Comprehensive Marketing Plan for Rolex: Strategy and Analysis

This report presents a comprehensive marketing plan for Rolex, a renowned luxury watch brand. It begins with an executive summary and table of contents, followed by an introduction that highlights the brand's focus on quality, luxury, and prestige. A situational analysis, including a SWOT analysis, is provided to assess the brand's strengths, weaknesses, opportunities, and threats. The report then defines Rolex's segmentation, target market, and positioning, focusing on affluent consumers and their aspirations. The marketing mix, including product, price, promotion, and place, is discussed in detail, along with a demand assessment. Action programs, including a digital marketing communication plan, and an implementation strategy are outlined. Finally, the report sets forth marketing and financial objectives for the next six months and concludes with a summary of the key findings and recommendations. References are also included.

Running head: MARKETING PLAN OF ROLEX
Marketing strategy for Rolex
Name of the Student:
Name of the University:
Author note:

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Executive summary
The following report of the company Rolex is a well known as a global brand. This report
analyses the situation for the company by analysing with the situational analytical tool of SWOT.
Again the company’s marketing objectives, demand assessments is also discussed in the report.
The 4ps of marketing are discussed and based on that the segmentation targeting and positioning
is given. . Further, the marketing objectives and financial objectives for the following 6 months
are also given in the report. The implementation strategy and action programs are also discussed
in the text.

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Table of Contents
Introduction......................................................................................................................................4
Situational analysis..........................................................................................................................4
SWOT analysis............................................................................................................................4
Mission vision and objectives..........................................................................................................6
Defining segmentation, target market, positioning of Rolex...........................................................6
Marketing mix of Rolex...................................................................................................................8
4p’s of Rolex................................................................................................................................8
Demand Assessment........................................................................................................................9
Action programs............................................................................................................................10
Digital marketing communication plan.....................................................................................10
Implementation strategy................................................................................................................10
3 marketing objectives...................................................................................................................12
Financial objectives.......................................................................................................................12
Conclusion.....................................................................................................................................14
References......................................................................................................................................15

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Introduction
The following is the report of Rolex market plan and analysis of their situation in the
market. The components and brand design is implemented and all their innovations includes
excellent quality, luxury and beauty and prestige (Terpstra et al. 2012). The brand elements,
brand identity and calculated brand equity and marketing mix are well developed and
emphasised in their marketing plan. Further, the marketing objectives and financial objectives for
the following 6 months are also given in the report. The implementation strategy and action
programs are also discussed in the text.
Situational analysis
SWOT analysis
Strength
Rolex is a strong brand among the luxury watches in the global market. The company has
expanded in worldwide and they are currently present in the 4000 watchmakers in the 100
countries all over the world. The firm presence of the company in the whole market and high
brand equity and awareness of this luxury watches are the aspiration for other companies in the
business (Terpstra et al. 2012).
Weakness
The pricing strategy of the company is already high. The reach of their products has been very
limited to the riches of the world. The affordability of their product has been an issue for
reaching their market. The younger generation is shifting their focus on the Smartphones, thus

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shifting their taste and preferences to the cell phones. The utility of the product is decreasing the
market share of the company (Slater et al. , 2014). Therefore, the high volume of the product
watches and less variation in their products have been the weakness of the company recent years.
Opportunities
Watches in the industry are a symbol of sophisticated personality or perceived as an object of
obsession among the users to reflect their personality. This has been the opportunity for watch
industry for last years to develop on this perceived value. The younger generation of this are
more addicted to the effective social media visibility. This allows Rolex to have effective media
presence among their younger customers segment and catch their attention. The YouTube
channels effectively will offer the company to have an open dialogue with their potential
customers. Rolex has also the opportunities for increasing their product-customer base and create
more value individually.
Threats
The biggest threat that the company is facing right now is the extinction of watch market while
competing with the Smartphones. The substitutes of their watches having impact on the decline
of the reliability of Rolex watches have also been the factor of decline in their sales. The high
volume and high-end production facility affects the uniqueness of the company’s luxury
watches. The high volume production has been issues for the company (Cavusgil, & Zou, 2012).
The low-end watches are known as the me-too products that also threatens the company’s overall
business.

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Mission vision and objectives
The company’s focus has been to manufacture watches that are very precision and high
quality in nature. They are also in business of giving high maintenance to their existing
customers. The business is expanding every year and plans to expand in the coming years. The
name represents excellence and they are continuing with their vision of selling high quality
watches to the younger generation and the affluent of the world (Slater et al., 2014).
Their recent development of the company’s objective was to create a larger audience for
the company through social media marketing. The have always emphasizes on creating value on
their luxury products, wristwatches. The
Defining segmentation, target market, positioning of Rolex
Available market of Rolex
The company has always targeted for the segment that are rich in monetary terms. People who
are high in selectiveness and calibre. Buyers who are very accustomed to flaunt and show off
their riches, thus reflecting their perspective of themselves with objects. This segment of people
are the focus of Rolex’s market plan.
Penetrated market
The average buyer of their watches is aged between 35. Their hobbies would include any
kind of sports as the brand ambassadors of this marketing campaign has always been icons from
sports background. Other demography of the people of their sales plan are Swiss tag favouritism
individuals of different business executives of the world. The dwellers are in the Singapore,
France, China, and Hong Kong, US.

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The other segment that can be targeted are aged between 21 to 36 years. The young
executives who have newly joined the business or at a stage of getting career advancements or
reward. This segment of people will have motive to buy the high quality watches to flaunt their
new discovered status. The rise in the incomes segment and income trends of Australia shows the
population of the incomes segment rising and growth in the numbers of male managers rising by
5.3% out of 7.2%.
Potential and target market
The feasibility of owning a watch should be taught to this segment. The advertisement
should be depicting the overall dynamic images that the company shows in their sales plan. The
social media using business professional should be approached through Facebook, Twitter,
Instagram, and YouTube. He private sector professionals earning more than 1,170,000$ a year
can also be a fruitful target segment for the company. The Gifting the children with such objects
has been a tradition for many years for Parents as well as the grandparents. Therefore, this target
segment can also be targeted. Price range o their watch brands is $5000 to $30,000. The
competitors are Cartier and Omega, Tag Heuer.
Positioning
The brand itself is focused on the wealthy consumers who reflects and represents success,
influence and wealth. The designers are well aware of the needs of the audience of the watches
and make it with precision, technical perfection and mechanisms. The brands tagline’s over the
years depicts their central brand identity of greatness. Like – “Live For Greatness”, “Time is
Precious, Waste it Wisely” and others. The greatness and precision is regarded for the prestigious
riches of the world (Chimhanzi, 2012).

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Marketing mix of Rolex
4p’s of Rolex
Product – Rolex offers a product that is has high recognition in the watch industry. The company
has a number of range of products, but the most important is the Datejust 41 and are available in
steel, bracelet and white gold. The new range of products are also waterproof in nature, which is
a unique value proposition with high quality (Chimhanzi, 2012).
Price - The level at which the watches has been priced is of great importance for the brand's
identity. Therefore, keeping the price or affordability of the watches balance is essential. The
marketing mix will be payable in two instalments in whole month. The average AU $ 11,850
Promotion - Rolex success relies on the promotional campaigns. In addition the success factor on
the continuation of promotions through magazines, selective television programs newspaper,
public relations and through different events that will have maximum visibility. These
promotional events are important to increase the awareness of brands.
Place The strategized placement of Rolex’s is the authentic channel dealers in the wealthiest
neighbourhoods and region that helps to set the brands association with quality and excellence.
The five star hotels, malls, showrooms are place where the maximum visibility of the brand can
happen.

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Demand Assessment
The customer lifetime value is included in the Rolex products that charges a net profit
attributed to the entire future relationship with the available and potential customers. The main
purpose of this is to provide the customers with the financial values that can have more return on
investments for such a lump sum amounts. The Rolex watches hence are very much profitable to
buy and can be used in vintage selling (Fifield, 2012).

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Action programs
Digital marketing communication plan
Websites – the company have a presence of website, for official purpose known as Rolex.com,
which can convey the basic message and value proposition to the customer willing to buy their
watches. The hyperactive links to their social media presence should be thoroughly optimised
and easily available in the front page (Menon et al. , 2014).
Social media - Twitter and face book accounts of the company should be thoroughly verified and
concerns regarding the followers and of the company that can interact with the officials through
this media. The team interaction and should be monitored for updating on regular basis. The You
Tube pop up channels and video advertisements can be fruitful for target market. In addition, to
the communication of new launch, these videos can be used for featuring other values of Rolex
that the brand offers like, reasonable instalments plans and Customer lifetime values propositions
and also the unique value proposition (Cravens & Piercy, 2012).
Implementation strategy
Using techniques of online marketing in this market to reach the identified young
segments may convey the company's many advantages to facilitate availability other than
traditional advertising tools:
1. Traditional way of using the advertisements is to place ads for the company is to use the
print media industry. The magazine and newspaper are a traditional way of approaching
the high-end customers of watch industry. In addition, billboard in affluent area of target
market and digital billboards are needed must be utilised for this advertisements

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campaign. In addition, the ads in the sporting events can be strategically used with good
association with the sponsors. The logo can be included in every possible area for high
recognition and visibility.
2. Based on each and every one of available channel of advertisements, Public relations and
other event marketing management which operates in different directions has great
impact on the company’s integrated marketing communication strategies (Cavusgil, S. T.,
& Zou, 2012). This also involves selective advancements in the sector of the identified
target audience. The occasion is to bring about the desired get in touch with journalists,
gives scope for an operation in different stages with the media, and generates their
interest and location (Leigh & Gabel, 2015).
3. People attending events and who does volunteer for these events, can be targeted for
approaching them more accurately and strategically. Assemblage generates a massive
emotion, while creating the form of unity, of belonging to something common. This
parallel to brand creates the style of life (Doyle & Stern, 2012).
4. Positive emotions that relays upon the perceivable products and services of the
customers and their loyalty are formed by enhancing the feel of the product. This can be
used as an advantage for the product aims for enhancing the feeling too. Image of events
can be widely used in the construction of a planned advertising campaign of the company
(Cravens & Piercy, 2012).
5. Campaigns that are based on the announcements are very effective in terms of creating a
effect on customers mind. The beginnings of the events always include press conferences,
announcements, posters, invitations, and the final performances course, mass media
publications.

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6. The focus group of the events and print media audiences are effective to reach the
company’s followers.
3 marketing objectives
Based on the above criteria’s that are identified in the text the marketing objectives of the
company can be
 To increase the market visibility of their newly launched products in the global market
 To increase the sales in volume compared to the sales numbers
 To increase the digitally integrated marketing communication plan.
Financial objectives
The financial objectives of the company are always focused to increase the profitability
of each year. The new marketing plan of the company also must include production of watches
increasing 10% extra. The parameters of increasing the sales must include integrated objectives
of sales teams, event management and association, advertisements and public relations and
financial team’s objectives (Jain & Haley, 2012). The company is more focused on the volume
production of the watches, which decreases its variable cost of production (Doyle & Stern,
2012). Therefore, keeping this in mind the following plan for 6 months of the product launch.
 Increase the sales in volume by 10% ,given sales are 2000 watches sold per day and an
extra 10%, that is 200 more watches must be sold every day
 Increase the profit percentage as the population growth is rising in Australia at an
increasing rate and GDP rate is increasing.

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 The increase in the COGS (cost of goods sold) in the initial 6 months of the product
launch can be challenging but achievable in the following month.

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Conclusion
This brand is known as the fortune’s most successful brands that are represented all over
the world. For 100 years, they are continuing to grow and gaining more new customers in
different regions. The further the development of their marketing strategy is developed for 3 to 5
years. In addition, use of new means of promotional tools, such as event-marketing and online
marketing tools, which will helpful in catching the interest to the brand and would bring
a new competitiveness and popularity. The brand has made its name in the Fortune’s successful
company’s list in the last years too and will thrive for the next years.

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