This integrated marketing communications plan outlines communication tactics that will be used to raise awareness & to introduce Azimuth Watch Company's new range of products to the public. This IMC plan will be used to achieve the marketing & communications objectives of this plan, as well as address some of the issues & challenges surrounding the introduction & success of this new range & the company by discussing key areas such as brand positioning, pricing strategies & targeting.
Azzimuth Watch Company strives to provide their customers with timeless pieces hemmed with exquisite & detailed designs with excellent quality to boot. Since its genssis in 2003, a few product lines have been released but the desired reception was unachieved. Azzimuth Watch Company has to be repositioned & branded in such a way that potential customers will receive & understand. By introducing the target marketing process & various specific elements of which, such as the identifying of unfulfilled needs, market segmentation, selection of a target market & positioning, the examination of Azzimuth Watch Company's marketing process can be done properly to identify how else to better its branding effectiveness to eventually obtain the goal of penetrating the market with desired results. As such, Azzimuth can grow into a leading brand for its products, delivering effectively what they have planned.
III COMPANY PROFILE
Based in Singapore since 2003, Azzimuth Watch Company has its products manufactured in Geneva, Switzerland. It was founded on the concept to design, manufacture & distribute a wide range of quality wristwatches to complement any individual's selected lifestyle. Tied closely with what an azimuth is, it plays up to the concept in which it is used in many practical applications, such as astronomy, mapping & navigation. Azzimuth is heavily influenced by science & how it explains the way almost everything in the world works, & its aim is to produce wristwatches that are adaptable to different cultures with the firm basis of science & logic. Azzimuth represents a philosophy of the blending of science & lifestyle-in many different ways possible.
IV. SITUATION ANALYSIS
4.1 SWOT Analysis
Strengths: 1. Only company with unique philosophy of blending science & lifestyle with timepieces. 2. Products are made in Switzerland.
3. varied offerings to diverse segments with a clear cut positioning 4. international tie-ups with Tommy Hilfiger Weaknesses:
1. Lack of huge media campaign even after 8 years of its launch 2. Higher prices compared to other brands like Swatch or Casio. 3. Current survey reveal more focus on expansion than quality 4. brand equity is not created
1. Increase in demand for luxury goods in a fast-paced & advancing country like Singapore 2. Presence of a monopoly, being the first & only Singapore based luxury watch company in this country. Threats:
1.Premium international watch brands such as Citizen, & Omega entered in Singapore. 2. Mobile phones acting as substitutes for watches. 3. As Singaporean market is widely open to importations, it will be difficult for local players to maintain a sustainable growth. 4. Customer satisfaction level below competitors 5. Expansive advertisements & promotions done by competitors.
4.2 Competitor Analysis
Two such competitors that Azzimuth is facing are Citizen & Omega. These 2 brands are well known for being a few of the world's largest producers of watches. The Citizen Skyhawk A-T line of watches features Radio Controlled Timekeeping....