Swatch surveyed the market and identified an unserved segment of watch buyers. Using these results, Swatch created a watch at a price consumers were willing to pay. The unorthodox order of this marketing mix decision is an example of

Target costing

Explanation:

Target costing is a cost accounting approach whereby companies targets for costs are based on the price in the market and the profit margin the company want to earn. When companies costs are below the relevant targets, it helps the companies generate profit.

Target cost shows the management's commitment to product innovation to have competitive advantages as products are created from customers expectations, thus customers feel more valued

Target costing enables companies to give a more realistic price and strengthen competition among the firms by offering quality products at lower cost.

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