Question

Choose Rolex brand 2- Analyze the Microenvironment and Macroenvironment. 3- Conduct a SWOT analysis 4- Define the objectives 5- Develop the strategies for growth 5.1- Define the target 5.2- Define the positioning 5.3- Develop the Integrated Marketing Mix 6- Conclusion

Answer 1

1) Micro Environment - or the internal environment that can influence the Rolex brand are - Bargaining power of the suppliers that is outsourcing components from other cheap suppliers. Next is the bargaining power of the customers that is lesser number of people who are willing to purchase a watch which is heavily priced. Next is the threat of the substitute products which are launched in the market by other competitors to attract the customers of Rolex

2) Macro Environment - is the external forces which influence the sales such as - Political that is heavy import duties which are imposed by the government on such luxury products. Next is the Economic factor such as the taxes which are imposed on the sales of such products.

3) SWOT -

Strengths - Big Dials, Masculine, watch can be customized and stylish designs

Weaknesses - Targets generally the males and hence the females are not thought about. The product is very exclusively made for few occasions only and hence cannot be worn on daily basis.

Opportunities - Product can be made for women as well. Globally should be made available so that more people are targeted and more marketing campaigns should be done to advertise the products.

Threats - From competitors who can come up with cheaper substitutes and fluctuating market scenarios which may restrict the purchasing power of the customers and the availability of duplicate and fake watches of the same kind.

4) Objectives - for Rolex it is important to provide wrist watches to the high and luxury hands with innovative design and technology. Their main objective is to distribute and service high quality watches and to continue the long tradition of excellence. Additionally they want to promote its brand to a kind of collection item which symbolizes its prestige.

5) Strategies -

Target - Rolex should aim at targeting the differentiated and the undifferentiated marketing strategies to target its customers, That is a segment should be selected so that the product is specifically made for the segment only keeping in mind their needs.

Positioning - this should be done in a manner in which the customer perceives Rolex in comparison to its competitors. They should aim at launching sub brands to woo its customers by adding various features to its watches as per the requirements of that particular segment of customer.

Marketing Mix - Product - various products of various categories should be launched. Price - they should be priced in all ranges so that people from all strata can buy it. Promotion - promotional activities should be launched so that discounts can be offered to attract more customers. Place - the stores should be opened in such a manner that all the markets are covered so that people do not have to look for alternatives if Rolex is not available in their market.

6) Conclusion - keeping all of the above in mind Rolex should still keep targeting its existing customer who are the rich and are fond of wearing luxury watches but at the same time should focus on targeting the other segments as well such as the women and children and people with low incomes. They can plan to come up with soft and delicate watches for women and some cheaper versions for the customers who want a Rolex but cannot afford it because of its high end prices.