Published in Lifestyle and Retail category by MBA Skool Team
Patek Philippe is one of the leading brands in the lifestyle and retail sector. Patek Philippe SWOT analysis evaluates the brand by its strengths & weaknesses which are the internal factors along with opportunities & threats which are the external factors. Let us start the SWOT Analysis of Patek Philippe:
Established in 1851, the Patek Philippe brand is associated with history, tradition and values
Due to its history, Patek Philippe has developed a reputation of being a trusted and reputed brand that makes high precision traditional watches
The brand has several patents registeredunder its name since 1851
The brand is extremely popular with the watch collectors worldwide. The brand recall is high and the brand positioning is clear
Strong brand presence and legacy of Patek Philippe luxury watches
More than 2000 people are employed with the luxury watch maker
Patek Philippe brand has also been associated with the royal families in Europe
Above are the strengths in the SWOT Analysis of Patek Philippe. The strengths of Patek Philippe looks at the key internal factors of its business which gives it competitive advantage in the market and strengthens its position.
Patek Philippe Weaknesses
There are only a few Patek Philippe Salons worldwide. This can be a major drawback for the brand
The brand has limited presence across the developing economies where there has been high growth in luxury product purchases
These were the weaknesses in the Patek Philippe SWOT Analysis. The weaknesses of a brand are certain aspects of its business which it can improve.
Patek Philippe Opportunities
Patek Philippe watches can experience high growth in economies that are developing that have seen high growth in the luxury segment
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
More advertising and brand building exercises can help its target audience develop a connect with the brand
Above we covered the opportunities in Patek Philippe SWOT Analysis. The opportunities for any brand can include prospects of future growth.
Patek Philippe Threats
Patek Philippe brand poses a threat from counterfeit products that can take away its property of being rare.
Brand recall and brand presence as compared to the competitors is low leading to non-watch collectors to move to the competing brands
More and more people are choosing their cellphones as a substitute to watches
Government policies against luxury goods & imported items can affect global business
The threats in the SWOT Analysis of Patek Philippe are as mentioned above. The threats for any business can be external factors which can negatively impact its business.
Patek Philippe offers high precision and high quality watches with traditional designs
Patek Philippe STP
Luxury watches segment
High Income Men and women
Patek Philippe offers watches to pass on for generations
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