Published by MBA Skool Team, Last Updated: August 19, 2017
Marketing Strategy of Fastrack analyses the brand with the marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion). There are several marketing strategies like product innovation, pricing approach, promotion planning etc. These business strategies, based on Fastrack marketing mix, help the brand succeed.
Fastrack marketing strategy helps the brand/company to position itself competitively in the market and achieve its business goals & objectives.
Let us start the Fastrack Marketing Strategy & Mix to understand its product, pricing, advertising & distribution strategies:
Fastrack Product Strategy:
The product strategy and mix in Fastrack marketing strategy can be explained as follows:
Fastrack is one of the most stylish and well recognized brands which started as a watch brand and then went to diversify its offerings. Keeping with its motto of being the stylish brands and youth centric, most of the design and offerings of the Fastrack products are trendy and appealing. Fastrack has categories of products attracting men and women alike by considering their preferences. The most famous products include the watches and sunglasses. Fastrack has different types of watches ranging from digital, analog, dual time, chronograph etc. Similarly there are designer sunglasses and optical frames in offerings for its consumers. Different types of sunglasses include classic, bug eye, designer, squares, sporty wrap, pilots, and trendy. The other apparels from Fastrack include the belts, bags and wallets for all the genders complete its product offering in its marketing mix. Recently in continuing with its focus towards innovation the company has launched Reflex series comprising of smart watches and bands which has been in demand. The other important product introduced by Fastrack is the Gift Cards which comprises of vouchers of some monetary value and can be redeemed at purchase of Fastrack products.
Image: company website
Fastrack Price/Pricing Strategy:
Below is the pricing strategy in Fastrack marketing strategy:
Fastrack has mostly priced its products on a competitive scale.
The products of Fastrack has huge following among the urban youth and have characteristic of being price sensitive. It has adopted midlevel pricing strategy to capture consumers from urban region who prefer style over class. The pricing of major products fall between 500 to 5000 INR including the watches, sunglasses and bags. Similarly the Fastrack products are priced according to the value addition they offer to consumers. This has been adopted to tackle the competition faced from other brands in the same segment. Therefore by offering lowest price in the terms of same products offerings compared to other brands Fastrack is aiming to capture the market share. There has been process of incentivising the consumers through its vouchers and discount offers through its purchase in the online and offline stores. The Fastrack products have been generally termed to be affordable and trendy in terms of its pricing strategy adopted. This gives an insight in the pricing strategy in the marketing mix of Fastrack products.
Following is the distribution strategy in the Fastrack marketing mix:
Fastrack has its presence in many urban centre across the country. The parent brand Titan had already established its presence across the nation. This has helped Fastrack in the initial stages to have a wider reach in the market. Also the brand utilizes the large format chain stores like Westside, Shoppers Stop, Central etc. to make the products available to the consumers. Generally stores trading Fastrack products make use of trendy, stylish and funky promotions in terms of posters and banners to connect with young consumers. The wide reach of the Fastrack products has been further enhanced by the use of ecommerce platforms like Amazon, Flipkart and Snapdeal. This has helped in connecting with more consumers who could not access the existing offline stores for purchasing the products. Service centres of Titan is spread in more than 250 towns with 740 contact points which also cater to the needs of its brands like Fastrack and Sonata.
Therefore it provides better customer after sales service and thereby increasing customer satisfaction.
Fastrack Promotion & Advertising Strategy:
The promotional and advertising strategy in the Fastrack marketing strategy is as follows:
Fastrack has been unique and aggressive as far as brand promotion is concerned. Trendsetter, cool, fashionable, youth centric themes are some of the adjectives that is associated with Fastrack. It uses aggressive and unconventional themes in its advertisement which is bold, provocative. This helps in gaining attention and therefore the product has a high recall value with its print, television, radio, newspapers and magazines. Fastrack also promotes the newness in the product which captures the changing fashion trends among the youth. Themes like Move On, Never Have I Ever are more provocative and has been more attention grabbing. Social media platform like Facebook, Twitter and YouTube have been used effectively to promote their campaigns which are theme based. Brand celebrities like cricketer Virat Kohli are the ambassador of Fastrack since he associated being stylish, ambitious and fashion. This gives an insight in the marketing mix of Fastrack.
Today one of the most famous Indian brand that has captured the attention of youth with its product and promotion is Fastrack. Founded in the year 1998 this New Delhi based company is the subsidiary of Titan which is a major watch manufacturer. Fastrack is involved in the production of lifestyle apparel with wristwatches and sunglasses being the well-known products associated with the brands. The brand Fastrack had its first store in Pune in the year 2009 and later expanded to more than 150 stores across major cities in the country. The store itself is a one point destination for all the accessories of Fastrack. The trendsetter and trusted brand in fashion and apparels segment faces major competition form brands like Timex, Swatch, Diesel and Casio to name few. The major competitive advantage of Fastrack is that it has been able to capture the attention of youngsters with its ever changing product offerings in terms of feature and style.
This has been further enhanced by aggressive and unique promotion which aims to connect the youth. Presently the Fastrack company is looking forward to venture into smart watches and bands series.
This article has been researched & authored by the Content & Research Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.
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