Chopard and
Bvlgari have many similarities as they both are in the same industry. However,
while looking at the SWOT analysis for both companies it is apparent that there
also are many differences. (See also Bvlgari – The way to victory)
Chopard’s
most dominant strengths are
The Chopard name is a strong and popular brand.
It is well known and they have high global presence.
They have strong partnerships with well
respected organizations. Both their partnership with the Cannes film festival
and the partnership with Mille Miglia is furthering Chopard’s luxurious image.
The product is fully manufactured in house
which takes away the risk of outsourcing. The product is therefore ensured to
have high standards of quality.
The most important
weaknesses are
Chopard is
both an expert watch maker company which is also a jeweller. This weakens their
position of being experts in watch making, which is negative for the
exclusivity image and perception of quality.
Chopard’s
most promising opportunities are as follows
Chopard
still have a lot of unexplored territory in emerging and developing economies.
They can explore
more opportunities provided by their partnership experience, in order to
heighten awareness and visibility. To keep consistency with their current
operations they can partner with other film festivals in different parts of the
world. They can also go further into the film scene by sponsoring and
partnering with film awards.
Increase
other promotions and advertisement to raise brand awareness.
And their
biggest threats are
Watches are
becoming less and less a necessity because of alternative time telling devices
such as cell phones.
Pirate
copying of the watches is a large problem concerning the whole watch industry.
Competitors
with higher brand awareness pose a threat in terms of brand switching.
To Summarize; Chopard's most
dominant strengths are their strong brand name, their partnerships and the fact
that they have been able to continue as a family business with in-house
production. Their most promising opportunities are to explore the emergent markets
and to go further into the opportunities provided by their partnerships.
Their biggest
weakness is that the consumers can get the impression of lower quality due to
diversification. The threats imposed on the company are the large production of
fake watches, the threat of brand switching and alternative devices for time
telling purposes.
MK
[This is the second out of two articles in the SWOT analysis series]
http://www.chopard.com/
http://luxpresso.com/news-couture/in-pursuit-of-a-legacy-a-visit-to-the-chopard-factory/13564
http://luxpresso.com/interviews-itime-n-style/caroline-gruosischeufele-shares-chopards-inspirations/14093
http://luxpresso.com/news-style/the-worlds-most-expensive-pair-of-sunglasses-are-by-chopard/21217
http://www.mbaskool.com/brandguide/lifestyle-and-retail/3446-chopard.html
Pictures
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