watches Functions are

DIGITAL ANALOG ANALOG + DIGITAL

Available in various colours

Rate varies from RS. 650 to RS. 3995

2 Fashionable sunglasses It is available in various shapes such as BUG EYE

CLASSIC WAYFARER DESIGNER AVIATOR SPORTY WRAP BUTTERFLY OVAL

Price rates vary from RS. 695 to RS. 2995

3 Bags Price ranges from RS. 695 to RS. 2295

Latest designs are made for girls

4 Belts Price varies from RS. 495 to RS. 995Belts are available in different material like Leather, Metal, Plastic, Canvas

5 Wallets Price ranges from RS. 695 to RS. 1295Wallets are available in different material like Leather, Metal, Plastic, Canvas

Brand Image of Fastrack Fastrack 'Move on' is a way of life for Titan Industries. From a sub-brand with a fuzzy identity to a youth brand, Fastrack has moved on with a style. Brand Personality of Fastrack can be related to ruggedness sports outdoorsy and tough and the youth who is trendy and casual.

Brand Perception of Fastrack The brand was clear about core target group. Hence campaign talked to people in their language. Both 'How many you have' and 'Move on' referred to customers habits in accessories and also their outlook towards attraction and desirability. The campaigns did not want to sound judgmental or tell customers what to do. It just has passed a message 'It is ok' in a conversational tone that has got the youth to relate to Fastrack. Customers have high knowledge about the product and perceived thee brand as message passed in campaigns.

Brand PersonalityBrand personality of Fastrack is about excitement, mainly the youth who is trendy, loves adventures and on the move type. Youths in between 15 and 25 years are mainly targeted by the Fastrack.

Whether extension possible or not?Fastrack has successfully done category extension in past from watches to sunglasses, handbag and was a carefully thought-out exercise, based on in-house research by Titan. The findings of the research resulted that Cell-phones, deodorants, sports shoes, sunglasses, T-shirts and handbags are most popular accessories for youngsters.

With this experience of Fastrack and experience of doing it successfully another brand extension is also a possibility and as the brand is positioned as the youth brand aged between 15 to 25 year old the offering will also be youth oriented. The most talked about youth wearing these days are T-shirts and there exists and opportunity for an Indian brand to excel.

Now, major extension which Fastrack can do in future to acquire market share and increase the portfolio of successful brand is T-shirts, sport shoes and deodorants. But keeping in mind the brand perception the most effective extension will be in T-

shirts. This will not only increase the visibility of the brand but also profitability of the company.

Following are some benefits T-shirts will derive from the brand Fastrack.

Brand BenefitFastrack is already established brand and venturing into new category will carry the brand perception and targeting the target audience will also be lot more easy.

Less marketing costCost of marketing will be very less if category extension is done in T-shirts. This will help Fastrack to minimize the market share.

Shelf space will be easily availableAs initially the T-shirts can be launched in the Fastrack stores/malls so the extra shelf space will be easily made available and no extra effort need to be taken for the same.

Effective distribution channelFastrack has already developed very efficient distribution channel to reach customers by means of Fastrack stores, malls and e-commerce. T-shirts can also be distributed by the same distribution channel which will help to save cost of the company.

Preliminary Exploring StudyFastrack- Survey (Copy of Google doc form for the purpose of preliminary analysis)

It is a survey to determine the perception of Fastrack brand among the customers. Kindly give your valuable response to help us in this project.. Regards, Rohit Arvind IIM Indore PGP 2011-13

https://docs.google.com/a/iimidr.ac.in/spreadsheet/viewform?formkey=dGdDU0tTYl8wNkJxdjlUd3Jjbk1MTUE6MQ

1. Which customer segment do you think Fastrack brand appeals most? *

 Sophisticated

 Kids

 Youth

 Working Professionals

2. Out of the following, which watch brand comes to your mind first? *

 Fastrack

 Timex

 Casio

 Maxima

 Swatch

3. Which of the following accessory from Fastrack do you like the most ? *

 Watches

 Sunglasses

 Bag

 Wallets

 Belts

4. Fastrack is? 

 Fashionable and Trendy

 Affordable

 Expensive

 Formal

 Office wear

5. Which brands for fashion accessories are you aware of in Indian market *

 Blackberry

 Koutons

 Fastrack

 Raymond’s

6. What kind of fashion accessory would represent your trendy character most? *

 T-shirt

 Deodorant

 Socks

 Shoes

 Hairband

7. What kind of t-shirt would you like to wear in college? 

 Expensive

 Fashionable and trendy

 Formal

 Plain with basic color

 Graphics custom made t-shirt

8. With which among the following products would you relate Fastrack most apart from watches /sunglasses /bags /wallets /belts? *

 T-shirt

 Shoes

 Sports accessories

Deodorant

 Caps

 Scarfs

 Other: 

9. Where would you like to wear a Fastrack t-shirt( assuming company introduces t-shirts) ? *

 Workplace

 Formal social gathering

 Informal social gathering

 Regular college

 Official gathering

 All of the above

 Other: 

10. Do you think a t-shirt can represent your style statement ? *

Strongly Disagree

DisagreeNeither Agree or Disagree

AgreeStrongly Agree

11. What kind of t-shirts would you like to have in your

wardrobe? * 

12. Would you prefer trying/wearing a Fastrack tshirt instead of your current t-

shirt?  

13. How often do you buy a t-shirt? *   Every 3-6 month

14. From where do you buy Fastrack?

 Internet

 Mall

 Fastrack outlet

 General outlets

Preliminary Exploring Study: Summary

1. Which customer segment do you think Fastrack brand appeals most? 

No. of Respondents

Percentage

Sophisticated 0 0%

Kids 0 0%

Youth 53 98%Working

Professionals1 2%

2. Out of the following, which watch brand comes to your mind first?

3. Which of the following accessory from Fastrack do you like the most?

53

1

Number of Respondents

SophisticatedKidsYouthWorking Pro-fessionals

30

3

7

2

11

Number of respondents

FastrackTimexCasioMaximaSwatch

Fastrack 30 56%

Timex 3 6%

Casio 7 13%

Maxima 2 4%

Swatch 11 20%

Watches 36 67%Sunglasses 10 19%Bag 4 7%Wallets 3 6%Belts 0 0%

4. Fastrack is? 

Fashionable and Trendy 37 69%Affordable 16 30%Expensive 0 0%Formal 1 2%Office wear 0 0%

5. Which brands for fashion accessories are you aware of in Indian market?

Blackberry 12 22%Koutons 3 6%Fastrack 35 65%Raymond’s 4 7%

36

10

43

Number of Respondents

WatchesSunglassesBagWalletsBelts

37

161

Sales

Fashionable and TrendyAffordableExpensiveFormalOffice wear

12

3

35

4

Sales

BlackberryKoutonsFastrackRaymonds

6. What kind of fashion accessory would represent your trendy character most? 

T-shirt 36 67%Deodorant 4 7%Socks 0 0%Shoes 12 22%Hairband 2 4%

7. What kind of t-shirt would you like to wear in college? 

8. With which among the following products would you relate Fastrack most apart

from watches /sunglasses /bags /wallets /belts?

36

Sales

TshirtDeodrantSocksShoesHairband

3

34

11

6

Sales

ExpensiveFashionable and trendyFormalPlain with basic colorGraphics custom made tshirt

Expensive 3 6%Fashionable and trendy 34 63%Formal 0 0%Plain with basic colour 11 20%Graphics custom made t-shirts 6 11%

9. Where would you like to wear a Fastrack t-shirt (assuming company introduces t-shirts)? 

10. Do you think a t-shirt can represent your

style statement? 

11. What kind of t-shirts would you like to have in your wardrobe? 

20

119

73

22

Sales

TshirtShoesSports accesoriesDeodrantCapsScarfsOther

219

21

1 8 3

Sales

Workplace Formal social gather-ing

Informal social gathering

Regular college

Official gathering All of the aboveOther

1 8

39

5

Sales

Strongly DisagreeDisagreeNeither Agree or DisagreeAgreeStrongly Agree

T-shirt 20 37%Shoes 1 2%Sports Accessories 19 35%Deodorant 7 13%Caps 3 6%Scarfs 2 4%Other 2 4%

Workplace 2 4%Formal social gathering

0 0%

Informal social gathering

19 35%

Regular college 21 39%Official gathering 1 2%All of the above 8 15%Other 3 6%

Strongly Disagree

0 0%

Disagree 1 2%Neither Agree or Disagree

8 15%

Agree 39 72%Strongly Agree

5 9%

12. Would you prefer trying/wearing a Fastrack t-shirt instead of your current t-shirt? 

Yes 41 76%no 12 22%

13. How often do you buy a t-shirt? 

44

9

Sales

More variety More TrendyLess variety More formal

41

12

Sales

Yesno

More variety More Trendy 44 81%Less variety More formal 9 17%

Every 1-2 month 26 48%Every 3-6 month 22 41%More than 6 months 5 9%Never 0 0%

14. From where do you buy Fastrack?

Data sheet of respondents Fastrack

RESEARCH DESIGN- Fastrack t-shirtsThe process of research design consists of the following important considerations. We will take all the necessary considerations one by one to perform the required research

Which questions to study?

•First of all it has to be considered whether the Fastrack brand has considerable awareness among the perception of the consumers

26

22

5

Sales

Every 1-2 monthEvery 3-6 monthMore than 6 monthsNever

4

17

28

3

Sales

InternetMallfastrack outletGeneral outlets

Internet 4 7%Mall 17 31%Fastrack outlet 28 52%General outlets 3 6%

From the preliminary research it was found that that the Fastrack brand had considerable awareness amongst the consumers

•It has to be carefully assessed that the brand perception of which key issues are relevant

From the preliminary research it was found that the brand was perceived as a youthful brand by the customers. Therefore the research has to be done in the direction that will judge the perception of the customers related to the fashionable and trendy aspect of the product

•Careful consideration should be taken that the category extension does not harms the parent brand

Considering the preliminary it can be found that the customers are willing to accept a t-shirt category of Fastrack

•The new category introduced should be in sync with the brand perception of the parent brand

The new category is provides fashionable product at affordable pricing to the customer. This is in sync with the brand perception of the company

•The considered brand should be a category extension of the parent brand

The t-shirt brand is a category extension of the existing brand

•The new category extension should not cannibalize the sales of any existing product of the company

The new category of t-shirt is slightly overlapping with the casual wear category of the Westside brand of Tata. But Fastrack’s point of difference will be variety and affordable price. In his way it will be different from the existing product

Which data are relevant?•The data which is synchronous with the brand image is considered as relevant data while considering the category extension

•The questions should be asked considering the target audience

Attribute Range

Age of Target audience 16-35

•The data relating to the connection of the respondents with the brand has to considered

•This has to be considered that the new category is not cannibalizing the other products of the company

•Customer feedback for the new category is an important piece of data which has been considered in this research design

What data to collect?

The data can be collected with the help of Survey using the Descriptive Survey methodology

Data Source Primary DataLocation Depends on Budget

Target RespondentFastrack’s customers and general public

No. of respondents Depends on BudgetResearch Approach Descriptive Market Research

Context Product Context and Service Context

Type of Questions Likert Scale, Multiple Choice and Open

How to analyse the results?

The analysis of the data can be done by first evaluating the data for its proper use. The process of evaluating data consists of the following

Evaluate Data

•Incomplete Responses –In some cases the respondent skips the questions and provides incomplete data. The questions in the survey were all marked mandatory to take care of this problem

•Data Entry Error – It occurs due to failure in entering the correct data. In this case the data is screened and check for completeness

•Questionable Entry – Results due to inconsistency arising from difference of opinion

Analyze Data

From the available data we can analyse that the respondents are interested in the category extension of Fastrack into t-shirts

We will be using Inferential Data Analysis to analyze the data

Inferential Data Analysis

•Using small group of respondents to find their preferences

•Comparing the data from different small groups and analysing their result to come to useful information

•It is found that Fastrack brand is famous among the youth

•The respondents are happy in accepting the brand in the above stated new category extension

•It can be forecasted that the popularity of the brand will be high in the future analysis