STP Analysis of Blancpain’s Fifty Fathoms Automatique Watches

Introduction

Blancpain’s Fifty Fathoms Automatique Watches is a new products introduced by the company in the watches market, where the competition is quite tight, especially in light of the relatively low popularity of watches among customers.  To put it more precisely, Blancpain’s Fifty Fathoms Automatique Watches type of watches are not oriented on the mass customer group because the majority of customers, especially the youth, prefer multifunctional devices or just use their smartphones or other high tech digital devices instead of classical watches offered by Blancpain. However, this is exactly why the product is so attractive and has a great potential to reach success within its target customer group which is not broad one but still which can have and does have a stable demand on such products as Blancpain’s Fifty Fathoms Automatique Watches because such products are attributes of their social status and their success.

Justification for the targeting strategy

The targeting strategy of Blancpain’s Fifty Fathoms Automatique Watches is, to a significant extent, determined by the specificity of the watches market and the upper-segment of the market, where Blancpain operates. As the company is the upscale watches manufacturer, the company naturally focuses on the upper-class as the target customer group. In addition, Blancpain’s Fifty Fathoms Automatique Watches are male watches that is determined by their design. Therefore, the focus on the male target customer group was the decision of the company made at the beginning of designing and development of the watches. The targeting strategy is also predetermined by the production process because Blancpain manufacturers about 30 watches per day and each watches are made by individual watchmaker. Such exclusive product is naturally oriented on the upper segment of the market and such production process determines, to a significant extent, the targeting strategy. Obviously, the company simply cannot shift to the mass-production strategy without considerable changes in the production process and launching the mass production of its watches to change its targeting strategy

The target market for Fifty Fathoms Automatique Watches

The target market for Blancpain’s Fifty Fathoms Automatique Watches is the upper-segment market. The watches are oriented on the male customer group that belongs to the upper-class. The target customer group’s age is broad from 35 to 55 and probably older. The main point of the company is to reach the upper-class target customer group. Blancpain offers its new watches for men and focuses on the high quality and exclusiveness of its product. This is why the high price of Blancpain’s Fifty Fathoms Automatique Watches will also lead to narrow the target ustomer group to the premium segment of the market. The upscale watches are manufactured for people, who can afford them. As Blancpain’s Fifty Fathoms Automatique Watches are male watches, the target customer group are rich and successful men, at the age of 35-55 and older. As the company operates internationally, the target customer group of Blancpain’s Fifty Fathoms Automatique Watches is also international. The product will be sold in Europe, America, the Middle East, and other parts of the world to reach its target customer group.

Target segments

            Demographics

The target demographic group of Blancpain’s Fifty Fathoms Automatique Watches consists of males, at the age of 35 to55 and above.

            Geographic

As Blancpain operates internationally, the target market of the new product is global,

            Behavioral

People, who want to underline their social status and own exclusive product.

            Psychographics

Values and Lifestyle groupings (Aware of social status and successful)

Reasons for the segment choice

Demographics

The choice of the demographics is determined by the nature of watches, which are male watches and, thus, oriented on the male customer group. Also, the choice of the demographics is determined by the upscale quality and exclusiveness of Blancpain’s Fifty Fathoms Automatique Watches. The watches are exclusive and simply unaffordable for people with mediocre income. The watches manifest success and high social status of an individual, which people normally reach in their adulthood, but not in their youth. In addition, such classical watches are unlikely to be interesting to the youth because they are not multifunctional or digital as the younger customer group prefers.

Geographic

The geographic segmentation mirrors the scope of operations and target markets of the company. Blancpain’s Fifty Fathoms Automatique Watches will focus on markets, where products of the company are renowned and popular, including Europe, America, the Middle East, South East Asia and others. Target geographic markets have the upper-class customers interested in purchasing Blancpain’s Fifty Fathoms Automatique Watches.

Behavioral

The choice of behavioral segment is based on typical behavioral patterns of representatives of the upper-class, who can afford buying Blancpain’s Fifty Fathoms Automatique Watches and who may be interested in such watches. The watches are exclusive but they also match very specific psychological features or traits of character of the target customer group. Customers should be concerned with their social status. They should appreciate really exclusive, unique products, like Blancpain’s Fifty Fathoms Automatique Watches, and they should understand the value of such products because they share the same values and have the same traits of character and psychological features.

Psychographics

The focus on the promotion of the lifestyle and orientation on the upper-class customer group is reasonable with regard to matching the product, service, and experience customers have. The product is the classical one which is not just a conventional product but the product that shows the social status of its owner. The new watches are exclusive and they do not only perform its functions but also provide users with the positive experience and show their social status to others.

The product can also show personal traits of character of customers, such as reliability, accuracy, stability, and so on. Such psychological features may be conveyed with the help of Blancpain’s Fifty Fathoms Automatique Watches. The product is not utilitarian because its not multifunctional as many other products present in the market are. This is why the product is exclusive and very specifically oriented on the target customer group that is concerned with their achievements, social status, and prestige.

In such a way, Blancpain’s Fifty Fathoms Automatique Watches will match psychological features of the target customer group and mirror their behavioral patterns. Blancpain’s Fifty Fathoms Automatique Watches will be sold internationally to reach the target customer group of the company that operates internationally. The company should offer its new watches globally because of the high interest of customers to its products in different countries of the world. The demographics of the new product is traditional for the company and determined by the design and the production process. This is why the company has to focus on the upper-class target customer male group and offer its new watches in international markets to reach possibly broader customer group. At the same time, taking into consideration the exclusiveness of the product and the specificity of its production, customers may need to pre-order Blancpain’s Fifty Fathoms Automatique Watches before they will have a chance to purchase and own it, because the company may simply not be able to meet the demand, if it is too high, which may be the case as the company starts international sales of its product.

References:

Blancpain. (2018). Official Website. Retrieved from https://www.blancpain.com/

The terms offer and acceptance. (2016, May 17). Retrieved from

[Accessed: March 29, 2024]

"The terms offer and acceptance." freeessays.club, 17 May 2016.

[Accessed: March 29, 2024]

freeessays.club (2016) The terms offer and acceptance [Online].
Available at:

[Accessed: March 29, 2024]

"The terms offer and acceptance." freeessays.club, 17 May 2016

[Accessed: March 29, 2024]

"The terms offer and acceptance." freeessays.club, 17 May 2016

[Accessed: March 29, 2024]

"The terms offer and acceptance." freeessays.club, 17 May 2016

[Accessed: March 29, 2024]

"The terms offer and acceptance." freeessays.club, 17 May 2016

[Accessed: March 29, 2024]
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