Omega watches is owned by the Swatch Group which is one of the most famous watchmakers in the market at present. Omega is more than 160-year-old brand. Omega watch brand was founded in the year of 1848 in Switzerland by Louis Brandt.
Strengths in the SWOT analysis of Omega :
- High Image – Omega watches right from the Genesis has the image of substantiated of high quality and long lasting watches.
- Brand Association – Omega watches has made the very high-status brand association. Omega watches is a timekeeper in global events such as Tennis and Golf tournaments which make its perception perpetually set for world-class status
- Technology – Omega watches make use of state of the art technology known as co-axial technology. Omega has won the award of world-class watches as the technology being used has won the award for being the number 1 technology in the world for watches
- Brand Ambassadors – Omega watches has associated with major world-class celebrities which further puts forward its authentication
- Established Parent Brand – Omega watches is the part of Swatch group which is again a globally renowned and established brand.
Weaknesses in the SWOT analysis of Omega :
This is the pain area of the organization where it does not have the resources or skills. Business has to work upon these areas so that they are not left behind from the competition. Though there will be some or the other weakness it should not be an area which takes the business out of the market
- Weak Differentiation in the market – Though omega watches is a globally accepted brand but at the same time, the positioning done by the Omega watches is not very clear on the perceptual maps.
- High Competition – The market share of the Omega watches is very less in comparison to the competitors in the market.
- High Cost of Manufacturing – The cost of manufacturing the watch is very high which makes it very difficult for the brand to compete on price points with other brands in the market. The manufacturing is done in Switzerland and the labor cost is very high in comparison to other parts of the world and hence the price is transferred to the final price.
Opportunities in the SWOT analysis of Omega :
This helps in understanding what other things a business can do with the current skills and resources. It helps the business to know the areas where it can expand and take a lead in order to diversify the business and expand the customer base
- Internationalization of Emerging Countries – Omega watches can strategize to enter into emerging nations where the brand has potential customers. Non-availability of Omega watches can be capitalized by the brand to enter and capitalize on the existing need for the brand lovers.
- Shifting the Manufacturing – Omega watches can move its manufacturing operations to nations where manufacturing is cheaper which will help to reduce the final price of the watches. This will help in changing the target segment of the brand as well. Thus one strategic move will open many doors for the brand.
- New product Line – Omega watches can introduce new line of watches to enhance its customer base by targeting new segment
- New media Vehicles for Selling – Omega watches can make use of new innovative ways of selling platforms such as online platforms or other shopping portals.
Threats in the SWOT analysis of Omega :
This analysis helps in understanding what are the areas which can impact the business in future or right away. So business has to prepare itself to handle the threats in the market landscape. Competition or increasing number of players in the market with same value proposition is a threat to business as it directly lowers the customer base and revenue
- Weakening Economies Across Globe – As the brand is premium segment watch but the economies are weakening which impacts the disposition income of the customers and hence reduces the sales of the business
- Copy Brands – Copy brands are damaging the brand image of the Omega watches as these watches are being sold at very less price.
- High Competition – Due to high competition in the market from the Smartwatches and other new players entering the market.