Table of Contents
2.2.Market Analysis with Porter’s Five Forces7
2.3.Pocket watch Industry Background8
2.4.Description of Product9
2.5.Factors Considered while purchasing luxury watches10
2.6.Segmenting Targeting and positioning11
1. Executive Summary
This report contains a marketing plan strategy for a new luxury watch entering the luxury watches market. The new product that will be launched on this market is a exclusive luxury watch. Exclusive luxury watches are defined as the ones sold above $9999. The watch for which we are drawing the marketing plan is a gold and platinum watch with white diamonds. The use of innovative and unusual styling is become an increasingly important feature of the luxury watch market. The unique feature of the watch is the possibility of customization and therefore personalization of this watch. The report is composed of four parts. To begin with, we have done a context analysis to discussion the various macro and micro environmental factors that impact the relevant market dynamics such as market size and growth, positioning of existing brands etc. Then we have come up with the demographic and psychographics description of the target market.| | Pocket watches offer a different kind of experience for consumers. Some use it for its novelty and style whereas others find it more functional than wristwatches. A lot of people also use wristwatches and pocket watches alternately. Regardless of one's preference, using a pocket watch at this day and age is still a very welcome sight.|
2. Main Report
3.1. Context Analysis
The marketing environment for Perkupoldies exclusive watch market represents overwhelming opportunities. It also contains some challenges that the firm believes it can meet successfully. The macro environmental factors are extremely encouraging.
a) Economic environment: The number of people in the Forbes’s billionaire group and Merrill Lynch/Capgemini millionaire group are steadily increasing over the past decade. The number of billionaires has increased by more than 250 percentages. According to Merrill Lynch/Capgemini report the World’s High Net worth Individuals (HNWI) population has also grown to 9.5 million with their assets rising to $37.2 trillion. | Number of Billionaires| % Increase in number of billionaires| Billionaires combined net worth (in trillion dollars)| % increase in Billionaires group| 2012| 1226| 257.56| 4.6| 328.57|
2003| 476| | 1.4| |
b) Social – Cultural environment: Wealthy people are driven by views of oneself. They spend money for acquiring of luxury goods and services to publicly display economic power. Sociologically, to the conspicuous consumer, such a public display of discretionary economic power is a means either of attaining or of maintaining a given social status.
i. Developed Economies
ii. Emerging Economies
c) Technological environment – Product innovations, groundbreaking developments in mechanical and atomic watches enable extreme engineering and personalization of watches possible.
Additionally, the below situation analysis details the context for Perkupoldies marketing efforts. Here we take a closer look at the internal and external factors that influence our marketing strategy using SWOT analysis.
The above SWOT analysis combines the external (opportunities and threat) and internal (strength and weakness) analysis.
3.2. Market Analysis with Porter’s Five Forces
a) Threats for New Entrants: The presence of profits in an industry will attract new firms willing to take advantage of these profits. Over time, too many new entrants will drive down these profits, decreasing at the same...