Problem Statement-To increase the sales of Titan Sunglasses and to tap the unpenetrated market

ARIJIT SAHA PRIYANKA MITTAL ROHAN BHAGAT

Sunglasses Market in India
CAGR: 5.6% Understanding Demand Present Product Categories
• Millennial workforce to grow at CAGRof 6%
2020 2023 These Consumer’s transition from health to

84 126
fashion conscious has spurred demand for
sunglasses Category 2 is typically the
• Easy access to international brands like Category 1 is typically a
orange, rose, blue and red

North India: 40%

Category 0: is a clear or yellow or pale / light tint.
Billion Billion Rayban, Gucci, Hidesign etc. have accelerated very light tint lens – mainly Not ideal for sunny
lenses. Fine for partially
the demand sunny conditions giving a
used for impact protection. conditions but OK in
• The increase in the disposable income good amount of protection
overcast skies.
against sun.
and inclining number of youth and
Volume Volume working population in India exerted a
Growth rate positive influence on this sector Category 3 is for strong Category 4 is typically a
of 3.8 % sunlight and the most very dark grey or brown
• The penetration of internet and broadband, as common category because lens – ideal in mountains or
114.49 130.04 well as the growth of plastic card payments have almost all brown and grey desert where the sun is
Million Pcs Million Pcs all contributed to the growth of online retailing (or 'smoke') lenses are intense and there are high
and ultimately the online eyewear market Category 3. glare conditions.

Growth Drivers Competitor Analysis- Perceptual Mapping

• Increased consumer awareness
Need Types
• Demand for protection against ultraviolet • Protection
radiation and glare • Sports-wear
• Growing popularity of sunglasses as a • Travelers
fashion item • Societal Status
• Working Professionals
• Increase in Consumer’s disposable incomes
• Fashion-Wear
• Preference towards maintaining a luxury v Aviator
living that also speaks about “societal v Browline
status” v Over-Sized
• Engagement of consumers in outdoor v Shutter Shades
activities, thus, there is a strong demand v Tea-Shades
for sports sunglasses in both summer and v Wayfarers
winter, with respect to involvement in
v Wrap-Around
sports, tourism, and recreational activities
Insights & Barriers
Primary Research
People associate Fastrack with watches instead of
Storyboarding Responses
Insights: Barriers: Sunglasses
Interviews:
Students
Professionals
The interviews are
analyzed using
Empathy Map

Fastrack have no tie up with Amazon whereas most of the

people opted for amazon as preferred ecommerce platform

The process adopted

to develop Insights
and to identify
barriers: Design
Thinking Empathy
Define Ideate
Prototype Test

Secondary Research Highlights of FY 2018-19 INTEGRITY In Sunglasses

• Frame distribution takes off 1. Pioneering the browse and feel
– UCP turnover over 50cr
• Frame manufacturing
store format
– Commercial production commenced – 1.6 lakh 2. Standard and transparent pricing
• Revival of sunglass business for Sunglasses
– 20% Growth 3. Correct Selling
– Accelerated growth in e-com through exclusives 4. Replacing value targets with
• Brand metrics at all time high
– Most Preferred Brand score moved from 21 to 31, SPONT at 75, Consideration at 63
volume targets
• Optometry training 5. Selling App – selling aid for
– Maintaining leadership in optical expertise Sunglasses
Marketing Strategy and Budget
Price Food
Consumer Journey Awareness Stage Consideration Stage Purchase Stage Repurchase Stage
National Marketing (Banner Ads)
• Around human inflow points like railway station, bus stands, airports, shopping-malls, etc.

Local Marketing
• Advertisements in Newspapers(English, Hindi and Regional)
Awareness Stage • In-Store Marketing- Promoting Sunglasses to the customers at the point of purchase at all Purchase Stage
stores of Titan in the form of live demonstrations , sampling etc.
• Spreading awareness • To ensure continued and
Social Media(Value generation + communication)
about Fastrack • Running social media campaigns on platforms like Twitter, Facebook, Tiktok, Instagram, YouTube, etc. frequent customer
Sunglasses engagement and move
• Aim to make Fastrack Public Relations the product from mind
first in brand recalling • Organize public events in metropolitan cities to achieve youth engagement share to their heart share
• Sponsor youth oriented programs such as College Fests, Music Concerts, Sports Events etc.
• Publishing Press Releases regularly

Content Marketing
• Creating exciting and innovative sponsored content, and multiple PROJECTED
CAMPAIGN TYPE %
landing pages SUBTOTAL

Mobile Marketing National Marketing ₹ 720,000.00

3%
• Sending regular notifications and reminders through SMS alerts and e-
newsletters Local Marketing ₹ 315,000.00
1%
• Developing an easy to use Mobile application for Fastrack sunglasses Public Relations ₹ 3,000,800.00

Market Research
10%
Repurchase Phase
Consideration Stage Content Marketing ₹ 195,000.00 1%
• Conducting regular surveys to assess latest market trends and Social Media ₹ 6,775,000.00 • Trigger the consumption of
24%
consumer preferences sunglasses by tapping the
Mobile ₹ 80,091.25
• Making it easy for Advertising 0% customers early in the buying
customers to compare • Creating audio and video ads for radio and television Advertising ₹ 11,550,000.00 40% cycle to convince the
Fastrack with other brands • Installing electronic display boards in malls, metro stations and airports. Web ₹ 415,000.00 1% customer to make repeated
• Prove to customer thatyou Market Research ₹ 100,000.00
purchases
care about them by Social and Targeted Campaigns 0%
• Ensure grievances redressal,
• Launching social campaigns like Child Education, women Sales Campaigns ₹ 4,500,000.00
replying to their queries 16% product satisfaction feedback
through all channels empowerment, etc. Other ₹ 1,000,000.00 3% surveys to increase brand
• Designing youth targeted campaigns like Move On, Wear Ur Style, etc. ₹ 28,650,891.25 engagements.
 Problems and Solutions Objective:

Budgetary Issues
Using Plastic wastes to manufacture
frames of the sunglasses. It will help to Our Focus Point-
produce economical sunglasses while also 50% thought they never needed one
taking into consideration environmental
sustainability.

Lack of Requirement
• Running campaigns to create
awareness among the customers
about UV Coated and Blue Coated
lenses
• Change the perception that
sunglasses are not luxury products
but are the functional products i.e.,
they protect the eyes against the Most of the consumers more or less have active presence on all of
sun the advertising channels. As per the survey Fastrack needs to
ensure its visibility on all of the above channels
Sunglasses attracts Attention

• Introduce lighter shade sunglasses

which will have the same coating
protection but won’t seek attention
• Bring some popular faces to advertise
sunglasses and make them a fashion
statement to instill a positive feeling As we can see from the above chart, customers generally think of sunglasses as a
about attention. luxury product and does not feel its need. We need to change this public opinion of
the sunglasses.
Eye Power Issues • We need to bring in the perception that sunglasses is a functional product, which
is used to protect the eyes from the harmful rays of the sun.
• Free Regular eye check ups
Over 50% of the consumers are comfortable in buying sunglasses from the • Sunglasses can also be projected to prevent dark circles.
• Creating awareness about
online platforms. As per the policies of Fastrack, they currently do not serve • As seen from the survey, people generally have positive opinion of fastrack. Also,
Powered Sunglasses
the customers through Amazon. As per our survey data(refer to slide number they consider its value for money above average. So, Fastrack can easily tap this
• Free one-time lens replacement
3) customer preferred Amazon over other ecommerce websites. A tie up with customer segment with its quality and affordable products by running several
policy in case of change in power.
Amazon can help in boosting up the sales volume and the profit. Also it will Sunglasses are a need campaigns.
help to widen customer reach.
Appendix 1
Price Food

Value for
Familiarity Overall Opinion
Money
•1-Excellent or Above •1-Very or Extremely •1-Very or extremely
average familiar favorable
•2-Poor or below •2-Not so familiar or •2-Somewhat or not
average Not at all familiar favorable

Purchase Factor:-
1- Better Quality
2- Replacement Required
3- Better Price
4- Gift Item
Appendix 2
Price Food