(Alivan Watch & Accessories Company)
Sokone Makadji
Strayer University
Dr Tracy Ellard
Marketing 500
Alivan Watch & Accessories Company
Branding strategy
A strong branding strategy is important for Alivan Watch & Accessories Company. The branding strategies to be used will assist in establishing the company’s products within the market as well as building a brand that will grow together with mature in Singapore’s watch saturated marketplace. Therefore, making clever branding decisions up front is vital because the company will live with decisions made for a long time. Alivan Watch & Accessories Company will employ the following branding strategies that are incorporate the brand name, logo, slogan, and brand extension strategies. The first strategy will be to come up with strong product names that are distinct from those used by competitors operating in the same industry. Use of different name for the products made by the company will ensure that consumers do not confuse its products with other products sold in the market. The name for the products will be straightforward and easy to remember. One of the names that will be used for water-resistant watches is “Bella.”
The logo and slogan for the company will be universally used across all the products made by the firm. This will reduce chances of confusing among the company’s customers. A unique logo and slogan that is easily remembered and can be identified will assist the company in positioning itself in the market. However, watches will be classified under different groups with different costs. Each group will have a separate, which will enable the each product in the category to be placed in a de facto competition against other watches and products from Alivan Watch & Accessories Company. The individual brand names will naturally permit higher flexibility chances through allowing a variety of unique products to be sold to consumers without confusing a clientele’s perception of the type of business the company engages in or even watering down higher quality products (Llopis, 2014). Brand extension will be addressed through using a similar brand name for some of the company’s products. The strategy will assist in increasing and leveraging Alivan Watch & Accessories Company brand equity.
Marketing strategy
Alivan Watch & Accessories Company being a private brand that will deal with the manufacture, designing together with distributing of watches, necklaces, and bracelets, it needs robust marketing strategies for it to survive in the market. The first strategy will be the products made by the company. The company will have to focus on having diverse, innovative products often launched through encouraging active research and design as well as manufacture of timeless and unique watches. For instance, the company will focus on receiving a chronometer certificate, making automated date changers, introducing Singapore made watches that have winding motors that are oscillating and watches that are waterproof. Place will be the second marketing strategy for the company. Products have been globalized and the company aims at operating in various countries in the next five years. Countries have made agreements that have encouraged free trade through tariff exemptions on imports and exports. Through this, the company will be able to source raw material for the watch, necklaces, and bracelet manufacture from countries where they are cheap. With reduced manufacturing and distribution costs, the prices clients will pay for these products will be cheaper (Kotler & Armstrong, 2006).
Thirdly, the company will consider the pricing marketing strategy. As the company will engage in making fashionable and luxurious products, it will have to adopt a super-premium policy for pricing its products (Bhasin, 2015). The product prices will vary according to the model, features, and material that are employed in manufacturing. However, the company will try lower prices through using cheap labor to enable a reduction in production costs. The prices will also be set considering the target market and segment targeted by the company. Lastly, the company will design excellent promotion strategies to attract customers. The promotion strategies used will be geared towards promoting watches and other products made as a specialized product for every clientele. The primary goal for the promotion will be to persuade customers that there is only a single suitable watch specially made for them, and that is the one made by Alivan Watch & Accessories Company.
Positioning statement
Singapore’s watches and clock market is subdivided into three main sectors. These areas are high-quality timepieces; cheaply mass produced watches and clocks for customer demand, for example, household clocks, kitchen clocks, and alarm clocks. The other sector is the electronic timekeeping watches that are incorporated in industrial equipment, instruments, and in auto motives. Top five watch manufacturers that Alivan Watch & Accessories Company will be competing against include All Bravo Trading, Ancient Watch Centre, Lim Joo Chiang, Prestige Time, and Dickson Watch and Jewelry Company (Directory, 2016). The perpetual map below shows how the company will use price and quality to strategically position itself in the watch market against the top five competitors.
The diagram below shows the Perpetual Map of Singapore’s Watch Brands made by top five companies.
The perpetual map will be applied to assist in identification of where the company will position its products. From the diagram, it can be seen there is a gap in medium quality as well as medium price prices that the company can fill. There is also gap present in high and low quality but not a customer will buy a low-quality watch at a high price. In addition, there is a gap in high-quality low price segment because there is no company that would want to make high-quality watches and sell them at a low price or make profits from selling high-quality watches at low prices. The best part of the diagram that Alivan Watch & Accessories Company can position itself is the medium quality and medium prices (Kotler & Armstrong, 2006).
Consumer behavior
The target market will be both males and females from the ages of 18-35 years, which will be the primary market since they are the ones keen on fashionable designer accessories like watches. They will buy directly from Alivan outlet stores. The older generation ranging from age 36 and above will be targeted too, to a smaller percentage since the majority of the people in this age group are not fashion aware or are not interested in the latest trends, especially in the accessories sector. The target market for the company shows that consumer behavior is mainly going to be impacted by psychographic factors. Psychological factors that are going to influence consumer behavior in the target market include perception, motivation, learning, attitudes, and believe. Motivation is known to derive and develop purchasing habits. The need for a watch among individuals in the target market is high enough which makes them want to satisfy it. Given the unique of the names, logo, and prices of the company’s watches, the demand for its products will increase with time. In order to increase sales and encourage more consumers to buy, the company will create and reinforce the need to have a watch made by Alivan Watch & Accessories Company in client’s mind so that a purchase motivation is developed. Another important factor that the company will aim at influencing is perception (Perreau, 2013). This will be done through brand names, logo, marketing strategies and positioning statement. Names and logos will be easy to remember and attractive. Marketing strategies employed will assist in ensuring that everyone within the target market is aware of products made by Alivan Watch & Accessories Company and their cost. Further, the positioning statement will assist customers in comprehending that the prices charged by the company are not high, but the quality of the product is worth the cost.
Alivan Watch & Accessories Company mission
The mission of the company will be to strive endlessly towards providing products with highest standards in the market, modern design, together with a prompt response to company’s valued customers. Competitive prices that are pocket-friendly will be the company’s key consideration. The company will focus on research and development of new classic watches that will provide maximum satisfaction to consumers when it comes to quality and prices. This will be the main use of the mission statement.
Introduction
Alivan Watch & Accessories Company will be an excellent producer of modern day watches. The company aims at being one of the most recognized makers of brand timepieces as well as a comprehensible selection of first-time buyers of luxury watches. The company will be involved in making watch models divided into three categories namely dress watches, sports watches, together with beautiful classic watch models. Introduction of the products made by the company to the consumers will be set in such a manner that they comprehend that watches and other products made by the company are made using top quality inputs and they are not high priced.
References
Bhasin, H. (2015). Marketing mix of Rolex - Rolex marketing mix. Marketing91.com. Retrieved 8 May 2016, from http://www.marketing91.com/marketing-mix-of-rolex/
Directory, S. (2016). Singapore Clocks & Watches Companies Directory List. Singapore-companies-directory.com. Retrieved 8 May 2016, from http://singapore-companies-directory.com/categories/singapore_clocks_watches.htm
Kotler, P. & Armstrong, G. (2006). Principles of marketing. Upper Saddle River, N.J.: Pearson Prentice Hall.
Llopis, G. (2014). 6 Brand Strategies Most CMOs Fail To Execute. Forbes.com. Retrieved 8 May 2016, from http://www.forbes.com/sites/glennllopis/2014/03/10/6-brand-strategies-that-most-cmos-fail-to-execute/2/#a952787173a1
Perreau, F. (2013). The 4 factors influencing consumer behavior. Theconsumerfactor.com. Retrieved 8 May 2016, from http://theconsumerfactor.com/en/4-factors-influencing-consumer-behavior/
