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7/28/2019 Detailed study of Fast Track PLC
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7/28/2019 Detailed study of Fast Track PLC
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Name of the Brand: FASTRACKName of the Parent Company: TITAN
Year of Establishment: 1998
Fastrack was launched in 1998 as asub-brand of Titan.
It was missing out on a market
segment with 450 million potentialcustomers.
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Segment :- Trendy and colorful lifestyle
accessories
Target Group:- Mid Premium Urban youth Positioning :- Youth brand for stylish youth
owning multiple watches
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Strength Good Distribution Network Over 100 Fast track stores
across 50 towns with Titan Service Centres across India High youth connectPositioning as a youth stylish brand Fast changing designs to keep up with latest trends
One of the most trusted brands in India Excellent advertising and brand visibility connecting with the
youth Has a diverse portfolio of watches, sunglasses, bags, wallets
etc
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Weakness Products have a short life due to changing
trends Adds to the cost of production.
Limited global reach despite being a popularbrand.
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Opportunity Fast growing youth segment presents growth
opportunities
Global penetration would help brand grow andtarget youth worldwide
Tie-up with fashion houses and special
schemes for youth
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Threats Youth segment is price sensitive
Entry of foreign players has led to
tough competition
With lots of options available, brand
switching is quite high
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Supplier Power :No strong suppliers
Lack of bargaining powerRise for China, Taiwan as low costsuppliers
Buyer Power:
Price SensitivityBuyers Preference
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Degree of Rivalry:Increased number of firmsLow switching costStrategic stakes are highCluttered marketLack of Differentiation
Threat of Substitutes:sNo close substitute
Threat of New EntrantsLow barriers due to minimum
regulation and market potentialOnly barrier is Fastracks ever-changing designs.
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Upscale PrecisionBreiting
Michele
Sporty Sieko
Affordable
Fashion
Cartier
Baurne &Mercier
Gucci
Timex Titan
Casio
FASTRACKCitizen
Swatch
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7/28/2019 Detailed study of Fast Track PLC
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Fastrack - Sub brand of Titan Launched in 1998 as Titan Fastrack
Sales of first year Rs 15 crore
Steel Design And Digital Collection ForTargeting Age Group Of 22-30
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The good run continued till 2001-2002 andthe brand was worth Rs 25 crore at thatperiod.
Target group 15 - 20
Aggressive marketing strategy to buildemotional connect .
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Sales started stagnating in 2001-2003. Price was significant dampener.
Launch of Titan Steel Collection -collectionin terms of looks, price point and consumerbuying behavior was very similar to Fastrack,including advertising
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2003-04 , Repositioning exercise TargetingExecutive Segment
Suicidal Experiment
The brand sales came down to
Rs 23 crore. The consumers were not willing to pay Rs
1200-2700 for a watch that did not have the
executive image.
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New products, New identity, New advertising anda New logo in June 2005. The brand adopted the famous break-away
positioning of Swatch. Breaking The Price Barrier
360 degree Media Blitz through Television,Outdoor, Events and Promotions The brand launched a campaign with the slogan
"How many you have , Move On
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Well Distribution Channel
Over 6000 outlets across 800 towns.
Metro MallsMultichannel Distribution Network -
Covers the 228 strong World of TitanNetwork, 122 Large Format Chain stores.
When Fastrack was re-launched the brandwas worth about Rs 35 crore but howeverthey have grown more than ten times of that
over the years to a whopping????
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Product mix Quality Features Product Variety (Design & Style)- Sport,
Army, Adventure, Bikers, Color play,Hip-hop, Neon, Neon Disc, XY
PackagingServices & Warranty Product Life CycleLevels of Products
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Pricing Mix Pricing objective
Discounts Pricing cues
Place Mix Online through direct marketing
Factory outlets like Fastrack store & World ofTitan
Major chains like big bazaar, city central etc Retail outlets
Supply chain in mostly concentrated on
Tier -1 andTier-2 cities
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Television Commercials: advertisements are dominated
by youth representing brand ambassadors
Creative Advertising
Fastrack Website Promotion Sales Promotion
Brand Ambassadors
Outdoor Advertising
Public Relations
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42 million unit industry - only 15 millionfrom the organized sector.
Product Quality, Features & improved Styling.
New models & Flanker Products.
New Market Segments Product Preference Advertising
Lowered Prices