Marketing Mix of Fastrack and 4Ps (Updated 2023)

The Marketing mix of Fastrack analyses the 4Ps of Fastrack, which includes the Product, Price, Place, and Promotion of Fastrack. Fastrack is a public company of Indian origins. It is a subsidiary of its parent company, Titan Industries Limited, and has its headquarters base in New Delhi, India. Fastrack is associated with the retail and lifestyle industry and deals in the fashion accessories segment. The company was a sub-brand launched in 1998 as an independent brand. It has become one of the most trusted brands in India and faces some stiff competition from other brands like-

• Timex
• Casio
• Swatch

About Fastrack

• Type: Public Company
• Industry: Fashion accessories
• Founded: 1998
• Founders: Titan Company
• Headquarters: Gurgaon, India
• Area served: India
• Current CEO: Gaurav Dhingra
• Number of employees: 2,500
• Major products: Watches, sunglasses, bags, belts, wallets, and other accessories

Fastrack Product Strategy

Fastrack is known for colorful and trendy products that suit this country’s urban youth and women. Fastrack has been involved in providing lathe test trends and innovative designs to connect with its modern consumers.

Fastrack offers an innovative option for gifting through its Gift cards. It is simply a gift of choice as it is a gift voucher that is convenient and redeemable. It can be bought for at least one hundred or ten thousand rupees. It expires 180 days, which should be redeemed with a purchase of one’s choice promotion Fastrack.

The product mix of Fastrack in 2023 is as follows(Source)

1. Watches: Fastrack is well-known for its trendy and affordable wristwatches. They offer various watch designs, including analog and digital watches, clocks, and smartwatches, catering to multiple style preferences and functionalities.
2. Sunglasses: Fastrack offers a stylish sunglasses collection that appeals to the youth market. These sunglasses come in various shapes, colors, and styles, protecting from the sun while making a fashion statement.
3. Bags: Fastrack offers a selection of backpacks, sling bags, and travel bags designed to focus on functionality and style. These bags are suitable for everyday use and travel purposes.
4. Wallets: Fastrack designs wallets that align with its youthful and trendy brand image. These wallets are available in different sizes and materials to cater to various needs and tastes.
5. Belts: Fastrack offers a range of belts to complement its other fashion accessories and complete the overall look. These belts often feature modern designs and durable materials.
6. Jewelry: Fastrack has introduced a line of fashion jewelry, including bracelets and necklaces, to enhance its product offerings and cater to the fashion-conscious youth.
7. Perfumes: Some variations of Fastrack perfumes and deodorants have been introduced to provide a complete grooming experience in line with its style and persona.
8. Apparel (limited): While Fastrack primarily focuses on accessories, it has also dabbled in limited apparel items such as T-shirts and casual wear to complement its accessory lines.

Fastrack Place Strategy

Titan launched Fastrack to meet the rising demands of a younger generation of men interested in something funky and cool. The company wanted to target the youth segment in an urban sector that went for style. The rapidly growing retail and e-commerce market inspired Fastrack, and it started opening retail outlets all over India. These are exclusive stores positioned under a single roof to provide a complete destination for all gear related to the Fastrack brand. The first outlet was opened in 2009 in Pune, and steadily, its network spread to seventy-nine cities, including one hundred and fifty-eight Fastrack stores.

Fastrack is in nearly 6000 outlets because of its parent company, Titan. Its distribution network includes 228 channels of Titan network and 122 format chain stores like Lifestyle, Shoppers Stop, Pantaloons, Westside, and Central. The company has even switched to an online marketing strategy, and its products can be purchased through portals like Amazon India, Snapdeal, and Flipkart.

Here are five critical points related to Fastrack’s place strategy:

1. Multi-Channel Presence: Fastrack maintains a robust multi-channel distribution approach, encompassing brick-and-mortar stores, online retail, and authorized resellers. This multi-channel presence allows customers to shop conveniently in physical stores or on their e-commerce platform.
2. Retail Store Network: Fastrack strategically places its stores in high-traffic urban and suburban areas, shopping malls, and commercial centers. This physical presence gives customers an immersive brand experience and the opportunity to try on products before purchase.
3. E-Commerce Focus: Recognizing the importance of online shopping, Fastrack invests in its e-commerce platform, offering a user-friendly website and mobile app for customers to browse and purchase products. This online presence ensures nationwide and even global reach.
4. Exclusive Partnerships: Fastrack partners with select authorized dealers and department stores, ensuring its products are available through reputable retail channels. These partnerships help maintain brand integrity and customer trust.
5. Pop-Up Stores and Events: Fastrack often utilizes pop-up stores at festivals, college campuses, and events to create brand awareness and reach its youthful target demographic. These temporary retail setups generate buzz and engage potential customers directly.

Fastrack Pricing Strategy

Fastrack has realized the importance of a good pricing strategy, which can ultimately make or break a brand. Its target is the youth, who is interested in a wide variety of products instead of one and is a bit sensitive about prices. Hence, Fastrack has adopted a mid-level pricing policy for its products.

This makes prices affordable and reasonable and thus allows for bulk buying. Fastrack has adopted this value-added pricing system to create a further consumer base by breaking into rival customers. It wants to provide the best possible products at the lowest possible prices to increase sales volume and profits.

Here’s an overview of Fastrack’s price strategy:

1. Value-Based Pricing: Fastrack employs a value-based pricing strategy that aligns with the perceived value of its trendy products.
2. Tiered Pricing: Fastrack offers a range of products across different price tiers, catering to varying consumer preferences and budgets.
3. Competitive Pricing: Fastrack monitors and adjusts its prices to remain competitive within the fashion and accessories market. Pricing is often influenced by factors such as competitor pricing, market demand, and the perceived value of its products.
4. Seasonal Promotions: Fastrack leverages seasonal promotions, discounts, and limited-time offers to drive sales during crucial shopping seasons and events.
5. Brand Image Consistency: While offering affordable products, Fastrack ensures that its pricing does not compromise its trendy and stylish image. The pricing reflects Fastrack commitment to delivering fashion-forward accessories accessible to its target audience.
6. Premium Collections: Fastrack introduces limited-edition or premium collections at higher prices to cater to customers seeking exclusive and unique products.
7. Pricing Transparency: Fastrack maintains transparent pricing to build trust with its customers. Clear and consistent pricing helps consumers make informed purchasing decisions and fosters brand loyalty.

Fastrack Promotion Strategy

Fastrack has adopted a tongue-in-cheek method of advertising that is bold, provocative, and sure to grab the attention of any individual. To create a favorable impression, it has implemented several promotional policies to help make sense of positive brand awareness. Fastrack has utilized social media to its advantage and has a fan base of over 6 million on Facebook. Fastrack created a variety of commercials that changed the perception of its watches.

Now, it was seen as a fashionable accessory instead of a functioning tool. Brand executed various marketing plans under which its commercials were shown on television, radio, newspapers, hoardings, and magazines. It also participated in outdoor events to create further brand visibility. Virat Kohli, the Indian test team captain of cricket, is its brand ambassador.

Fastrack’s promotion and marketing strategy centers on the following key elements:

1. Youth-Centric Marketing: Fastrack strategically targets the youth demographic through edgy and relatable advertising campaigns, utilizing social media, influencers, and event marketing to create brand resonance.
2. Seasonal Trends and Limited Editions: By regularly launching trendy and limited-edition collections, Fastrack generates excitement and urgency among consumers, driving sales and reinforcing its image as a fashion-forward brand.
3. Innovative Engagement: Fastrack fosters engagement through contests, interactive online campaigns, and pop-up stores at youth-centric events, enhancing brand loyalty and building a community around fashionable products.

Some Recent Video ads and Print ads of Fastrack are:

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