Patek Philippe SWOT Analysis, Competitors & USP

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

Patek Philippe offers high precision and high quality watches with traditional designs

Patek Philippe STP

Segment

Luxury watches segment

Target Group

High Income Men and women

Positioning

Patek Philippe offers watches to pass on for generations

Strengths

Below is the Strengths, Weaknesses, Opportunities & Threats (SWOT) Analysis of Patek Philippe :

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

2. Due to its history, Patek Philippe 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 of Patek Philippe luxury watches

6. More than 2000 people are employed with the luxury watch maker

7. Patek Philippe brand has also been associated with the royal families in Europe

Weaknesses

1. There are only a few Patek Philippe Salons worldwide. 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. Patek Philippe 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

3. More advertising and brand building exercises can help its target audience develop a connect with the brand

Threats

1. Patek Philippe 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. Government policies against luxury goods & imported items can affect global business

Competitors

Below are the 16 main Patek Philippe competitors :

1. Breguet

2. TAG Heuer

3. Cartier

4. Omega

5. Longines

6. Rado

7. Tissot

8. Hublot

9. Rolex

10. Swatch

11. Chopard

12. Breitling

13. Seiko

14. Richemont

15. Panerai

16. Ulysse Nardin