Tag Heuer Asia Strategic Marketing Plan

1381 words - 6 pages

Executive SummaryTAG Heuer Hong Kong's strategy is to serve the upscale sports watch market. It will capitalize on the timekeeping technology and brand values. There is an untapped potential market that desires high-quality, stylish goods, but want the watch to represent both success and individual achievements from competitiveness.It is TAG HeuerHong Kong's intention to gain market share in the Hong Kong upscale watch market. The immediate goal is to build brand image and brand equity through marketing. To accomplish this, TAG Heuer will allocate majority of its budget to advertising and public relations activities.The initial product lines will be modern, simple watches, targeting both male and female. The pricing strategy will be based upon using prestige pricing.The upscale watch market in Hong Kong is in a growth period, so now is an ideal time for establishing a clear positioning. After successfully establish a clear positioning, TAG Heuer will enter the China market. Upon successfully building the Hong Kong market and entering the China market, TAG Heuer will realize its initial investment and allocation of resources to the maximum potential.I. SITUATION ANALYSISSWOT AnalysisStrengthsFirst sports watchmakerTAG Heuer is already an established brand in the West and some Asian countries. TAG Heuer Hong Kong can leverage on its international brand awarenessStrong positioning as The Prestige Sports Watch in the WestCommitment to invest in its local marketing and advertising campaigns despite the economic recessionSubsidiary in Hong Kong to control brand guardianship and build closer relationships with customersWeaknessesNo clear positioning in Hong Kong - lack of differentiation from competitorsHong Kong consumers do not perceive how the attributes of sports can also demonstrate personal status and achievementsWeak distribution of product knowledge due to limited advertisement channelsLack of advertising and PR strategies in Hong KongOpportunitiesAsians are brand-conscious individuals to show personal status and achievementsThe TAG Heuer brand and product have the potential to grow due to the lack of awareness in Hong KongEnter into the China market after establishing strong position in Hong KongCultivate a stronger relationship with retailers and consumers to encourage salesCreate a more integrated marketing communication campaignThreatsPopularity of replicas in the Asian marketCompetitive market with many international brands available to consumersAsians can be very brand-fickleConsumer AnalysisSince TAG Heuer is a product of the West, we must first understand the cross-cultural consumer behavior. The Chinese culture is characterized by Confucianism, which includes certain doctrines that lead to the importance of 'face'. Chinese tend to meet the expectations of others than acting in accordance with one's own desires. This in turn leads to the importance of social belonging. Therefore, influencing the opinion leaders would definitely influence...

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