Module Title: Introduction to Business studies

Module Code: FY021

Assignment No/Title: Coursework 1 – Portfolio

POSTER

STUDENT ID:

DEADLINE:

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Purpose of This Poster

The marketing mix for Rolls-Royce has been discussed and one of the components has been
analyzed in this poster. The main motive for illustrating the ideas in this poster is to imply
information on how this company has adopted promotional approaches and strategies to retain its
customers. The information on the other three components (product, price, and place) also has
been reviewed in the process.

Overview of Rolls-Royce

Rolls-Royce has been known as a luxury brand in the automobile industry founded in 1904. This
has been selling more than four thousand cars in the niche market all over the world. In European
countries, this is one of the most luxurious brands that is dominating the market. In 2022, the
electric cars of the rolls have become popular and thrive in the niche market.

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Marketing Mix

Marketing mix for a business generally comprehends the needs of marketing strategies that may
be driven for attracting customers. This is an important tool in marketing because a good
development of the crucial elements of this may bring back customers for any organization. This
also can be called an amalgam of the action plan by which a business may offer its products or
services to its customers. The major four elements of marketing have been illustrated in the
discussion.

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Product

Product is the element by which the business satisfies the desires of the customers. Products can
be commodities or services; however, the business has the authority to decide the ways of
designing any products, setting their appearances, and controlling the quality. This is a major
part of the marketing mix because it drives the other components of the mix as well. In the case
of Rolls-Royce, the company may decide how the design of the car will be, the color, texture,
machines, quality, speed, technology, etc. which may differentiate its other brands.

Price

Price is the crucial element for any business because the amount that any customer may pay
determined the revenue and profit. In the case of pricing strategy, different companies follow
different prices based on their target market. As Rolls Royce has been branded as a luxury brand
with a very niche market, it has been following premium pricing for the products.

Place

The place indicates the areas of offering the product and services to the customers. Following the
target market of any business, the place is determined by building the bridge between the product

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or service provider and the consumers. In the case of Rolls Royce, they have a prominent
distribution channel for displaying the cars and servicing over one hundred and fifty countries.

Promotion

Promotion helps to educate the customers about any service or product that any business is
offering. This also indicates the channels and mediums by which the customers may get firstly
connected with the name of the brand. Different organizations have different strategies to
promote their brand and a successful promotional strategy brings successful sales.

Promotion Strategy of Rolls Royce

Exclusive Advertising and Digital Marketing: Rolls Royce engages its customer base based on
exclusive and attractive advertisements using celebrities mostly. The advertising is created
focusing on the main and dominant positioning of the products than the other compared car
brands. It also gets the help of the digital marketing mediums such as social media and websites
for letting the customers known about the new models.

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Superior Service to Loyal Customers and Brand Ambassadors

The promotional team also interacts personally with loyal customers regularly by offering them
gifts and letting them know about their new models of cars. The brand ambassadors are the loyal
customers of this company because superior service and patronization are one of the main
strategies for this company.

References

Childers, C.C., Lemon, L.L. and Hoy, M.G., 2019. # Sponsored# Ad: Agency perspective on
influencer marketing campaigns. Journal of Current Issues & Research in Advertising, 40(3),
pp.258-274.

Fahy, J. and Jobber, D., 2019. EBOOK: Foundations of Marketing, 6e. McGraw Hill.

Grewal, D., Hulland, J., Kopalle, P.K. and Karahanna, E., 2020. The future of technology and
marketing: A multidisciplinary perspective. Journal of the Academy of Marketing
Science, 48(1), pp.1-8.

Shastri, A. (2021) IIDE, Detailed Marketing Strategy of Rolls Royce. Available at:
https://iide.co/case-studies/marketing-strategy-of-rolls-royce/ (Accessed: November 15, 2022).

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Team, M.S. (2022) MBA Skool, Rolls Royce Marketing Strategy & Marketing Mix (4Ps).
Available at: https://www.mbaskool.com/marketing-mix/products/17132-rolls-royce.html
(Accessed: November 15, 2022).

Xiao, M., Wang, R. and Chan-Olmsted, S., 2018. Factors affecting YouTube influencer
marketing credibility: a heuristic-systematic model. Journal of media business studies, 15(3),
pp.188-213.