Branding of Patek Phillipe

In: Business and Management

Submitted By rasengan
Words 4283
Pages 18
[Type the company name] | Branding Report | Patek Philippe | | | |
Word Count: 3,172


Patek Philippe is a family owned luxury wrist watch company founded in 1839. The Patek Philippe is a luxury brand that promotes values such as heritage, tradition and family that appeal to even most affluent customers (Patek Philippe SA, 2014). The report has examined the sources of Patek Philippe brand equity using Aaker's brand equity model. Afterwards, an international branding strategy has been developed, examining the possibilities and size of the luxury market in China. Marketing strategy elements such as targeting, positioning and marketing P's are discussed in the following sections of the report. Given that Patek Philippe will be entering a new market in China the possibility of a brand extension development is considered. Lastly, an annual control plan for Patek Philippe brand is introduced for measurement, control and monitoring purposes.
Aaker’s Brand Equity Model
The brand is described as ''a name, term, sign, symbol or design, or a combination of them, intended to identify the goods or services of one seller or group of sellers and to differentiate them from those of competitors'' (American Marketing Association, 2014 and Aaker et al. 1991). Therefore brands are useful means of signaling the level of quality, cost, value and risks involved in buying the product or services. Consumer - based brand equity identifies the response of consumers that have interacted with the brand in the past (Kotler & Keller, 2009). The report examined the branding strategy of Patek Philippe luxury watch company and identified the sources of brand equity using Aaker's Brand Equity Model (1991).
Figure 1. Aaker’s Brand Equity Model

Adapted from Aaker (2009).
Brand Loyalty
According to various scholars a brand loyalty can be a useful tool of measuring the…...

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