TAG Heuer Asia Strategic Marketing Plan
Executive Summary
TAG Heuer Hong Kong's strategy is to serve the upscale sports watch market. It will capitalize on the timekeeping technology and brand values. There is an untapped potential market that desires high-quality, stylish goods, but want the watch to represent both success and individual achievements from competitiveness.
It is TAG HeuerHong Kong's intention to gain market share in the Hong Kong upscale watch market. The immediate goal is to build brand image and brand equity through marketing. To accomplish this, TAG Heuer will allocate majority of its budget to advertising and public relations activities.
The initial product lines will be modern, simple watches, targeting both male and female. The pricing strategy will be based upon using prestige pricing.
The upscale watch market in Hong Kong is in a growth period, so now is an ideal time for establishing a clear positioning. After successfully establish a clear positioning, TAG Heuer will enter the China market. Upon successfully building the Hong Kong market and entering the China market, TAG Heuer will realize its initial investment and allocation of resources to the maximum potential.
I. SITUATION ANALYSIS
SWOT Analysis
Strengths
First sports watchmaker
TAG Heuer is already an established brand in the West and some Asian countries. TAG Heuer Hong Kong can leverage on its international brand awareness
Strong positioning as The Prestige Sports Watch in the West
Commitment to invest in its local marketing and advertising campaigns despite the economic recession
Subsidiary in Hong Kong to control brand guardianship and build closer relationships with customers
Weaknesses
No clear positioning in Hong Kong - lack of differentiation from competitors
Hong Kong consumers do not perceive how the attributes of sports can also demonstrate personal status and achievements
Weak distribution of product knowledge due to limited advertisement channels
Lack of advertising and PR strategies in Hong
TAG Heuer Hong Kong's strategy is to serve the upscale sports watch market. It will capitalize on the timekeeping technology and brand values. There is an untapped potential market that desires high-quality, stylish goods, but want the watch to represent both success and individual achievements from competitiveness.
It is TAG HeuerHong Kong's intention to gain market share in the Hong Kong upscale watch market. The immediate goal is to build brand image and brand equity through marketing. To accomplish this, TAG Heuer will allocate majority of its budget to advertising and public relations activities.
The initial product lines will be modern, simple watches, targeting both male and female. The pricing strategy will be based upon using prestige pricing.
The upscale watch market in Hong Kong is in a growth period, so now is an ideal time for establishing a clear positioning. After successfully establish a clear positioning, TAG Heuer will enter the China market. Upon successfully building the Hong Kong market and entering the China market, TAG Heuer will realize its initial investment and allocation of resources to the maximum potential.
I. SITUATION ANALYSIS
SWOT Analysis
Strengths
First sports watchmaker
TAG Heuer is already an established brand in the West and some Asian countries. TAG Heuer Hong Kong can leverage on its international brand awareness
Strong positioning as The Prestige Sports Watch in the West
Commitment to invest in its local marketing and advertising campaigns despite the economic recession
Subsidiary in Hong Kong to control brand guardianship and build closer relationships with customers
Weaknesses
No clear positioning in Hong Kong - lack of differentiation from competitors
Hong Kong consumers do not perceive how the attributes of sports can also demonstrate personal status and achievements
Weak distribution of product knowledge due to limited advertisement channels
Lack of advertising and PR strategies in Hong