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Situation Analysis, Target Market Identification Report - Essay Example

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Omega Ladymatic market analysis Name Tutor Institution Executive summary Luxury wrist watch market has been growing since the 1990’s because of improved income levels among populations in America, Europe and Asia. This brand of watches range from replicas that are an imitation of luxury watches to ultra-luxury models having components made of gold, diamonds and other high value substances…
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Situation Analysis, Target Market Identification Report
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Download file to see previous pages This makes them feel more masculine. This report undertakes a comprehensive study of marketing analysis of the luxury wrist watch line of products. It will provide an opportunity to study client’s psychographic needs. This is very vital information as it provides an opportunity for Swatch Group to develop a plan for satisfying customer’s unique needs. A comprehensive analysis report gives information about challenges and opportunities in this market that can be explored by Swatch Group, through its Omega brand, to increase Ladymatic’s market presence. This also helps the company make adjustments on short and long term marketing initiatives and other promotional activities to ensure company resources are utilized in the most cost effective manner. Introduction Ladymatic wrist watch was first released to the market in 1955. Its sales has had a steady growth through the years; only affected by economic slumps experienced in 1970 and 2008. Increased income levels meant a higher chunk of its market could afford acquiring this high end device. It was Omega Company’s first brand of self-winding devices for the modern lady; it is also small and light hence the wearer can easily move around having it on. Its design was revolutionized after Swatch Group acquired Omega brand in the late 20th century. Continuous development of this brand as the company responds to consumer needs has led to improved sales. In 2010, the original design was improved by giving it a chic feel to make it more feminine. It was also fitted with a new hand movement with a co-axial escapement. The findings of a market evaluation were that there are several other company brands that pose as a challenge to Omega Ladymatic’s penetration to other markets; at the same time, they are capable of eating into its market. These brands include: Chopard, Citizen, Rolex and Guess. Market intelligence This is developed using three main sources of information: conducting a scrutiny of the company’s internal records and other external sources of information to establish a linkage between marketing initiatives and overall brand performance. Secondly, having a study on market intelligence gives information on changes and developments within the market in terms of consumer tastes and preferences that aid Omega managers plan their marketing drives. Lastly, marketing research is conducted to monitor problems and opportunities within the marketplace; this helps in improving performance after having an understanding of its characteristics. Swatch Group and other major wrist watch manufacturers have weak distribution networks which hinders penetration to new markets. This is according to information received from clients through customer service reports complaining about late deliveries. Market penetration is difficult for smaller manufacturers due to minimal capital might. Huge investment in distribution is needed to attract the right expertise and conduct market surveys for a particular market. This however forms a good competitive advantage for bigger industry players like Swatch Group whose Omega brand has remained big on the global scene. The returns on investment (ROI) realised so far has improved its capital base substantially. 1.0 Situational analysis/Current Marketing Mix This gives a brief on both market analysis and ...Download file to see next pagesRead More
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