The Timex Corporation was very successful due to its mass production. By producing mass products, Timex was able to have low prices. Compared to other companies, Timex kept their product simple. They utilized less parts compared to the average competitor. Timex grew into a multimillion-dollar company through its mass sale and extensive advertising in television. Timex then jumped into the international market with its mass production successfully conquering most international competitors. .
(2) Threats & Problems.
One problem that Timex had was the inconsistency in their prices. Though prices were still lesser than many competitors, their prices constantly increased. The price changed Timex's low-price market into a higher-priced market. This may have caused confusion for those that thought Timex wanted to retain the image of cheap and durable. Secondly, Timex lost a good amount of sales due to the threat of the electric watch. Despite the loss, Timex was able to produce their line of electric watches with success. Lastly, Timex's entrance in the international market shifted many competitors out of their place. In response, competitive companies such as Seiko began to strike back emphasizing its quality compared to Timex's cheap product. .
(3) General Lessons.
Some lessons that I have learned from the Timex Corporation are being able to deal with every struggle from the very beginning. Though their first entrance in the clock industry was not too successful, they managed to drop the old name and create a new product line. Facing many struggles on the way of being a multi-billion dollar company, they were able to establish a brand of watch that was innovative and affordable. Their interest in the foreign markets made them much larger and also posed a threat to all watch manufacturers worldwide. Timex had mass production of their watches, which in turn gave them a competitive edge.
