Market Analysis of Wrist Watches

After a successful launch of the LG Watch Phone in Europe, LG Electronics Canada, Inc. is preparing to introduce The Watch Phone to Canada. As an assistant marketing manager I will aid in the development and execution of a niche marketing plan that blends with LG’s 51 years of brand equity while increasing market share in consumer electronics. No other watch phone currently exists in the Canadian market. The market is saturated with mobile phones and portable electronic devices that have 3G capability, a touch screen interface, MP3 player and video calling. LG must entice consumers to switch from their handsets to the LG Watch Phone and generate sales from new markets. Potential customers for this product will be

Here the factor would be the brand but not because of the recognition but because of its’ reliability. Rolex has been known to read the time with absolute accuracy since its first model. The watch has been use since world war one because of this feature, it was, it is and it will be the perfect

We live in an age that every second matters, an update happens every second and it could be a revolutionary life changer. Every second a decision is made, a business deal is done or its meeting is starting. We live in a world where keeping this second where it belongs, it is all about time-keeping! As simple as checking time is today looking at the watch rounding your wrist or looking at the clock put on the wall in front of you or simply take out your mobile from your pocket to check it, at any time given you can update your timing to be accurate, but we are all sure this wasn’t the case six thousand years ago. It all started as water containers filled with water as the shape of an open cone. When water is emptied it means that 12 hours has

With regards to brand growth, the company absolutely needs to make strategic decisions to ensure that Omega becomes the world’s largest luxury watch. This would require substantial strategic decisions to be made especially related to the Omega’s product families and its associated communication strategies. The following are the recommendations or the new branding strategies:

The clock has put a time restraint on most activities because we feel as though we only have a certain number of hours in the day and therefore we are constantly running around causing chaos because we are supposedly very busy. With the introduction of smartphones, the wristwatch has become an accessory because we are always on our phones checking what time it is. I have noticed that I am constantly checking my phone for the time in class because I lack the attention span to sit through a long lecture.

This paper aims to examine the brand’s major strengths and weaknesses, the current target market and the new markets that Rolex has not yet covered. It will also investigate the state of affairs of the company’s major competitors, together with their marketing and pricing strategies. This report also provides some insight into the company’s operations and strategies that aim to preserve its leadership in the luxury watchmaking

She needs to identify the behavioral segment of who she is targeting. She would be able to move in to a smaller group of consumers by using some psychographic testing in the market. This way she would be able to find out what the interests are in the group she is targeting as her consumer group. Is this group the young, up and coming baby boomers that need to know exact time throughout the day and night? Many people in this age of cell phones are using their cell phones for a way to know what time it is, she must try to target people who like the fashion of a watch and at the same time the concept of knowing what time it is by looking at their wrist, not at their cell phone. The demographics of her market would have to be high end, young professionals who appreciate good watches and clocks that are decorative and useful. Would her watches and clocks be able to also tell a person what time it is in another country? Many businesses are working globally and need to know what time it is in the consumer’s market during the work day.

3. These fashionable brand watches are known to be tough and this is the third reason why consumers obtain branded watches. It is a considerable aspect to be aware of

In essence, branding is all about differentiation and consistency. It always has been able to effectively establish an emotional relationship with customers. They compete with each other with the quality of watches that they make for example; Rolex provides a variety of choice for their customers and provides their wants and desires. This includes; by making their watches handcrafted, and putting diamonds into their watches to make it more luxurious etc. Another way for them competing is level of service provided. If a customer comes to Rolex they will ensure that they provide insurance and great level of customer service. This will increase repeat-purchase and brand loyalty among their customers. Rolex is considered untouchable in its position as the world’s leading luxury watch brand both in terms of industry prestige and its

But these products were never quite able to break out of a “niche” category. From a marketing standpoint, two main issues have always plagued smartwatches:

as watches with style, class, flair and quality. In these days of mass produced generic watches that tend

What is interesting in this market is that there are no clear leaders. Even though each company’s goal is to make the more profit as possible, we can’t define any leader since they have different strategies and objectives.8 [ (Tower) ] For example, Patek Philippe’s core ideology is to have the most prestigious brand and to make the most expensive watch as possible, and target the most prestigious people which is a really niche market. In comparison, Rolex’s purpose is to be a more accessible luxury brand and make the most sales as possible. It is difficult to compare them in terms of success, Rolex sells more but Patek has a much higher reputation.

Furthermore, Fitbit sales are going down since the second launch of the Apple smartwatch. Consequently, many Fitbit consumers started to purchase them. Some liked the Apple smartwatch, some went back to using Fitbit again and some decided not to buy the Apple smartwatch, because of its price and instead went with Fitbit. As a result, Fitbit manager should plan for a brand trial and retrial for those people who switched to Apple

Growth in China and other emerging markets expected increase sales by 7.8% in 2015, reaching $350 billion

Those strategies helped Swatch lead this market in the watch industry, selling 26 million swatches in 1992 and reversing SMH’s fortunes. Despite its success, there are some concerns whether the success of the Swatch would continue. Still, the world watch market was highly fragmented except Citizen, Seiko, and SMH. There were numerous watch competitors in Switzerland, Asia, and Unite states. The market share of Swatch was still relatively low in the single digits due to