Business Profiles

Research Report with a Marketing Plan

Table of Contents
Introduction:.......................................................................................................3
Role of marketing:...............................................................................................3
The structure and operations of marketing departments:...................................3
Market research...............................................................................................3
Advertising.......................................................................................................3
Target marketing..............................................................................................4
Brand positioning.............................................................................................4
How it interrelates with other business units:.....................................................4
Marketing strategies by local fashion and luxury brands in the pandemic:..........5
Ways to achieve overall business objectives:......................................................5
A marketing plan that meets marketing objectives.............................................6
Market Conditions in the Pandemic:...................................................................6
Purpose:..............................................................................................................7
Benefits...............................................................................................................7
Competition........................................................................................................7
Marketing planning process:...............................................................................8
SWOT Analysis:....................................................................................................8
PESTLE Analysis:................................................................................................10
Allocation of resources and implementation:....................................................11
Monitoring and control measures.....................................................................13
Conclusion:........................................................................................................13
Bibliography......................................................................................................13
Luxury Brand: Rolex

Introduction:

The first timepieces that were waterproof, soundproof, and resistant to dust were created by Rolex. The
business is frequently linked to its high-end trademarked watches, which can only be purchased from
licensed retail establishments. The timepieces come in gold, silver, as well as platinum, and they
frequently have diamonds and perhaps other priceless gemstones as embellishments.

They produce a variety of timepieces, including wrist watches, stopwatches, and dials. The leading luxury
watch company in the world today is Rolex. The business, which has its headquarters in Geneva, Swiss,
was once named as Montres Rolex S.A.

LO1:

Role of marketing:

The benefit of marketing of any company is that it engages consumers and assists them to decide
whether to purchase your goods or services. A marketing strategy, which is a component of a
business strategy, also aids in generating and maintaining interest, applicability, recognition,
competitiveness, etc.

The structure and operations of marketing departments:

Market research 

For several years, Rolex has emerged as one of the best-known names in the luxury brand industry. Its
target client market has maintained attention due to the high caliber of its items. However, as shifts in
customer behavior become increasingly obvious, the business must act quickly if it hopes to keep its place
as the world's top watchmaker. Any person anywhere in the globe now has a wide range of choices to
pick from when making a purchase because of the integration of markets. Customers notice that similar
goods may be acquired for much less prices.

Advertising

The following categories can be utilized to group Rolex's marketing techniques:

1.      Television Add

2.      Printed ads in periodicals and newspapers.

3.      Those who support sporting tournaments such as Wimbledon

4.      Advertising included in films such as James Films

Target marketing

Together men and women are Rolex's target market. Both sexes adore Rolex watches, which are
made to appeal to both genders' tastes. The luxury market is the economic category in which the
corporation has positioned its goods, and as such, the prices are steep.

Brand positioning

The fact that Rolex has filled its items with pricey and gorgeous alloys and stones to create the
ideal watches exemplifies how effective its product positioning is. Indeed, Rolex timepieces are
a fusion of art and science.

Rolex charges a hefty price for the timepieces it sells. Their branding and advertising strategies
are in line with their price plan. Additionally, they use the highest grade innovations and very
precious raw materials in the creation of their items. The expensive pricing reflects the product's
positioning as a luxury good (Hodinkee , 2013).

How it interrelates with other business units:

Customers notice that similar goods may be acquired for a little less money. Omega, for
example, sells high-end timepieces of equal quality for half of the same cost. As a result, it has
proved successful in luring away several Rolex clients. Rolex has two choices: either it will have
to lower the price of its products in order to remain competitive with other producers, or it will
be unable to. Another option is to update the market positioning strategy so that it stands out
from the competition.

The sector as a whole is being impacted by the availability of fake goods, changing consumer
purchasing habits in advanced markets, the proliferation of me-too companies, and copying. In
order to lead the market, Rolex consistently pushes technological innovation and cutting-edge
design with hardly any attention being paid to the competition (David, F. and David, F.R., 2016).

Marketing strategies by local fashion and luxury brands in the

pandemic:

Of course, protecting the workers' health, customers, and business associates should always
come first. In fact, luxury organizations and companies have changed their business strategies to
respond to critical public health needs. For example, factories that previously used to produce
scarves, lotions, and perfumes are now producing face masks, gloves, and hand sanitizer, and
many luxury and top-notch companies have donated money to hospitals, health centers, and
other non-profit organizations. Industry executives are preparing for the future and debating
relatively long strategic issues in order to safeguard the sustainability of their companies, as
millions around the world, from factory workers and retail store staff to limited artists and
craftspeople, depend on the luxury goods sector for a living.

E-commerce is a vital pathway for maintaining sales, engaging with clients, and creating a
community spirit together around the brand because stores are often shuttered all around world.
Increase your digital expenditure and switch to online media platforms, putting more of an
emphasis on customer excitation than brand development. Along with improving your personal
websites, think about forming alliances with respected online merchants. Online marketing may
increase retail orders as well as encourage customers to visit establishments when they return
(Klara, R, 2013).

LO2:

Ways to achieve overall business objectives:

1.      By performing a life cycle evaluation in order to comprehend the product managing and
orchestrating.

2.      By identifying the brand's qualities and flaws.

3.      By comprehending the market sector.

4.      By Understanding one's competition.

5.      The business should have a clear understanding of its current and potential rivals.

6.      By having a strong product portfolio.

7.      Importance of developing and adhering to a tactical marketing strategy for a business.

8.      Businesses must continue acting professionally when marketing and advertising its services. In order
to forecast any possible changes, it is crucial for the organization to comprehend each of the
aforementioned marketing techniques and regularly assess its items using them.

LO3:

A marketing plan that meets marketing objectives

Market Conditions in the Pandemic:

It's reasonable to say because the year 2020 and 2021 was unlike any other, and also that 2022 won't
likely go back to business as usual. What else would we learn from the COVID-19 pandemic as
strategists and marketers plan to create brands throughout this year as well? What could be done to aid
business expansion more quickly? In what ways are advertising and marketing changing in the Covid-19
era?     
Purpose:

The main purpose of writing this article is to provide a solution and to meet all the challenges faced by
companies and businesses all around the world. This is the time to look for opportunities that can help
businesses to emerge and evolve their businesses.

Companies all throughout the globe had to respond quickly and forcefully to the pandemic's difficulties.
Businesses need to look for and capitalize on the opportunities presented by the economy as we enter the
next chapter. This entails carrying out an "after-action review" to gather data and information on the
pandemic's knowledge gained and then prioritizing steps to increase corporate practical value and create
strategic security for the future. Businesses that take these actions now will be in a good position to create
an enabling environment emerging inside the post-COVID-19 resurgence and to keep dominating their
markets as more predictability and security return.

Benefits:

Establish a crisis intervention team, create a disaster response plan that is in line with your
vision, goals, and objectives, and create an interconnected resilience program to manage for and
be ready for the following unavoidable disturbance.

Remove obstacles between resilient teams and skills, and combine them to plan the strategies,
equipment, and resources required for successful crisis response.

Creating high-level leadership for resilience, reviewing and revising your incident response plan,
and promoting a culture of resilience are all ways to strengthen organizational resilience.

 Competition:

Rolex fosters internal interaction and coordination between workers, organizations, groups, and
departments because of its welcoming and supportive company culture. Rolex's international companies
and the frequent need for interdepartmental comments and input on duties and activities within the
organization make cooperation and partnership crucial. Additionally, the company often establishes
project teams as a result of greater growth and integration; these teams succeed thanks to the interactive
and collaborative spirit that exists throughout the Rolex organization (Barney, J.B. and Hesterly, W.S.,
2010).

Marketing planning process:

All of Rolex's workers and partners are informed of the company's strategic goal and vision and general
business strategy. As a result, the organization is better able to oversee performance, direct actions, and
develop various strategies that are in line with the company's goals. Additionally, Rolex's operations are
made more visible as well as the company's duties and activities are in line thanks to the development and
communication of both the strategic plan.

LO4:

SWOT Analysis:

Strengths:

The fundamental elements of Rolex's business that provide it a competitive edge in the marketplace are
considered its strengths. The strength of a brand can be attributed to a variety of things, such as its
economic status, skilled personnel, the distinctiveness of its products, and intangible resources like a
marketing strategy. 

1. Rolex's reputation as an elite luxury product is well-established.

2. Rolex has upheld its reputation as a brand by leading the industry in terms of game-changing
innovations.
3. Rolex created the first fully automated dated watch, the very first waterproofing watch, and
the first diver's watch, all of which were launched.
4. The company is a major and well-known luxury watch company producer worldwide.
5. Its watches are being sold in more than 100 nations.

Weaknesses:

A brand's shortcomings are specific areas of its company that can be improved to enhance its standing.

1. False and copycat products harm Rolex's reputation as a quality brand.

2. Keeping a brand's personality while competing with other high-end timepieces requires
significant investment.

Opportunities:

Every brand has the potential to improve in certain areas in order to grow its customer base.

1. In the case of Rolex, the company may launch distinct product ranges with various
trademarks.
2. There is a big possibility to further encroach on the world market thanks to advanced
economies.
3. New platforms and digital innovations in watches might add a fresh perspective.

Threats:

Any firm may face risks in the form of elements that could harm its operations.

1. Rolex's few retail locations and lengthy wait times may cause customers to switch to other
brands.
2. Knockoffs and replicas can damage a brand's reputation.
 3. Government regulations and taxes on pricey presents and goods may have an impact on its
firm.

PESTLE Analysis:

Political Factors:
High-end watch manufacturer Rolex has operations all around the globe. Despite being created
mostly in Switzerland, its products are sold all around the world, hence the country's policies are
most crucial. The sustainability of the administration is crucial for the efficient operation of the
company and business. The people and their rulers must be honest. Incompetent management and
unethical governance and leadership are the causes of fraud and corruption. if there is a possibility
of a war of aggression, since if there is, investment stops.
Economic Factors
The GDP growth rate of the nation where its goods are produced should be increasing. Rolex will
experience stronger growth as a result of the rising GDP rate. The proportion that the company
must spend in that nation depends on lending rates. Countries with lower lending rates will receive
more funding. How and for how much cost Rolex would raise financing will depend on the state
of the capital markets. Since it has activities all across the world, it must monitor currency
fluctuations. Higher youth unemployment indicates job demand, which enables workers to be
hired at lower prices than in other locations.
Social Factors
The Rolex brand's main clients make up its social structure. It is necessary to research the
customer's attitude, behavior financial situation, etc. People's discretionary cash is rising these
times as a result of their rising earning rates. They connect to the business and try looking up
television and social networking sites commercials. The customer's purchasing be behavior greatly
influenced by social media. While some new items and technologies are environmentally friendly,
individuals are keen and eager to accept them. Those who care about the environment can tell
what a brand's products do to the world by looking at them.
Technological Factors
Technology is constantly changing. The Asiness that can remain up with the rate of innovation is
able to draw in new clients while retaining its current clientele. Watches used to be analogous they
are now digital. Currently, a watch is capable of more than telling the time. Now we can see the
date and direction of day the as well. 
Legal Factors
As a luxury watch company, Rolex is required to abide by the laws of every nation where it does
business. Laws pertaining to taxation, lablaborhe atmosphere, and other matters must be adhered
to carefully. With rivals like Hublot and Tag Heuer, ad Patek Philippe, they must be vigilant in the
nt their innovation or any other proprietary information is stolen or disclosed. There must be
dedicated legal staff in place that are attentive in their duties in case of such events. Large brands
carry higher risks of false accusations being made in an effort to profit from them. To address any
legal concern, they have corporate laws and regulations in existence together with those of the
nations in which they conduct business.
Environmental Factors
The surroundings are not significant elements in relation to Rolex. A company that practices
commitment to the environment produces 2000 (two thousand) watches each day. The most a
business can really do throughout this advanced and economically vulnerable technological age is
to lessen its carbon emissions (Forster, J., 2012).

Allocation of resources and implementation:

To Rolex, the property features all the locations it owns or rents for holding manufacturing lines
in addition to storing, making it a real resource. All those areas which Rolex rented for their
company and the purpose is packaging, manufacturing, and deliverance are considered as tangible
resources.
This comprises each of the sitsitesd infrastructure in the areas of engineering, construction,
furnishings, and upkeep of offices, as well as Rolex's distribution of power generators like
energy to its operations. The development of the company's infrastructure is a crucial resource
for assuring high performance and simplicity of operation. Similar to certain other tangible
assets, it may be easily reached by other individuals who may later create comparable assets f
their personal goods and purposes.

Resource Valuable Rare Inimitable Organized

Land Y N N Y

Equipment Y N N Y

Materials Y N N Y

Supplies Y N N Y

Infrastructure Y N N Y

Facilities Y N N Y
 Brand reputation Y Y Y Y

Monitoring and control measures.

 First, from the beginning, Rolex watches constantly proved themselves during the most stressful
instances possible. Well before any Rolex watch is permitted to exit the Rolex site, it is put through
rigorous testing to guarantee it is able to remain true to such high demands.

Conclusion:

Due to its reputation as a high-end watchmaker, Rolex largely appeals to affluent consumers. The
business has enjoyed success for several years, but modifications in consumer behavior may necessitate
changing the company's business plan. Individuals nowadays do not use watches to indicate social class
or riches as previous generations did. Instead, the younger generation is more interested in a commodity's
cost and usable advantages (IvyPanda , 2022).

Bibliography

Barney, J.B. and Hesterly, W.S., 2010. Strategic management and competitive advantage:.

David, F. and David, F.R., 2016. Strategic management: A competitive advantage approach, concepts and
cases. Pearson–Prentice Hall..

Forster, J., 2012. The Rolex Problem..

Hodinkee , 2013. A Quick Look At The New Rolex Ad Campaign: Highlighting Innovators And Rolex
Wearers..

IvyPanda , 2022. Rolex Company's Customer Analysis.

Klara, R, 2013. How Rolex Runs on Autopilot Educating is no longer necessary..