marketing assignment stp PDF

Preview

Summary

marketing assignment stp ttp marketing priciple...

Description

LOVELY PROFESSIONAL UNIVERSITY ACADEMIC TASK NO. 1 Mittal School of Business (MSOB)

Faculty o

Name of the faculty member: Suraj Prakash Course Code: MKT201

Course Title: Essentials of Marketing

Date of Allotment: 10-09-2021

Max. Marks:

Date of Submission: 30-09-2021

ASSIGNMENT 1 S. No

1

Roll No

All students

Objectives of Academic Activity To test the understanding of marketing among students and how they relate this concept with the company allocated

Guidelines

Evaluation Param

Students will select one company/brand of

Individual assignment.

their choice that markets its product

Evaluation Parameters:

without advertising. Find out their

STP (Segmentation, Targ

marketing strategies that resulted in to

Positioning): 5 marks,

their success and along with it, mention

Company’s marketing st

the innovations they did to ensure their

10 marks,

success.

Innovation details: 5 ma

Note:

Comments/Recommend

1. No copy and paste should be there. marks 2. Submit assignment online on UMS only.

Report Layout and Form Marks

SYNOPSIS: • • • • • •

Introduction Company history SWOT Analysis Segmentation Targeting Positioning

• Marketing Strategies • Marketing Mix • Recommendations C l i

Introduction Rolex SA is a Swiss watch designer & manufacturer based in Geneva, Switzerland. Founded in 1905 as Wilsdo Wilsdorf and Alfred Davis in London, England, the company registered the word 'Rolex' as the brand name of it became Rolex Watch Co. Ltd. in 1915. After World War I, the company moved its base of operations to Gen unfavourable economy in the United Kingdom. In 1920, Hans Wilsdorf registered Montres Rolex SA in Geneva name (montre is French for a watch (timepiece)); it later became Rolex SA. Since 1960, the company has been

Wilsdorf Foundation, a private family trust. Rolex SA and its subsidiary Montres TUDOR SA design, make, distribute, and service wristwatches sold under

Rolex did not produce their watches in-house since its foundation until the early 21st century where they bou components' manufacturers which made the watches for Rolex, notably Aegler. Rolex's past business model c

the watch components from third-party manufacturers and finishing the final assembly

Company History

Alfred Davis and his brother-in-law Hans Wilsdorf founded Wilsdorf and Davis, the company that would even S.A., in London, England in 1905.] Wilsdorf and Davis' main commercial activity at the time involved importing Swiss movements to England and placing them in watch cases made by Dennison and others. These early wri many jewellers, who then put their own names on the dial. The earliest watches from Wilsdorf and Davis wer "W&D" inside the case back. In 1908, Wilsdorf registered the trademark "Rolex", which became the brand name of watches from Wilsdorf an office in La Chaux-de-Fonds, Switzerland. Wilsdorf wanted the brand name to be easily pronounceable in a enough to fit on the face of a watch. He also thought that the name "Rolex" was onomatopoeic, sounding like In 1914, Kew Observatory awarded a Rolex watch a Class A precision certificate, a distinction normally grante chronometers. In November 1915, the company changed its name to Rolex Watch Co. Ltd. In 1919, Hans Wils

company from England to Geneva, Switzerland because of heavy post-war taxes levied on luxury imports and the silver and gold used for the watch cases In 1920 the company's name was officially changed to Montres R

In 1931, Rolex patented a self-winding mechanism called a Perpetual rotor, a semi-circular plate that relies on Its system was the first wristwatch to use a 360° winding rotor and would become the basis of all future auto watches throughout the industry. In turn, the Oyster watch became known as the Oyster Perpetual. Upon the death of his wife in 1944, Wilsdorf established the Hans Wilsdorf Foundation, a private trust, in wh shares, ensuring that some of the company's income would go to charity. Wilsdorf died in 1960, and since the and run Rolex S.A.

SWOT Analysis of Rolex

Rolex Strengths

Rolex Weaknesses

Below are the Strengths in the SWOT Analysis of Rolex: 1. Brand image of Rolex is strongly established as a premium luxury brand 2. Rolex has stood up to its brand image by being the game changers in the i 3. Rolex introduced the first waterproof watch, first automatic dating watch, meant for divers have all been developed by Rolex 4. It is one of the largest and most reputed luxury watch manufacturer in the 5. Excellent advertising and branding of Rolex watches by associating itself w ambassadors 6. Sponsorship of global sports events as well as other international events 7. Rolex watches are present in over 100 countries 8. More than 2500 people are employed with the company & brand 9. Rolex limited edition watches have also been auctioned at more than $17 shows its niche presence Here are the weaknesses in the Rolex SWOT Analysis: 1. Counterfeit and fake imitations affect the brand image of Rolex 2. Competition from several premium watches and maintain brand essence investments

Rolex Opportunities

Following are the Opportunities in Rolex SWOT Analysis: 1. Rolex could introduce separate product lines with different brand identitie brand 2. Emerging economies pose a great opportunity to penetrate the global ma 3. Innovation in Rolex watches with digital interventions can open a new dim

Rolex Threats

The threats in the SWOT Analysis of Rolex are as mentioned: 1. Rolex’s limited dealership and long waiting periods can lead to consumers its competitor brands 2. Fake imitations can hurt the brand’s image 3. Government policies and duties on expensive gifts & items can affect its b

STP Of Rolex

SEGMENTATION:

Geographic Geographic is a powerful segmentation, dividing its marketing on the basis of geography. Rolex segments marke states/regions and market density with wealth. Economically strong countries are the main focus along with sem sense of innovation, they’ve recently expanded their geographic market segments to BRIC countries and encou Rolex only storefronts. Demographic In the demographic segmentation, Rolex targets the age group of 18+ and above, with all income levels, all ethn cycle, social class (upper and middle class), and generation. Different strategies are developed based on targe segments. For instance, Rolex offers special outlets for high-income and premium customers and premium plans for business executives and professionals. One of the key strategies is that Rolex offers limited c events, creating scarcity of those models driving up the value. Being one of the luxurious brands it is clear tha the UK, Rolex has segmented its market based on wealthy areas showing tremendous results in profits.

Psychographics Psychographics segmentation is a market segmentation that group by their psychographic characteristics s personalities, lifestyles, value, loyalty, interests and geodemographics. The main goal of psychograph understanding how the brand or the product fit into consumer’s life and see them as an individual. In psychographics segmentation of Rolex, customer’s personality traits lead them pursue luxury accessory o look like high class people in order to satisfy their vanity. In research showed that consumers will buy more of p by celebrities, customers feel higher value of product when the celebrities are known by customers. invited Garbine Muguruza as an endorsement model of OYSTER PERPETUAL 31 can increase the aw credibility of Rolex brand. In advertisement, Garbine Muguruza published a sentence “You have to be s for what you want, in the end, the hard work will pay off”. As a spot super star, Garbine Muguruza wo customers related her success and athletic skill of tennis with the product. Besides that, all customers lifestyle with different needs and wants.

Targeting Current Market: The present target market for Rolex is rich buyers that are searching for high caliber and sele made for the individuals who need to flaunt their riches. The average Rolex proprietor is male or more the ag or games figure. Rolex is a global brand of Swiss watches that is esteemed everywhere throughout the world the business sector dwelling in the US, Hong Kong, China, France and Singapore.

Market Segment: 21- to 35-year-old guys living in the United States who have as of late found a lucrative occ

advancement or got a reward. These are young fellows who need to flaunt their newly discovered status. The costly suits and shoes to wear to their job, yet they have to finish the look with the advancement of a Rolex w

child/grandson. In the wake of accepting a Rolex look as a blessing, the young fellow will see the value of the from the brand later on.

Positioning Rolex has positioned itself as a brand without any compromise in the quality of the services and sustained its substantial profits. Rolex believes that the good quality and extraordinary look provide them competitive adv excellent channel of distribution, Rolex has been able to position itself in almost every part of the world. It ha exciting and beautiful advertisements and sales promotional activities for creating sales and enquiry. Rolex made us believe through its products that they are the best in the game. Potential customers will alway buying an expensive watch. By being a pioneer in many segments of the industry, Rolex made us perceive the of quality. The brand occupies number one spot in the watch industry over the years and it is most likely to stay this way

Marketing Strategies of Rolex Rolex is a luxury watchmaker. The products that are made and sold by Rolex are Rolex and Tudor. Rolex marke brands. The company is well known for its unique targeting, segmenting, and positioning of their product, wh helped them to maintain their position as a leader over such as long period.

However, with the change in the generations and ushering of the new generation who is more inclined towar

technology than a timeless timepiece, Rolex faces a challenge as to how they can attract these new emerging section, we will first discuss the marketing strategy of Rolex.

The target of Rolex is both men and women. Rolex makes watches to suit the taste of both men and women a both the sexes. The market segment that the company has placed its product in is the luxury market, and the are placed in the luxury market. In order to maintain their status related to the four Ps, the company has positioned its product as a luxury ite reason, they have striven to maintain a very high quality for their products. The accuracy of the Rolex watche them ahead of any other watchmaker. Before positioning the product, the first analysis the company does is to identify the characters of its product apart. Creating a group of target audience is the key to creating the target audience. Brand positioning, as an academician would know, is based on the perception of the customer.

First, the company decides the kind of customers they want to address i.e., identifying their base customers. clearly a luxury product targeted the affluent economic strata of the society. Consequently, the advertisemen are sponsored by the product, are those that are usually associated with the rich. The target customers for Rolex are both male and female. Targeting both the demographic section is advanta company to spread its market. Rolex’s advertising strategy entails celebrity endorsements. Rolex advertises it male and female endorsements. Rolex positions its products as a symbol of excellence and passion. Therefore, most of the advertisements that are shown by Rolex usually feature sports personalities like Tiger who are the best in their respective sports. In addition, the advertisements with women in them feature spor Ana Ivanovic. Further, in order to cater to a certain economic class, the company meticulously positions itself targeting the crave for “class” rather than “beauty” this is evident from the taglines used in previous Rolex advertisements forever”, “Some people want more than just a pretty face” or “Live for Greatness”. These taglines demonstrate that the appeal that the company makes for its brands ensures that the products strive not only for beauty of the product, which even a fake Rolex watch can deliver, but rather the pristine cl that is hand crafted. The company strives to make Rolex a symbol of excellence. For instance, older advertisement campaigns of th lines like “If you were looking for lost empires here tomorrow, you’d wear a Rolex”, or “If you were flying the you’d wear a Rolex” or “If you were sailing alone round Cape Horn tomorrow, you’d wear a Rolex”. In another landmark tagline for a Rolex advertisement, the positioning is made further clear, “A Rolex will nev leave that to the people who wear them.” Thus, the positioning of Rolex is clearly represented through the ad promote. The tag used in their website to describe the products of Rolex is resonant of the positioning approach of the

Rolex watches as “Symbols of excellence, performance, prestige, and innovation”. Therefore, the positioning s is to project the product as luxury brand that strived for excellence....