Swatch Marketing Strategy Case Study Example | Topics and Well Written Essays - 2000 words

Swatch Marketing Strategy - Case Study Example It is evidently clear from the discussion that during the last few years, Swiss Watch Industry is holding a prominent position in the economy, by expanding its export operations. The brand name of Swiss, which provides its consumers the best quality goods with appropriate guarantees as well. This report is an overview of the marketing plan for the company to explore the market, and shows what strategies the company should adopt. The company should have clear objectives regarding the way market should be approached because the market is highly competitive in nature. The major objectives of the Swiss industry are that evaluating the customer preferences, provide needful product, and capture the market and a proficient market share. It is necessary to understand the taste and preferences of new customers. Moreover, the company should follow a customer-oriented approach, by understanding the strategy of its competitors. It is necessary to capture the market and maintain profitability thr ough innovative measures and designs. Like any other company, the marketing function of Swatch to has a great contribution to the success of the product in the market. The company was formed after the merger of two largest watch makers ASUAG and SSIG. Swatch dominates the watch market of the world at present. The company actually took over this position after facing a severe crisis in 1970 that is they faced the serious drop in its sales during that period. The peculiarity of Swatch products is that they range from very low priced products to that with the very high price. One of the important factors behind the company's success is that they had very good marketing strategies. Swatch was considered in the market as a fashion accessory or product. This impression was created through the continuous advertisement and publicity portraying this impression. The marketing plan of the company was to make available in the market the cheapest as well as the costlier watch. In order to make c heaper watch the company introduced several technologies. "The bottom end of the market was the subject of a technological revolution, which made watches much cheaper to produce". Â  The company offers products in various designs. Another success factor in its marketing strategy is that it sponsors many sports events the major one being Beach Volley Ball. The marketing aim of the CEO to make Swatch into a fashion accessory took the company to heights. In order to achieve this objective the company focused on reducing the prices of the watch to make it available to every common man. The marketing strategy helped the company to make record sales of one million units after the implementation of the strategy. The major contribution of the company's marketing function is that it helped the company to mark its presence in over 80 countries. The company has therefore sold over 333 million watches all over the world. The other element that contributed to the success of the brand is the inn ovative product design. The company introduced many smart and trendy designs in the market The Company made trendy designs and made that available at every store. Thus the brand gained wide popularity among the teenagers. Swatch made a landmark design in the 80's that posted record sales in the financial data of the company.