Beginning Of Fastrack

Beginning of Fastrack 

Fastrack was launched when the Timex and Titan parted ways in 1997 , to fill the gap that Timex had left. It served the youth market.

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It targeted early jobber 20-30 year-old male executive. Only 1-2 yrs later it launched line for women.

Problem Faced Fastrack started well. But in 2001-2003

their sales started to stagnate. This happened for 2 reasons: 1)Titan the parent co. was contemporizing their product, eg: Launch of Steel Collection, which was similar to Fastrack in terms of looks, price point and consumer buying behavior. 2) There was no independent identity. The backing of Titan was a positive assurance. However, kids don’t like to be serious and sober like their parents. Hence it created a barrier.

Re-launch of Fastrack It came out as an independent

identity separate from Titan the brand. Apart from watches it launched: Eyegear. Vision :Complete Fashion brand for youth Targeted :College goers between 18 and 22 years and then extended audience of 15-25.

Re-launching a success? 1. Twin approach of constantly innovating

on product design & yet being affordable. 2. Understanding the needs, limitations(in terms of money) and mentality of targeted group. 3. Partnering with MTV which is associated to be a youth channel for communication. It gave then access to MTV`s wider customer base and fan following.

Strategy Development

Strategy is to focus on one segment more sharply. Fast track is changing its design very often and

coming up with new collection to stay in the market. With extension into eye gears, They changed it`s tag line from “how many you have?” to ‘Move on’ to keep trying new things.

OLD

NEW

Organizational structure :Organizational climate FASTRACK follows the market trend and is following the foot steps of its competitor SWATCH and SEIKO

MARKET SEGMENTATION & TARGETING

Identifiable

Accessible

Sizeable

Profitable

Compatible Durable

Targeting Exclusive Fastrack store. Opening 50 such stores by2010 ,India. “Fastrack plans on being a Rs 500-crore

brand in 3-4 years. Not to be surprised if it touches Rs 750-1,000 crore in 5-7 years.” In three years, Fastrack projects to contribute 25-30 per cent of the Titan’s watch business. Fastrack contributes to 4 per cent in value to Titan and the company has decided to establish it as an independent brand because of its high penetration potential.

Competitors It is difficult to quantify this segment which

has other brands like Esprit, Timex , Casio, Calvin Klein, etc. But it is believed to be getting bigger. One of the biggest competitor for Fastrack is Swatch.

SWOT ANALYSIS STRENGTHS: Goodwill in the market Strong financial position Fast changing designs WEAKNESS:  Short cycle products which are expensive to make Weak channel of communication Lack of exclusive stores

OPPORTUNITIES:  Rapid market growth  Changing customer needs  To create relation between society on social marketing basis THREATS:  Tough competition in watches  Low profit margins  New competition in market