Market entry with trade of new watches into the pre-owned luxury watch market
The luxury watch market has developed in a way no one would have expected. Due to an enormous demand of luxury watches, manufacturers such as Rolex and Patek Philippe cannot deliver enough watches and fully meet the demand anymore. A new market found its way: The pre-owned luxury watch market.
Korab Pajaziti, 2023
Bachelor Thesis, Valon Ajvazi
Betreuende Dozierende: Dario Meyer
Keywords: Market entry, luxury watch industry, pre-owned luxury watch market, marketing strategy and campaign recommendation
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The client has developed a long-standing passion for luxury watches over the past 12 years. However, this passion should not remain just a passion: Mr. Ajvazi wants to turn his passion into a business. He plans to enter the international pre-owned luxury watch market with new watches produced in 2018 or later. Since Mr. Ajvazi does not have sufficient knowledge about the watch market and experience in achieving a successful market entry, this Bachelor Thesis will address this situation and help Mr. Ajvazi to achieve a successful market entry.
In a first step, a literature review on the luxury watch industry was carried out. Secondly, the pre-owned luxury watch market has been analyzed. Included in the analysis were an analysis of the competition, barriers to entry, and the target customers. To understand and gain insight into how customers think, feel, and behave, a survey and interviews were conducted. Finally, a literature review of marketing concepts & strategy have been conducted and the competitors' marketing activities have been analyzed to create a marketing strategy and campaign recommendation.
This Bachelor Thesis aimed to provide Mr. Ajvazi an extensive research and a recommendation on how to enter the pre-owned luxury watch market successfully. With the successfully carried out literature reviews and analyses of the luxury watch industry and the pre-owned luxury market, the current situation, its drivers, and the future development has been presented. It can be said, that the pre-owned market holds the door open for further competitors and offers an opportunity for great success, as the market’s sales in 2024 are expected to grow from USD 22 billion, to approximately USD 24.2 billion and in the period of 2025-2033 to USD 24.6 billion. To reach sales it is essential to grow a customer basis. With the survey and interviews conducted, the participants offered a great insight into how a customer thinks, feels, and behaves. This will help Mr. Ajvazi to better understand the wants and needs of the clients when growing the customer base. Nevertheless, in order to gain deeper and more extensive results which can support the literature review and analyses conducted, it has been suggested to conduct surveys and interviews with a larger participant population.
Studiengang: Business Administration International Management (Bachelor)
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