Citizen is a watchmaking company. It is a Japanese company. Based in Nishitōkyō, Tokyo, Japan, it is one of the most watch selling brands of the world. Besides selling and manufacturing watches, it also manufactures calculators. It offers one of the most reliable and efficient watches for both men and women. It offers a wide range of products like Bulova UHF movement, Chronomaster, Contemporary watches, DCP clasp, Eco-Drive, Q&Q SmileSolar, etc. Besides watches, it has also contributed to the manufacture of handheld televisions and computer printers.
This article identifies specs and insights of Citizen Watches, its background, salient features, branding strategy, stats, and a wrap up to summarize its different characteristics. The discussion will justify why Citizen Watches is ranked among the top most selling watches in the world.
HISTORICAL BACKGROUND OF THE CITIZEN WATCHES
Mar. Shokosha founded Citizen in 1918. He established the Shokosha Watch Research Institute to develop watches. In 1930, a group of Japanese and Swiss investors founded this company. They took over the Shokosha Watch Research Institute founded in 1918 by Mar. Shokosha. The company achieved historical milestones like:
- It completed the first pocket watch in December 1924.
- In 1930, Citizen Watch Co. was established.
- The company completed its first wristwatch in 1931.
- It managed to establish Tanashi Factory in 1936.
- It went through many management changes from 1937 to 1948. In 1949, Citizen Trading Co., Ltd. was established.
- Rhythm Watch Co., Ltd. became its part in 1953. It also started exporting wristwatches in December 1955.
- It diversified its operations and started manufacturing business machines begun. These included machines, and camera shutters in 1965. The company also started exports of its products in the same year from its office in Germany to other parts of Europe.
- The company introduced Japanese-made electronic watch “X-8” in 1966.
- Later in 1976, it introduced the first analog quartz watch with solar cell “CRESTRON SOLAR CELL”.
- The company shifted its headquarters to Shinjuku Mitsui Bldg. in Tokyo in 1978.
- In 1983, it introduced Chip LED lamp CL Series and IC sensor electronic thermometer.
- In May 1993, it launched World’s first multizone “Radio-Controlled Watch”.
- It introduced World’s first full metal case radio-controlled watch with a built-in antenna in 2003. Later in 2004, it merged with Citizen Trading Co., Ltd.
- The company has changed its name by a process of mergers and acquistions to become Citizen Group during 2005- 2018. Over the years the company has launched famous models for men and women. Some of them include:
- BJ7000-52E ECO-DRIVE NIGHTHAWK
- BN0151-09L PROMASTER PROFESSIONAL DIVER
- AVION ECO-DRIVE
- CHANDLER BM8180-03E
- BL5250-02L TITANIUM ECO-DRIVE
Besides wristwatches, the company has also manufactured famous clocks for its customers. These clocks carry class, style and impressive outlook and, are still sold all over the world. Its not possible to list all of the clocks of the company, but some of them are highlighte below as examples of company’s innovation and diversification initiative.
CITIZEN WOMEN’S WATCHES COLLECTION
The company also offers watches for its female customers. It has introduced one of the most stylish and modern watch designs for its female customers. Some of them include:
- Eco-Drive Chandler Fashion Watch
- Corso Blue Dial
- Capella Diamond Stainless Steel
- Ceci Diamond Two-Tone
- Women’s Drive
- Collectable Mickey Mouse
- Signature Versaille Luxury
BUSINESS MODEL OF CITIZEN
The group manufactures and sells men’s watches, women’s watches, calculators, and clocks for generating its revenue. The group also holds subsidiaries like Bulova, Frederique Constant, Citizen’s machinery Ltd, Citizen’s Electronics Co. Ltd, etc. These subsidiaries allow Citizen Group to offer its customers quality and a wide range of products. The company ensures reliability, durability, and, a stylish outlook for its products. In 2020, the group has ramped up the process of using digital means and advanced technology to take its service quality to the next level.
CURRENT BRAND IDENTITY OF CITIZEN
Citizen has introduced sleek and stylish designs of watches for both men and women since it was founded. The company is currently deploying digital transformation initiatives to gain a large market share and provide an increase in comfort level to customers. The company has stepped into producing other electronics through its subsidiaries that shows the company’s strategy to diversify its range of products.
MARKETING MIX OF CITIZEN
The company uses a market penetration strategy for reaching its customers. It uses market segmentation by offering its products in different varieties and for different income level groups. To understand its marketing strategy in detail, the 4 P’s of marketing i.e. Product, Price, Place, and Promotion are discussed below:
It makes different kinds of watches, clocks, calculators, and different components for both men and women. The company through its subsidiaries is also making electronics showing the company’s intent to diversify its range of products.
It charges a price for different income level groups by making different quality watches and clocks in different markets.
It offers its products through e-commerce platforms like Amazon and E-Bay. The company has authorized dealers in almost every part of the world.
It promotes its products using digital and traditional means of marketing. These include:
- TV commercials
- Social Media
Many celebrities also use its products like:
- Kevin Pieterson
- Victoria Azarenka
- Paula Creamer
- Katherine Jenkins
- Eli Manning
- Luke Donald
SWOT ANALYSIS OF CITIZEN
To understand the marketing strategy of Citizen in detail, here is an overview of SWOT analysis. It includes
- Huge market share.
- Strong brand image.
- Better or similar products from competitors
- Can still expand into many developing economies
- Come up with low-cost models of its products without compromising on quality.
- Implications of the pandemic of COVID-19.
- Trade wars between developed economies.
- New entrants can easily take market share by offering lower prices than Citizen.
Headquarters: Noshitokyo, Tokyo, Japan
CEO: Toshio Tokura
Revenue: 2.9 Billion Dollars
Citizen still holds a strong brand image. It has all the elements to lead the watch manufacturing industry. The company however, must be aware that the taste and preference of all the customers change rapidly. It must streamline its process of reaching to its customers to their locations and at the time they choose especially due the implications of COVID-19.
The company must look around to see what and how competitors are offering a different variety of watches. This will ensure to address future challenges for Citizen in an easy manner.