Final Report For Marketing
Marketing report
Rolex
Founded in London in 1905, Rolex is a high end luxury watch manufacturer. The company markets itself to young men through sporting events such as golf, formula 1, tennis and the NFL. They do not have a complex brand image based on long slogans or numerous pictures, Rolex simply uses the image of a crown for its branding and it is easily recognisable throughout the world. The first name thought of for many when buying a high end watch is Rolex and this happens because of their marketing concept.
All organisations are affected by factors which may be outside of its control. A company’s Micro environment consists of things which can affect it regularly and will occur every day. Examples of elements of the micro environment which do this are the media, competitors and Trade unions. Micro factors can be managed more easily by businesses as they are closer to home and can sometimes be internal.
A companies Macro environment consists of things which will affect the company on a long term basis.
Political
Barriers in place restricting trade from the Rolex headquarters in Switzerland
Economical
The state of the economy will have a bearing on Rolex. The recession shook many businesses although did not have a negative impact on Rolex as people with the financial capability still sought after having the status symbol of wearing a Rolex watch.
Social
A person does not buy a Rolex watch because it is the latest trend. Rolex is a very iconic and self sustainable business that trends in the market do not affect them as much as its competitors.
Technological The internet has made it easier for people to buy fake Rolex watches as well as competitors making their watches better known.
Competition.
Sales of fake replica Rolex watches and new smart-watches being released are all factors Rolex has had to overcome. The reliable iconic timepiece is still ahead when it comes to choosing a luxury watch.
Market research is when a company gathers
Rolex
Founded in London in 1905, Rolex is a high end luxury watch manufacturer. The company markets itself to young men through sporting events such as golf, formula 1, tennis and the NFL. They do not have a complex brand image based on long slogans or numerous pictures, Rolex simply uses the image of a crown for its branding and it is easily recognisable throughout the world. The first name thought of for many when buying a high end watch is Rolex and this happens because of their marketing concept.
All organisations are affected by factors which may be outside of its control. A company’s Micro environment consists of things which can affect it regularly and will occur every day. Examples of elements of the micro environment which do this are the media, competitors and Trade unions. Micro factors can be managed more easily by businesses as they are closer to home and can sometimes be internal.
A companies Macro environment consists of things which will affect the company on a long term basis.
Political
Barriers in place restricting trade from the Rolex headquarters in Switzerland
Economical
The state of the economy will have a bearing on Rolex. The recession shook many businesses although did not have a negative impact on Rolex as people with the financial capability still sought after having the status symbol of wearing a Rolex watch.
Social
A person does not buy a Rolex watch because it is the latest trend. Rolex is a very iconic and self sustainable business that trends in the market do not affect them as much as its competitors.
Technological The internet has made it easier for people to buy fake Rolex watches as well as competitors making their watches better known.
Competition.
Sales of fake replica Rolex watches and new smart-watches being released are all factors Rolex has had to overcome. The reliable iconic timepiece is still ahead when it comes to choosing a luxury watch.
Market research is when a company gathers
Bibliography: Bert Markgraf, http://smallbusiness.chron.com/objectives-market-segmentation-64677.html http://dtcarguy.wordpress.com/2013/05/02/the-rolex-marketing-mix-a-success-story/ http://www.entrepreneur.com/encyclopedia/market-research http://www.learnmarketing.net/environment.htm http://www.meiss.com/blog/tag/neutral-pricing-strategy/ http://www.watchpro.com/14830-signet-sales-fall-as-rolex-drops-out-of-stores/ http://en.wikipedia.org/wiki/Product_(business)) http://en.wikipedia.org/wiki/Distribution_(business)#Channels_and_intermediaries) Stan Mack http://smallbusiness.chron.com/classification-products-marketing-65394.html Leigh Richards http://smallbusiness.chron.com/examples-business-market-segmentation-24278.html