Patek Philippe SWOT Analysis
Here is a detailed SWOT analysis of Patek Philippe covering strengths, weaknesses, opportunities and threats.
Patek Philippe Strengths
- Established in 1851, the Patek Philippe brand is associated with history, tradition and values
- Due to its history, Patek Philippe has developed a reputation of being a trusted and reputed brand that makes high precision traditional watches
- The brand has several patents registeredunder its name since 1851
- The brand is extremely popular with the watch collectors worldwide. The brand recall is high and the brand positioning is clear
- Strong brand presence and legacy of Patek Philippe luxury watches
- More than 2000 people are employed with the luxury watch maker
- Patek Philippe brand has also been associated with the royal families in Europe
Above are the strengths in the SWOT Analysis of Patek Philippe. The strengths of Patek Philippe looks at the key internal factors of its business which gives it competitive advantage in the market and strengthens its position.
Patek Philippe Weaknesses
- There are only a few Patek Philippe Salons worldwide. This can be a major drawback for the brand
- The brand has limited presence across the developing economies where there has been high growth in luxury product purchases
These were the weaknesses in the Patek Philippe SWOT Analysis. The weaknesses of a brand are certain aspects of its business which it can improve.
Patek Philippe Opportunities
- Patek Philippe watches can experience high growth in economies that are developing that have seen high growth in the luxury segment
- The products under the brand as well as their production are limited. Since demand is more than the supply, the brand can expand its product range and numbers
- More advertising and brand building exercises can help its target audience develop a connect with the brand
Above we covered the opportunities in Patek Philippe SWOT Analysis. The opportunities for any brand can include prospects of future growth.
Patek Philippe Threats
- Patek Philippe brand poses a threat from counterfeit products that can take away its property of being rare.
- Brand recall and brand presence as compared to the competitors is low leading to non-watch collectors to move to the competing brands
- More and more people are choosing their cellphones as a substitute to watches
- Government policies against luxury goods & imported items can affect global business
The threats in the SWOT Analysis of Patek Philippe are as mentioned above. The threats for any business can be external factors which can negatively impact its business.
Hence this concludes the Patek Philippe SWOT analysis.
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About Patek Philippe
The table below gives the brand overview along with its target market, segmentation, positioning & USP
| Patek Philippe Overview | |
|---|---|
| Parent Company |
Patek Philippe & Co. |
| Category |
Watches and Accessories |
| Sector | |
| Tagline/ Slogan |
Something truly precious holds its beauty forever |
| USP |
Patek Philippe offers high precision and high quality watches with traditional designs |
| Patek Philippe STP | |
| Segmentation |
Luxury watches segment |
| Target Market |
High Income Men and women |
| Positioning |
Patek Philippe offers watches to pass on for generations |
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