However, the brand decided to expand by diversifying into jewelry making. They increased their expertise in gold by acquiring various gold work-shops throughout Geneva.
1990x-Now: During this period Piaget introduced various top-notch watches such as, Tanagra, Miss Protocole and 600P tourbillon caliber watches. During this period it also expanded by opening up production facilities in other cities of Switzerland. It also celebrated its 130th anniversary in the year 2004. In 2008, it was rated as the sixth largest luxury brand.
As far as the future plans of the company are concerned, it wants to enrich and further master the art of watch making and jewelry manufacturing. It strengthens its faith in providing high-quality luxury items to its customers by increasing their know-how in watches and jewelry. (The Watch Quote, 2009)
As far as the target market of Piaget is concerned, it serves to only a small market. The reason behind serving such a small market is that most of these watches are manually produced and are not produced in bulk so that they do not lose prestige associated with them. As a result, Piaget is content serving a small market, a market which includes rich people and those who can afford the expensive prices that are commanded by Piaget.
Looking at the abov
Piaget is very much aware of Synergy effect and that's why all the component parts of its watches are produced by the firm itself and Piaget believes in using top-quality material for all its watches.
BRANDS CLASSIFICATION GRAPHS:
1) Feminity vs. Masculinity:
SPORTS vs. Refinement
Tradition Vs. Creativity
Watch vs. Jewelry
BATTLE OF THE BRANDS (COMPETITIVE ANALYSIS):
Looking at the above graphical analysis, one can easily say that the five closest competitors for Piaget are: Cartier, Baume and Mercier, Richard Mille, IWC and Rolex. These firms are providing competition to Piaget by offering the same level of service and producing good which are close to the products that Piaget is producing, Similarly, Piaget is also affected by the pricing and advertising decision of these firms and there is a mutual interdependence between these firms.
Starting from the type of market these companies lets compare and contrast these companies from Paiget's strategy. Most of