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Developing a Marketing Communication Strategy

   

Added on  2020-02-03

18 Pages6715 Words103 Views
Marketing communication

TABLE OF CONTENTSINTRODUCTION ..............................................................................................................3a. Brief description of company and profiling of target market......................................3b. Critical evaluation of characteristics, features and effectiveness of the marketingcommunication tools of Rolex........................................................................................4c. Devising a strategic marketing communication plan to market the product in theUK...................................................................................................................................7d) Developing a marketing communication strategy .....................................................9CONCLUSION.................................................................................................................11REFERENCES................................................................................................................122

INTRODUCTION Marketing communication is considered as the most fundamental and essentialpart of the marketing efforts made by an organization. This is a significant aspect as itfocuses on the use of tools for communicating a message to the desired market. It is forthis reason that marketing communication also forms an important aspect of themarketing mix. Rolex is a Swiss Luxury watchmaker and makes its products craftedfrom finest raw materials thus paying scrupulous attention to the details (The RolexWatches, 2016). Rolex engages in effective marketing communication activities formaking the customers aware of the exclusive features of any new product launched bythe company. The present report focuses on the marketing communication in thecontext of Rolex. A brief description of the company has been provided along with theanalysis of specific product. Further, the characteristics, features and effectiveness ofmarketing communication tools has been critically evaluated. The report also devises astrategic marketing communication plan for the chosen product. Lastly, a marketingcommunication strategy has been developed and elements of communication processhave been critically evaluated. a. Brief description of company and profiling of target marketBrief description of company Rolex is a Swiss watchmaker that pioneers in the development of wrist watchespertaining to varied consumer needs. It manufactures luxury watches by developing andproducing all the essential components of the watches in-house. Casting of gold alloysis used for machining, crafting and finishing of the watches (Castronovo and Huang,2012). The company has been involved in bringing a number of innovations such asfirst waterproof watch, first wrist watch showing two different time zones etc. Rolex SAdevelops and markets products under two brands namely Rolex and Tudior. Basically,the Rolex watch models comprise of three watch lines namely, Oyster Pepetual,Professional and Cellini. It produces a number of watch models such as Datejust,Daytona, Day-Date, GMT Master II, Milgauss etc. Analysis of specific product The product to be marketed by Rolex is Rolex Oyster. It has been over a centurythat Rolex has been interested in demonstrating its excellence inherent in sport. Rolexoyster models are considered to be symbols ofuniversal and classic style. It is madewith 904L stainless steel that makes it maximum resistance to corrosion. Moreover, asthe alloy 904L is highly resistant, it is effective at maintaining the beauty of the watcheven in the harshest environments. Presently, it is one of the most prestigious productin areas such as tennis, motor sport, golf etc. The sport watches manufactured by Rolexare designed in a manner to focus on meeting the demands of sports persons (OysterPerpetual, 2016). Profiling of the target marketIn UK, Rolex will be targeting the segment of customers that are interested insports. Rolex Oyster is the official time keeper of Wimbledon. There is a partnershipbetween tennis and Rolex that was established in 1978.The Rolex oyster watches are3

positioned as depicting a philosophy of excellence that matches with the refined senseof style of the players at Wimbledon Championship. Sportspersons will be main targetmarket of the company. This is because these people demand watches that couldsupport them during physical activity. Moreover, this segment has specific needsdepending upon the sport that they pursue. Hence, people undertaking different types ofsports will be the target market of the company. Along with this segment, thewatchmaker will also target young customers belonging to the age group of 13 to 30years (Petersen, Kushwaha and Kumar, 2015). This will involve school going children,adolescents and other young people who have high level of interest in tennis. Further,those adult and older customers who have interest in sport activities will also form thetarget market of the company.b. Critical evaluation of characteristics, features and effectiveness of the marketingcommunication tools of RolexCommunication tools :- These are defined as tools that are used for makingconsumers aware about various products and services that are being offered in theenterprise. These tools helps in completing and accomplishing marketing objectives ofthe enterprise. Communication theory that provides medium for developing a effectivecommunication channel in the enterprise is as described :- Information theory :- Flow of information from one subject to another or from sender to receiver via achannel or medium is communication. Information theory is applicable in businessorganisations on large scale. The occurrence and possibilities of error is minimum whenthis theory is applied. Messages are transferred in a safe environment. Messages areperceived as sets of informations through this theory. Alterations and corrections areapplicable when amount of sets and nature of message is identified. In order to maintainan errorless flow of information, accuracy has to be maintained. Hence, severalbusiness organisations adopt this theory. Due to its high accuracy and precisedecisions, quicker transfer of messages is achieved. Often during transit time ofinformations, certain modifications occur due to external forces. In this case, recipient ishold accountable rather than sender for differences that have taken place in themessage.Marketing mix provides information about the strategies that are implemented by thefirm in order to attract more and more customers. In this context, below given ismarketing mix for Rolex Oyster Perpetual models:Product: Determined as universal and classic style. Uses 904L stainless steel for itssteel watch cases. It is generally used in high technology. Highly publishable andextremely resistant. Further, 18 ct gold is coated.Price: The price of Rolex oyster perpetual starts from $1500.Place: It provides its products are all the countries in the world.4

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