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Fastrack | Integrated Marketing Program


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Fastrack | Integrated Marketing Program

  1. 1. MARKETING MANAGEMENT 2 Medhavi Khanna | Tarini Bandhu | Rohit Rohan | Daksh Kalia | Sidharth Uchil | Puhoop Agarwal
  2. 2. Integrated Marketing Programme FASTRACK
  3. 3. EXECUTIVE SUMMARY • Sub-brand of Titan • Market saturated with international designer labels • Carved a niche for itself in the youth accessories market (watches and sunglasses) • Designs that are refreshingly different, casual, eclectic & fun. • Prices that don’t burn a hole through the pocket. • Targeted at Generation Next • Captures the essence and philosophy of today’s free spirited youth • Positioning encapsulated in a tongue in cheek colloquial phrase - Move on
  4. 4. Tata Titan 1987 1998 Fastrack
  5. 5. Fastrack | 1998 Refreshing, casual designs Niche market Fastrack Made a good start Youth segment Low cost Cool watches from Titan
  6. 6. Fastrack | 2003 Steely, Refreshing, executive casual look designs Expanding Niche the market segments Fastrack “Move Failure On” Young + Youth Executive segment segment Prices Low cost hiked Ultimate Sturdy and fashion long accessory lasting
  7. 7. Fastrack | 2005 -Students Expanding -SEC A & B the -30 biggest segments towns Steely, More executive products + look New look Fastrack “How many Failure do you have” Retargeting Executive the segment youngsters Prices lowered : Prices starting hiked from 500 Sturdy and Ultimate long fashion lasting accessory
  8. 8. Fastrack | 2012 -Students Watches, bags and eyewear -SEC A & B -30 biggest towns Fastrack “Move on” Retargeting the youngsters Prices lowered : starting from 500 Ultimate fashion accessory
  9. 9. CURRENT MARKETING SITUATION • Fastrack to strengthen its time-wear segment • To take Titan ahead from mere need-based to a fashion-determined accessory brand • Started in 1999-2000 by marketing under the Fastrack brand it is targeted at the youth segment • With Age group of 14-35 years : mainly targeted towards teenagers & collegians • There are over 350 designs available for youth within range of Rs.500 To 2995 • Titan Fastrack seeks to bring in a new dimension to the Indian watch market • With this addition to the Titan portfolio, young consumers can now turn to fulfill their fashion needs
  10. 10. COMPETITOR REVIEW TIMEX • Largest Selling Brand in USA and Canada • Lowest priced watch manufacturers in the world • Entered India in collaboration with Titan • Broke away in 1998 • Has launched a new brand named Helix • Targeting the demographic segment of 18-24 year old CASIO SWATCH • Japan based company • Product Range includes calculators and musical instruments • 90% market share in digital calculators • Recent positioning focuses on low end watches • Swiss Brand • Launched in 1993 • High brand equity owing to the Swiss heritage. • High tech, high quality and high prestige value associated with the brand • Official time-keepers for many high profile events including Olympics • Recently started focusing on the upwardly mobile youth
  11. 11. • Good distribution network • High youth connect • Fast changing designs • Most trusted brand • Excellent brand visibility • Low global reach • High production costs due to ever changing trends Strengths Occasions • Expanding youth segment • Expanding the target audience in terms of age and class • Global expansion • Tie ups with fashion houses Weakness Threats • Youth segment is price sensitive • High brand switching due to low switching price • Entry of foreign players has increased competition
  12. 12. MARKETING STRATEGY Pricing • The primary pricing objective is to kill competition from international players like Swatch and Esprit • Prices range from Rs. 550 to Rs. 7000 which caters to a wide spectrum of buyers from the TG • Hit the sweet spot of aspiration and affordability with a brand that is high on strength and coolness factor Product • Premium metal and plastic body watches innovative in design and functionality • Ideal accessory with casual wear for all age groups • Large range of designs and features owing to the buyer’s need to have a unique product • Since the product is already highly successful as the brand, it is a good time to expand into a higher price range. Distribution Strategy • 55 exclusive Fastrack stores in 22 cities • 745 service centres in 345 towns • Online retail through Jabong, Myntra, Flipkart and other e-commerce sites
  13. 13. BRAND ASSET VALUATOR • Differentiation (High) • Promises innovation • Efficient after-sales services • Relevance (Moderate) • Value for money and fun brand for college students • Most preferred watch brand for gifts • Does not appeal to all the age categories • Esteem (Low) • Customers not able to relate to the prestige of a brand • Only value for money • Knowledge (High) • Has a strong brand image • People think it has a strictly youth initial positioning • Brand familiarity was high amongst college going teens
  14. 14. OBJECTIVES AND ISSUES • Problems with current positioning • Moderate “Relevance”- Restricted Target Group- Only targets to the youth • Low “Esteem”- not considered a very prestigious brand- only a “value for money” brand • Objective for repositioning• Expanding the target base- making the product appealing to the 30-45 age group • To move towards being perceived as a brand having premium products in its range as well • Issues with repositioning • Ability to establish a well regarded brand named to new meaningful positioning • This will require heavy investment in marketing another memorable and distinctive brand image, that promises to project the same innovation quality and value that the brand stands for • There is an additional requirement to measure awareness and respond in order to adjust marketing efforts as and when necessary
  15. 15. FUTURE PLANS • Titan targeting three-fold growth in revenue • In 5 years to Rs. 14000 crore making them a 3 billion dollar company • Fastrack targets 880 crore turnover for the fiscal year 2012-2013 • Plans to add 200 more exclusive Fastrack showrooms • Tapping into the huge oppurtunity in International Markets
  16. 16. CONSUMER INSIGHTS • Most urban 30-50 year olds are becoming brand and fashion conscious • They no longer want to be perceived as someone older and like to maintain a youthful and energetic lifestyle • They are usually working professionals leading hectic lifestyles • They enjoy a number of youth activities like movies, pubs, eating out, sports events, concerts and many others • They are moving away from formal wear like trousers to casual wear like Khakis and denims • They are also eager to try younger brands like Nike • They like to keep up with the technology, even though they may not be proficient with it • They are buying the latest phones and laptops to fulfill this need • They spend more on grooming products, clothes and accessories than ever
  17. 17. ACTION PLAN PHASE I PHASE II PHASE III PHASE IV • Generating Awareness • Timeframe: 1 month • Introduction of the new range-products with sophisticated designs • Launch in the media • Introducing new Brand ambassadors like- Gul Panag, Rahul Bose- someone old and yet fun. • Interest generation • Timeframe: 2 month • Promotional advertisements in print and on TV- During prime time slots • - HBO, Star movies, Star World, News Channels etc; • Print Ads • - Economic Times/Business Standard/Outlook/India Today/Readers Digest • Product will be made available to the market • Desire • Promotional campaigns with the central idea “Wisdom is Overrated” • Thus keeping the trendy image intact and connecting with the youthful spirit in everyone • Action • On ground activations • - Gyms, jogging parks • Corporate tie-ups • - Discounts during launch; like discounts proportional to age • Promotion • For example, via pair watches for couples
  18. 18. THE END