In this one i did my report on the ‘Rolex Watch Company’, as we all know that Rolex Comapny is the leading producer of the luxury Wrist watches. And they are the leaders in the field of watch business. In this report i have mentioned the principles of the strategic planning and proters five forces rule and the steeple analysis. And i have apllied all these to my company which ‘Rolex’. And how they are implementing the strategies. Secondly, i have mentioned the effective marketing options tjhat the Rolex company have when compared to the other watch companies. And thirdly, i have outlined how the globalization changed the business environment and how Rolex company has gained advatage because of the globalization. Finally, i have presented the implications for the changes in the marketing environment.
(2) Task 1.a: Out line three key principles of strategic planning:
For any business in order to be successful, profitable and to attain market share there is a need for the strategic planning. Before going to present the key principles of the strategic planning I just want to define what is “STRATEGIC PLANNING”.
Definition of strategic planning:
“Strategic planning” is the process of developing and maintaining a strategic fit between the organization’s goals and capabilities and its changing marketing opportunities.”
In other words, “strategic planning” is to shape and reshape the company’s products and businesses to produce satisfactory profits and also its growth in business. Secondly, STRATEGIC PLANNING is a management tool which is used for only one purpose which makes an organization to do better job and which makes the members of the organization to work towards the same goals, to assess and adjust the organization’s direction according to the changing environment
“Strategic planning” for any business unit mainly involves three factors. They are:
1) What business are we in?
2) What do we serve to the customers?
3) What benefits do we provide?
As I mentioned earlier, strategic planning is process, which consists of steps for any corporate level business unit and product and market level, as the final target and goal of any business unit is to get more profits, market share and more competitive advantage.
The three principles of strategic planning are:
1) Defining the market oriented mission.
2) Setting the company’s objectives and goals.
3) Designing the business portfolio.
These are the three main and most important principles of any business unit/company. Even though these three are the important principles, another important principle of strategic planning is “planning marketing and other functional strategies”.
But for now I just want to present these three principles one by one.
1) Defining the market oriented mission:
For any company there will be a mission and they will word hard for the mission, but the main thing is that the mission should be “market oriented” which makes a lot of difference having a mission and market oriented mission.
A mission statement is “a statement of organization’s purpose”. Secondly, a mission statement clearly defines the main purpose of the organization’s existence and it mainly focuses on the demands of the customer and the customer value and in order to achieve the organization alignment, mission statement is necessary.
The main characteristics of a good “mission statement” can be given as A mission statement should be:
1) Market oriented.
4) Fit market environment.
5) Distinctive competencies.
If any mission statement of any company fulfils these characteristics then it can get more profits and can gain more customers.
Secondly, any mission statement should typically provide clear and concise answers to these questions which provide...