Sales and Selling - Prestige Watch Omega Watch Hong Kong
Sales and selling strategy analysis: Prestige Watch – Omega Watch Hong Kong
Introduction
Over the past decades, wearing prestige watch has been a sign of being successful and wealthy, together with wearing jewelries and riding luxury vehicles. Omega watch, being one of the most representative prestige watch brands under the world’s top watch manufacturing group, Swatch Group, this article discussed the current sales approaches, forces and difficulties. It concluded with appropriate actions and future direction in selling for the company.
Industry Overview
Direct selling is dominated sales strategy for Prestige Watch industry with distributions in their own brand retailers, watch shops, or watch and jewelries exhibitions.
Customers buying luxury watches looking at overall value represented by the product, include durability, design, functionality, uniqueness and most importantly, the image that represented. The product is tangible but it is very difficult to measure as there are various factors and most of them are very subjective and personal. Therefore, selling of luxury watches are usually delivered face to face directly between salespeople and customer. Customers and distributors usually visit retail shops or product expos or relevant exhibitions to choose. Sometimes, salespeople will visit customers with selected products, usually for privileged or customers with more buying records.
On the other hand, indirect sells such as internet or phone selling is not very likely to happen in prestige watch industry.
Marketing communication plays an important role in building and maintaining stakeholder relationships, where retaining of customer relationship is the main focus of companies having a relationship marketing orientation. In the prestige watch industry, is only moderately relationship marketing oriented. The industry is very concerned in quality and customer commitment, however, its majority is not focused on account based selling to
Introduction
Over the past decades, wearing prestige watch has been a sign of being successful and wealthy, together with wearing jewelries and riding luxury vehicles. Omega watch, being one of the most representative prestige watch brands under the world’s top watch manufacturing group, Swatch Group, this article discussed the current sales approaches, forces and difficulties. It concluded with appropriate actions and future direction in selling for the company.
Industry Overview
Direct selling is dominated sales strategy for Prestige Watch industry with distributions in their own brand retailers, watch shops, or watch and jewelries exhibitions.
Customers buying luxury watches looking at overall value represented by the product, include durability, design, functionality, uniqueness and most importantly, the image that represented. The product is tangible but it is very difficult to measure as there are various factors and most of them are very subjective and personal. Therefore, selling of luxury watches are usually delivered face to face directly between salespeople and customer. Customers and distributors usually visit retail shops or product expos or relevant exhibitions to choose. Sometimes, salespeople will visit customers with selected products, usually for privileged or customers with more buying records.
On the other hand, indirect sells such as internet or phone selling is not very likely to happen in prestige watch industry.
Marketing communication plays an important role in building and maintaining stakeholder relationships, where retaining of customer relationship is the main focus of companies having a relationship marketing orientation. In the prestige watch industry, is only moderately relationship marketing oriented. The industry is very concerned in quality and customer commitment, however, its majority is not focused on account based selling to
References: 1. Omega website http://www.omegawatches.com/ 2. Swatch group website http://www.swatchgroup.com/company/company.php?withflash=enabled 3. Wikipedia http://en.wikipedia.org/wiki/Omega_SA