Fastrack is a fashion accessory Indian brand, launched in 1998. Fastrack is a subsidiary of the famous watchmaking company Titan. It is one of the leading brands among the youth which has captured the attention with its smart and stylish product range. Marketing Mix of Fastrack gives analysis on the brand and explains the marketing strategy of Fastrack. The 4Ps in the marketing mix of Fastrack are:
Product
Fastrack is well-known for its modish and eye-catching products. In the beginning, it was a seller of wrist watches but expanded its product portfolio later. The brand is committed to providing the winning and ultra-modern products and retains its image of being youth-centric. Fastrack considers the choices of both men and women and sell products in the category of wristwatches and sunshades. It has a wide range of sunglasses from optical to designer and sporty frames.
In watches, Fastrack sells a variety of analog, digital, dual time, analog-digital, chronograph, etc. Other products it provides include wallets, belts, helmets, bags for both men and women. Recently, the brand has launched Reflex series covering stylish watches and bands. One significant product of Fastrack is the Gift Cards which include coupons and monetary value to use on the purchase of Fastrack products.
Price
Fastrack uses mid-level pricing policy for its product range. The company targets youth of the urban sector which prefers style over the standard. The products start from the range of 500 to 5000 Indian rupees. The company adopts this pricing policy according to the value they offer to the people. Fastrack aims to catch the market, so it sells products at relatively low prices than its competitors. It sells quality products at lowest possible prices which increases sales and profits.
Place
Fastrack was launched to provide funky and modern products to the young generation of India. It has opened its outlet chain across India making convenient for people to get Fastrack items under one roof. In 2009, it opened the first store in Pune. Now, Fastrack has 158 outlets in around seventy-nine cities of India. The parent company of Fastrack has service centers in all over the country which caters the distribution of Fastrack products.
The distribution network also involves chain-stores like Pantaloons, Westside, Central, Shoppers Stop, and Lifestyle. Fastrack makes use of online marketing and sell its products on the e-commerce platforms including Flipkart, Amazon India, Jabong Snapdeal, and Myntra. This extended reach has helped many of the consumers who cannot get Fastrack products from its outlets.
Promotion
Fastrack uses aggressive promotional techniques for its product range. It gives a sense of fashion and trendsetting and uses unusual themes for its commercials. For marketing and to run advertisements, Fastrack uses TV, newspapers, magazines, hoardings, billboards, radio. To create positive brand awareness, Fastrack makes use of social media platforms and connects with its fans. The famous cricketer Virat Kohli is the brand ambassador of Fastrack. The company also engages in the outdoor occasions to create further brand visibility.