Published by MBA Skool Team, Last Updated: January 18, 2019
Marketing Strategy of Fossil 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 Fossil marketing mix, help the brand succeed in the market.
Fossil marketing strategy helps the brand/company to position itself competitively in the market and achieve its business goals & objectives.
Let us start the Fossil Marketing Strategy & Mix to understand its product, pricing, advertising & distribution strategies:
The product strategy and mix in Fossil marketing strategy can be explained as follows:
Fossil is a designer group that specializes predominantly in watches apart from accessories and clothing. Their marketing mix product portfolio includes watches, leather goods, shoes, sunglasses and clothing. There are many brands under the Fossil group like Fossil, Relic, Abacus, Skagen Denmark, Misfit, Zodiac Watches and it also operates by partnering with some well-known brands like Skechers, Emporio Armani, Chaps, Diesel, Kate Spade New York, Michael Kors, Marc Jacobs, DKNY, Tory Burch, WSI, BMW, Puma. Fossil watches were first introduced in 1985 and later on it entered the accessories segment in 1992. Big Tic – a part analog and digital watch is one of their signature products that was introduced in 1998. Later on, it launched an extensive collection of clothing and denim that were exclusively sold at their stores and website. In 2007 Fossil launched their jewellery line in US. In 2013 they launched Fossil Swiss watches that are among their most high-end luxury watches and exclusively made in Switzerland.
Fossil Price/Pricing Strategy:
Below is the pricing strategy in Fossil marketing strategy:
Fossil categorizes its watches into four segments: fine watches (ranging from $150 to $20,000), premium-branded and designer watches, contemporary fashion watches (ranging from $40 to $149) and mass market watches ($5 to $39).
When it comes to brands like Fossil, Michael Kors, Tory Burch, the products are concentrated on the mid-priced range as compared to its competitors. Millennials treat watches not only as timepieces, but also as fashion accessories. Hence the mid-price segments attract them more as they can buy several watches with different styles.
Fossil Marketing Strategy comprises of not only its Marketing Mix, but also segmentation, targeting, positoning, competition and analysis like SWOT. Also read Fossil SWOT Analysis, STP & Competitors
Fossil Place & Distribution Strategy:
Following is the distribution strategy in the Fossil marketing mix:
Fossil follows a diversified distribution network. Department stores, speciality retail locations, watch and jewellery stores, retail and factory store outlets, mass market stores, ecommerce platforms and fossil website – their watches are available through a wide range of network. The retail stores are divided into premium stores and major outlet malls where Fossil products can be found.
The Fossil brand is unique in one way as their products can be spotted on airlines, cruise ships along with international websites and international retail stores owned by company.
Fossil Promotion & Advertising Strategy:
The promotional and advertising strategy in the Fossil marketing strategy is as follows:
Fossil has always banked upon the idea of developing distinct design that reinforces their unique strength. They have built their curated collection which are extremely functional and detailed. All around the world their stores have a touch of vintage concept and have an ambience that is comfortable, cozy, well-lit and pleasant. Fossil run a lifestyle blog and are active on all social networking websites. Another important aspect to their promotional concept had been developed back in the time during 1985 when they had launched their Fossil watches. Their designs were created in such a way that it appealed to the masses because of a retro touch and to add to this feeling they packaged their watches in tin cans which was primarily done to make the consumers feel more nostalgic. Further, their watches were also sold in wooden boxes. During that era, Indiana Jones was quite popular and featuring models in their ad campaigns made them a hit, directly increasing their sales to ten times within two years. In 2015 they had launched a campaign #CallingAllCurious that featured artists, directors, photographers and fashion bloggers. It was a campaign through which the brand tried to study those products in their line that blended into the world around us. Consumers were actively encouraged to participate in it through Instagram. Their collaboration with some of the most renowned classic brands has given them an edge as they design, manufacture and distribute the products. Some of the popular examples would be Emporio Armani. They offer classic watches where their styles were infused with heritage and enduring design. Their classic design was skewed to male consumers. Fossil had also started a “shop-in-shop” which included promotional merchandise and Fossil products as part of its sales promotion strategy. Their Boyfriend watches have been quite popular that add a touch of masculinity for women. They have invested more in technology and the acquisition of Misfit has been a prominent step towards that. Hence this concludes the marketing mix of Fossil.
Founded in 1984 by two brothers - Tom & Kosta Kartsotis in Texas, USA. Fossil has its global presence with offices in more than 300 locations.
More than 15000 people are employed with the company world over. Fossil is a leader in clothing, apparel, watches, accessories etc and has a strong worldwide presence.
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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