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May 24, 2017
Titan on Fastrack to target youth
Titan on Fastrack to target youth
Submitted byGuthi Phani Himaja 2012PGP453TABLE OF CONTENTS
BACKGROUND PROBLEM IDENTIFICATION RESEARCH OBJECTIVES RESEARCH DESIGN DATA COLLECTION METHODS RESPONDENTS PROFILE RESEARCH QUESTIONS RESEARCH PLAN EXPECTED OUTCOMES CONCLUSION
Background:Fastrack started as a sub brand of Titan, targeting at the younger generation. It later emerged as India's largest youth brand with a collection of watches, bags, belts, sunglasses and wallets. Now, it is planning to add new product categories such as motorcycle helmets, footwear and apparel into its product portfolio. Now the question is whether they can become market leaders like they have done with bags, belts and wallets.
Problem Identification:To evaluate the credibility of Fastrack entering into unorganized segments (Helmets, Footwear, and Apparels) targeted at youth
Rationale:Now that Fastrack is venturing into a completely different segment from what it was known for there is a need to understand: the customers, their expectations, acceptance of the product, attributes which they associate with the product, whether the new product forms a fit with the existing product range etc.,
To understand the customers perception about Fastrack as a brand To find out the reaction of the participants on new products (Helmets, Footwear, and Apparels) launch by Fastrack To test the brand awareness, brand loyalty of respondents towards fastrack products To figure out the expectation of the respondents on new products launched by Fastrack
1. Data Collection Methods & reason for choosing them:
Focus Group Discussion: Two to three FGDs with 10-12 students.1st Group: Participants : 12 Male participantsProfile : Mix of PGP, FPM, IPM in the ratio of their batch size in IIM IndoreEstimated Time : 1hrData collection : Taking notes, Video recording the conversationObjective : To understand mens reaction to the new products launched/ will be launched by Fastrack
2nd GroupParticipants : 12 Female participantsProfile : Mix of PGP, FPM, IPM in the ratio of their batch size in IIM IndoreEstimated Time : 1hrData collection : Taking notes, Video recording the conversationObjective : To understand female participants reaction to the new products launched/ will be launched by Fastrack
3rd GroupParticipants : 10 participants (Male, Female) Profile : Mix of Male and Female in the ratio of their batch size in IIM IndoreEstimated Time : 1.5 hrData collection : Taking notes, Video recording the conversationObjective : To understand the similarities and differences in the opinions of male and female participants to the new products launched/ will be launched by Fastrack
Can reach larger sample in shorter span. Better facilitation of discussion among the group participants with the help of moderator. Expressions other than those in verbal form such as gestures and stimulated activities can provide researcher with useful insights. Keeping the discussion free and open among respondents might help in gathering information that is important but wasnt considered by the moderator.
Interview: In depth understanding of individual responses and eliminates moderator bias and group think.
Observation: Individuals behave in socially desirable ways consciously or unconsciously, although in the 'real world' they might behave differently. Also since, the brand is related to attitude and behavior that youngsters carry, it is justified to use observation technique.
2. Respondents Profile:
(Basically targeting all the people who are young, young- at- heart, fashion conscious, price sensitive)Gender : Male, FemaleAge Group : 15-40 yrsSample size : 40 Respondents : IPM; PGP-1,2; FPM
3. Research Questions:The questionnaire is divided in the following sections:-a) Personal Informationb) Brand personality & attributes of Fastrack c) New product expectationsPersonal Information: From Focus group discussion we can write the details of this section before hand
1. Gender 2. Age Group3. Occupation/EducationBrand Personality & Attributes1. What do you associate Fastrack with?2. What adjectives come into mind when we thick of Fastrack?3. Who advice or influence you to buy Fastrack products?4. What do you observe in Fastrack ads? 5. Explain in detail whether the brand is able to deliver all that it promises in its ads?6. What do you like the most about fastrack? 7. Why do you buy Fastrack products? How often/What occasions do you purchase them?8. Where do you usually purchase Fastrack products from?New Products :1. Elucidate whether you think it is a right decision to introduce new product categories in Fastrack brand? Instead you can ask if the respondent accepts Fastrack launching new products under the brand.2. What features do you expect from a Helmet? Why do you think there is a match with the expectations and the offering?3. What benefits do you expect from a Footwear? Why do you think Fastrack footwear will provide those benefits?4. What benefits do you expect from T-shirts? Why do you think Fastrack T-shirts will provide those benefits?5. Elaborate whether you think there is a fit in Fastracks product portfolio with the new product offering? It appears more academic, so you have to find out the essence of Fastrack in an individuals life and if she / he is willing to associate that with frastracks new products. 6. Suggest the colour range for Helmets and T-shirts. This is vague, it is the designer who knows things best not the respondent. You can know attitudes and beliefs of consumers which actually help in establishing the relationship between brands and consumers. As this a youth brands we need not get to the value system of the respondents. 4. Research Plan:a) Identify the problemb) Design the objectivesc) Identify the broad topics on which the data has to be collectedd) Choose the methods of data collectione) Formulate the research questionsf) Choose the right sample size for FGDs depending on the batch size, gender etc.,g) Conduct FGDs and video record the whole conversationh) Conduct In-depth interviews of 15 students with chosen participants for about 3-4 daysi) Observation is a continuous process, it should be done simultaneously throughout the research planj) Analyze the data collected and present the outcomes
5. Expectations of Study: To check the brand awareness and understand brand personality traits To identify whether the new products observe a fit with the current offering of Fastrack To identify the changes in expectations of men and women for the same product offerings
Finally a table is formed withData collection MethodIndicator of changeResult/ Outcome
Conclusion:We can conclude the research by giving substantive propositions and by giving new concepts, theories about the expectations of the consumers.
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