Detailed study of Fast Track PLC

7/28/2019 Detailed study of Fast Track PLC

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Name of the Brand: FASTRACKName of the Parent Company: TITAN

Year of Establishment: 1998

Fastrack was launched in 1998 as asub-brand of Titan.

It was missing out on a market

segment with 450 million potentialcustomers.


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Segment :- Trendy and colorful lifestyle

accessories

Target Group:- Mid Premium Urban youth Positioning :- Youth brand for stylish youth

owning multiple watches


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Strength Good Distribution Network Over 100 Fast track stores

across 50 towns with Titan Service Centres across India High youth connectPositioning as a youth stylish brand Fast changing designs to keep up with latest trends

One of the most trusted brands in India Excellent advertising and brand visibility connecting with the

youth Has a diverse portfolio of watches, sunglasses, bags, wallets

etc


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Weakness Products have a short life due to changing

trends Adds to the cost of production.

Limited global reach despite being a popularbrand.


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Opportunity Fast growing youth segment presents growth

opportunities

Global penetration would help brand grow andtarget youth worldwide

Tie-up with fashion houses and special

schemes for youth


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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


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Supplier Power :No strong suppliers

Lack of bargaining powerRise for China, Taiwan as low costsuppliers

Buyer Power:

Price SensitivityBuyers Preference


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Degree of Rivalry:Increased number of firmsLow switching costStrategic stakes are highCluttered marketLack of Differentiation

Threat of Substitutes:sNo close substitute

Threat of New EntrantsLow barriers due to minimum

regulation and market potentialOnly barrier is Fastracks ever-changing designs.


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Upscale PrecisionBreiting

Michele

Sporty Sieko

Affordable

Fashion

Cartier

Baurne &Mercier

Gucci

Timex Titan

Casio

FASTRACKCitizen

Swatch


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Fastrack - Sub brand of Titan Launched in 1998 as Titan Fastrack

Sales of first year Rs 15 crore

Steel Design And Digital Collection ForTargeting Age Group Of 22-30


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The good run continued till 2001-2002 andthe brand was worth Rs 25 crore at thatperiod.

Target group 15 - 20

Aggressive marketing strategy to buildemotional connect .


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Sales started stagnating in 2001-2003. Price was significant dampener.

Launch of Titan Steel Collection -collectionin terms of looks, price point and consumerbuying behavior was very similar to Fastrack,including advertising


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2003-04 , Repositioning exercise TargetingExecutive Segment

Suicidal Experiment

The brand sales came down to

Rs 23 crore. The consumers were not willing to pay Rs

1200-2700 for a watch that did not have the

executive image.


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New products, New identity, New advertising anda New logo in June 2005. The brand adopted the famous break-away

positioning of Swatch. Breaking The Price Barrier

360 degree Media Blitz through Television,Outdoor, Events and Promotions The brand launched a campaign with the slogan

"How many you have , Move On


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Well Distribution Channel

Over 6000 outlets across 800 towns.

Metro MallsMultichannel Distribution Network -

Covers the 228 strong World of TitanNetwork, 122 Large Format Chain stores.

When Fastrack was re-launched the brandwas worth about Rs 35 crore but howeverthey have grown more than ten times of that

over the years to a whopping????


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Product mix Quality Features Product Variety (Design & Style)- Sport,

Army, Adventure, Bikers, Color play,Hip-hop, Neon, Neon Disc, XY

PackagingServices & Warranty Product Life CycleLevels of Products


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Pricing Mix Pricing objective

Discounts Pricing cues

Place Mix Online through direct marketing

Factory outlets like Fastrack store & World ofTitan

Major chains like big bazaar, city central etc Retail outlets

Supply chain in mostly concentrated on

Tier -1 andTier-2 cities


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Television Commercials: advertisements are dominated

by youth representing brand ambassadors

Creative Advertising

Fastrack Website Promotion Sales Promotion

Brand Ambassadors

Outdoor Advertising

Public Relations


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42 million unit industry - only 15 millionfrom the organized sector.

Product Quality, Features & improved Styling.

New models & Flanker Products.

New Market Segments Product Preference Advertising

Lowered Prices

Detailed study of Fast Track PLC

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