Scribd
Upload
78 views2 pages

Video Takeaways

Rochat and Schmid, a luxury Swiss watchmaker in business for 100 years, was seeing slowing sales as the market became more competitive. Option 1 proposed celebrity endorsements to appeal to younger customers and build brand loyalty for the future. While some strategies like subtle, elegant branding worked for 100 years, the company needed to be more responsive to changing tastes and not overestimate its brand value, as Nokia did. Nokia failed to adapt to smartphones despite early dominance, showing brands must innovate or risk failure.

Uploaded by

Key Clams
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
78 views2 pages

Video Takeaways

Rochat and Schmid, a luxury Swiss watchmaker in business for 100 years, was seeing slowing sales as the market became more competitive. Option 1 proposed celebrity endorsements to appeal to younger customers and build brand loyalty for the future. While some strategies like subtle, elegant branding worked for 100 years, the company needed to be more responsive to changing tastes and not overestimate its brand value, as Nokia did. Nokia failed to adapt to smartphones despite early dominance, showing brands must innovate or risk failure.

Uploaded by

Key Clams
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
You are on page 1/ 2

Video Title: HBR Case Study: Competing Against Bling

Video Link: https://www.youtube.com/watch?v=IXKcAwZKjTk

If I were Wei Song, I would choose the Option 1 which is to push for a celebrity
indorsement. As mentioned in the facts, Rochat and Schmid has been in such industry
for 100 years already as Swiss maker of luxury timepieces but because of a lot of
emerging competitors, its sales has begun to slowdown. This is a sign for the company
that staying “on brand” with the “subtle and elegant branding” is not a good option since
they have been doing it already, but it keeps to slow down their sales which indicates
that their loyal customers have started to look for a new one. The company should enter
the new market and start to build loyal customers with younger generations as early as
now as it will be their target market in the future. This is not a loss of old loyal customers
as it is already a fact that even the old ones are trying to adapt to constant changes in
market trends. This is proven by old people who are trying their best how to use social
media like Facebook. Hence, Option 1 will be a better strategy as it can keep the people
you serve for the longest time and start building loyal customers on young generations.

This case study teaches me 3 lessons. First, that companies must continue to
invest in brand building in order for them not to lose the track of success but they must
do it very careful as changing strategy is very risky. Second, be more responsive to
customer’s taste and lastly, never overestimate your brand value. This is because some
companies believed that even after the late launch of many brand’s watches, people
would still flock to their stores as they have been in existence for 100 years which is a
misconception. This is what happened to Nokia who failed even if it was globally
recognized before. Nokia resist to change and failed to take advantage of the Android
bandwagon. Nokia overestimated its strength when it did not focus on the software
system because it became famous for its hardware like the QWERTY keypad layout
and the music buttons. That time a lot of phone creators are striving for innovation and
technological developments and when Nokia realized that they need business diversion,
it was too late already for them to adapt the changes in the market. Nokia’s bad
marketing strategy because of lack of innovation and moving too slowly on current
trends resulted to elimination from the mobile industry.

Citation:
Nason, Stephen (2017). Case Study: Competing Against Bling. Retrieved from the
official website of Harvard Business Review: https://hbr.org/2017/05/case-study-a-
luxury-brand-competes-against-a-flashy-new-rival

Shrivastava, Devashish (2022, March 17). 6 Reasons Why Nokia failed After Enjoying
Unrivaled Dominance. Retrieved from the website:
https://startuptalky.com/reasons-why-nokia-failed/
Video Title: The Top Marketing Strategy for Service-Based Businesses
Video Link: https://www.youtube.com/watch?v=BjNmEkV0kjM

The video was discussed in detail by dividing the it into three categories, namely:
definition of service business, the things to do before promoting the service business.
My takeaways will be based on each category.

First, I have learned that marketing serviced based business is different than
marketing for a product business but not absolutely since they are still marketing
strategies that can apply for both kinds of business. They are different as to the kinds of
product they offered as service business offers intangible things and has a more difficult
marketing task. This also have two subcategories wherein one is which relies on
equipment like airline services, and one which relies on people like accounting firm or
insurance services.

Second, I have learned that defining the service clearly and establishing a value
proposition, finding a niche, focusing on existing relationship, and outlining on how you
came up with price must be done first before promoting the service business. For
example, Cebu Pacific Airline Company is a service business known for transporting its
passengers to its destined location. Its value proposition is to bring people by offering a
safe, affordable, reliable, and fun-filled air travel. It obtained the highest rank in niche for
lowest fare in domestic flights and still focused on existing relationship as it continues to
target those price-sensitive Filipinos and young generations who wish to travel safely
but in lowest fares.

Lastly, I have learned that product and service business have usually the same
marketing strategies like content marketing, influencer marketing, and referral
programs. In my service business example above, Cebu Pacific Air have also done all
the methods mentioned. They have done content marketing where in the advertisement
are served through Facebook, Instagram, and Google Ads, and they even have their
own YouTube accounts. They have also tried influencer marketing when one of its cabin
crew become famous in Tiktok because of the flight attendance challenge, and who, as
time passed by, talked about her life with the company. Cebu Pacific Air also used the
referral program as it is usually the effect when the customers is satisfied with your
services offered.

You might also like