Patek Philippe SWOT Analysis, USP & Competitors

Posted in Lifestyle and Retail, Total Reads: 3487
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SWOT Analysis of Patek Philippe with USP, Competition, STP (Segmentation, Targeting, Positioning) - Marketing Analysis

Patek Philippe

Parent Company

Patek Philippe & Co.

Category

Watches and Accessories

Sector

Lifestyle and Retail

Tagline/ Slogan

Something truly precious holds its beauty forever

USP

High precision and high quality watches with traditional designs

STP

Segment

Luxury watches segment

Target Group

High Income Men and women

Positioning

Watches to pass on for generations

SWOT Analysis

Strengths

1. Established in 1851, the brand is associated with history, tradition and values

2. Due to its history, it has developed a reputation of being a trusted and reputed brand that makes high precision traditional watches

3. The brand has several patents registered  under  its name since 1851

4. The brand is extremely popular with the watch collectors worldwide. The brand recall is high and the brand positioning is clear
5. Strong brand presence and legacy

Weaknesses

1. There are only three Patek Philippe Salons worldwide in Geneva, London and Paris. This can be a major drawback for the brand

2. The brand has limited presence across the developing economies where there has been high growth in luxury product purchases

Opportunities

1. The watches can experience high growth in economies that are developing that have seen high growth in the luxury segment

2. The products under the brand as well as their production are limited. Since demand is more than the supply, the brand can expand its product range and numbers

Threats

1. The brand poses a threat from counterfeit products that can take away its property of being rare.

2. Brand recall and brand presence as compared to the competitors is low leading to non-watch collectors to move to the competing brands

3. More and more people are choosing their cellphones as a substitute to watches

4. Fake makes carrying the same brand name selling in Black Markets

Competition

Competitors

1. GreubelForsey

2. Rolex

3. TagHeuer



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