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ACCOUNT PLANNING
RESEARCH ON FASTRACK
MADHUBANTI DASGAURAV SHARMA
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
MEMBER #1
MADHUBANTI DAS
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
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
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
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
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
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
MEMBER # 2
GAURAV SHARMA
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
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
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
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.
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
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.
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
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
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
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
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
FASTRACK - RESOURCES
Human Resource Product Manufacturer Factory Outlet Raw Materials Distributor Retailer Major Chain (eg. Future Groups’ Big Bazar)
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
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.
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.
CATEGORY - SHOES
COMPETITIVE SET All stylish and trendy shoe(non-formal)
brand All sports shoe All the shoes that people wear while
hanging out
CURRENT SCENARIO
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.
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.
COMPETITORS
MAJOR COMPETITORS
ADIDAS PUMA NIKE
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/
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
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
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
BRAND
BRANDING IDEA
CREATIVE BRIEF
ACCOUNT PLANNING
18/09/13
CREATIVE BRIEF BRAND: FASTRACK
MADHUBANTI DAS & GAURAV SHARMA
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
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).
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
TVC
NEWSPAPER ADVERTISEMENT
OOH
WEBSITE AD
SALES PROMOTIONFASTRACK always come up with sales promotion during festival seasons and special locations.They provide 20-40 % discount on all ranges
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.
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.
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
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.
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.
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.
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
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
THANK YOU