Project report

On

Fastrack watches

Submitted in partial fulfillment of the Requirement of M.B.A Programme

PREPARED BY: SUBMITTEDTO:

ANSHUL JAIN PROF.SHOBHA DEVI

SEC-A (BHU, S-11)

M.B.A (2nd SEMESTER).2012

APRIL/MAY-2012

INDEX1

Sr.no Particular Page NO

Chapt-1 A Study Of Consumer Behavior In Bangalore City

Chapt-2 Introduction

Company profile

Product profile

Organization structure

Chapt-3 Theoretical background

Definition of marketing

Meaning of marketing

Meaning of market share

Process of research

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Chapt-4 Research methodology

Study of objective

Collection of data

-primary source

-secondary source

Chapt-5 Analysis and interpretation of data

Chapt-6 Conclusition and suggestion

Chapt-7 Bibliography AND Questionnaires

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fastrack4

The study of consumer behavior provides us with reasons why consumers differ from one another in buying using products and services. We receive stimuli from the environment and the specifics of the marketing strategies of different products and services.

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FASTRACK

Titan Industries is making itself fashionably stronger by expanding its category offerings and by launching new brands. 

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The company recently increased its personal accessories space with a countrywide launch of its eyewear brand.

Fastrack to strengthen its time wear segment, a move defined necessary to take Titan ahead from mere need-based to a fashion-determined accessory brand.

Started in 1999-2000 by marketing under the Fastrack brandtargeted the youth segment.

With Age group of 14-35 yr. (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. 

ADVERTISING STRATEGY

The whole advertising is covered by media such as Hoarding, POP, Television Ads, Newspaper, and Magazines.

As the advertising campaigned is carried on through different manners the young generation is attracted toward the brand.The key role is being done by Television Advertisement.There is no brand ambassador for fastrack watches

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ORGANISATION STRUCTURE

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Theoritical background

DEFINITION OF MARKETING

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Modern Definition: Marketing is an organizational function and a set of processes for creating, communicating & delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.

MEANING OF MARKETING

MEANING OF MARKET SHARE

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The percentage of an industry or market's total sales that is earned by a particular company over a specified time period. Market share is calculated by taking the company's sales over the period and dividing it by the total sales of the industry over the same period. This metric is used to give a general idea of the size of a company to its market and its competitors.

PROCESS OF RESEARCH

Basics of Doing ResearchThe steps below provide a simple and effective approach for conducting research for a paper, presentation, or other project that requires you to locate information about a topic. Depending on your topic and your familiarity with library research, you may need to rearrange or recycle these steps. Adapt this outline to your needs: Step 1 - Choose your topic.Step 2 - Find basic information.Step 3 - Refine your topic.Step 4 - Locate and retrieve materials.Step 5 - Evaluate relevancies of materials.Step 6 - Take notes.Titan Fastrack Marketing Strategy –TITAN

Titan is the world’s sixth largest, integrated manufacturer brand for watches.Commencing production in 1986-87, the Company is today the leader in the Watch & Jewellery businesses in India First & largest player in the branded jewellery segment (Tanishq)>60% share of the organised watch market Over 75 million watches sold across 30 countries, cumulatively Four Manufacturing Facilities Watch & Jewellery plants in Hosur near Bangalore .

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Research methodology Research methodology

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Launch and Initial Positioning16

 Titan recognized a need in the market – a reasonably priced watch for the youth between the age group of 15 – 25 years. Fastrack was launched in the year 1998 as a sub-brand of Titan, with a range of digital watches starting from Rs. 795. The brand was aimed at the youth segment (15-25 years).Fastrack entered the market saturated with International designer labels –like Citizen, Seiko, Swatch, Casio and Timex – but managed to carve a nichefor itself in the youth accessories market, with designs that are refreshingly different, group which consisted of college students could not afford this brand.

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Subsequent Repositioning

During 2003-04, the brand went in for a repositioning exercise targeting the executive segment as well as the casual watch segment. It was a suicidal experiment. The brand sales came down to Rs 23 crore. The change in positioning did not fit well with the brand. The steely look of the watches emphasized that it was sturdy and long-lasting. Fastrack was constantly refreshing the designs, but the sales were stagnant. The trouble lay with the price; the consumers were not willing to pay Rs 1200– 2700 for a watch that did not have the executive image. By doing so, Fastrack was able to reduce the starting price to Rs 500 and was available in a price range of Rs. 500 – Rs. 2000.

Current StatusAt present, Fastrack, keeping in mind that it wants to be the ultimate fashion accessory for the youth has adopted the following core brand values:Fashionable and trendy Affordable Pricing Fresh Communication to attract the young consumers Fastrack has been maintaining this image by continuously maintaining freshness in its communication. Most of the Fastrack ads have been refreshing. The adaptation of the 360 degree approach in its communication and the use of social media have helped it become the ultimate fashion accessory of the youth.

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METHODS OF DATA COLLECTIONData was collected from the customers with the help of questionnaireDATA ANALYSIS METHODThe Data was collected from the main study and was analyzed using Based on the results conclusion were drawn and suggestions were made No of users of Fastrack watches (Sample Size-50)

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Analysis andinterpret--ation

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market research in Bangalore23

The watch market & industry in India

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- India is an under-penetrated market for watches – only 27 % of Indians own a watch

- Total estimated market as of 2006 Volume ~ 36 mn units & Value: Rs 2400 Crores (USD 533 Mn)

- Vast proportion of the Indian market is below Rs 500 ~ 68% (85% by volume)Market has been split into: Low end, Mass market, Mid market, Premium

T ABLE   SHOWING   THE SATISF ACATION LEVEL   OF FASTRACK

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Conclusion:

Conclusion:

Fastrack watches are leading in watch industry overall. 300 design watches are selling in the world.

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The Brand aim is Youth segment 15-20 years. During the first year the brand turnover is 15 crore. No brand ambassador for this product only through

television. No of users in the world men -53% and women-47%. Highly satisfied users are 41%. And satisfied -47% and

dissatisfied users are 12% only. The starting prices of watches are from R.s 500 to 2000

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Questionarisbibliography

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