Luxury item market. The luxury product I will be trying to sell will be watches. The watch market is an affluent one with the Swatch group and Rolex dominating the market,

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Luxury product assignment                                                                                                                         Joe Craven UCBE                Shanlini Vohra The luxury product I will be trying to sell will be watches. The watch market is an affluent one with the Swatch group and Rolex dominating the market, however there is a higher market of watches which fall under super luxury category which is way beyond what my target market can afford. The price range of my watches are aimed at people who have spare income and would like to have a nice timepiece to add a bit of class to their attire. My company will be based in the UK and will source as much of my materials for the UK as much as possible. The company name is Craven Watch Specialist LTD. I am going to use the SLEEPT analysis (Socio-Cultural, Ethical, Environmental, Legal, Political, Technological) to analysis the market that I will be entering to ensure I get the best possible start. I will be sourcing my watch straps and batteries for the UK for LBSLondon (www.lbslondon.co.uk) and my watch faces from a seller on the website Made-in-China (http://ininwatch.en.made-in-china.com/product/pbdmKiWJaQVz/China-Watch-Heads.html). I will be pricing my watches in the £2000 - £5000 as there will be many dfferent watches in my product list although I will eventually release more watches that will exceed this price range and may even be priced over the £10,000 mark.The first main issues that affects my company is the recession,
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the recession has hit the UK hard and has forced many people into re-evaluating their spending meaning that many people have decided to cut down on luxuries that they have been buying. According to Mintel (see infographic overview in the appendix) the watch and jewellery market shrunk by 1% between 2007 and 2009 but ‘Mintel forecasts that sales of watches and jewellery will increase by 8% between 2011 and 2016 to achieve a value of £4.6 billion (Clifford 2011)(see figure 3 of appendix to view forecast figures). This means that entering a company in the market now is the best ...

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