Published by MBA Skool Team, Last Updated: November 09, 2017
Marketing Strategy of Longines analyses the brand with the marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion). There are several marketing strategies like product innovation, pricing approach, promotion planning etc. These business strategies, based on Longines marketing mix, help the brand succeed in the market.
Longines marketing strategy helps the brand/company to position itself competitively in the market and achieve its business goals & objectives.
Let us start the Longines Marketing Strategy & Mix to understand its product, pricing, advertising & distribution strategies:
The product strategy and mix in Longines marketing strategy can be explained as follows:
Longines watches are dealt in premium luxury watch segment. They position themselves as ‘High precision sporty watch’. The brand has watches in various categories as a part of its marketing mix product strategy: newest being Longines elegance launched in 2014. Other categories include: Heritage, sports, Traditional, Equestrian. Most premium segment includes Gold and diamond watches.
The watches are categorized on the basis of either functionality like quartz, automatic, digital or electrical. Else they can be categorized on the basis of strap materials: Leather, steel and gold. Longines also provides valuable customerservice, which makes the product experience even more elegant and sophisticated. Customer services include pre-sale services such as suggestions and post-sale services of parts and repairs. With advancement of technologies specially with internet of things, and satellite-earth stations, the new products are competing not just with premium category watch sectors as: Rolex, Rado or Tag Heurer but tech watches like Apple watches. Hence new product lines might be introduced in coming days, with focus on tech savvy premium category customers.
Longines Price/Pricing Strategy:
Below is the pricing strategy in Longines marketing strategy:
Longines closely follows Rolex, the market leader in world’s luxury wrist watch.
But the prices are not compared with competition for luxury segment but are decided on account of innovation and differentiating factors. Longines positions itself as the brand of tradition, elegance and performance. They communicate their positioning through their slogan “Elegance is an attitude”. Watches having an emotional aspect attached to them, from the angle that they are jewels carrying traditions across generations. The timelessness of time telling Longines’ watches, allow them to charge a premium price from their customers. It targets high income men and women. Just like other premium brands, the price does not depend on cost efficiency rather the customer’s willingness to pay. Hence, creating an experience and value for each product defines its price. The pricing in its marketing mix is of premium category on the basis of how they differentiate themselves from their competitors. Longines creates this differentiation story by being the brand of most precise timing. Hence, based on its promise of elegance, experience and a high self-esteem for its consumers, Longines places itself among the premium pricing category
Following is the distribution strategy in the Longines marketing mix:
Longines watches are available at special retailer shop, dealing with premium customers. Such stores give valuable experience to customers, along with suggestions. Hence, relations with retailers becomes an important part for product distribution. In the Pitt street of Australia, Longines first flagship store came into existence. Prior to that, Longine dealt only with wholesale distribution directly. From then on, Longines flagship boutique stores and closely related retailers, became the major distribution channels. The sales staff are made very well aware of all the elements of watches to differentiate themselves over competition. Longines is yet to explore its international potential as it has comparably limited presence across the globe compared to its competitors. Although the Asian market was impacted positively when Miss world Aishwarya Rai became the brand ambassador for Longines. Longines is particularly popular in Australia. Longines watches are also available online through their own website and even other ecommerce brands. Longines watches have a second-hand market presence also, on account of their quality and premium experience. The second watches are available both in brick and mortar stores and online. The basic reason for worry for Longines distribution network are their copy products available in the market, which dilutes the brand image. Hence, expansion into new markets is done carefully, with genuine retailers.
With advent of online stores, genuine product distribution has become much easier.
Longines Promotion & Advertising Strategy:
The promotional and advertising strategy in the Longines marketing strategy is as follows:
Promotional activities include collaborating with sports events like Longines was the official time keeper of Olympics and many other sports events. Such events have strengthened its positioning as the brand of presence and elegance. It also sponsors events though various rewards like Longine’s world’s best jockey awards. Short movies are also part of promotional strategies. These movies revolve around watchmaking industry, carefully crafted to deliver the story of watches enhancing the experience of consumers. Various techies talking about Longines watches, also positively affect the esteem of buyers. Hence, the advertising and brand visibility of Longines watches is increased through using youtube videos and social media presence. After being acquired by the Swatch group having presence across 50 countries has also strengthened the image of Longines brand. Promotion strategy is also surrounded by ‘idol effect’ i.e. if the watch is endorsed by the favorite celebrity, it sure gets to be the highest selling watch. Many International movie and sports celebs represent Longines as brand ambassadors. Aishwarya Rai Bachhan has been the Longine’s amabassdor of elegance,for around 10 years. Hence, media plays a very important role, closely followed by sponsorship events, specially related to sports, and celebrity endorsements. This concludes the marketing mix of Longines.
Longines is a Swiss watchmaker company. based in Saint-Imier, Switzerland. It was founded by Auguste Agassiz in 1832 and is currently owned by the Swatch Group. The Longines brand positions itself as traditional and elegant, premium luxury watches, for highly educated and high income group. These watches are associated with status symbol. The tagline of the brand is “Elegance is attitude”. Its ultimate selling point is ‘being the technical expertise born of tradition, elegance and performance’. They were the first brand to introduce the first watch with a timing mechanism that is triggered by electric signal.
The main players include Rolex (market leader), Rado, Tag Heurer and Longines. With upcoming advancement in technology, the luxury watch industry as a whole sees itself lagging behind, facing competition with Apple-watches, another status symbol factor along with high tech specifications.
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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