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BRAND TRACKER
Phase I – Image Measurement
A report
Submitted to
Prof. Govindrajan
In partial fulfillment of the requirements of the course
By
Executive Summary
Table of Contents
Brief History of Fastrack............................................................................................ ..4
Launch and Initial Positioning..................................................................................4
Subsequent Repositioning.......................................................................................4
Conclusion of Laddering........................................................................................20
BIBLIOGRAPHY........................................................................................ ..................21
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 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:
Affordable Pricing
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.
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
users was considered to understand the values associated with the use of
watches.
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.
Questionnaire
[For all the questions, you can choose more than one option. The options are same
as question1]
2. What price do these watches start at? ( Name the start price for as
many as you know)
3. If you were to gift a watch to your friend, which watch would you pick
up?
Sample Composition
Sample Size : 40
Age : 20 to 28
Education : Post graduates
Criteria : All watch users
Figure 2 shows the standing of Fastrack vis-a-vis other brands (in percentile).
The table shows that Fastrack is high on all dimensions. The only concern, if
any, is that the esteem for Fastrack is low as compared to its knowledge,
which brings the stature score down. Consumers have high knowledge about
the product, it is highly differentiated in its category and consumers see the
brand as being relevant to their want. With lower esteem scores, there is a
probability that consumers may switch over to other brands. This may lead
to a decline in the leadership position of the brand which it currently is
maintaining.
We can also infer that the consumer sees the brand as a value for money
brand, but not one with whom they would like to associate.
Let us take each dimension individually and see how Fastrack has performed
on each one of them:
Differentiation: Fastrack is a highly differentiated brand in the eyes of its
target audience (based on our sample). Fastrack has been able to
differentiate itself because of the variety of offerings and the reliable after
sales service it offers. Also, it has always been (or perceived to be) an
innovative and up-to-date brand.
Relevance: Fastrack as a brand has been successful in understanding the
needs/wants of its Target Audience (TA) while also being able to successfully
communicate its product offerings to the TA. Most respondents preferred
Fastrack for regular college wear over other brands. This shows that the
positioning has been successful. Respondents felt Fastrack to be a value for
money and a fun brand. Even when gifting a watch to friends, the most
preferred brand was Fastrack, over other brands and the local non-branded
watches.
Laddering Method
Use of Ladders
Attitudes toward a product do not often predict choice behavior, but attitudes
toward choice behavior concerning a product typically will. Laddering asks
questions regarding the reasons people have for making the choices they do.
It requires respondents to justify their buying behavior by explaining the
distinctions they make between choice alternatives.
Eliciting Product Distinctions
There are several methods for eliciting distinctions between brands. These
methods are
top-of-mind imaging
grouping similar brands
contextual environment
preference, usage, and preference-usage differences
timing of purchase or consumption
usage trends
product or brand substitution
alternative usage occasions
Grouping similar brands: This method uncovers the way respondents group
products together and the reasons they use for forming product groups.
Respondents are asked to group brands and/or products into like categories.
Then the primary reason for group membership, either a positive or negative
characteristic, can be elicited and laddered. Additionally, the respondent can
be asked to identify the brand or product that best represents the group.
Important traits and trait performance for the most representative brand can
be identified and laddered as well.
Usage trends: Respondents are asked to quantify their beliefs about past and
future usage of a brand. For example, an interviewer might ask, "over the
next five years, do you expect to use this brand more often, less often, or
about the same as you have in the past?" Then, reasons for increased,
decreased, or unchanged usage are elicited.
Multiple responses: Respondents may give more than one answer when
providing distinctions or during laddering probes. In these cases, the
interviewer must ask which characteristic or idea is most important for the
given situation and then continue probing from there. It is possible to ladder
multiple "branches" although this can confound the analysis.
Chutes and ladders: Distinctions are most often product attributes, but
respondents may sometimes mention an upper level element as a basis for
differentiating one brand from another. The interviewer can "chute down" by
asking, "What is it about the brand that makes it that way?" Occasionally, a
respondent might ladder directly from an attribute to a value or appear to
leave an important element out. Again, the interviewer can ask, "I'm not sure
how (lower level element) leads to (upper level element)-is there something
about the brand that makes you feel that way?"
Habit: Respondents tend to say "it's a habit" or "I've always done it that way"
when they cannot think of a more rational reason for their usage or
consumption behavior. The interviewer should try to uncover when and how
the habit started, and what brand they would substitute if they could no
longer get their favorite brand, then ladder the resulting distinctions.
Number of respondents =8
Age group = 20 to 25
Education = Post Graduation
Male: Female = 1: 1
The respondents were users of watches, not necessarily Fastrack.
Conclusion of Laddering
From the above map we clearly see that belonging (to a group) is perceived
to be the most important value attached to wearing watches. Attributes such
as recognition of the brand, attractiveness of the design and the unique
looks of the watch, lead to creation of various images in the minds of the
consumers. The image could be one of sophistication or of maturity or of
futuristic personality; they all in essence, are the way the consumer wanted
to see himself or herself as.
Fastrack as a brand has positioned itself as a college goers’ watch. It
portrays the image of a trendy and young brand. The designs introduced by
Fastrack are innovative and appealing to the target group. Thus, the Gen
Next or Futuristic image as well is addressed to. But, definitely Fastrack is not
associated with sophistication or maturity.
Maturity as an image would not compliment the current positioning of the
college goers’ watch. But, sophistication is an image Fastrack could definitely
adopt or add to its existing positioning.
Also, for the target group, attention, impressing others and fishing for
compliments seemed to be important sources of values such as self esteem
and acknowledgement. Fastrack seems to be doing a good job with their
advertising as they are able to portray their watches as attention catching
and impressive.
BIBLIOGRAPHY
http://www.pcp-net.org/encyclopaedia/laddering.html
http://www.epistemics.co.uk/Notes/178-0-0.htm
http://marketing.byu.edu/htmlpages/courses/657/laddering.htm
http://www.indiaprwire.com/pressrelease/fashion/200711195724.htm
http://marketingpractice.blogspot.com/2008/04/fastrack-how-many-you-have.html
http://www.thehindubusinessline.com/2005/06/22/stories/2005062201510900.htm
http://www.titanworld.com/stores/watches/funky_look.asp
http://www.rediff.com/money/2005/dec/01titan.htm