PRINCEPLES OF MARKETING REPORT 1000 word repo

PRINCIPLES OF
MARKETING REPORT

Table of Contents
INTRODUCTION...........................................................................................................................1
METHODOLOGY..........................................................................................................................1
FINDINGS.......................................................................................................................................1
Existing brand and Brand Values................................................................................................1
Description of Target Market.......................................................................................................2
Analysis of New Market, Including Trends - PESTLE analysis.................................................3
Explanation of New Product through Tauber’s Brand Extension Options..................................4
Comparative analysis of brand extension with competition identified in new market sector.....4
CONCLUSION................................................................................................................................5
PPT...................................................................................................................................................6
REFERENCES..............................................................................................................................13

INTRODUCTION
Marketing is the activity concerned with creation of awareness among people regarding
the products and services offered by entity at market place. The aim of this report is to facilitate
brand extension of Rolls Royce by introducing luxury watches within the market. Rolls Royce is
a luxury automotive producer that is engaged in segments such as civil aerospace, marine,
energy, defence aerospace and automotive. The brand has its headquarter situated within
England, United Kingdom. As per the reports of 2018, this firm generated overall revenue of
£15,729 million.
METHODOLOGY
Mainly there are two methods of collecting data for carrying out research, primary and
secondary. Primary research is the one in which use of questionnaire, surveys, focus groups and
interviews is done in order to collect fresh data to carry out study. As per the telephonic
interview, it can be drawn that the luxury watches introduced by Rolls Royce would be a good
way through which the concerned brand would be able to enhance its market share and profits.
Further, it is acknowledged that these luxury watches are equipped with all kinds of tech features
and characteristics owing to which it will gain extensive attention from customers. In addition to
this, it is drawn that the new product is capable of disrupting the market with its innovative
characteristics. Apart from this, it is recognised that Rolls Royce is a leading brand in luxury
market which undertakes measures to come up with innovative products at rapid intervals of
time.
FINDINGS
Existing brand and Brand Values
Brand can be referred to as the name, designing, symbol, term or any other distinct
feature that creates a unique image of seller in the eyes of purchaser. This is what distinguishes a
company and its offerings from other rivals present at market place. In addition to this, brand
extension can be referred to as a marketing strategy which is adopted by a business entity in a bid
to use its brand name for marketing of a new product category in which the organisation was not
earlier dealing.
Kapferer’s Brand Identity Prism
1

This is identified as a concept which was developed by Kapferer as per which, a brand is
recognised in accordance with its unique characteristics. This is acknowledged to be a hexagonal
prism which consists of 6 characteristics defining a brand. The management of Rolls Royce is
making use of this model to portray a likely image of company after execution of brand
extension by launching luxury watches.
The illustration of this model in context of the new watches being introduced by the brand is
presented as follows:-
Illu
stration 1: BRAND IDENTITY PRISM OF ROLLS ROYCE
(Source: Self Generated)
Summary: It can be summarised that Rolls Royce is a luxury brand which has in past
gained massive appreciation and contentment from customers for its innovative approach and
elegant persona. The firm is looking forward to maintain the same image while launching luxury
watches at market place.
Description of Target Market
It is important for a firm to effectively target the audience as per the nature as well as
type of their organisational offerings. In this relation, Rolls Royce is gaining entry into luxury
watch segment. The management of Rolls Royce is making use of STP model to select the target
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