COMPETITIVE ADVANTAGES AND MANAGEMENT PRINCIPLES AT THE PATEK PHILIPPE COMPANY

Abstract

The article shows the role of the biggest watch manufacturer, the company Patek Philippe on Swiss watch market, studies advantages of this family business and its distinguishing features in comparison with international joint stock companies. Special attention was paid to investigating competitive advantages and values of corporate culture and management principles – the foundation of the company success, which developed unique watch manufacturing startling the whole world with its complicated watch mechanisms and perfect design. Such amazing details of the company Patek Philippe were described as a century guarantee for the company products, caring for customers during the longest in history service life, setting-up a museum of watch art filled with the rarest works, the biggest library on watch manufacturing and experience, knowledge and competences accumulated during 180 years of company life. The author shows the innovation, creative atmosphere supported by the company top management in order to motivate employees to develop master pieces of watch manufacturing, to put out morecomplicated models of watch exceeding customers; expectations. In general, the perfectionist business-model of the company was depicted, which stirs admiration and deserves interest of business community.

Keywords

• strategy
• family business
• watch manufacturing industry
• time zone
• eternal calendar
• automatic winding
• smart-watch