Hamilton Watch Marketing Insight

45
Page | 1 Letter of Transmittal December 27, 2014 Prof. Dr. Md. Mahmodul Hasan School of Business MBA Program North South University Sub: Submission of Term Paper on Hamilton Watch Company Dear Sir, We are submitting our report titled, “Term Paper on Hamilton Watch Company”. In accordance with the requirements of the program, we, the team Kochhoper Deem has completed our Term Paper on Hamilton Watch Company. During our tenor, we were engaged in We believe that preparing this report has enhanced our understanding of the marketing strategies of a world class brand and how they are influenced, and maintained through key marketing tools. Thank you for the opportunity to work on this paper. Sincerely yours,

description

Overview of Hamilton Watch

Transcript of Hamilton Watch Marketing Insight

P a g e| 1Letter of TransmittalDecember 27, 2014Prof. Dr. Md. Mahmodul HasanSchool of BusinessMBA Programor!h Sou!h "ni#ersi!$Sub% Submission of &erm Pa'er on Hamil!on (a!ch )om'an$Dear Sir,(eare submi!!ing our re'or! !i!led, *&ermPa'er on Hamil!on (a!ch )om'an$+. ,naccordance -i!h!he re.uiremen!s of !he 'rogram, -e, !he !eam/ochho'er Deemhascom'le!ed our &erm Pa'er on Hamil!on (a!ch )om'an$. During our !enor, -e -ere engagedin (ebelie#e!ha! 're'aring!his re'or! has enhancedour unders!andingof !hemar0e!ings!ra!egies of a -orld class brand and ho- !he$ are influenced, and main!ained !hrough 0e$mar0e!ing !ools.&han0 $ou for !he o''or!uni!$ !o -or0 on !his 'a'er.Sincerel$ $ours, Md. Hasan Sajib 141 1708 060 1111111111111111111111Shayam Arafat 133 0718 060 1111111111111111111111Subeh us Sama 141 1663 060 111111111111111111111Tauhid Rahman 133 0535 060 1111111111111111111111AcknowledgementP a g e| 2At the very beginning, we would like to express our deepest gratitude toAlmighty Allah for giving us the opportunity with strength and patience tocarry on this work. In conducting this study, we have received generoushelpfrommanyquarters, whichweliketomentionwithgratitudeandgreat pleasure.irst andforemost, wearehighlygrateful toour honorableinstructor,Prof.Dr. Md. Mahmodul Hasan, Professor, !chool of "usiness, #"AProgram, $orth !outh %niversity. &is suggestion and direction have greatlyinspired us to prepare this report successfully.'ur gratitudegoestothefamily andfriends without whomit wasimpossible to be here wherever we are.inally, we extend ourthanks to all of our well wishers for their helpduring this work.Executive Summary P a g e| 3Hamil!on has been a !rue 'ioneer since i!s founda!ion in 1232 in 4ancas!er, Penns$l#ania,"SA. 5er$ earl$ in i!s his!or$ Hamil!on es!ablished i!self as !he ul!ima!e 'ro#ider of accura!e!ime0ee'ing. ,!sfirs! seriesof'oc0e! -a!chesbecame0no-nas!he*(a!chof6ailroadAccurac$+. 4a!er !hecom'an$gained!he'res!igiousran0of su''lier !o!he"SArmed7orces. ,n 1387 !he -orld9s firs! elec!ric -a!ch a''eared and i! -as a Hamil!on% !he 5en!ura:;l#isPresle$-asoneof!hefirs! fans-hochose!his-a!ch. Sinceo#erfif!$$ears!he5en!urahasbeenabes! seller.&heHamil!onPulsar,!he-orld9sfirs! 4;Ddigi!al -a!chs!ar!ed measuring !ime in 1370. ,n 1374 Hamil!on became a member of !he S-a!ch , !he larges! -a!ch manufac!urer and dis!ribu!or in !he -orld. ,! -as onl$ in200? !ha! Hamil!on !ransferred i!s head.uar!ers from !he "ni!ed S!a!es !o S-i!@erland. Since!hen all Hamil!on -a!ches are manufac!ured in S-i!@erland and enAo$ !he S-iss Made 4abel.&he achie#emen!s of Hamil!on are 'urel$ resul!s of effec!i#e mar0e!ing s!ra!egies. &his brandhas successfull$ orches!ra!ed d$namic !ools of mar0e!ing and s!rongl$ sur#i#ed in !he mar0e!for a long 'eriod of !ime. &o be 'recise Hamil!on9s branding s!ra!eg$ is incom'arable !o an$o!her brand. ,! has occu'ied !he minds of i!s cus!omer base so effec!i#el$ !ha! a sense of 'rideal-a$s -or0s on !heir mind. &his single elemen! forces i!s cus!omer !o be lo$al !o !he brand.Pricing s!ra!eg$ is also ano!her mos! effec!i#e !ac!ics behind Hamil!on9s success. &his brandhas !he image of su'eriori!$ a! !he same !ime urge !o con.uer !he un0no-n being 'assiona!ein life. &his image and message -as lucra!i#el$ deli#ered !o !he audience -i!h !he hel' ofmaAor mar0e!ing !ools.Table of Contents1.0 ,n!roduc!ion...............................................................................................................(.). *e+nition of #arketing #anagement ,-heory ())) . ()//0 as per &amilton 1atch #arketing #anagement...................................................................................P a g e| 4(./. *e+nition of #arketing #anagement ,-heory ()/( . ()/2 30 as per &amilton 1atch #arketing #anagement....................................................................4.). &amilton 1atch 5ompany...................................................................................4./. 6ision...................................................................................................................4.(. #ission................................................................................................................4.4. "usiness Plan.......................................................................................................4.7. 5orporate !trategy..............................................................................................7.). !1'-...................................................................................................................8.). P9!-9: Analysis...................................................................................................2.). Porter;s 8 orces of &amilton 1atch.....................................................................). #arketing #ix..................................................................................................../).). 6alue 5hain #odel...........................................................................................//.). -?#@:oyalty@?uality A 5ontrol......................................................................../(.). "randB &amilton............................................................................................../(./. "rand 9lements 5hoosing 5riteria.................................................................../(.(. "rand *ynamic Pyramid................................................................................../4.). -he ive #;s of Advertising............................................................................../7.). #ass 5ommunicationB...................................................................................../8.). #arketing "udget A 9xpenditure...................................................................../2.). Pricing !trategies............................................................................................/C, CPilo!sC, CMili!ar$C, C)or'ora!e6e!iremen!C, CMili!ar$C, !hemar0e!ing de'ar!men!usedanumberof s!ra!egies!ocrea!ean emo!ionalconnec!ion-i!hconsumers. &heir 'olic$ is !o !arge! a small segmen! of !he -hole mar0e! !ha! are aris!ocra!,s!$lish and demand 'recision and !o' .uali!$. &heir 'rice range s!ar!s from H I00 so i!9s easil$unders!ood !ha! !he$ are !arge!ing a focus grou' -i!h !heir .uali!$ and inno#a!ion.! Strategy ased on "rowt# ex$ectation% &he 'roduc! mar0e! eE'ansion grid is used for 'lanning b$ a com'an$ -hen !he com'an$ isloo0ing !o increase !he sale of i!s 'roduc!s ei!her b$ eE'anding 'roduc! range or en!ering ne-mar0e!s. &hus, !here are #arious s!ra!egies !ha! !he com'an$ can de#elo' -hen i! com'ares!he 'roduc! -i!h !he curren! mar0e!.&he 'roduc! mar0e! eE'ansion grid considers !-o main fac!ors. &he 'roduc! and !he mar0e!.&he 'roduc! can ei!her be a curren! 'roduc! or a ne- 'roduc!. And !he mar0e! can ei!her be acurren! mar0e! or a ne- mar0e!. &hus, a grid is made, 0ee'ing in mind !he !-o forms of'roduc!s and !he !-o forms of mar0e!s. &his grid is !he 'roduc! mar0e! eE'ansion grid. (i!h!hehel'of!hegrid, !he'ro'ermar0e! eE'ansions!ra!eg$isdecided. &hereare4mains!ra!egies of !he 'roduc! mar0e! eE'ansion grid. &hese are men!ioned belo-. Market $enetrationstrategy&Mar0e! 'ene!ra!ions!ra!eg$is decided-hen!he'roduc!isa curren!'roduc!inan eEis!ing mar0e!.&heHamil!on (a!ch)om'an$follo-s mar0e! 'ene!ra!ion s!ra!eg$ -hile !he$ o'en ou!le! in !heir curren!l$ o'era!edP a g e| 13coun!ries li0e% "SA, "/, )anada, Bra@il e!c. "suall$ -hen !he$ o'en ne- s!ore in !heeEis!ing coun!ries !heir 'ur'ose is a!!rac! more sho''ers -i!h eEis!ing 'roduc! range.Ano!her obAec!i#e is fulfilled b$ !his s!ra!eg$ -hich is !o ma0e more 'eo'le a-areabou! !he brand and ma0e !he brand a#ailable !o !he !arge! consumers. Market develo$ment strategy & &he mar0e! de#elo'men! s!ra!eg$ is used -hen !he'roduc! is an eEis!ing 'roduc! bu! !he mar0e! is ne-. &o increase sales gro-!h andfigh! agains! com'e!i!ion !he Hamil!on (a!ch )om'an$ also follo-s !his s!ra!eg$. ,!en!ers in!o ne- coun!r$ -i!h !heir eEis!ing 'roduc! 'or!folio. 7or eEam'le% en!eringin!o !he )hina mar0e! falls under mar0e! de#elo'men! s!ra!eg$. Before en!ering in!o)hina !he mar0e! -as domina!ed b$ )AS,G, &,&A brands. &o bring sales gro-!hand increase !he business !he com'an$ follo-ed !his s!ra!eg$. 'roduct develo$ment strategy &Produc! de#elo'men! is used -hen !here is a ne-'roduc! -hichhas !obein!roducedinaneEis!ingmar0e!. &heHamil!on(a!ch)om'an$ also follo-s !he 'roduc! de#elo'men! s!ra!eg$ -i!h !he 'ur'ose of beingleader of inno#a!ion and reno#a!ion in -a!ch ma0ing indus!r$. 7or eEam'le, in 1387,!he com'an$in!roduced 5en!ura, !he -orldDs firs! ba!!er$ 'o-ered -a!ch. &hisas!ounding !echnolog$ -as accom'anied b$ s!$ling unseen and un!ried before in !he-a!ch indus!r$. &he as$mme!rical case 'oin!ed and eE!ended lugs and cur#ed cr$s!alof !his !echnical mar#el shoo0 !he -a!ch indus!r$ u' and changed !he face of -a!chdesign. (iversification strategy1 Di#ersifica!ion s!ra!eg$ is used -hen a com'an$ en!ers ne-mar0e!s-i!hne-'roduc!s. ,nsuchacase, !hereare?differen! !ac!ics-hichacom'an$has !ouse!oes!ablisha di#ersifica!ions!ra!eg$. &he Hamil!on(a!ch)om'an$ is a !rue eEam'le of a global com'an$. ,n mos! of !he cases, i! doesn9! ca!er!he local s!$le and design. ,! al-a$s focuses on bringing !he American s!$le in !heir-a!ch design ma0ing. )urren!l$, !he mos! used s!ra!eg$ b$ !he Hamil!on (a!ch )om'an$ is Mar0e! 'ene!ra!ion,because !he mar0e! is slo-l$ becoming a cro-ded 'lace -i!h 'roduc!s being in!roduced dail$in eEis!ing segmen!s. Ho-e#er, for mar0e! leadershi', !he Hamil!on (a!ch )om'an$ is !r$inghard !o bea! 6G4;J, B6;&4,8.)) "oulton ?uartGN2(8.)) !pirit of :iberty AutoN>>8.)) Cailroad !mall !econdN/,478.)) Cailroad Auto chronoN(,)78.)) Pan 9urop Auto 5hronoN/,>78.)) -hin@'@#atic AutoN=78.)) 6aliant AutoN2>8.)) 'romotionAmerican -a!ch brand Hamil!on is fea!ured in !he film Men in Blac0 ?, -i!h i!s dis!inc!i#e 5en!ura !ime'iece becoming 'ar! of !he Men in Blac0 uniform. Hamil!on and )olumbia Pic!ures ha#e -or0ed !oge!her on !he film and are con!inuing !he 'ar!nershi' -i!h a global 'romo!ion cam'aign !o su''or! !he mo#ie9s in!erna!ional rollou!. Hamil!on -a!ches also a''eared in Men in Blac0 and Men in Blac0 ,,, and -i!h each film, !he sco'e of 'romo!ional ac!i#i!$ has increased. Hamil!on9s long his!or$ -i!h Holl$-ood includes -a!ch a''earances in more !han 400 films, bu! Men in Blac0 ? re'resen! a ne- miles!one for Hamil!on.&heir e$e1ca!ching sha'es, ma!erials and uni.ue designs earn !hem roles in !he mos! di#erse mo#ie genres, ranging from ac!ion 'ic!ures such as D,; HA6D, G);A9S ;4;5;, P6;DA&G6S, ABD")&,G, science fic!ion mo#ies li0e M; , B4A)/, ,D;P;D;); DAN, 2001%&H; SPA); GDNSS;N, !o comed$ classics li0e /,44;6S,