Features of Bremont Watches
Introduction of the Company:
Bremont was founded by two brothers Nick and Giles English in 2002. The bothers were aviation and watch enthusiasts. The company is known as Bremont Watch company engaged in the business of making luxurious and British theme based watches having its headquarter in England. Bremont did not launch any product since 2007 and utilized these years in the development of methods and watches that may serve their purpose to start the company (Nick & English, 2018). In this process, the two brothers were helped by Mr. Peter Roberts, who was a highly skilled and trained watchmaker and also had worked with some most reputed brands like Rolex, IWC etc. In order to provide the supreme quality of this tangible product, Bremont used a number of unique manufacturing techniques which helped in producing watches with specifications with such qualities that cannot be matched by any other competitor in their offered prices. The two brothers were spurred to sell watches after the death of their father during the Harvard aircraft crash in World War II-vintage. Thus, the brothers were inspired by their father and also were pilots for a very long time. They were also passionate about the pilot and aviation-based watches and death of his father pushed them to use their passion that led them to the formation of a new watch company (Wonder, 2017).
Features of Bremont Watches:
- Bremont watches are aviation and military-inspired watches and the company’s primary concern is to serve the military and army forces of the country.
- All models of Bremont watches come with three years of warranty and are also Chronology Certified.
- The parts of the watches are assembled in Switzerland as the experts are available there and the company cannot compromise on the quality of its products.
- All the parts are assembled in the UK because there are experts related to the watch assembling. The prototypes, designs of watches and testing, all functions are performed in the UK. This shows that the company is highly concerned about the quality of watches and tries to provide the best and incomparable quality watches to the customers.
- The company now also makes watches for approx. 50 regiments along with US Navy test pilots which are simple round clocks with no diamonds but based on highly aviation technology.
- Most of the Bremont ranges have been developed to resist the negative impacts of magnetism on the movement of the watch. By covering the movement in the soft iron cage, the possible harmful magnetic fields are distracted by the mechanism. This is known as Anti-magnetic faraday cage.
- Another feature of Bremont watches is the Trip-Tick Case Design which ensures the aesthetic variation and durability of watches(Bremont, 2018).
Target Customers:
The main focus of the company is on the people who can easily spend and afford luxurious watches. The people with high and attractive incomes are one of the main customers of the company. The pilots are another big customers of the company as they are highly salaried employees and are always interested in some sort of adventurous work. The customers of the company can also be identified on the basis of geographic segmentation which states that the company only provide products in the developed countries like UK, Spain, and Japan etc. Thus the two main customers of the company can be determined are the pilots and high salaried or business class employees (Almgren, 2014).
The luxurious designs of the watches and their unique features attract not only the customers but also the other brands too. Associating with Jaguar is the most appropriate example for explaining this attractiveness. One of the major reason for the customer attractiveness is the brand value of the company. The Bremont has become a leading brand in the watch industry and now the people are passionate about using brand items and luxurious things (Market, 2014). Bremont provides a range of watches which includes ALT1, Supermarine, MB, U-2, Solo, Solo 37, BC f1, and BC S2 etc. which provides many options for customers to select their preferred style. As the company deals in providing luxurious product, the loyalty towards the customers is one of the major considerable factor. For this purpose, the assembling of parts and then watches are done in two different countries just because to make sure that the belief and trust of the customer may not get affected by decreasing the quality of watches (Bremont, 2018).
Supply Chain Curve
Along with this, all watches are COSC certified which also ensures the customers regarding the quality of products. The company also provides 3 years warranty that indicates the company is very much sure about the products they are providing from the quality and maintenance point of view. Another major quality of Bremont watches is that the watches are handmade and are not made by any kind of machine. This makes easy for customers to rely on brand and make the purchases. According to Giles English, it takes almost two years to make a watch that may fulfill the requirement of the Bremont customers and can match the standards of the company. This is a very long time and customers usually make their opinion that the result of two years investment will be undoubtedly different from others in the same market (Larsen, 2010).
Brand loyalty by providing quality, customer-oriented services and products and innovations are the most appealing things that enforce a customer to make the purchase from Bremont. The passion of customers also plays an important role as pilots are passionate about aviation based watches which are provided by the company in many varieties
Supply Chain Curve:
Supply chain curve is related to the graphical representation of the correlation between the quantity supplied and cost of goods sold for a given period. In the graphical representation, the price appears on the left vertical axis and the total supplied quantity appears on the horizontal axis. It is assumed in short run, the productivity of the production process and prices of inputs remain unchanged. In a supply chain graph, the curves of individual products are combines to draw a market supply curve and when it is drawn with the demand curve, it shows the equilibrium price at the point of intersection of two curves (Venkatesh, 2013).
Factors affect the supply curve of an organization:
Price:
If the price of a product increases, the supply of that product also increases and vice versa. Change is supply with the change of price in known as the variation in the supply of the product. Further, speculation about the future prices also affects the supply of product. If there are chances of increasing the price of a product then its supply in present would automatically decrease as suppliers will tend to earn the high profit by supplying the products in future (Ali & Ali, 2013).
Cost of Production:
If there is an increase in the production cost of a product then supply for the same will tend to decrease and vice versa. The cost of production and supply of the product are inversely related to each other. Cost of production can be increased due to increase in the prices of raw material, increase in labor cost, cost of storage etc (Azadeh, et al., 2015).
Factors affect the supply curve of an organization
Technology:
It is one of the main factors as using advances technology in the production of products reduces the labor cost and increases the volume of production. This results in an increase in the supply of product in the market.
Government Policies:
Government policies and various taxes like import duty, export duty increase the price of the product thus results in decreasing the supply of products in the market (Gupta & Abidi, 2017).
Supply Curve and affecting factors of Bremont:
Supply of the Bremont is affected by below-mentioned factors:
The products of the company are based on technology but made by hand so it takes time in production. It decreases the supply of products in the market up to some extent. Along with this, the production does not take place in a single country, this increases the cost of production and decreases the supply of the watches in the market. The use of expert skills in the production of the watch also prevents the supply to become high. It indicates that the supply of Bremont is constant as its main focus to satisfy the customer.
The main customers of the company, are the people who like to purchase aviation watches. Thus, the demand of the customers also does not decrease due to the availability of a variety of range of pilot watches and aviation-based watches. This also helps in maintaining supply trend in the industry (Osoro, 2015).
The supply and the demand in Bremont can be understood with the help of the below-mentioned diagram.
Market Structure:
A market can be defined as the group of sellers and buyers engaged in the exchange of products and services. Market structure is the combination of organizational, competitive and other features of the market. For the different type of markets, the structures are also different as all have dissimilar advantages and disadvantages. There are mainly four type of market structures named as monopoly, oligopoly, monopolistic and perfect competition market (Marini & Zevi, 2010). The main factors affect the market structure are:
- Number of sellers in the market
- Number of buyers in the market
- The natures of services and product provided by the companies
- The level of service differentiation
- The level of vertical integration
- Customer migration
- The exit and entry facilities for the firms.
The market structure of the Bremont Company is a type of Oligopoly structure. The main features of this structures are as follows:
There are few dominant firms in case of Oligopoly. It means the few and selected firms enjoy the customer taste and preferences by offering them quality products (Bloch, et al., 2014). Bremont is also working in such kind of environment where it has the competition with a few selected firms like Rolex, Swiss, Casio, IWC etc.
Supply Curve and affecting factors of Bremont
The products provided in Oligopoly are not exactly the same by all the companies. There is product differentiation in terms of features, advantages, prices, quality etc. The international watch companies are also providing differentiated qualities and features on the basis of the requirement of their customers. For example, Bremont is highly involved in aviation and technology based watches and it does not make a simple low technology based watches. On the other hand, Rolex is primarily concerned with making sports watches which are preferred by sportspersons (Audu, et al., 2014).
The entry barriers in the Oligopoly market are very high as this requires a lot of investment and brand value which takes years. Along with this, customers not accept the new firms in case of making the purchase for luxurious things as in the case of Bremont Company. To enter into this industry, a firm will have to invest a significant amount of time in research and development process which is not easy for everyone.
In an Oligopoly market structure, the firms have the power to decide the prices thus bargaining power of the customer is considerably low as compared to the perfect competition market. Every individual firm has a right to decide its price that cannot be denominated by other firms. This is exactly what happens with the international watch market in which each and every company is providing the products and services as per their decided pricing standards (Asgari & Saghaian, 2013).
In Oligopoly market, generally, the companies provide services by targeting a group of customers and provides services and products accordingly. This helps the companies to make best quality products as in the case of Bremont Company (Severova, et al., 2011).
References:
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Almgren, K., 2014. The Four Factors for Targeting an Attractive Market. International Journal of Humanities and Social Science, 4(9(1), pp. 71-76.
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Available at: https://www.bremont.com/about/values/british-engineering
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Available at: https://watchponder.com/2017/03/23/bremont-watches-taking-over-best-pilot-watch/
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