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Management Foundation Studies - Assignment

Added on - 03 Dec 2020

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Management Foundation StudiesMarketing FundamentalsName:Celine Piong Jing LingID:10222114CA2 SMM Submission
1.IntroductionThis report will be discussing aboutAudermas Piguet and the purpose of this report isto study the marketing mix of Audermas Piguet.It is headquartered in Switzerland andwas founded byJules Louis Audemars and Edward Auguste PiguetinVallée deJoux,1875.It officially became Audemars Piguet & Cie in 1881.2a.BackgroundWith the invention of the first minute repeater wristwatch, the company made its firsttruly revolutionary production in 1892. Just a few years later, in 1899, the "GrandComplication" pocket watch debuted. The model had seven distinct complications.2b.Product and ServicesThe first ever watch to be created is Royal Oak,is considered to be the first luxurysports watch in the world.Still, Audemars Piguet has never ceased to continueinnovating.The largerRoyal Oak Offshorewas borna decade later bydesignerEmmanuel Gueit.It has continued with delivering excellent service,this can be seenfrom customers feedback.New parts,based on the latest technological advances,arefitted if necessary.3.Marketing concept using 4PsBelow explains Audemars Piguet marketing mix according to the rules of 4Ps.For product,Audemars Piguetcarries on its tradition of innovation andaimsto buildnew emotional and sensory experiences in order to build a long-term association withtheir consumers.AP goal was to align the user experience with the brand concept, which we achievedby refining and improving user flows on their in-store iPad app, and by giving it anew look and feel that was both modern and responsive.AP differs itself fromcompetitors as its design distinguishes from other brands and delivers goods at theprice consumers pay for. Their watches also stand out for the use of high qualitymaterials and techniques.The use of white golden screws shows that they knowperfection is often in detail. Due to these high quality standards also account for themovements, this makes it beneficial and more worth to whom are looking for long-lasting watches.
For price,Audemars Piguet is one of the largest of all heritage dial names and top-quality mechanical luxury watches for price. According to Bennahmias, clients willfirst be permitted to swap their old watches in exchange for a discount on brand newones depending on the condition in which they are brought in. It will then market thetraded-in watches at select Audemars outlets. Customers will not be able to exchangetheir old watches for cash for now, however when the company moves this newbusiness model to wider second-hand markets such as the United States and theUnited Kingdom, they will change that. Audemars Piguet does not do any discountsor deals to enhance their sales except in their offline shop.Only retailers can sell and keep the watches for placement. They also set up aboutique and service center in the prime shopping area to preserve their brand nameand credibility. And its only one at Starhill Gallery in Malaysia. The limitedavailability of the goods lends itself to the brand's high and exclusive pricing strategy.The location chosen is all in the world's key luxury hubs, and has a proven reputationfor carrying high-quality, exclusive merchandise.Finally,promotion.Audemars Piguet, a family-owned company that claims to haveonly monobrand stores in three to five years,.is also investing in some of theapproximately 30 franchises already bearing its name.It has 60 monobrand outlets outof a total of 200 distribution points, but only 25 are completely owned for now. In anexample of attempts to better manage its brand, the company is taking a majoritystake in a Los Angeles franchise, Chief Executive Francois-Henry Bennahmias toldReuters.
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