Management Foundation Studies - Assignment
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Added on 2020-12-03
Management Foundation Studies - Assignment
Added on 2020-12-03
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Management Foundation StudiesMarketing FundamentalsName:Celine Piong Jing LingID:10222114CA2 SMM Submission
1.IntroductionThis report will be discussing about Audermas Piguet and the purpose of this report isto study the marketing mix of Audermas Piguet.It is headquartered in Switzerland andwas founded by Jules Louis Audemars and Edward Auguste PiguetinVallée de Joux,1875.It officially became Audemars Piguet & Cie in 1881.2a.Background With the invention of the first minute repeater wristwatch, the company made its first truly revolutionary production in 1892. Just a few years later, in 1899, the "Grand Complication" 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 luxury sports watch in the world.Still, Audemars Piguet has never ceased to continueinnovating.The largerRoyal Oak Offshorewas born a decade later by designer Emmanuel Gueit.It has continued with delivering excellent service,this can be seen from customers feedback.New parts,based on the latest technological advances,are fitted 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 build new emotional and sensory experiences in order to build a long-term association with their consumers.AP goal was to align the user experience with the brand concept, which we achieved by refining and improving user flows on their in-store iPad app, and by giving it a new look and feel that was both modern and responsive.AP differs itself from competitors as its design distinguishes from other brands and delivers goods at the price consumers pay for. Their watches also stand out for the use of high quality materials and techniques.The use of white golden screws shows that they know perfection is often in detail. Due to these high quality standards also account for the movements, 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 a boutique and service center in the prime shopping area to preserve their brand name and credibility. And its only one at Starhill Gallery in Malaysia. The limited availability 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 reputation for carrying high-quality, exclusive merchandise.Finally,promotion.Audemars Piguet, a family-owned company that claims to have only monobrand stores in three to five years,. is also investing in some of the approximately 30 franchises already bearing its name.It has 60 monobrand outlets out of a total of 200 distribution points, but only 25 are completely owned for now. In an example of attempts to better manage its brand, the company is taking a majority stake in a Los Angeles franchise, Chief Executive Francois-Henry Bennahmias told Reuters.
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