Timex Marketing Mix (4Ps) & Marketing Strategy
Marketing strategy of Timex through marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion).
Timex Product Strategy:
Timex is a wrist watch company headquartered in USA. They are one of the largest watch makers in the world and market global brands like Versace, Valentino, Versus, Opex, Guess, GC, Salvatore Ferragamo, Vincent Berard. Times was known for the introduction of digital watches in the market. It was also well known to come out with Indiglo watches which became a major source of their revenue. They have a wide range of watches as a part of their marketing mix product portfolio that can be used for office purpose as well as parties and events. They also sell lifestyle products which are generally high-end. They operate in fashion, sports and outdoor lines as well. Timex manufacture GPS enabled watches and heart rate monitor exercise watches as well. Their products are divided into three dimensions –
a. Mass-market division – sells at retail stores like Walmart
b. Sports and technology division – brings in innovative concepts
c. Timex Boutique – luxury watches that are priced at the steeper end
Image: pexels
This concludes the product strategy in Timex marketing mix & strategy.
Timex Price/Pricing Strategy:
Below is the pricing strategy in Timex marketing mix strategy:
Timex operates in the mid-price as well as high-priced segments. So, basically Timex sells to everyone.
So it follows a wide price range policy. The prices can go to as low as $ 40 for mid-price segment and as high as $ 300 for the high-end premium watches.
Read more about Timex
Timex Place & Distribution Strategy:
Following is the distribution strategy in the Timex marketing mix:
Timex watches are manufactured in Switzerland and Philippines. They operate in many countries of Europe, America and Asia. Timex operates through its website as well as e-commerce platform. They are sold in more than 100 countries and their manufacture and distribution facilities exist in 20 countries. The Timex products are manufactured in Switzerland on a technology that has been developed in United States and Germany. Timex is sold in major retail stores like Target, Walmart’s, Macy’s and online as well – through their website and third-party e-commerce websites and apps.
It also operates through its exclusive stores like Timex World and Time Factory.
Timex Promotion & Advertising Strategy:
The promotional and advertising strategy in the Timex marketing mix is as follows:
Timex have been prominent in print media advertisements. Recently they collaborated with a startup BLINK to emphasize on their products enhancing the lifestyle of consumers and giving them a timeless experience. They had also used a torture test advertising where many celebrities gave the watches a tough treatment and yet they sustained it. Their tie up with several companies like Titan and Fcuk has helped in repositioning the brand. Timex in association with Team Sports Inc. created a world class triathlon team – Timex Multisport Team with the mission of supporting athletes who wish to excel in the field. It has 45 members and had a diverse mix from professional athletes to influential sports personalities. Timex was the official time keeper of NYC ING marathon and Ironman world championship. Timex Heart of a Giant was a sponsorship activation program that was used for the promotion of a noble cause i.e. cancer survival. Timex apparel has been endorsed by many celebrities by promoting them on red carpets. It has been among the top 50 power brands in USA and have been associated with major sports events like ICC cricket World Cup. They have tried to keep the brand appeal as durable and value for money. The CEO wearing one of the lesser priced models at a conference was popularised to prove their claims. They tap the sentimental value of consumers by bringing in personal and cultural nostalgia in their designs (example – Mickey Mouse Timex). This completes the Timex marketing mix.
About Timex:
Timex, founded in 1854 by Thomas Olsen, deals in design, manufacture and marketing of watches and jewellery all over the world. Timex Group B.V.
is a Dutch holding company and owns several watchmaking units including Time Group USA, Inc. It is the lowest cost watch manufacturer in the world and their focus as been more on innovation and reliability.
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