OMEGA Brand Audit

Tejuswi Gupta

20140121075

The Omega Story

OMEGA is a Swiss prestige and luxury range watch manufacturer based in Biel, Switzerland

The forerunner of Omega was founded by Louis Brandt in the year 1848 at La Chaux-de-Fonds, Switzerland and is now under the ownership of Swatch Group.

The symbol of OMEGA () is the last letter of Greek alphabetmeaning Perfection & success in the attainment of task.

Omega merged with Tissot in 1930 & a new parent company SocieteSuisse Sndrustrie Horlogere (SSIH) was formed.

In 1970 SSIH was Switzerlands number one producer of finished watches and Omega outsold Rolex, its main rival.

It had expertise in mechanical chronometers and dominated pre-quartz era.

Omega is associated with icons as James bond, Buzz Aldrin and John F Kennedy and also known for being a certified marine watch, Olympic time keeper, NASAs choice and only watch to be worn on Moon.

Brand Story

Brand Elements

Omega

James Bond

Olympics

Iconic Omega

Logo

Nasa/Moon

Brand Elements

Brand Attributes

Co-Axial Technology Performance Oriented Superior Quality Luxury

Brand Value

Differentiable from other

brands

through its

association

with Olympics

and James

Bond.

It is an ultimate

symbol of

luxury.

Brand Portfolio

Constellation Series Seamaster Series Speedmaster Series

De Ville SeriesSpecialties Series

Brand Portfolio (Continued)

Brand Equity

customer

based

brand

equity

pyramid

ResonanceLoyalty

Repeat Purchase

Engagement

Elite Society

Judgements

Superior

Technology and

Design

Innovation

Feelings

Affluence

Feeling of

Success

Luxury

Self respect

Imagery

Sophisticated

Masculine

Adventurous

Classy

James Bond

Olympics

Performance

Performance orientation through

Co-Axial

technology.

Performed on the moon and at bottom

of the seaSalience

High Awareness : One of the most recognized luxury brand in the world.

Only watch to be worn on the moon.

SWOT AnalysisStrengths

1. High quality substantiated with

long warranty periods.

2. Association with sporting

events such as Olympics, Golf

and Water sports.

3. Known for the Co-axial

technology

4. International celebrities

represent Omega as brand

ambassadors.

5. Positive Brand Perception.

Weakness

1. Low differentiation among

products as compared to its

competition

2. Market Share growth is low.

3. Clones and imitations hurt

brand image.

4. High dependency on

celebrities for marketing and

advertising.

Opportunity

1. Opportunity to expand into

new categories of watches that

can further enhance their

image as the top watch

makers in the world.

2. Growth prospect are high in

luxury segments especially in

emerging markets like India

and China.

Threat

1. Competitions from brands

having better positioning and

differentiation in products.

2. Global slowdown means less

spending on luxury goods.

3. Fake and cheap imitations

Competitors

Brand Extensions

Omega Smart Watch Since Omega has heavily invested in both sports and R&D, this would be a logical extension. Moreover competition in the market is also less.

Omega Lifestyle Omega can venture into being a lifestyle brand where it can design and sell James Bond suits and create a persona.

Recommendation

Strategy recommendations

A better differentiation between the Seamaster and Speedmaster series.

Connect better with the female customer as the Brand Image is adventurous and masculine.

Omega should try and increase the portfolio of classy and jewel watches in Constellation series.

More limited editions and personalized watches to be provided.

THANK YOU

References

www.authorstream.com

www.Wikipedia.com