Rado Marketing Mix (4Ps) & Marketing Strategy
Marketing strategy of Rado through marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion).
Rado Product Strategy:
Rado is a leading luxury watch maker serving customers worldwide. Rado products have the uniqueness of using distinct materials in their products. Some of the materials used in the manufacture of wrist watches include hard metal, ceramics, crystals and diamonds. The design of the Rado products have been received well worldwide ad have won more than 30 international awards globally. The famous collections of Rado include Hyperchrome, Diamaster, Ceramica, Centrix etc. The products have a worldwide demand due to aesthetics in terms of design and innovative features included in the watches. This showcases the wide product portfolio in the marketing mix of Rado.
Image: company website
This concludes the product strategy in Rado marketing mix & strategy.
Rado Price/Pricing Strategy:
Below is the pricing strategy in Rado marketing mix strategy:
Rado products are priced according to the value offering for different categories. The prices of Rado watches range between $700 to $30,000 which include the core Rado watches in offerings across different markets.
However watches with precious stones like diamonds can demand price greater than $ 50,000 and some of the products have price till $250,000. General strategy adopted by Rado is market leader where less regard is given to prices of competitor’s product and rather the prices are decided by Rado itself. The products of Rado are considered to be premiumly priced as a part of its marketing mix and the brand does not offer any kind of discounts for its consumers, however there are schemes introduced by retailers to attain customers for product. Normally the customers include demographics of higher class in terms of economic status and Rado has a symbolic & aspirational value and therefore are willing to pay the premium price for the watches.
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Rado Place & Distribution Strategy:
Following is the distribution strategy in the Rado marketing mix:
Rado, the Swiss watchmaker, has distribution network across major countries and has retailer selling the watches. The retailers are mostly located in major cities and towns across the country. The retailers sell the product either exclusively or it is kept in mix with other premium watches. Similarly there are Rado boutique selling Rado products exclusively in some of the major cities across the world. Rado watches are also available online across ecommerce platform providing wide reach for the products. Service centres are present in different cities to cater the needs of consumers and provide quality service. The premium products of Rado Watches is positioned for the people having higher status and provides status symbol for consumers.
The restricted and narrow distribution channel has been created with the purpose of retaining brand value for watch.
Rado Promotion & Advertising Strategy:
The promotional and advertising strategy in the Rado marketing mix is as follows:
Rado products have been carefully designed with important focus on customer requirement and innovation which has always been competitive advantage of the brand. Rado has always been associated towards prestige and high status in the society due to its uniqueness in offerings and accessibility. The main customer segment for which the watches has been designed includes the wealthy upper class comprising of celebrities, business executive, sportsperson and adventure seeker. Rado’s major outdoor promotion is in terms of associating with tennis tournaments across the world as Official Timekeeper. This promotional strategy has increased the visibility of the products. Among the brand ambassadors Rado has mixed personalities including actors like Hrithik Roshan, Tang Wei, Lisa Ray and sportsperson like Agnieszka Radwanska to promote the brand. Rado has an unusual way of marketing strategy and it has positioned itself as a status symbol premium product. Despite facing challenge from competitors and imitation of products it has stood the test of time with its unique brand proposition. Hence this concludes the marketing mix of Rado.
About Rado:
Rado is one of the Swiss based watch manufacturers which is the high range product of the parent company The Swatch Group. Rado had its origin from the Schlup and Co. watchmaking factory which started in the year 1917 and founded by Fritz, Ernst and Werner in Lengnau, Switzerland. The company started selling the watches under the brand of Rado in 1950’s. The watch has distinct brand due to its innovative products ranging from first scratch free watches to ceramic material watches and the recently introduced True Thinline, the ultra slim ceramic wristwatches.
The company has a manufacturing capacity of around half a million watches with more than 450 employees worldwide. Rado brand has received tremendous recognition for its products with unique and innovative features in terms of offerings.Rado
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