Preface With the growing consumer demands and competition in the market, all product and service based advertising has changed over the years. It not only seeks to achieve higher sales but also to build a brand image of its own in a way that it becomes synonymous with success. Today advertising is about, if nothing else, catching eyeballs for the brand to remain etched in the minds of people. Companies are coming up with interesting and innovative options and ways to not only attract and interact with customers but also to gain their loyalty.
This marketing research is done in order to evaluate selection and success of the advertising mediums used for my product. The project comprises of a consumer survey of a sample group of about 50 people aged 18-28. Leading to which an appropriate analysis and conclusion have been given. Introduction/ Company Profile TITAN INDUSTRIES LIMITED Titan Industries is the organization that brought about a paradigm shift in the Indian watch market when it introduced its futuristic quartz technology, complemented by international styling.
With India’s two most recognized and loved brands Titan and Tanishq to its credit, Titan Industries is the fifth largest integrated watch manufacturer in the world. The success story began in 1984 with a joint venture between the Tata Group and the Tamil Nadu Industrial Development Corporation. Presenting Titan quartz watches that sported an international look, Titan Industries transformed the Indian watch market. After Sonata, a value brand of functionally styled watches at affordable prices, Titan Industries reached out to the youth segment with Fastrack, its third brand, trendy and chic.
The company has sold 135million watches world over and manufactures 13 million watches every year. With a license for premium fashion watches of global brands, Titan Industries repeated its pioneering act and brought international brands into Indian market. Tommy Hilfiger and FCUK as well as the Swiss made watch – Xylys owe their presence in Indian market to Titan Industries. Entering the largely fragmented Indian jewellery market with no known brands in 1995, Titan Industries launched Tanishq, India’s most trusted and fastest growing jewellery brand.
Gold Plus, the later addition, focuses on the preferences of semi-urban and rural India. Completing the jewellery portfolio is Zoya, the latest retail chain in the luxury segment. Titan Industries has also made its foray into eyewear, launching Fastrack eyewear and sunglasses, as well as prescription eyewear. The organization has leveraged its manufacturing competencies and branched into precision engineering products and machine building. Titan Industries has India’s largest retail network. The company has over 331exclusive ‘World of Titan’ showrooms and over 83 Fastrack stores.
It also has a large network of over 700 after-sales-service centers. Titan Industries is also the largest jewellery retailer in India with over 130 Tanishq boutiques and Zoya stores, over 31 Gold Plus stores. It also sports over 204 Titan Eye+ stores. The company has two exclusive design studios for watches and jewellery Backed by over 6,000 employees, two exclusive design studios for watches and jewellery, 9 manufacturing units, and innumerable admirers world over, Titan Industries continues to grow and sets new standards for innovation and quality.
The organization is all geared to repeat the Titan and Tanishq success story with each new offering. Taking in account the changing trends in fashion, Titan Industries has brought forth four core watch brands: • Titan :designed for the mid-premium segment • Fastrack :crafted to fit the trendy fashion space with a focus on the youth • Sonata :created for the mass market . Emerged as India’s largest selling watch brand • Xylys :fashioned for the premium market, aiming at the high-end connoisseur and new-age achiever FASTRACK Fastrack|
Parent Company| Titan Industries Limited (Tata Group)| Category| Watches and Accessories| Sector| Lifestyle and Retail| Tagline/ Slogan| Move on| USP| Youth Appeal| STP| Segment| Trendy and colourful lifestyle accessories| Target Group| Mid Premium Urban youth| Positioning| Youth brand for stylish youth owning multiple watches| Launched in 1998 as a sub-brand of Titan. It took off as an independent brand of watches for the urban youth in the year 2005. Since then, it has carved a niche for itself with new, stylish and modern designs and the unique selling point of affordability.
Around that time, Fastrack extended its market into eye gear and in the last 4 years has quickly notched up the title of being the largest sunglass brand in the country. Fastrack has now stepped into newer categories of products such as– bags, belts, wallets and wrist bands –to realise its vision of becoming a complete fashion brand for the youth. With enough categories to fill up one cool store, Fastrack has ‘moved on’ to open its own stores for its young consumers. Positioned as a complete accessories destination with all Fastrack gear under one roof, the first store opened up in Pune in the year 2009.
Quick Facts * In 2004-05, when the Rs 20-crore Fastrack changed its target segment, it used to sell 1. 5 lakh watches and a few thousand sunglasses. * The business has 94 retail stores * It expects to close the fiscal with a turnover close to Rs 630 crore. * Fastrack contributes to 25 % of Titan’s turnover from the watches and 35 %to its profits. * Apart from expanding the number of retail outlets to 130 and doubling that number during 2013-14, the company will also enhance store space from the current 500 sq ft to about 700 sq ft. * Fastrack watches range from Rs. 650 – Rs. 995, thus making it very affordable for its target group. Products under FASTRACK * Watches * * Sunglasses * * Bags * * Belts * Wallets * Product Category I have chosen: Watches The product category that I will be dealing with under the brand label Fastrack is their range of Watches. Reasons I chose this particular product to be studied: * Primary product of the brand. * Hugely popular as an affordable yet stylish watch. * Target customer is my age group Selection of Media The mediums selected by Fastrack to advertise the product are as follows: * Television commercials Newspapers * Magazines * Hoardings/ Posters/Banners * Web- Popup mails, Web banners, Social media (interactive forums , online contests etc. ) * Radio * Bus back panels, Bus shelters, Bus side panels WEB ADVERTISEMENT AND NEWSPAPER AD Target Market Generation Next – Fastrack has pitched itself as the youth voice of India. * The youth in India makes for a huge consumer market. * The youth uses a watch a fashion accessory which means more demand for the product. * Under Titan, Fastrack came into being to cater to their niche customer base of the youth. In its initial stage of being formed it targeted the early jobber. * After a couple of years, it realized the magnanimity of the youth market and thereafter, shifted focus to its customer base entirely at college goers. How it hit the jackpot: * Fashionable and Trendy * Affordable * Captures the essence and free spiritedness of the youth. Objectives of my study 1. Has the combination of different media selections been effective to the relevant category of the product’s target client? 2. Which has been the most effective medium in the list of current campaigns taken up by the product/brand? Research Plan
The research is based on a survey filled by various consumers and non consumers of fastrack watches in New Delhi, south. A questionnaire is prepared to evaluate our objective through a structured, meaningful and uniform interaction with the respondents. Data type: * Primary data Research approach: * Survey Research instrument: * Questionnaire Sampling unit: * Students * Self employed people Sampling size: (age group- 18 to 28) * 50 Questionnaire Analysis * Q. 1 Are u aware of the Fastrack watches collection? Total respondents: 53 Yes: 53 No: 0 * Q. 2 D o you own a Fastrack watch? Yes: 27 No: 26 Q. 3 If yes, what motivated you to make the purchase? Newspaper/magazine: 3 Hoardings/posters: 0 Family/friends: 3 Electronic media: 9 Self decision: 12 * Q. 4 You prefer your Fastrack watch as: Accessory: 23 Necessity: 28 * Q. 5 Where all have you seen advertisements of Fastrack watches? Newspaper/magazine: 19 Banners/hoardings: 13 TV: 41 Web: 6 All: 8 (Some respondents ticked multiple choices) * Q. 6 Have the advertisements influenced your decision to buy a Fastrack watch? Yes: 29 No: 24 * Q. 7 Do celebrities like Genelia D’souza and Virat Kohli influence your decision to buy a Fastrack watch?
Yes: 23 No: 30 * Q. 8 Do you think the ad and its tagline “Move On” is right in depicting the youth of today? Yes: 47 No: 6 * Q. 9 Do you think the ads are offensive/provocative? Yes: 23 No: 30 * Q. 10 Do you follow Fastrack on any social media sites like Facebook, Twitter etc.? Yes: 14 No: 39 Analysis * The brand “Fastrack” has definitely reached its target client. In my survey, every respondent was aware of the brand and its product collection. * As seen in the survey, not every customer is a consumer of Fastrack watches, but with sassy advertisements, the brand has certainly earned a no. f potential consumers. * Mediums like Television, Newspaper and other promotional activities have greatly influenced Fastrack’s consumer base. Advertisements have caught eyeballs and etched a fashion forward and contemporary image of the brand in people’s minds. * The youth has taken to Fastrack also because they are image conscious and look upto to the brand as refreshing, eclectic and fun. * Television has been the most widely popular and available medium to the youth, also because of its visual pull, the advertisements on TV have attracted more mystery, appeal and interest for the brand. The brand has also been successful to an extent to establish itself as a fashion accessory rather than a necessity which is mostly the case of a watch, without compromising on factors like affordability and quality. * The tongue-in-cheek advertisements have definitely created a buzz and allure which has in turn led to sales. * For most, celebrity appearances have not created fascination to the brand since most brands now-a-days are endorsed by celebrities, making it a general endorsement ritual which fails to raise eyebrows any longer. *
Banners and Hoardings have not reached out to the youth as opposed to the brand’s strategy of placing them near places like colleges, multiplexes, malls etc. * The tagline “move on” and the depiction of youth in the ads have been largely agreed upon by the youth. They opine that the brand has correctly portrayed the free spiritedness and individuality of today’s generation. * Although the message of the ad has been understood, the ads created a furor in the minds of many people due to which some ads had to even be banned. The youth also feels that the ads were provocative and offensive. Although social media and networking sites like Facebook and Twitter are hugely popular among the youth, Fastrack could not draw the attention of most web users to its digital and online promotions and advertisings. * The campaigns have led people to believe in the message that the brand has tried to convey. SWOT Analysis * Strengths: Fashionable and trendy Affordable Quality not compromised New designs to keep up with latest trends Trusted brand Youth centric brand- targeted the biggest consumer market Ads have hit the nail on the head Freshness in communication Ads have created a brand image for Fastrack Weakness: Mediums like Hoardings/Banners, Radio and Web have not been able to reach out to large groups. Celebrity endorsements have not helped the brand as such. Ads have been looked down upon by a certain strata of society as too bold and offensive. Distribution network- only one store in Delhi and lack of exclusive FASTRACK stores. Lack of global reach. * Opportunity: Since the market segment of youth is fast growing, the brand has opportunities to grow manifold. Global dispersion will help target the youth internationally. Special schemes for the youth could up the ante.
Possible tie ups with other fashion designer labels can boost appeal. * Threats: The entry of foreign players and other big brand names have led to hard-hitting competition. The target client (youth) is price responsive and sensitive. With lots of options now available, brand switching maybe a big threat as loyalties can’t be reserved. Key- competitors: Casio, Timex, Swatch Conclusion * In conclusion to the survey carried out, it was clear that advertising mediums have led to the creation of Fastrack’s brand image and has led people to consume its products thereafter. The campaigns have been well received by its consumers and have facilitated their decision of buying Fastrack products. * The advertising campaigns have been effectively successful in catering to the youth and reaching out to them. * The most successful medium has been Television. The Fastrack ads on TV, with their bold and daring appeal have not only raised eyebrows but also declared the coming-off age of the kinds of advertisements been carried out in today’s time ,which the youth identifies with. Although with other big players in the market, the co. must be careful of loosing loyalties as brand switching is becoming the order of the day with many options being available. * There is a huge market of potential customers which still has to be tapped. Bibliography * www. fastrack. in * www. titan. co. in * www. hindubusinessline. com * www. scribd. com * www. digimouth. com * www. watchkart. com * www. shop. fastrack. in * www. infibeam. com * www. en. wikepedia. org * www. titanworld. com * www. newzstreet. com * www. google. com/images
