Brief History of Fastrack

Launch and Initial Positioning

Titan 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 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 Repositioning

During 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.
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 Status

At 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

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

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.
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

7
BRAND TRACKER
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 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
World·s sixth largest, integrated manufacturer brand
for watches.
‡ I n the I ndian watch sector T itan has always
maintained a strong quality.
‡ Commencing production in 1986-87, the Company is
today the leader in the Watch & Jewellery businesses
inI ndia
‡ Four Manufacturing Units

A share of 8% of the production is

exported and around 5 lac watches are
exported to 31 countries.
‡ T itan watches are available in the price
range from Rs. 395 to Rs. 40000.
‡ Owned byT ata:25% andT I D CO:27.88%
‡ P rofessionally managed by theT A T A group
& an independent Board
S tarted in 1999-2000 by marketing under the Fastrack
brand.
‡ T argeted the youth segment. With A ge group of 14-35 yr.
‡ ( Mainly targeted towards teenagers & collegians).
‡ T here are over 350 designs available for youth within range
of Rs 500T o 2995.
‡ T itan Fastrack seeks to bring in a new dimension to the
I ndian watch market.
‡ With this addition to theT itan portfolio, young consumers
can now turn to fulfill their fashion needs.
Loops of Fastrack
‡A fter Sales Services
‡ Credit Basis
‡ BiasedD istribution
‡ A dvertisement
Conclusion
I nspite of so many loops, Fastrack is
still progressing.
With the new look Fastrack,T itan is
getting younger, and hopefully, wiser.
PARAMETERS OF MA RKET
SEGMEN TATI ON

 DEMOGRAPHIC

 GEOGRAPHI CA L

 PSHY CHOGRA PHI C

 BEHAVI OURA LSCI EN CE

Indian Watch Industry
Wrist Watches form an integral part of the personality of individuals in the present era.
Earlier seen as a luxury item, they are now witnessing a fundamental change in
perception, and are now gaining respect as an essential utility item.
Indian watches market was for long dominated by public sector organizations like
Hindustan Machine Tools Ltd.
In post liberalization India, the market stood to witness intensive competition between
foreign
and
Indian manufacturers like Timex, Titan, Movado, Longines,
Rado,
Rolex,
Fréderique Constant, Mont Blanc, Swatch, and many others. Many
watch makers have made significant
inroads in the industry and others are in the process of establishing themselves,
currently.
Besides this, buyers are extremely choosy about the brand and type of wrist watches
they wear. Being extremely brand conscious, their tastes have evolved over the years
and have gone beyond the realms of durability to choose in terms of aesthetics and
elegance. Thus it is a buyer’s market with multitude of designs that have entered and
flooded the market place.
MARKET SIZE
The size of the watch market currently is estimated to be around 40 to 45 million pieces
annually. The organized sector alone contributes up to 30 % & the other 70 % is
contributed by the unorganized grey sector. In dollar terms, the estimated annual
market size is around USD 195 million, despite the fact that the penetration of watches
is the lowest, compared globally. The average growth in the size of the market is slated
to be around 10 -15 percent per year.
WATCH INDUSTRY SEGMENTATION –

It is segmented on basis of multiple proportions such as price, benefits and types of

watches. The price of the watches is a major motive in the minds of the customer.
Accordingly, three segments can be identified here, namely low priced (Less than 500),
medium priced (Rs 500 – Rs 1500), and high priced watches (Above 1500).
Titan
Titan Industries is the world's fifth largest and India's leading manufacturer of watches.
The company has manufactured more than a 100 million watches till date; and has a
customer base of over 80 million. The umbrella brand Titan is one of India's leading
watch brands that brought about a paradigm shift in the Indian watch market, offering
quartz technology with international styling.
The brand Titan is committed to offering its consumers watches that represent the
compass of their imagination. Titan's customers are therefore consistently introduced to
exciting new collections, which connect, with various facets of their deep−rooted
yearnings for self-expression. The new brand philosophy of Titan, encapsulated in the
words "Be More", touches this as well as all other aspects of the brand.
The Titan brand architecture comprises several collection and sub−brands, each of
which is a leader in its segment. Notable among them are: Titan Edge- The world's
slimmest watch which stands for the philosophy of "less is more"; Titan
Raga the feminine and sensuous accessory for today's woman, Nebula − crafted in
solid 18k gold and precious stones. Several other popular collections like

It is segmented on basis of multiple proportions such as price, benefits and types of

watches. The price of the watches is a major motive in the minds of the customer.
Accordingly, three segments can be identified here, namely low priced (Less than 500),
medium priced (Rs 500 – Rs 1500), and high priced watches (Above 1500).
Titan
Titan Industries is the world's fifth largest and India's leading manufacturer of watches.
The company has manufactured more than a 100 million watches till date; and has a
customer base of over 80 million. The umbrella brand Titan is one of India's leading
watch brands that brought about a paradigm shift in the Indian watch market, offering
quartz technology with international styling.
The brand Titan is committed to offering its consumers watches that represent the
compass of their imagination. Titan's customers are therefore consistently introduced to
exciting new collections, which connect, with various facets of their deep−rooted
yearnings for self-expression. The new brand philosophy of Titan, encapsulated in the
words "Be More", touches this as well as all other aspects of the brand.
The Titan brand architecture comprises several collection and sub−brands, each of
which is a leader in its segment. Notable among them are: Titan Edge- The world's
slimmest watch which stands for the philosophy of "less is more"; Titan
Raga the feminine and sensuous accessory for today's woman, Nebula − crafted in
solid 18k gold and precious stones. Several other popular collections like

the all new international `Frosted’ look, which is trendy and chic. The Fastrack collection
has elements like cool mesh straps and features that include EL back- light and dual
time. Also, it presented a wide range of fashion digitals in contemporary wrist hugging
cases with oversized displays and features that include
countdown timers, chronographs, lap timers, hourly chime, alarm and Hi-
light glow.
Advertisements
Bollywood rock star John Abraham
was the brand ambassador for
Fastrack. Most of its advertisements
were dominated by youth. Some of the popular Fastrack advertisements are discussed
below:
Yes Sir Ad
➢ A teacher was taking attendance,
➢ A boy responses his roll by raising
his hand
➢ Girls get obsessed by looking at
the watch worn by that boy
Which has the message that this
watch on your wrist makes you more stylish?
Move On Ad
➢ It shows that Girls follow boys wearing Fastrack watch everywhere.
➢ And the move is on
This has the same message as in the above.
There were several other Ads like Neon Disc (Glows in dark), X Y collection (For
both boys & girls), Fastrack fans etc.
The most interesting thing in all these Ads was the last statement“HOW
MANY YOU HAVE” which has a hidden strategy i.e. it is influencing buyers

the all new international `Frosted’ look, which is trendy and chic. The Fastrack collection
has elements like cool mesh straps and features that include EL back- light and dual
time. Also, it presented a wide range of fashion digitals in contemporary wrist hugging
cases with oversized displays and features that include
countdown timers, chronographs, lap timers, hourly chime, alarm and Hi-
light glow.
Advertisements
Bollywood rock star John Abraham
was the brand ambassador for
Fastrack. Most of its advertisements
were dominated by youth. Some of the popular Fastrack advertisements are discussed
below:
Yes Sir Ad
➢ A teacher was taking attendance,
➢ A boy responses his roll by raising
his hand
➢ Girls get obsessed by looking at
the watch worn by that boy
Which has the message that this
watch on your wrist makes you more stylish?
Move On Ad
➢ It shows that Girls follow boys wearing Fastrack watch everywhere.
➢ And the move is on
This has the same message as in the above.
There were several other Ads like Neon Disc (Glows in dark), X Y collection (For
both boys & girls), Fastrack fans etc.
The most interesting thing in all these Ads was the last statement“HOW
MANY YOU HAVE” which has a hidden strategy i.e. it is influencing buyers

The main plank of the watch market is in the less-than-Rs.1, 000 price category.
Effectively, about 70 per cent of the sales in the watch industry in India are in this
category. None of the foreign brands has a presence in this category.
Only cheap Chinese watches are present in this bracket and they compete with the
unorganized manufacturers, who are more expensive than them. So, the unorganized
sector is getting hit from the bottom by Chinese products and at the top by the
organized sector brands, such as Sonata.
Price Discounts and Allowances
Fastrack once a year comes out with a Price discount sale on the MRP of the watches
which is based on the stock carried by the company at the year end. Warranties and
Service Contracts
Fastrack provides warranty or service contract to its watches and this is backed up by
the name TATA which is especially needed to convince and march ahead in the lower
segment market.
Product Line Pricing Tata’s have paid Rs.10 crore for the three-year contract. For the
Tatas themselves, it meant more than just sponsorship – it signaled the beginning of a
new era in the Tata regime. One of the main reasons for the sponsor of this event is
“Global event like these provide a great opportunity to corporate to satisfy their
marketing objectives and cross-promote their brands”,
The differences in the prices of the watches are justified by the features, the style, and
the differences which make up each watch. Titan prices all its watches in such a way
that it maximizes the total profit on the total mix.
The Tata Open
The battle ground for this new strategy of synergy started with the Tata Open
(India’s biggest tennis tournament) held every year in December – January. The
PROMOTIONS:
Before Titan’s arrival on the scene, Indian watch manufacturers saw advertising as a
rather unnecessary expense. Titan saw it as a vital investment, as it went about
fashioning brand-building criteria that has since been embraced by the entire
industry. The brand has always invested heavily in showcasing its products, through
measures such as ‘catalogue’ advertising and by using the print media regularly and
effectively to merchandise new
models. Advertising of this kind enabled consumers to shop‘off

the page’ and decide which model they wanted.

Titan has made a mark in television promotions, too, where its advertisements have
been noticed for the music tracks used in them. In 1991, Titan created a set of three
promotional films to develop the ‘gifting’ market. Watches had always been a great gift
favourite, but Titan was convinced that much of the segment’s potential lay untapped.
Each of the films explored a particular relationship, wherein the gifting of a Titan
generated a moving personal moment for those involved.
Advertising aside, the conception and ambience of Titan’s own retail outlets have been
a powerful promotional tool for the company’s products. These are strategically located
in the newer parts of cities and towns, always with a highly refined and uniform frontage
with window displays that invite people to walk in. Inside, the Titan experience takes
over. Brand offerings are highlighted in highly refined settings that have the best of
lighting, props and contextual information. Even if a visit does not consummate in a
purchase, the Titan touch is imprinted on consumers. The 160 ‘World of Titan’
showrooms across 90 cities in the country, refurbished in 2001, are symbolic of the
brand’s sophistication. Continuous innovation of retail design sustains the ‘invitation’ to
visit the store.
The dependability quotient in the relationship that Titan has nurtured with consumers
has been improved by the brand’s network of after-sales service centres, which is
unparalleled for its reach and responsiveness. Adding to the benefits that consumers
can expect are Titan’s high-end ‘watch-care centres’, which offer showroom-like
ambience and comfort.
Timex
Timex began life in 1857 as the Waterbury Clock Company, specializing in grandfather
clocks. In1880, a sister company, Waterbury Watch, successfully created the first
inexpensive mechanical pocket watch, which soon became t

Apart from introducing new concepts such as the Data link watch and the INDIGLO®
watch, Timex watches are known for their stylish, multi-functional and durable features.
Timex collections, such as the Cognoscenti, the Matrix, the Expedition series, the Ana-
Digi collection, the Brett Lee range and the Big, Bold & Beautiful series, offer style,
function as well as an unbeatable value proposition to consumers.
Promotion
Timex shares India’s passion for cricket. The brand has associated with the game in
several unique and innovative ways. For instance, it hosted the first ever cricket match
to be played between left-handed and right-handed cricketers at the Wankhede
Stadium, Mumbai, in April 2001. The match was telecast live on the national TV network
and featured the leading stars of Indian cricket including Sachin Tendulkar, Rahul
Dravid, V V S Laxman, Yuvraj Singh, Vinod Kambli and several others. Extending the
brand’s association with cricket, Timex tied up with Wisden, the international cricketing
brand in India in 2002, to develop an
innovative cricket analysis tool – the Timex Superstats. This was telecast during the live
cricket matches shown on the national network.
The underlying theme common to both, Timex’s product ranges as well as its cricket
promotions, is innovation. Not surprisingly, another tool, the Timex Third Umpire Timer,
was developed along with a leading sports channel, and launched during the cricket
matches and shown on it. The device became hugely popular and reinforced the Timex
association with cricket. In 2002, when Kapil Dev was named the Wisden Cricketer of
the Century, Timex presented the cricketer with a one-of-a-kind specially designed
diamond-studded Timex watch. Apart from designing a special creation for Kapil Dev,
Timex also presented customised watches to each of the

sixteen legends of Indian cricket, who were nominees for the award and included the
likes of Sachin Tendulkar, Sunil Gavaskar, Anil Kumble, Bishen Singh Bedi, G
Vishwanath, and M A K Pataudi. In 2003, Timex was appointed the Official Watch of the
Electrolux Wisden International Awards, the annual Oscars of cricketing awards.
Timex continues its passion with cricket through new kinds of promotions. It has now
tied up with a leading sports event management company to bring yet another unique
concept to India: the hunt for India’s fastest bowler. This 10-city road show has been
executed with other leading sport brands and has been extensively covered on leading
mass media channels.
Apart from news-breaking cricket promotions, the brand has kept pace with new trends
in retailing. In India, it has launched its shop-in-shop concept called Club Timex, which
consists of Timex islands in about100 of the most prominent retail outlets in the country.
The Club Timex islands are unique designer spaces that adapt themselves to the
available space without compromising on the international ambience, range of products
or personalised service that are hallmarks of the Timex brand.
Timex’s advertising focuses on the brand’s technological edge and the attitude that this
imparts to the brand. Humour and emotion have been used in TV ads to keep consumer
attention focused on the style aspects of the brand. Technology is often highlighted
through taglines such as: ‘Technology that keeps you ticking’ and ‘Ridiculously easy to
use’. Timex
has telecast the international advertising campaign created by Batman film director Tim
Burton for the Timex iControl digital watches. Cricket events and promotions, such as
Wisden and Predikta, and print ads featuring celebrities from the cricket and fashion
worlds, including Harsha Bhogle, Kapil Dev and Rina Dhaka have made Timex a top-of-
the-mind brand in India.
Citizen
Citizen Watches Co. Ltd. of Japan, a US$ 3.7 Billion, multinational company with
a 70 year heritage, sells world-class watches in more than 150 countries
worldwide. As one of the world's leading watch brand with renowned Japan watch
making art, CITIZEN was officially introduced into India through its local

subsidiary company, Citizen Watches (India) Pvt. Ltd. in 1997. The entry was
heralded by the revolutionary concept, Eco-Drive – the world’s 1st light powered
watches, lending an air of excitement and expectation around the brand and adding
to the excellent equity CITIZEN already had enjoyed in India.
 Brand History: In 1924, the Shokosha Watch Research Institute produced its first
"CITIZEN" watch. Mr Shinpei Goto, the Mayor of Tokyo-Japan, named the watch
"CITIZEN" and even after this was adopted as the name of the company in 1930.
CITIZEN has produced approximately 300 million units of complete watch and
movement in 2006. As an all-round watch manufacturer, CITIZEN has always been
breaking new ground in watch technology for more than seven decades. Its record of
achievements boasts many firsts – the world’s most accurate analog quartz watch, the
world’s thinnest light powered watch, the world’s most advanced radio controlled watch,
and many more.