Tissot Marketing Mix (4Ps) & Marketing Strategy
Marketing strategy of Tissot through marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion).
Tissot Product Strategy:
Tissot produces luxury watches for both men and women & serves customers worldwide. The watches are classified according to their designs, gender they are made for, size of the watch, dial style, colour, and movement in the watch and type of straps being used. Through one of its most popular collections, the T-collection, Tissot produces models of watches which are ultra-feminine but sporty at the same time, with features that are well advanced and full of technological bliss for the watch-lover. Tissot is among the leaders and the first movers in a variety of different types of watches in its marketing mix that it produces. Back in 1853, it produced the first pocket watch with two time zones and the first ever magnetic watch in the early 1920s. Tissot was also the first company to make watches out of plastic, stone, mother of Pearl and wood back in history. Tissot also had a merger with Omega in 1930s creating watches of superior quality which were sought by all. Tissot has also created T-touch which is the first tactile watch along with T-Touch Expert Solar which is powered by the energy of the sun. The company stands very true to its motive of being an Innovator by tradition. The watches that Tissot produces lies in the mid-range market products that are produced by the Swatch Group.
Image: Wikimedia
This concludes the product strategy in Tissot marketing mix & strategy.
Tissot Price/Pricing Strategy:
Below is the pricing strategy in Tissot marketing mix strategy:
Being a luxury brand, that seeks to develop a niche class for itself, the prices of Tissot watches are reasonably high. Having said that, The Swatch Group which has 18 watch brands under its ambit classifies the watches it produces into premium, mid-range and humble brands.
The most premium brand that Swatch produces is called Breguet, followed closely by other luxury brands like Omega, Longines and Rado. Tissot has historically believed in providing the most value for the money it charges. Hence, the style of pricing adapted by Tissot as a brand is value-based pricing strategy in its marketing mix. The company engages in very less marketing activities. This means the budget that it has allocated for marketing activities is extremely modest implying that the company rather than spending money on advertising and marketing, uses the money to invest in innovation to design the product better for the end customer.
Read more about Tissot
Tissot Place & Distribution Strategy:
Following is the distribution strategy in the Tissot marketing mix:
Tissot believes in maintaining an extensive distribution network, wherein instead of buying expensive TV spots, it focuses on building distribution terminals. To ensure quality visibility among its customers, Tissot believes in opening flagship stores and boutiques in select high profile locations to re-inforce its premium image. Every year, Tissot sells more than four million watches worldwide.
It has store presence in more than 160 countries with more than 300 Tissot store partners and distributors in India alone.
Tissot Promotion & Advertising Strategy:
The promotional and advertising strategy in the Tissot marketing mix is as follows:
Tissot watches are very authentic and stylish at the same time. They are made using authentic and accessible specialised materials to create products that have advanced functionality and precise design detail. When it comes to promoting itself as a brand, Tissot believes in high brand loyalty and a word of mouth promotion than brand awareness through various marketing initiatives that it takes up. Tissot has been associated historically when it comes to Time Keeping for various sporting events across the globe. Tissot time keeps officially for the world championships in cycling, motorcycling, fencing and ice hockey. It was also used as a promotional initiative in the Davis Cup in 1957 and downhill skiing in Switzerland in 1938. Tissot has the responsibility of managing timings of these sports, giving it enough responsibility as a brand. They have also sponsored the Swiss National team, The Chinese Basketball association and other basketball related events, sports and games. Tissot watches have also been donned by celebrities and royalty including Catherine, Duchess of Cambridge, singers Elvis Presley and Carmen Miranda and even Indian celebrities like Kamal Hassan and Deepika Padukone. In fact, Deepika is the official brand ambassador of Tissot watches in India. Hence this completes the Tissot marketing mix.
About Tissot:
Tissot is a subsidiary of the famous Swiss watch maker, The Swatch Group. Tissot was founded in Le Locle, Switzerland.
They are one of the mid-range segments of the otherwise maker of premium watches for men and women by the Swatch Group. Tissot is one of the biggest luxury watch makers in the world.
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