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Cartier (Hong Kong) Limited - case study.

Extracts from this document...

Introduction

Cartier (Hong Kong) Limited CONTENTS (Just press F9 to update the TOC) 1 COMPANY PROFILE 1 2 MARKETING FRAMEWORKS 2 2.1 SITUATION ANALYSIS 2 2.2 INDUSTRY ANALYSIS 4 2.3 PORTFOLIO ANALYSIS 5 2.4 MARKETING MIX ANALYSIS 6 2.5 S.W.O.T ANALYSIS 8 3 THE CUSTOMER & MARKET SEGMENTATION 9 3.1 PRODUCT ANALYSIS 9 3.2 CUSTOMER ANALYSIS 10 4 CONCLUSION 14 APPENDICES Appendix A The History Of Cartier Appendix B P.E.S.T Analysis Appendix C Porter's Five Forces Appendix D SWOT Analysis 1 COMPANY PROFILE For more than 150 years, Cartier has been a creative force in the design and manufacture of exceptional jewellery, watches and accessories (eyewear classifies as accessories). Imagination, craft, audacity, and inventiveness have characterized its creations from the start - and excellence has always been its goal. Cartier is one of the leading names in the world of jewellery and luxury watchmaking. Once memorably hailed as "The jewellery of kings, and the king of jewellers" by King Edward VII. Cartier remains today one of the world's best-known luxury brands, a byword for quality and style The Richemont Group owns Cartier. The Richemont Group has a unique portfolio of some of the world's most famous luxury product brands that design, manufacture, market and distribute a broad range of products: jewelry, watches, pens, leather goods, perfumes, lighters, clothes and accessories for men and women (Appendix A). The primary objective of the Richemont Group is to ensure that all its brands enjoy long-term growth in terms of turnover and profits and to safeguard and promote their reputation and integrity. Protecting the brands is one of the group's priorities. It has no intention of seeking short-term profits at the expense of long-term success. This paper reviews the marketing strategies emplaced by Cartier's Eyewear Division in Hong Kong. Historically, the eyewear division has contributed very little to Company revenues however the products, including both sun and optical glasses, complete the Cartier accessory range so therefore are given the marketing attention afforded to all products. ...read more.

Middle

Augmented Product: Friendly, knowledgeable sales staffs are present to give 'point of sale' service that is a source of Cartier's differentiation and advantage. Guarantees given on all eyewear. The owners will benefit from peace-of-mind in knowing that faulty eyewear will be replaced unconditionally. Cartier's website provides care instructions for eyewear, among other things. As observed above, not all features of the Cartier eyewear are tangible. Consumers tend to see products as a complex bundle of benefits that satisfy their needs. Therefore, marketers must firstly identify the 'core' consumer needs the product will satisfy. They must then design the 'actual' product and find ways to 'augment' it in order to create the bundle of benefits that will best satisfy consumers. Cartier is seen to compete at the product augmentation level. Sales staffs go that extra mile to make their customers feel special. This is a known and expected benefit/service when customers shop for Cartier eyewear. This of course costs Cartier money to provide such service and therefore is added and reflected in their premium prices. However, as a 'specialty product' (unique or branded product), true Cartier customers normally are prepared to invest the time/effort to buy it, and not normally compare it with a competitor's product. For these customers, price is not as much of an issue as the benefits they will derive out of owning a Cartier product - how it will make them feel. 3.2 CUSTOMER ANALYSIS To be successful at promoting their products, Cartier must understand their buyers' behaviour, which is influenced by the characteristics of its buyers, as well as their decision process - this will influence their perception and reaction to Cartier's marketing mix. The overall evaluation and choice of brand are determined by the following factors: * Cultural; * Social; * Personal; and * Psychological. Framework 1 - Consumer Buying Roles for Cartier eyewear Since the eyewear is an individually consumed item, as opposed to a family consumed item such as a car, it will affect the following roles, ...read more.

Conclusion

As a member of the Richemont group, Cartier has all the support required in strengthening its brand by leveraging on the group's strong financial asset base, global network and extensive marketing experiences. According to Richemont's worldwide media director, Philippe Nettre, said: "Our objective is to optimize our media effectiveness at the ground and brand level, keeping the individual characteristics that make each of our brands unique." Weaknesses * Centralize decision making - Despite the fact that the Hong Kong office plays a "Regional Role" in distributing and launching of its eyewear products, the design of the optical products are frequently done aboard. This can directly influence the sale of sunglasses in Hong Kong as the "style" and "fit" may not fully caters all the needs of Asian's figure. * Growing Numbers of Luxury Brand in the Eyewear Industry - Other well-known brand around the world can easily compete in the eyewear market as well. When forming the marketing strategy, Cartier must place more attention to differentiate its eyewear from the competitors. Opportunities * Opening up of the Asia Market (in particular China) - According to Richard Lepsu, Chief Executive of Cartier has extensive plans to expand its presence in China over the next few years. Threats * Increasing Numbers of Counterfeit - Cartier is one of the few luxury brands that are found being forged most frequently. On the balance sheet of the company, the value of the brand is on there. If the brand is appearing all over China (one of the largest fake market) but not going through official channels, two things happen. If the quality is bad, it will deteriorate the brand because everyone thinks it is a bad product. Even if it is genuine, then it signifies to the customers that the company is not in control of their brand. MNGT 4650: MARKETING PRINCIPLES GROUP ASSESSMENT: ASSIGNMENT III June 2002 i R/8059/02/1 Issue 1, November 2001 CSX World Terminal HK Ltd ...read more.

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