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XYLYS: Exploring Consumer Perception about Premium Watches in the Indian Context Marketing Strategy Analysis & Solution
Marketing & Sales Case Study Analysis and Solution
At Fern Fort University, we use Harvard Business Review (HBR) marketing principles and framework to analyze XYLYS: Exploring Consumer Perception about Premium Watches in the Indian Context case study. XYLYS: Exploring Consumer Perception about Premium Watches in the Indian Context is a Harvard Business Review case study written by S. Ramesh Kumar, Kasturi Baralfor the students of Sales & Marketing. The case study also include other relevant topics and learning material on – Customers, Emerging markets, Growth strategy
Strategic Marketing Analysis of XYLYS: Exploring Consumer Perception about Premium Watches in the Indian Context case study written by S. Ramesh Kumar, Kasturi Baral will comprise following sections –
- XYLYS: Exploring Consumer Perception about Premium Watches in the Indian Context Case Description
- Marketing Definition
- Market Potential Analysis of XYLYS: Exploring Consumer Perception about Premium Watches in the Indian Context
- Market Share Potential Analysis
- Segmentation and Segment Attractiveness Analysis
- Competition and Competitiveness Analysis of XYLYS: Exploring Consumer Perception about Premium Watches in the Indian Context
- Customer Value Analysis of XYLYS: Exploring Consumer Perception about Premium Watches in the Indian Context case study
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XYLYS: Exploring Consumer Perception about Premium Watches in the Indian Context Marketing Case Description
Sales & Marketing Case Study | Authors :: S. Ramesh Kumar, Kasturi Baral
The liberalization of markets, the rising disposable income, the exposure to western lifestyles, and the need for the new generation to establish an identity for itself are some of the reasons for the growth of the luxury watch category in India. The market for luxury watches was estimated to be 3% of watch retail, and was growing at almost 20% annually, which was more than twice the growth rate of the entire market. Heritage, glamour and technology were a combination of factors that were associated with luxury watch brands universally.While there were several global watch brands being marketed in India at various price points, the challenge for a leading Indian company Titan Industries that had made rapid strides in the watch market over the last two decades was to successfully introduce a luxury watch brand. Manoj Chakravarti, Senior Advisor, Titan Industries reflected about his 28 years in the watch industry both in India and abroad, and contemplated about Xylys, Titan's premium watch brand, and its foray into the Indian market. He had formulated several aspects of marketing mix strategies in the past to face diverse kinds of challenges. Xylys was a premium watch brand launched by Titan a few years ago; the brand was aimed at creating a unique perception among consumers. There were several interesting possibilities for Chakravarti to consider. Would a conventional positioning approach be sufficient? Was it necessary to obtain some insights regarding the application of the uniqueness aspect to the self-perception of consumers? How were such aspects of uniqueness related to other established brands? How important was the "Swiss-made" label? Did the buyers and prospective buyers of premium watches hold any specific stereotypical images of such watches? How does the self-concept of consumers matter to luxury watch brands? The case delves into behavioral concepts that are important from the viewpoint of brand perception of luxury brands.
Customers, Emerging markets, Growth strategy
According to American Marketing Association – Marketing is a set of activities that a firm undertakes for creating, communicating, delivering, & exchanging offerings that have value for customers, clients, partners, and society at large.
Kotler explains - Marketing is a process by which organizations can create value for its potential and current customers and build strong customer relationships in order to capture value in return.
Market Potential Analysis of XYLYS: Exploring Consumer Perception about Premium Watches in the Indian Context
Market potential analysis comprises evaluating the overall market size of the related product that the firm is planning to launch. This will involve defining – Why the target market segment needs the product and how it will provide a solution to full its consumers’ needs. Market potential of XYLYS: Exploring Consumer Perception about Premium Watches in the Indian Context products various on factors such as –
- Maturity of the market. In mature markets the profitability is often stable but the market potential is less as most of the players have already taken market share based on the segment they are serving. New players have to go for market share strategies in marketing.
- Technological competence of the existing players and culture of innovation and development in the industry.
- Untapped market sizes and barriers to both enter the market and serving the customers. Often companies can easily see the unfulfilled needs in the markets but they are difficult to serve as there are costly barriers.
- Define the core need that your product is serving and list out all the direct and indirect competitors in the market place. This will help not only in positioning of the product but also in defining or creating a segment better.
- Uncovering the current and untapped market sizes and barriers to serving the larger market. Analyze the areas that you need to sort out while launching the products to wider market and what are the challenges the firm will face in market place.
- Estimate the current stage in product life cycle and its implications for marketing decisions for the product.
Market Share Potential Analysis
- Understanding the buyer behavior model for XYLYS: Exploring Consumer Perception about Premium Watches in the Indian Contextindustry.
- Identifying the market share drivers relevant to XYLYS: Exploring Consumer Perception about Premium Watches in the Indian Context market.
- Segment Attractiveness Analysis – Our analysis will work out which are the most attractive segments and which are the one the firm should go ahead and target. We point out in great detail which segments will be most lucrative for the company to enter.
- Understanding the different needs and relative value of your offering by segment.
- Developing segment priorities and positioning the product based on the product need fit developed by the firm.
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Order Now - XYLYS: Exploring Consumer Perception about Premium Watches in the Indian Context SWOT & PESTEL Analysis
Competition & Competitive Position Analysis
- Uncovering customer-based competitive positions for key rivals and firm’s offering. This will not only help in assessing the strengths and weaknesses of the competitors but also help in defining and positioning of the product.
- Developing a positioning and launching strategy. It will require not only distribution channel analysis but also promotion mix for the product.
- Strategic Marketing Planning — the process of developing and maintaining a strategic fit between the organization’s objectives and capabilities and the ever evolving marketing opportunities for its products.
XYLYS: Exploring Consumer Perception about Premium Watches in the Indian Context - Customer Value Analysis
Capturing customer value is essential to marketing efforts as it results in higher return in the form of both current & future sales, greater market share, and higher profits. By creating superior customer value, the organization can create highly satisfied customers who stay loyal and buy more. This, in turn, means greater long-run returns for the firm.
- The crucial role of customer perceived value in acquiring and retaining profitable customers. Product differentiation is often based on building on a value niche that a firm believes that is very important to the customer. This niche contributes to perceived value. If the perceived value is high then customer stay loyal to the product if not then she can switch to the competitor’s product.
- Graphically displaying value differences for deeper understanding and better internal communication. This helps is building a narrative that a customer can identify with. The better the insight more are the chances of connecting with the potential customers.
- Identifying and selecting actionable value creation options. This can help in increasing the customer lifetime value. Customer lifetime value is the value of the entire stream of purchases that the customer would make over a lifetime of patronage.
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