Titan on Fastrack to target youth

Next

Submitted by Guthi Phani Himaja

2012PGP453

TABLE OF CONTENTS

BACKGROUND PROBLEM IDENTIFICATION RESEARCH OBJECTIVES RESEARCH DESIGN DATA COLLECTION METHODS RESPONDENTS PROFILE RESEARCH QUESTIONS RESEARCH PLAN EXPECTED OUTCOMES CONCLUSION

2|Page

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., Research Objectives:
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

Research Design 1. Data Collection Methods & reason for choosing them: Focus Group Discussion: Two to three FGDs with 10-12 students. 1st Group: Participants : 12 Male participants Profile : Mix of PGP, FPM, IPM in the ratio of their batch size in IIM Indore Estimated Time : 1hr Data collection : Taking notes, Video recording the conversation Objective : To understand mens reaction to the new products launched/ will be launched by Fastrack 2nd Group Participants Profile Estimated Time Data collection
3|Page

: 12 Female participants : Mix of PGP, FPM, IPM in the ratio of their batch size in IIM Indore : 1hr : Taking notes, Video recording the conversation

Objective : To understand female participants reaction to the new products launched/ will be launched by Fastrack 3rd Group Participants : 10 participants (Male, Female) Profile : Mix of Male and Female in the ratio of their batch size in IIM Indore Estimated Time : 1.5 hr Data collection : Taking notes, Video recording the conversation Objective : 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, Female Age Group : 15-40 yrs Sample size : 40 Respondents : IPM; PGP-1,2; FPM 3. Research Questions: The questionnaire is divided in the following sections:a) Personal Information b) Brand personality & attributes of Fastrack c) New product expectations Personal Information: From Focus group discussion we can write the details of this section before hand

4|Page

1. Gender 2. Age Group 3. Occupation/Education Brand Personality & Attributes 1. 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. 5. 6. 7. 8.

What do you observe in Fastrack ads? Explain in detail whether the brand is able to deliver all that it promises in its ads? What do you like the most about fastrack? Why do you buy Fastrack products? How often/What occasions do you purchase them? 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? 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? 6. Suggest the colour range for Helmets and T-shirts 4. Research Plan: a) Identify the problem b) Design the objectives c) Identify the broad topics on which the data has to be collected d) Choose the methods of data collection e) Formulate the research questions f) Choose the right sample size for FGDs depending on the batch size, gender etc., g) Conduct FGDs and video record the whole conversation h) Conduct In-depth interviews of 15 students with chosen participants for about 3-4 days i) Observation is a continuous process, it should be done simultaneously throughout the research plan j) Analyze the data collected and present the outcomes

5|Page

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 with Data collection Method Indicator of change

Result/ Outcome

Conclusion: We can conclude the research by giving substantive propositions and by giving new concepts, theories about the expectations of the consumers.

6|Page