A.SITUATION ANALYSIS OF OMEGA IN THE WORLD:2
1.Situation analysis in Vietnam:7
2.Segmentation targeting and positioning.8
Omega is a famous brand name in the world providing luxury products of luxury wrist watch. Since the start in 1848 by Louis Brandt, after 160 years operation, Omega nowadays is known as one of leading manufacturers of luxury watch in the world. This report is made on behalf of assessing the situation, competitive edge, marketing strategy of Omega in general and then providing recommendations for the strategic marketing of Omega in the relevant with Vietnam market.
1 SITUATION ANALYSIS OF OMEGA IN THE WORLD:
In order to analysis the current situation of Omega brand name with sport segment, SWOT model, competitive edge, and marketing strategies are concerned:
Basically, the SWOT model refers to strength, weakness as well as opportunities and threats accordingly. Indeed, the strength and weakness refer to the internal approach. Strength leads to opportunities, whereas threads come from weakness. By using SWOT analysis, management not only can gain deep knowledge about the situation of market but also the position of brand name and product in the market. As the result, any change in market will be identified and responded more quickly. The SWOT analysis for sport wrist watch of Omega is showed in the table below:
|Strengths |Weaknesses | |Long history, much experience. |Price is always high | |Famous brand name. |Classical function watches | |Plentiful creativity | | |Captured strong market position | | |Good after-sale- service | | |High reputation | | |Opportunities |Threats | |Remain high position in the market |The increase of substitute products (Rolex’s or | |Create customer loyalty and brand prestige |multi-functional watches from Japan’s and China’s) | | | |
Naturally, the sport watch segment of Omega can exploit the long history since the start in 1848 through the 160 years experience. People can recognize the brand name of Omega with the symbol of “horse-shoe” with luxury products which cost around thousands USD. In fact, products of Omega or some luxury watch competitors such as Rolex are classical function watches. It approximately means Omega as well as Rolex do not pretend to focus much on improve functions but the quality of materials, accuracy, and design. However, the trend of buying cheaper qualified watches rather than paying a lot for a luxury watch leads Omega facing with challenge. In behavioral...