Brand Tracker- Fastrack

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Praxis Business School

BRAND TRACKER Phase I Image MeasurementA report Submitted to Prof. Govindrajan In partial fulfillment of the requirements of the course

Product and Brand Management On 1st August 2008

By Harish Dalwaipattan Sampat Bhansali Sonam Sahu Vijay Leon B07020 B07035 B07040 B07047

BRAND TRACKER 2

Executive Summary

Fastrack was launched in 1998 as a sub-brand of Titan. The brand entered the market saturated with International designer labels and has carved a niche for itself in the youth accessories market (watches and sunglasses), with designs that are refreshingly different, casual, eclectic & fun with prices that dont burn a hole through the pocket. Targeted at Generation Next, the brand captures the essence and philosophy of todays fun loving, free spirited youth through the new positioning encapsulated in a tongue in cheek colloquial phrase - How many you have? Fastrack is positioned as the ultimate fashion accessory for the youth variety, multiplicity and constant excitement being the order of the day. The brand revealed a new logo signifying the spirit of bonding among todays youth. In the following report, we have attempted to determine the status of the brand in terms of brand strength and stature through a variant of the famous Brand Asset Valuator model. Also, a qualitative research was conducted to identify the brand personality of Fastrack. Laddering techniques of qualitative research has been undertaken. The BAV model measures the value of a brand along four dimensions Differentiation, Relevance, Esteem, and Knowledge. Differentiation and Relevance build up to Brand Strength, while Esteem and Knowledge are used to calculate Brand Stature. For the BAV analysis, a judgment sample of 40 watch users has been surveyed through a questionnaire tool. Fastrack scored high on all dimensions. The only concern, if any, is that the esteem for Fastrack is low as compared to its knowledge, which brings the stature score down. Consumers have high knowledge about the product, it is highly differentiated in its category and consumers see the brand as being relevant to their want. With lower esteem scores, there is a probability that consumers may switch over to other brands. This may lead to a decline in the leadership position of the brand which it currently is maintaining. The main competitors for Fastrack came out to be Timex and Swatch. Laddering refers to an in-depth, one-on-one interviewing technique used to develop an understanding of how consumers translate the attributes of products into meaningful associations with respect to self. Laddering provides an association of networks between the attributes, consequences arising out of them and the values inherent in them to represent combinations of elements that serve as the basis for distinguishing between

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and among products in a given product class. 8 one-on-one interviews were taken to understand the values consumers attach to a watch. Four values Belonging, Esteem, Acknowledgement and Trust, emerged from the interviews. Fastracks current positioning seems to be almost suitable to the target groups expectations. Though there clearly is a category for elegant and formal watches, going by its past experiences; Fastrack should not mix that in to its current positioning of a college goers watch.

Table of ContentsBrief History of Fastrack............................................................................................ ..4 Launch and Initial Positioning..................................................................................4 Subsequent Repositioning.......................................................................................4 Current Status............................................................................... ..........................5 Instruments of Data Collection...................................................................................6 Brand Asset Valuator Model............................................................................... .........7 Questionnaire.................................................................................... .........................8 Results and Analysis of BAV................................................................................. ..10 Laddering Method............................................................................................... ......13 Reasons for choosing laddering technique...............................................................18 Laddering Exercise for Fastrack brand of watches....................................................18 Summary Content Codes for Fastrack brand of watches.......................................19 Hierarchy Value Map.......................................................................................... ....19 Conclusion of Laddering........................................................................................20 BIBLIOGRAPHY........................................................................................ ..................21

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Brief History of FastrackLaunch and Initial PositioningTitan 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 niche for itself in the youth accessories market, with designs that are refreshingly different, casual, eclectic and fun, clubbed with prices that do not burn a hole through the pocket. Fastrack was promoted with the slogan "Cool Watches from Titan. Initially, in most of the campaigns, the brand was promoted as Titan Fastrack. The brand was targeting young consumers who were moving towards the competitor Timex. It was during this time that Timex and Titan had parted ways. Fastrack had a good start. During the first year, the brand clocked a turnover of Rs 15 crore. The good run continued till 2001-2002 and was worth Rs 25 crores. But the sales stagnated. Although the brand appealed to youngsters, the price was a significant dampener. It was found that the target group which consisted of college students could not afford this brand.

Subsequent RepositioningDuring 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. In 2005, the brand went for another repositioning exercise with a new logo and a new positioning. They adopted the famous break-away positioning of Swatch and decided to again target the youngsters, the Generation Next. But for this they had to break the price barrier. The brand discarded the steely

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look of the watches and looked at a mix of plastic and steel. It was a perfect cut-copy from the strategy adopted by Swatch. 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. For its positioning, Fastrack captured the essence and philosophy of todays fun loving, free spirited youth through the new positioning encapsulated in a tongue in cheek colloquial phrase - How many you have. Thus they launched a campaign with the slogan How many you have. Fastrack then promoted itself through a 360-degree media blitz through television, outdoor, events and promotions to change the perception of watches as a functional tool to a fashion accessory. Fastrack was now positioned as the ultimate fashion accessory for the youth variety, multiplicity and constant excitement being the order of the day. They also revealed a new logo signifying the spirit of bonding among todays youth. Titan also earmarked Rs 8 crore (Rs 80 million) for Fastrack's advertising. The campaigns were aimed at students in the 15 to 25 year age group, belonging to SEC A and B, in the top 30 towns. The communication promoted the idea that owning several watches is acceptable, if not a required behavior. The campaign, the positioning and the price was a great hit. The brand sales zoomed to Rs 35 crore. The sunglasses also contributed significantly to this sales boost.

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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In order to satisfy the want created in the market, Fastrack has its presence through 6000 outlets across 800 towns including 228 strong World of Titan network, 122 Large Format Chain stores, i.e., Shoppers Stop, Lifestyle, Central, Westside, Pantaloons and Multi-brand watch outlets. One can notice this brand in the wrist of most of the students. The brand had successfully established itself a