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Introduction
Name of the Brand: Fastrack Name of the Parent Company: Titan Year of Establishment: 1998
Industry Preview
Market Worth : Rs 5,00,000
Buyer Power:
Price Sensitivity Buyers Preference
Degree of Rivalry:
Cluttered market Lack of Differentiation
Threat of Substitutes:
No close substitute
Company Overview
Launched on 1984 A joint venture between Tata Group and Tamil Nadu Industrial Development Corporation Indias largest watch brand with 65% of the organized watch market Worlds Fifth largest integrated watch manufacturer. Awarded No:1 Brand in the Consumer Durables category in the Brand Equity Survey by The Economic Times
Turnover for year 2010-2011: 6520.89 Crore
Strength
Large network of exclusive stores and service centres High Top of the mind recall, especially for the Mid market segment Different sub-brands under the brand Titan have been successful in their positioning based on Demographic segmentation One of the worlds top five and Indias biggest watch manufacturer Titan watches are exported in over 40 countries
Weakness
Premium category Titan brands like Xylys have been camouflaged by the Titan Brand Image of being a mid-market player Havent penetrated the global market as some other international watch makers
Opportunity
India is an under penetrated market for watches Global expansion and tie-ups with global watch and Jewellery brands
Threats
Broad Target segment may lead to lack of focus in Brand strategy Stiff Competition faced by foreign brands, particularly in the premium segment
Brand Portfolio
Name of Brand Titan Segment Premium Average Price Rs 1100(approx) Target Audience
Upper Middle Class
Sonata
Fastrack Xylys
Mass Market
Youth Ultra Premium
Rs 550(approx)
Rs 850(approx) Rs 15,000(approx)
Brand: Fastrack
Product Range SWOT Analysis Competitor Analysis Strategies
Brand Fastrack
Launched in 1998 as a sub-brand for watches in the
Product Range
Current Watches Bags Sunglasses Belts Wallets
Strength
Good Distribution Network over 100 Fast track stores across 50 towns with Titan Service Centres across India High youth connect Positioning as a youth stylish brand
Weakness
Products have a short life due to changing trends Adds to the cost of production
Opportunity
Fast growing youth segment presents growth opportunities Global penetration would help brand grow and target youth worldwide Tie-ups with fashion houses and special schemes for youth
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
Competitor Analysis
Competitors of Fastrack
Competitor 1: Timex
Largest selling brand in USA and Canada Lowest cost watch manufacturer of the world Entered India in collaboration with Titan, broke away in 1998 Has launched a new brand named Helix targeting the demographic segment of 1824 year old
Competitor 2: Casio
Japan based company Products include calculators and musical instruments Market leader in calculators with 90% market share, strong presence in digital watch market Recent positioning focuses on low end watches
Competitor 3: Swatch
Swiss brand launched in 1983 High brand equity because of the Swiss heritage High tech, highly accurate and a high prestige value attached to the brand Official time-keepers for many high profile events including Olympics Recently started focusing on the upwardly mobile youth segment.
Strategies
Product Strategy Pricing Strategy Distribution Strategy Promotion Strategy
Product Strategy
USP : Youth Appeal Positioned as Casual Wear Seen by the audience as Fashionable and Trendy Product uses Funky, Adventurous and Cool Colors Out-of-the box designs
Pricing Strategy
Midlevel Pricing for Urban Audience in Tier I and II cities Products range from Rs 650/- to Rs 3995/ Prices targeted towards the youth and towards the image of fashion accessory rather than just a timekeeping machine
Distribution Strategy
11000 Titan Dealers spread across 2500 towns 55 Exclusive Fastrack Stores/Kiosks in 22 towns 745 Service Centers in 345 Towns
Promotional Strategy
Terms associated with Brand Fastrack:
StreetSmart
Promotional Campaigns
How Many Do You Have?
Traditionally seen as an one time investment Fastrack surprised the market by a promotional strategy promoting multiple buying. Attractive pricing and a persuasive campaign actually changed the general market perception Now watches are seen more in terms of a fashion accessory than timekeepers
Move On The second and current campaign targets the fast moving and always restless youth Ads are provocative, bold and have high appeal among the college going population
Brand Ambassadors
Genelia DSouza
Virat Kohli
The Brand Ambassadors represent the brand image of Fastrack i.e Bold, Adventurous and Raring to Go
They also have a mass following and immediate connect with the Indian Youth
Future Plans
Titan targeting three-fold growth in revenue in 5 years to Rs. 14,000 crore making us a 3 billion dollar company. Fastrack is an important part of the expansion plans, targetting 880 Cr turnover for the fiscal year 2012-13 Plans to add 200 more exclusive Fastrack showrooms Tapping into the huge International Markets opportunity in
Conclusion
Titan is the market leader in the Wrist Watch Market, India Fastrack one of its most successful and profitable brand Even after the entry of other players, Fastrack in its segment remains largely un-threatened and expansion of its product line shall ensure that it remains a strong player in the coming decades
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