MKTG 111 Marketing Management

Assignment 2: Meeting Consumer Needs

NAME Julian Lee S. Velasco

ID NUMBER 216212

SECTION YW

OBJECTIVE:

Appreciate and apply in real-life the importance / value of understanding and satisfying the needs of
consumers and why companies need to adobe by these to thrive and innovate to stay ahead of the
competition.

INSTRUCTIONS:

Watch the 2 videos, “Respect Your Competition,” and “The Explainer: Don’t Just Sell Stuff” explaining
why it's important for companies to understand their competitors, and have a better understanding of
what business they are in to be able to thrive.

Share your thoughts on the videos by providing your experience with a product / service that you just
started using (less than 1 year) and think of reasons on why it satisfied your need as a consumer.

You may use the sample guide questions in answering:

● What need did the said product / service serve?

● How does it serve your needs better than competitors?
● How is it different from its closest competitor, or from your old product / service?

You may also use concepts from Module 2 - Designing a Customer Value-Driven Strategy to explain
your answer.

GRADING: see Rubric in the Syllabus

ANSWER
*maximum 250 words

Recently, I added a new watch to my collection: the Blancpain x Swatch “Fifty Fathoms”. This watch
combines the timeless design of the ubiquitous Blancpain Fifty Fathoms with Swatch’s bioceramic
material. The rationale of this collaboration on Swatch’s end was to bring an otherwise unattainable
piece (i.e. the Blancpain Fifty Fathoms) to the general public.

The watch particularly appealed to me, a watch collector, precisely because of what it represents. The
company is attempting to bring the wondrous world of wristwatches to the general public, starting with
these legendary pieces. The entire collaboration shows a unique understanding of the state of the
consumer market as it pertains to timepieces. First and foremost, watches are no longer seen simply
as time-tellers; they are fashion accessories. On top of this, and perhaps more importantly, they are
culturally seen as status/statement symbols (especially these particular designs). By making these
watches attainable, I’m able to get a taste of luxury, honor these horological icons, while not breaking
the bank in doing so.

This move is unprecedented in the industry especially as other brands in the bracket, like Citizen and
Tissot, are perfectly satisfied releasing pieces that mostly appeal to knowledgable consumers. While
these watches are still aesthetically pleasing and have their share in the market, they fail to tap
significantly into the younger demographic because they fail to innovatively modernize their design
languages, focusing more on the engineering side.

PHOTO or VIDEO LINK

*supporting your answer

The inspiration. The Blancpain Fifty Fathoms is widely known among watch circles as the first proper
dive watch. Notice its function-oriented design.

A recent model of the Fifty Fathoms. Notice the price! (in Philippine Pesos is PHP 990,523.55!)
Just some of the designs Swatch released in this collaboration. Notice the color palettes used
specifically target a more youthful and enthusiastic demographic.

A special edition Swatch x Blancpain Fifty Fathoms. Notice the difference in price! (in Philippine Pesos
is PHP 24,689.33!)
Citizen’s new Eco-Drive 365’s. The company focused on improving their Eco-Drive (solar-powered)
movement, maintaining the more traditional (even vintage) design language.
Tissot’s new addition to the ever-growing PRX line. While these watches more feasibly appeal to
younger people, the trend this product line follows with every successive release tends towards the
needs of already established watch collectors (e.g. smaller sizes).