Download - Brand Tracker- Fastrack

Praxis Business School

BRAND TRACKER

Phase I – Image Measurement

A 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 B07020

Sampat Bhansali B07035

Sonam Sahu B07040

Vijay Leon B07047

http://www.praxis.ac.in/

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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 don’t burn a hole through the pocket.

Targeted at Generation Next, the brand captures the essence and philosophy of today’s 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 today’s 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 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. Fastrack’s 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.

BRAND IMAGE MEASUREMENT

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Table of ContentsBrief History of Fastrack 4

Launch and Initial Positioning 4

Subsequent Repositioning 5

Current Status 6

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 17

Laddering Exercise for Fastrack brand of watches 18

Summary Content Codes for Fastrack brand of watches 18

Hierarchy Value Map 19

Conclusion of Laddering 20

BIBLIOGRAPHY 21

Brief History of Fastrack

Launch 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


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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 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 today’s 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.


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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 today’s 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.

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 as a fashion accessory rather than as a watch without compromising on quality.

Instruments of Data Collection


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Apart from the Brand Asset Valuator (BAV) Model, we have taken Reynolds and Gutman’s Laddering Method. We have chosen a qualitative model above quantitative methods like Aaker’s Brand Personality Model and Kapferer’s Brand Prism. The rationale behind the decision is that when we purchase any brand, most of the time the decision is not rationale, rather emotional. A qualitative research is more effective to determine the emotional influence behind one associating himself/herself with a specific brand. Quantitative approach is more structured than a qualitative method (which is unstructured). Thus gives the researcher the whole universe to work with.

For the BAV model we used a structured questionnaire. This is to give the research a direction and make sure that the outcome does not go out of the context. Each question is designed keeping in mind the four dimensions of the BAV model and the general attributes applicable to watches. Each question, therefore, tests one or more dimension (Differentiation, Relevance, Esteem and Knowledge).

For the survey, we have taken a sample size of 40. The key criteria of selection of the sample were the age and education qualification. The sample fell in the age bracket of 20 – 28 (both inclusive). The minimum qualification is graduation and each is an aspiring manager of tomorrow. Our product being targeted at college goers, we according chose the judgment sample.

In the laddering method, 12 interviews were taken. Of these 8 interviews were considered for analysis. Here as well, a judgment sample of watch users was considered to understand the values associated with the use of watches.

Brand Asset Valuator Model

The Brand Asset Valuator (BAV) model was created by the advertising agency Young & Rubicam and is managed by Brand Asset Consulting, a division of Young & Rubicam Brands, who provide


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information to enable firms, improve their marketing decision-making process and to better manage their brands.

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". BAV defines these terms as follows:

"Differentiation" quantifies the brand's point of difference.

"Relevance" is how appropriate the brand is to you.

"Esteem" refers to how well regarded the brand is.

"Knowledge" is an intimate understanding of the brand.

"Brand Strength" describes the brand's growth potential.

"Brand Stature" describes the brand's current power.

Brand Stature is like a report card of the brand, whereas Brand Strength talks about the future value of the brand.

We have chosen the BAV model for measuring the brand image of Fastrack, as it would help us understand where the brand stands vis-a-vis its competitors in the watch industry.

Questionnaire[For all the questions, you can choose more than one option. The options are same as question1]

1. Of the following, what brands are you aware of?a. Fastrack


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b. Timexc. Casiod. Maximae. Seikof. Espritg. Swatchh. Non branded fancy watches

2. What price do these watches start at? ( Name the start price for as many as you know)

3. If you were to gift a watch to your friend, which watch would you pick up?

Which watch are you most likely to wear on these occasions?

4. Formal social gathering5. Informal social gathering6. Regular college7. Official gathering

Name the brand/s for which the following attribute would be a motivator:

8. Availability9. Variety10. Price11. After sales service

Which brands would you associate with the following attributes?

12. Quality 21. Fun13. Durable 22. Innovative14. Energetic 23. Leader15. Good value 24. Tough16. Best brand 25. Stylish17. Trustworthy 26. Prestige18. Authentic 27. Trendy19. Gaining in popularity 28. Up to date20. High performance 29. Worth More

Sample Composition

Sample Size : 40


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Age : 20 to 28

Education : Post graduates

Criteria : All watch users

Results and Analysis of BAV

Figure 1 Standing of different brands in terms of absolute scores

Figure 1 has absolute numbers. Therefore we see a big difference between the relevance score of Fastrack and other brands. To overcome this biasness we converted the score into a percentile.


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Figure 2 Standing of different brands in terms of percentile scores

Figure 2 shows the standing of Fastrack vis-a-vis other brands (in percentile). The table shows that Fastrack is 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.

We can also infer that the consumer sees the brand as a value for money brand, but not one with whom they would like to associate.

Let us take each dimension individually and see how Fastrack has performed on each one of them:

Differentiation: Fastrack is a highly differentiated brand in the eyes of its target audience (based on our sample). Fastrack has been able to differentiate itself because of the variety of offerings and the reliable after sales service it offers. Also, it has always been (or perceived to be) an innovative and up-to-date brand.

Relevance: Fastrack as a brand has been successful in understanding the needs/wants of its Target Audience (TA) while also being able to successfully communicate its product offerings to the TA. Most respondents preferred Fastrack for regular college wear over other brands. This shows that the positioning has been successful. Respondents felt Fastrack to be a value for money and a fun brand. Even when gifting a watch to friends, the most preferred brand was Fastrack, over other brands and the local non-branded watches.

Esteem: On the Esteem front, Fastrack is second amongst its competitors, but a second is a second. While the respondent felt the brand was gaining in popularity, they could not see the


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brand offering more value. For most respondents it was a value for money brand and they were not able to associate prestige with the brand.

Knowledge: Each and every respondent was aware of Fastrack, but as we know awareness is the first step towards knowledge. A majority of the respondents could comprehend to whom the brand is meant for. Few were unaware of the pricing, but largely knew how much they would have to pay to place the brand in their wardrobe.

Figure 3 Standing of each brand on the BAV model

Figure 3 shows Fastrack has a leadership position amongst its competitors in the watch industry. It also indicates competition coming from Swatch and Timex. With the esteem factor for Swatch being high as shown in Table 2.0, if they improve on knowledge they may in turn improve on their brand image, resulting in a higher market share.


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Laddering Method

Laddering techniques involve the creation; reviewing and modification of hierarchical knowledge, often in the form of ladders (i.e. tree diagrams).

There are no formal instructions for the laddering process but it basically involves asking why a person would prefer to be described by one pole of a personal construct rather than the other. The construct "ladder" usually ends up with a statement of the values that underlie a person's construing of their personal world. It is these values that are likely to have wide ranges of implications and, thereby, are more resistant to change than constructs lower down the ladder.

Laddering is seen by many practitioners as possibly the most powerful procedures for eliciting the values a person holds, and with which they organise their world, to have come out of personal construct psychology.

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, following Means-End Theory (Gutman, 1982). Laddering involves a tailored interviewing format using primarily a series of directed probes, typified by the “Why is that important to you?” question, with the express goal of determining sets of linkages between the key perceptual elements across the range of attributes (A), consequences (C), and values (V). These association networks, or ladders, referred to as perceptual orientations, represent combinations of elements that serve as the basis for distinguishing between and among products in a given product class.

Although it has been used predominantly in the clinical setting, it has been found of value in a wide range of other settings. For instance Marsden and Littler (1998) advocate its use in market research and marketing to identify the personal values associated with products. For example: Laddering can also involve a set of predefined probe questions, such as "Could you tell me some sub-types of X?", "Could you tell me how you can tell that something is X?" and "Why would you prefer X to Y?"

It has also been widely used in the area of management and the study of organizational cultures and change.


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Use of Ladders

Various forms of ladder can be used.

A concept ladder is particularly important since the way an expert categorizes concepts into classes is an important key to understanding the way the domain knowledge is conceptualized.

Laddering using an attribute ladder is another very useful technique. By reviewing and appending such a ladder, the knowledge engineer can validate and help elicit knowledge of the properties of concepts.

Hierarchies with other relationships can also be used, such as composition ladders and process ladders described earlier. Validation of the knowledge represented in a ladder with another expert is often very quick and efficient.

The Laddering Interview

A laddering interview is an in-depth, one-on-one structured dialog that draws out the connections people make between product attributes, the consequences of those attributes, and the human values linked with those consequences (means-end chain). Interviews last between forty-five minutes to two hours and generally record so that interviewers do not lose the detail of what is said.

Getting respondents to reveal their true beliefs, feelings, and goals requires warm-up questions to put the respondent at ease with the interviewer and to help them start thinking about the product of interest. Laddering differs from other types of qualitative research in that it aims to uncover personally motivating reasons behind brand choice and link them to product attributes and their consequences.

Laddering begins by identifying the most important distinguishing characteristics of the brand for a given usage situation and then moving up and down the means-end chain to get a complete picture of attribute-consequence-value identities and linkages. Moving up and down the means-end chain is done by asking a form of the question: why is that important to you?

Attitudes toward a product do not often predict choice behavior, but attitudes toward choice behavior concerning a product typically will. Laddering asks questions regarding the reasons people have for making the choices they do. It requires respondents to justify their buying behavior by explaining the distinctions they make between choice alternatives.

Eliciting Product Distinctions

Laddering research is designed to uncover the reasons underlying purchase decisions. Both the positive reasons for choosing a brand and the negative reasons for rejecting a brand should be determined. Simply asking what is good about a brand or product is not enough. The marketer needs to understand how a brand is believed to be better than others, or conversely how a brand is believed to be worse than others.


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There are several methods for eliciting distinctions between brands. These methods are

top-of-mind imaging

grouping similar brands

contextual environment

preference, usage, and preference-usage differences

timing of purchase or consumption

usage trends

product or brand substitution

alternative usage occasions

Top-of-mind imaging: The respondent is asked to give one or more first-thought associations for each of several brands or product types. Polarity (positive or negative) for each association is also determined. Then, the respondent is asked why the characteristic is -a positive or -a negative and the responses are further probed to uncover the ladder. Top-of-mind imaging identifies the most conspicuous characteristics of a brand, but not always the characteristics that differentiate it from a close competitor.

Grouping similar brands: This method uncovers the way respondents group products together and the reasons they use for forming product groups. Respondents are asked to group brands and/or products into like categories. Then the primary reason for group membership, either a positive or negative characteristic, can be elicited and laddered. Additionally, the respondent can be asked to identify the brand or product that best represents the group. Important traits and trait performance for the most representative brand can be identified and laddered as well.

Contextual environment: The contextual environment includes predetermined physical or need-state occasions of brand purchase or use. Physical occasions are generally described by time, place, and people when usage occurs. A need-state occasion is a mental need or inner desire that can span many physical occasions. For example, need-states include occasions such as relaxing, rejuvenating, building relationships, feeling powerful, reducing stress, and getting organized. The method asks respondents to associate a product or brand with a context such as "those times when you want to relax," or "after you have just completed a tough job or accomplished something that is important to you."

Preference, usage-e and preference-usage differences: Comparing brand preference and brand usage is one of the most direct and commonly used methods for eliciting brand distinctions. Brands can be ranked with respect to (1) preference and (2) frequency of use. Then, brands can be directly compared against each other based on these rankings using such questions as, "why did you rank Brand A higher than Brand X," and/or "why do you use Brand B more often than Brand A." Also, the interviewer may ask why a brand ranks lower on preference than on usage.


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Often, respondents use price as the key reason for ranking one brand over another. Avoid the problem by selecting brands to compare that are price competitive.

Timing of purchase or consumption: Timing issues can influence product choice and usage. For example, a respondent might be asked to break a sickness such as the common cold into several stages like onset, full-blown, and on-the-mend. Then the respondent would relate which brands were preferred for each time-related stage. It is also common for consumers to use one brand of product during the day (Coca-Cola) and a different brand in the evening (sprite).

Usage trends: Respondents are asked to quantify their beliefs about past and future usage of a brand. For example, an interviewer might ask, "over the next five years, do you expect to use this brand more often, less often, or about the same as you have in the past?" Then, reasons for increased, decreased, or unchanged usage are elicited.

Product or brand substitution: Distinctions between brands can be directly assessed based on the ability of one brand to be substituted for another. The brand to be substituted can be a brand currently used by the respondent if a goal of the research is to increase use (identify what-attribute or consequence needs to be added or removed) or it can be a brand not currently used if a goal is to increase trial (identify what attributes or consequences need to be promoted). For an unfamiliar brand, the respondent first can sample or be given a description of the brand. Follow-on questions might include, "how likely would you be to substitute this new brand for your current brand for this occasion -- why is that?"

Alternative usage occasions: Another method is to alter or add new usage occasions for the respondent to consider. Alternative occasions can be either predetermined or provided by the respondent. For example, one might ask, "think of a new situation or occasion in which you might use Brand A, but that you currently don't -- why would you consider using Brand A for this occasion -- what is keeping you from using Brand A for this occasion now?" Both positive reasons why a brand fits a new occasion and negative reasons why it does not fit can be elicited and laddered.

In practice, several different elicitation techniques are used in a laddering study to capture a full range of meaningful distinctions between a brand and its competitors. For example, a laddering interview might start with "top-of-mind imaging" to understand general product-category beliefs, and then increase in brand-related specificity through using "contextual environment" and "alternative usage occasions."

Laddering Pitfalls

In the course of a laddering interview, the respondent will not always provide responses that are whole or complete. The interviewer must be able to identify incomplete responses so that additional probes can draw out useful information.


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Generic statements: Respondents often provide generic answers that have no specific meaning. For example, "satisfied" can be either physical (feeling full after a meal) or psychological (feeling content with oneself. Likewise, "happy" can have multiple meanings; including feeling happy about something accomplished and feeling happy for another person, and it can have varying intensity. Slang words like "cool" and "bad" in particular need to be clarified because they can hold different meanings for different people. Often, these situations can be resolved by simple asking, "What do you mean" or "could you describe that feeling."

Not brand specific: Differentiating characteristics should be brand specific and unambiguous. Distinctions that apply to many brands equally well or even to the entire category are not useful.

Multiple responses: Respondents may give more than one answer when providing distinctions or during laddering probes. In these cases, the interviewer must ask which characteristic or idea is most important for the given situation and then continue probing from there. It is possible to ladder multiple "branches" although this can confound the analysis.

Chutes and ladders: Distinctions are most often product attributes, but respondents may sometimes mention an upper level element as a basis for differentiating one brand from another. The interviewer can "chute down" by asking, "What is it about the brand that makes it that way?" Occasionally, a respondent might ladder directly from an attribute to a value or appear to leave an important element out. Again, the interviewer can ask, "I'm not sure how (lower level element) leads to (upper level element)-is there something about the brand that makes you feel that way?"

Habit: Respondents tend to say "it's a habit" or "I've always done it that way" when they cannot think of a more rational reason for their usage or consumption behavior. The interviewer should try to uncover when and how the habit started, and what brand they would substitute if they could no longer get their favorite brand, then ladder the resulting distinctions.

I like it: Although similar to a generic statement, this phrase occurs frequently in laddering and can almost always be handled the same way. For example, the interviewer can ask,-"could you describe that feeling for me" or "what is it about the brand that you like."

Reasons for choosing laddering technique

In the previous section, we tried to identify the status of the brand by quantitative techniques. In this section we had to understand the identity or the personality of the brand. It is often an observation that the decisions related to brands are emotional and hardly rational. One would pay a premium for the perceived additional benefits than the mentioned features. The heavy inclination towards emotional influencers would limit the quantitative analysis. Converting emotional reasons in to numbers would not only be a tough task for the respondent but also for


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the researcher. Thus, we choose to carry out a qualitative study to find out the rational and emotional reasons influencing a consumers’ behavior towards brands.

Laddering Exercise for Fastrack brand of watches

Number of respondents = 8

Age group = 20 to 25

Education = Post Graduation

Male: Female = 1: 1

The respondents were users of watches, not necessarily Fastrack.

Summary Content Codes for Fastrack brand of watchesAttributes

1. Swiss made2. Recognized brand3. Attractive4. Unique look

Consequences

5. Good Quality6. Attention7. Generation next8. Reliable9. Impress others10. Sophisticated image11. Compliments12. Mature13. Futuristic14. Value for money15. Smart buyer

Values

16. Trust17. Esteem18. Acknowledgement19. Belonging


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Hierarchy Value Map

Figure 4 Hierarchy Value Map of product category Watches

Note: Numbers in the brackets indicate the number of respondents who choose the parameters


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Conclusion of Laddering

From the above map we clearly see that belonging (to a group) is perceived to be the most important value attached to wearing watches. Attributes such as recognition of the brand, attractiveness of the design and the unique looks of the watch, lead to creation of various images in the minds of the consumers. The image could be one of sophistication or of maturity or of futuristic personality; they all in essence, are the way the consumer wanted to see himself or herself as.

Fastrack as a brand has positioned itself as a college goers’ watch. It portrays the image of a trendy and young brand. The designs introduced by Fastrack are innovative and appealing to the target group. Thus, the Gen Next or Futuristic image as well is addressed to. But, definitely Fastrack is not associated with sophistication or maturity.

Maturity as an image would not compliment the current positioning of the college goers’ watch. But, sophistication is an image Fastrack could definitely adopt or add to its existing positioning.

Also, for the target group, attention, impressing others and fishing for compliments seemed to be important sources of values such as self esteem and acknowledgement. Fastrack seems to be doing a good job with their advertising as they are able to portray their watches as attention catching and impressive.


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BIBLIOGRAPHY

http://www.pcp-net.org/encyclopaedia/laddering.html

http://www.epistemics.co.uk/Notes/178-0-0.htm

http://marketing.byu.edu/htmlpages/courses/657/laddering.htm

http://www.indiaprwire.com/pressrelease/fashion/200711195724.htm

http://marketingpractice.blogspot.com/2008/04/fastrack-how-many-you-have.html

http://www.thehindubusinessline.com/2005/06/22/stories/2005062201510900.htm

http://www.titanworld.com/stores/watches/funky_look.asp

http://www.rediff.com/money/2005/dec/01titan.htm
