Published by MBA Skool Team, Last Updated: April 26, 2020
SWOT analysis of Patek Philippe analyses the brand by its strengths, weaknesses, opportunities & threats. In Patek Philippe SWOT Analysis, the strengths and weaknesses are the internal factors whereas opportunities and threats are the external factors.
SWOT Analysis is a proven management framework which enables a brand like Patek Philippe to benchmark its business & performance as compared to the competitors. Patek Philippe is one of the leading brands in the lifestyle and retail sector.
The article below lists the Patek Philippe SWOT, competitors and includes its target market, segmentation, positioning & USP. Let us start the Patek Philippe SWOT Analysis:
For Patek Philippe, SWOT analysis can help the brand focus on building upon its strengths and opportunities while addressing its weaknesses as well as threats to improve its market position.
Patek Philippe Strengths
The strengths of Patek Philippe looks at the key aspects of its business which gives it competitive advantage in the market. Some important factors in a brand's strengths include its financial position, experienced workforce, product uniqueness & intangible assets like brand value. Below are the Strengths in the 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
Patek Philippe Weaknesses
The weaknesses of a brand are certain aspects of its business which are it can improve to increase its position further. Certain weaknesses can be defined as attributes which the company is lacking or in which the competitors are better. Here are the weaknesses in the Patek Philippe SWOT Analysis:
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
Patek Philippe Opportunities
The opportunities for any brand can include areas of improvement to increase its business. A brand's opportunities can lie in geographic expansion, product improvements, better communication etc. Following are the opportunities in Patek Philippe SWOT Analysis:
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
Patek Philippe Threats
The threats for any business can be factors which can negatively impact its business. Some factors like increased competitor activity, changing government policies, alternate products or services etc. can be threats. The threats in the SWOT Analysis of Patek Philippe are as mentioned:
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
Patek Philippe Competitors
There are several brands in the market which are competing for the same set of customers. Below are the top 16 competitors of Patek Philippe:
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
This article has been researched & authored by the Content & Research Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.
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