Toy Watch Essay Example | Topics and Well Written Essays - 1000 words

Toy Watch - Essay Example As the discussion declares Toy Watch is basically a wrist watch company based in Italy. Its innovation lies in its plastic watchbands in bracelet style which gave stiff competition to luxury statement provided by Swatch watches. The company was founded in the year 2005 but in less than 2 years, it has reported mammoth profits because of its new product idea and a well-organized distribution and promotion policy intact with low prices that are affordable by any consumer group. Its heart throb features are its light weight, oversized dials and Italian designing marvel by Marco Mavilla, a Milan-based designer. The popularity and success of Toy Watch is also supplemented by its endorsements with celebrities like Oprah Winfrey, First Lady Michelle Obama, Katie Holmes and so on. This paper stresses that the strategies of a company are examined in terms of four features of namely the product, price, place and promotion. Also termed as four P’s model, the marketing mix determines how the strategy should be pursued in different markets with varying customer preferences, saturation and competition levels. Talking of Toy Watch product, its tactical features are its stylish designing and use of polycarbonate material which blends well with any kind of traditional watch material like steel, ceramic, plastic or crystal and gives the same Italian finish with light weight and unimaginable designs. Its color choices also reveal its product planning and development genius because wrist watches top the priority list of fashion accessories and every day a new design kicks off the older one. As such, with a plethora of color ranges, Toy Watch has targeted the teenage group very effectively when they go for individual dress matching with every single accessory. In te rms of pricing, this is again the competitive edge of Toy Watch whereby it uses penetration pricing to capture the new markets created and gained by this class of plastic band watches. Because of low pricing tactics, Toy Watch was able to garner more market share owing to the affordability its products offered to the various teenager and other groups. The luxury concept of Toy Watch products is applied in its distribution strategies too (Soller 2006). With endorsements from top notch celebs and presenting the watches in jewellery shops and exclusive retailers like Fifth Avenue, Selfridges and Harrods (Italia n.d). This keeps its quality and luxury image intact despite its low pricing. Promotion wise, Toy Watch makes use of not only charity shows but also female sizzling personalities and revolutionary technologies in advertising the distinctive factor of their products. For instance, it partnered with Keep A Child Alive Charity whereby half of the revenues coming from sale of its se lected watches would go towards this charity initiative. Such efforts link the social responsibility and ethical consciousness of the company with the customers and favor the brand image. With Miyota Quartz Movement (Howard n.d) and presentation of Toy watch products on Oprah Winfrey show (Green n.d), it has captured all segments of consumers ranging from most sought after personalities to common men. Factors adding to the customer value Theoretically, customer value propositions which aim to provide them the maximum returns on their investments and utilities of time, place