Friday, November 22, 2019
Bremont Watches Introduction
The good thing for luxury product is that they generally faced very less competition as there are not so many companies who produces the same luxury products and try to allure the customers. But still the competitors required to be managed at very large scale. In case of watches the number companies who produce luxury watches are comparatively high (Sarvary, 2006). Here the competition analysis has been done for Bremont watches. Further, the positioning and segmentation had also done in an appropriate manner. This report provided the clear overview about the competition level within the industry and its impact on the positioning of Bremont watches. Company overview The cited organization is active in the business of manufacturing the luxury watches and has created its huge reputation with respect to dealing with upper section of the society. The major factor which determines their success is their collaboration and dedication to some of the leading companys active in various other industries. The company commenced its business year 2002 in England and till now they have developed their business like anything. They are growing their business immensely and more that they grow of trust of customers enormously. The success of the company could be measured by the fact that they have captured a huge market share in just a span of 13 years. The overview of Bremont watches couldnt be finished without describing its most innovative and unique brand in the history of watches (Schiffman and Kanuk, 2010). It is to acknowledge that the brand has set all the parameters since its inception when they start a journey from Thames England. Trip Tick case design i s the technology which is used by Bremont watches. Use of genuine steel and crystal is something which provides the strong base of the companys product range. The tag line of the company is trusted beyond endurance could be realized within their technological development within their products. The main aim of the company is to deliver maximum value to the customers and ensuring the high level of luxury, style and elegance within the product range. Competitors/Competitive advantages/ USP The list of competitive advantage for the Bremont watches is very huge. The USPs for brand is completely amazing and inspiring as they have set all the benchmarks which helped them in creating their distinctive identity and becoming the most valuable brand. The major USP is that the Bremont watches are highly COSC certified and it just increases the reliability. Another competitive advantage factor is related to their exceptional range of products. They manufactured pilots watches and other watches which are suitable for mountaineers, people who dive or remain in water for a longer period of time, celebrities, etc. the range of products is very immense and it just increases their market ratio as well. Further, the USP is that company produces the products which are handmade and these watches are just limited editions. EP 120 is very fine example where a company sets the standards and increases their sales ratio at very large scale (Schultz, Tannenbaum and Allison, 1996). Further, the USP is that Bremont watches have created their international collaboration and tie ups with other renowned brands, Martin Baker, Jaguar and Norton are some of the greatest brands which are associated with Bremont watches and indicates towards the level of luxury status of the cited brand. It is a USP for the company that they have emerged as one of the leading watch manufacturing brand in the entire UK or in the British history. The partnership with Jaguar provides the new height of success of to watch manufacturers and enable them to increase their competitive advantage. The design of watches is also attractive which creates their distinctive identity as compare to its competitors. There are various other innovative approaches which also increase the competitive advantage of the mentioned business entity (Sharp, 1991). The company has a competitive edge in investing into their business and most importantly the business entity increase their expertise as well. The technological adv ancement of the company is also allowing them to put positive impression at the mindset of customers. The company believes that the main component of being a luxury brand is introducing the pioneer technology and giving the strong edge to the products. The industry standards have been followed by the company which also corroborates towards the highest level of competitiveness. Further, the brand endorsements have also done in an appropriate manner by the company. In order to increase the unique features of the product and to outrun the competitors the company have got into tie ups not only with other companies, but also they have their association with celebrities as well (Vieceli And Valos, 2000). It also increases their competitive advantage and can definitely put positive impact at the buying decision of the consumers. The material which company used is something which enables them to get the support and appreciation of industry experts and authority bodies. The raw material used for watches is completely fine and is of superior quality. Thus, on the basis of above discussion two major factors that could be treated USP are the strategic alliance and innovation. The strategic alliance is now a days very much significant to survive or to outrun the competitors. Ahead innovation is something which is essential element to become the luxury brands. Thus it becomes clear that the company has developed its edge on the ground of legal aspects as well. All the industry standards have been followed and different layer technology has used by the mentioned organization. The list of competitors for the company is Tag Heuer, Swatch, Rolex and other Swiss international watch brands. The Bremont watches have to face the intense competition in their industry. These international brands have also created their huge market and distinctive identity (Wang and Tang, 2003). These brands have a niche market and can capture the market share of Bremont watches if they dont follow the continuous improvement and innovation within their products . Even the competitors have got the leverage of excellent customer loyalty and it just allows them to improve their market share and profitability. Further the competitive analysis state that this situation creates the intense competition within the industry. Overall the Bremont watches have to utilize their USPs in proper manner and there is need of bringing the strategic alliances so that the brand awareness could be created and most importantly the brand value could also reach at high level. Segmentation After gaining the important knowledge about the competitive advantage for the cited organization, there is a huge requirement of gaining the proper understanding about their segmentation process. It is clear that the company is focusing upon the people who can afford the luxurious products and can purchase their items. The company is focusing upon segmenting the people in different basis and even they are clear with their market, but still they have followed the very common principle related to the segmentation. It is something which is very much crucial for any organization. The company has segmented its market on the three basis one is demographic segmentation, second is the geographical segmentation and at least the company has focused upon the psychographic segmentation (Yelkur and Herbig, 1996). All these kind of segmentation basis has their own criterias which could enable an organization to understand their market and the strategies could be developed accordingly. The demographic segmentation is the one in which company segments the market on the basis of income and age group. The company has identified the higher income group people and has definitely lead towards higher profits. The people who have handsome income opportunities can afford the Bremont watches and the company is also focusing upon those people. Ahead in demographic segmentation the major categorization has been done on the ground of age group as well. The people who fall in the middle age group are mostly targeting people for the company. They are the one who is actually attractive towards the luxury watches and the company definitely attracts them in a successful manner. Thus, in the demographic segmentation the higher income people and middle age people have been segmented. Further the occupational level the executive, business class, pilots and people who got interested in some sort of adventurous works they are the part of companys segmentation. Further company produced pr oduct for men and the gender basis segmentation is also dependent upon male customers (Fuchs and Diamantopoulos, 2010). Thus, it is a complete description about the demographic segmentation related to Bremont watches. On the basis of Geographical location the places which are economically sound the population is having a good industrial development ratio are the part of segmented areas of Bremont watches. Here the segmentation has been done on the regional basis. Only the developed economies have been segmented for providing the products. Japan, Spain, UK, etc. these are certain regions where the company is selling their products and good profit margins as well. Here at these places the company good impact on the customers and is able to attract more customers. Geographically the segmentation has been done with respect to business development as well. The class of people and their economic stability, per capita income and status also become part of segmentation with relevance to any region or area. It is something which is positive for the company and is generating a high level of business for them (Donnelly and Harrison, 2009). At last the psychographic segmentation is also quite good in terms of segmenting the market. It is the most common basis of segmentation on the ground of luxurious products. In order to increase the sales ratio of luxurious brands the psychographic segmentation should gain huge priority. As mentioned above that status quo is the basis of buying the luxurious products so it is a basis of psychographic segmentation. It is to acknowledge that the brand has divided the people on the basis of their influence and incline towards the luxury brands and watches. The limited edition watches are the example of such segmentation. Company segments the people on the basis of their habits as well. Some people have a habit to collect the limited edition watches so company segments the market as per the habitual basis. It is something which is highly positive for the company. Thus, in case of luxurious products the habitual customers, status quo and people who want to feel self actualization and full satisfaction should be the basis of psychographic segmentation and Bremont watches have also shown their adherence towards the same factor (Banerjee and Dholakia, 2012). Therefore, above the description of company segmentation strategies have been depicted and it shows that company is clear with their market segment and prepare the product line accordingly. Segmented customer profile for Bremont watches include male category and people who lie in the age 25 above as they people can afford the watches of a cited organization and they have a good reputation in their work. Income range is also high and they lay into the category of premium class customers. Further the regional segmentation includes the big and economically stable cities all around the globe. The people who believe in maintaining the status quo, and these brands have become their identity, thus it just becomes the suitable to focus on the upper section of society. Therefore, these kinds of people have fall into the segmentation category. Targeting Targeting is moreover dependent upon the segmentation process. Once the company is clear with their segments which they need to follow or target, then the targeting strategy could be developed in easiest way. Here the targeting has been done in a niche market. The company is not going here and there to find the customers. They have set mindset which allows them to focus on a particular range of customers (-Marsden, 2002). However the company has different plans for their different products. In case of increasing the sales ratio with respect to the proper segmentation the campaigning of Bremont watches is quite attractive. With the help of niche marketing they never get distracted through their main goals and objectives and it is something which allows them to get success. As they have luxury brands so they just try to maintain the niche market and follow the regular customers. In the case of luxurious brands the customer retention and customer loyalty is the major factor which revolv es around the targeting strategy. Here the entire focus is set on retaining the employees so that customer loyalty could be increased (Mcleod, 2007). For the purpose of new customer acquisition the company produced or manufactured different kind of products and they try to retain them until and unless they have not been reached at the stage of customer loyalty. The satisfaction is not guaranteed as the customers are highly elegant and deliver an excellent product to its customers. It can definitely create tough competition. Other luxurious brands also target the same category of market and it is essential to prepare concrete niche marketing strategies. The competitors of Bremont watches have their strong association with customers and have maximum reach as compare to the cited organization. Therefore, it is clear that the company is doing well and the strong combination of targeting and segmenting is allowing them to increase their brand value in a very short period of time. Positioning The company has positioned itself in well organized and proper manner. They are highly effective in gaining the attention of customers. Not only the customers; the company has attracted various brands as well, so that it facilitate them to improve their brand name. Associating with apex brands in the automobile industry like Jaguar is one kind of positioning status, which facilitates to increase the profitability and generating more business (Schaefer, 2011). In order to attract the customers, the company has positioned themselves at all the media platforms. The YouTube is the best source to get knowledge about history and other product details. Further other social media websites also register the presence of Bremont watches and it also allowed them to position themselves in an appropriate manner. It is to acknowledge that the Bremont watches now have become major brand and people have started to follow the brand. Through celebrity endorsements the company is in a position to attrac t an upper section of the society and has positioned the product as a status symbol (Goller, Hogg and Kalafatis, 2002). It is most crucial element of company positioning strategies that the brands have successfully created the brand value for status symbol and wearing the watches of Bremont company has become a fashion trend. They never compromise with the quality of product and always ensure the quality check for the purpose of maintaining the excellence and market leadership in a British region or other geographical areas where the company is having its operations. The chronometer, code breaker, EP 120, etc. these are certain limited edition brands which have also improved the positioning strategies for the company. To improve the positioning the brand has successfully brought a transformation in various forms. They have introduced some elegant wall clocks with painting within itself and it just gives a new edge to their business and helps in creating the distinctive identity (Cla rke and Freytag, 2008). Conclusion Thus, on the basis of above study it could be stated that the company has understood their market and their vision was clear from the very beginning. They were focused on the innovative business approach and manufactured the watches for a special purpose. First, they target the pilots and aircraft related business and manufactured elegant watches for them and then switch to wide market but still maintain the luxury and style. Their segmentation was proper which support the targeting as well as positioning strategies. However, the level of competition is immense and other luxurious watch brands have catered the major chunk of the market. ReferencesBanerjee, S. and Dholakia, R., 2012. Location-based mobile advertisements and gender targeting. Journal of Research in Interactive Marketing. 6(3). pp.198214. Clarke, A. and Freytag, P., 2008. An intra- and inter-organisational perspective on industrial segmentation: A segmentation classification framework. European Journal of Marketing. 4( 10). pp.10231038. Donnelly, R. and Harrison, G., 2009. The Marketing Planning Process. Routledge.Fuchs, C. and Diamantopoulos, A., 2010. Evaluating the effectiveness of brand-positioning strategies from a consumer perspective. European Journal of Marketing. 44(12). pp.17631786.Goller, S., Hogg, A. and Kalafatis, S., 2002. A new research agenda for business segmentation. European Journal of Marketing. 36(2). pp.252271. Marsden, P., 2002. Brand positioning: memes the word. Marketing Intelligence Planning. 20(5). pp.307312. Mcleod, S., 2007. Diffusion of Innovation. [Online]. Available through: http://dangerouslyirrelevant.org/2007/06/diffusion_of_in.html. [Accessed on 6th May 2015].Sarvary, M. 2006. Market Segmentation, Target Market Selection, and Positioning. Harvard Business School.Schaefer, A., 2011. Introduction to Marketing in Business. The Open University.Schiffman, L. and Kanuk, L. 2010. Consumer behavior. 10thed. Harlow: Prentice Hall.Schultz, D., Tannenbaum, S. and Allison, A., 1996. Essentials of Advertising Strategy. NTC Business Books.Sharp, B., 1991. Competitive Marketing Strategy: Porter Revisited. Marketing Intelligence Planning. 9(1). pp.410.Vieceli, J. And Valos, M., 2000. Marketing Management. Atlantic Publishers Distri. Wang, Y. S. and Tang, T. I., 2003. Assessing customer perceptions of web site service quality in digital marketing environments. Advanced Topics in End User Computing. 3(3). p.16.Yelkur, R. and Herbig, P., 1996. Global markets and the new product development process. Journal of Product Brand Management. 5(6). pp.3847.