Report On Marketing Plans Of Rolex | Strategic Marketing

Added on -2020-02-14

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PRINCIPLES AND PRACTICES OFMARKETING
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Mission statement for the organisation.............................................................................11.2 Corporate objectives for the organisation.........................................................................1TASK 2............................................................................................................................................32.1 Analysis of the macro environment..................................................................................32.2 Analysis of the task environment.....................................................................................6TASK 3............................................................................................................................................73.1 SWOT analysis and evaluation of the impact of each elements......................................7TASK 4............................................................................................................................................94.1 Marketing assumptions relevant to the marketing of product and services.....................9CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTIONMarketing is one of the key practices that every organization needs to carry for boostingsales and spreading awareness among people. In this context, present report is prepared whichfocuses on marketing plan for launching a watch of Rolex. Strategic marketing plan helpcompany in selecting right strategy for marketing of the product. This study helps in understandobjective of the company. Company chooses fashion watch segment in order to attract people of18 to 35 year of age. The firm decides to introduce this product initially in the London' domesticmarket. It prepares a strategic plan to identify its customers and market. This plan assists theorganization to set its mission or target the customer so that further decision can be taken on thatbasis. This mission includes efforts of the company towards satisfying customers. This strategicplan is also concerned with the corporate objectives of the company. This helps the organisationin effectively attracting its target market. TASK 11.1 Mission statement for the organisationRolex's mission is to satisfy their customers by purchasing each item. . The mission of thecompany is set world class standard in watch industry by providing range and quality of productsand services (Ardley, 2005). Company focuses on satisfying it customers by providing withwholesale prices to the public. Organisation's main aim is to remember that customers areimportant in any situation. Firm focuses on providing the highest standard quality so thatsatisfaction level of customers can be attained. Company always deal with effective distributionand manufacturing. It focuses on continuous improvement in its products quality and services.Over the year, company tries to expand its market by increasing satisfied customers.1.2 Corporate objectives for the organisation1
The corporate objectives are developed and defined from the set goals of theorganization. From the above diagram it can be analysed that corporate objectives are theenlarged and detailed version of organizational goals which helps the company to comply itsprimary and long term goals and balance those in order to attain wide success measures. For thepresent case company wants to introduce a fashionable watch which is new in the market andperform different functions. Its corporate objective is to explore the market for fashion watchwhich is designed for youth customers. It is planning to expand its market in different segmentand focus on providing choice to its customers. Organisation also includes market growth in itscorporate objectives. Rolex aim to increase its market share by 8% in next quarter (CatherineMurphy and Kielgast, 2008). Company is required to increase its overall market share byintroducing new product. Corporate objectives of the company are concerned with range ofproducts product for different segment of the market.Corporate objective of Rolex Pvt ltd focuses on vast areas of business which are asdescribed as under:Key AreasCorporate objectivesMarketingstandingCompany emphasizes on satisfaction level of its customers byproviding them valuable services.Firm divides its market in different segment in order to identifyindividual's preference.ProductivityCompany's corporate objective is to use available resources and tofocus on core activities.2Illustration 1: Corporate objective of the company

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