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Marketing communication is considered as the most fundamental and essential part of the marketing efforts made by an organization. This is a significant aspect as it focuses on the use of tools for communicating a message to the desired market. It is for this reason that marketing communication also forms an important aspect of the marketing mix. Rolex is a Swiss Luxury watchmaker and makes its products crafted from finest raw materials thus paying scrupulous attention to the details (The Rolex Watches, 2016). Rolex engages in effective marketing communication activities for making the customers aware of the exclusive features of any new product launched by the company. The present report focuses on the marketing communication in the context of Rolex. A brief description of the company has been provided along with the analysis of specific product. Further, the characteristics, features and effectiveness of marketing communication tools has been critically evaluated. The report also devises a strategic marketing communication plan for the chosen product. Lastly, a marketing communication strategy has been developed and elements of communication process have been critically evaluated.
Rolex is a Swiss watchmaker that pioneers in the development of wrist watches pertaining to varied consumer needs. It manufactures luxury watches by developing and producing all the essential components of the watches in-house. The casting of gold alloys is used for machining, crafting and finishing of the watches (Castronovo and Huang, 2012). The company has been involved in bringing a number of innovations such as a first waterproof watch, first wristwatch showing two different time zones, etc. Rolex SA develops and markets products under two brands namely Rolex and Tudior. Basically, the Rolex watch models comprise of three watch lines namely, Oyster Perpetual, Professional and Cellini. It produces a number of watch models such as Datejust, Daytona, Day-Date, GMT Master II, Milgauss, etc.
The product to be marketed by Rolex is Rolex Oyster. It has been over a century that Rolex has been interested in demonstrating its excellence inherent in the sport. Rolex oyster models are considered to be symbols of universal and classic style. It is made with 904L stainless steel that makes it maximum resistance to corrosion. Moreover, as the alloy 904L is highly resistant, it is effective at maintaining the beauty of the watch even in the harshest environments. Presently, it is one of the most prestigious product in areas such as tennis, motorsport, golf, etc. The sport watches manufactured by Rolex are designed in a manner to focus on meeting the demands of sportspersons (Oyster Perpetual, 2016).
In the UK, Rolex will be targeting the segment of customers that are interested in sports. Rolex Oyster is the official timekeeper of Wimbledon. There is a partnership between tennis and Rolex that was established in 1978. The Rolex oyster watches are positioned as depicting a philosophy of excellence that matches with the refined sense of style of the players at Wimbledon Championship. Sportspersons will be the main target market of the company. This is because these people demand watches that could support them during physical activity. Moreover, this segment has specific needs depending upon the sport that they pursue. Hence, people undertaking different types of sports will be the target market of the company. Along with this segment, the watchmaker will also target young customers belonging to the age group of 13 to 30 years (Petersen, Kushwaha and Kumar, 2015). This will involve school going children, adolescents and other young people who have a high level of interest in tennis. Further, those adults and older customers who have an interest in sports activities will also form the target market of the company.
Marketing mix provides information about the strategies that are implemented by the firm in order to attract more and more customers. In this context, below given is marketing mix for Rolex Oyster Perpetual models:
Product: Determined as universal and classic style. Uses 904L stainless steel for its steel watch cases. It is generally used in high technology. Highly publishable and extremely resistant. Further, 18 ct gold is coated.
Price: The price of a Rolex oyster perpetual starts from $1500.
Place: It provides its products are all the countries in the world.
Promotion: In order to promote the product, they make use of television, radio, newspaper, internet, etc.
In order to promote, the cited firm make use of the logo in which there is given about Rolex. Then it includes campaigns which are done and posters are used. Further, they also make use of television, radio, newspaper, social media, etc. Further, promotion is made on British Magazine. Moreover, channels like ESPN and ESPN 2 broadcasted the match live when ever it many be held. Next match will be held on July 3. Effectiveness of this that is enables to make people aware of the watch with the help of the game.
There are many organizations which provide their customers with similar products and services. In this context, they make use of a different set of tools so that they will be able to convey information about the type of products and services that delivered by the firm (Parente and Strausbaugh-Hutchinson, 2014). Communication is a very important tool that enables the firm to provide all type of information to customers. In this context, it includes tools like newspaper, trade shows, social media, advertisement, direct e-mail, etc. All these tools have their own set of benefits, advantages, features, effectiveness, and characteristics. With this respect, below given are the characteristics, effectiveness, and features of communication tools:
Advertisement can be determined as a tool that enables the organization to increase awareness (Luxton, Reid and Mavondo, 2015). All the type of new products or promotions that are made by the Rolex can be effectively determined with the help of advertisement and this is generally done with the help of television. With this respect, below given are the characteristics of advertisement:
Below given are the various features of advertising:
Below given are the effectiveness of the advertisement:
The main purpose of social media is to provide customers with proper information (Puligadda, DelVecchio and Gilbreath, 2014). In this context, it includes different social sites like Facebook, Twitter, etc.
It is the cheapest form of communication and to open up a page in these social sited it does not cost much (Schultz, Patti and Kitchen, 2013).
It enables to know the perception of people towards the products and services that are provided by Rolex.
Rolex get to make changes in the products and services as per the requirements of customers and this enables to develop a strong relationship.
The main aim of this tool is to generate leads. This is only done when the organization has their mail address. Mails are generally provided to make people know about any updates for products or services provided by Rolex.
It focuses on a small group of people. In this context, the primary use of this tool is to convey information. Enables Rolex to get true value and attention to people.
There are a different set of issues faced in this tool. However, the main objectives that Rolex get through this is that they convey information about the products and services.
It enables to clarify all the doubts that people have regarding the product.
Enables to present all the features that Rolex want to convey in their products (Miles, 2013).
It consists of different employees who are highly trained and they get to show their skills and present the information about the product and services that Rolex wants to present.
Employees at the trade show get the opportunity to have direct interaction with people and this develops a strong relationship with them (Schultz, Patti and Kitchen, 2013).
A communication strategy helps in designing the plan so that a business is able to communicate the actions effectively in order to meet the organizational goals. Rolex aims to plan effective marketing communication plan for its product i.e. Rolex Oyster watches for either men or women will assist in attracting target audience in UK market (Castronovo, C. & Huang, L. 2012). Business focuses upon involving different features and qualities within the watch that would benefit the UK people and attract them towards the company to purchase the product. It is also essential for business to plan its future campaign so that they can communicate the strategy and enhance the sales and market share of the product. Rolex being an international brand tries to focus upon gaining awareness from target audience by promoting the product through campaigning, social media websites etc. so that sales of product can be enhanced. Following are the different steps that are involved within strategic marketing communication plan so that Rolex can promote the product in UK market (Petersen, Kushwaha & Kumar, 2015). It is as follows-
Rolex is required to identify their target audience and know them effectively so that appropriate product can be provided to them in relation to identify their interests (Parente & Strausbaugh-Hutchinson, 2014). It is essential for firm to assess the interests of UK customers through conducting proper market research and thus provide them required watch that could provide multiple tasks at one time. Designing such watch results in appealing to the interest of target audience i.e. UK people and assists them to carry out multiple tasks in order to remain in the category of premium brand buyers. However, it is considered as successful marketing effort in order to understand the interests of target audience and help them to choose the right product (Luxton, Reid & Mavondo, 2015).
Rolex aims to develop its USP as it considers it as main benefit which could be communicated effectively and drives the sales of the watch in the market. It aims to keep the record of time in Tennis Championship Wimbledon. It is also essential for firm to focus upon overcoming the problems such as water resistant and solve them effectively so that strong brand image can be maintained in market (Thorson & Moore, 2013). Thus, developing sports watch for UK people is a challenging task in order to identify their needs and wants that would help business in improving unique identity in market. Business also tries to overcome the rivals as there are very few competitors available in such premium watch segment who are providing unique products to UK customers. It is essential for Rolex to maintain its USP and sharpen its brand image in order to develop effective marketing communication so that best results can be attained in terms of profits and sales (Blakeman, 2014).
It is significant for firm to sharpen its brand image through preparing attractive logos and influence UK customers to purchase the sports watch. Therefore, it is essential for Rolex to support firm's operational USP and accurately represent their market position. Also, marketing team of firm needs to enhance its communication strategy and provide appropriate information about product and don;t mislead the target audience by creating a fake brand identity (Puligadda, DelVecchio & Gilbreath, 2014). Rolex is itself a brand name therefore it is essential for firm to maintain its image while entering the UK market and provide low cost option for its clients in order to enter into hearts of clients. It is crucial for firm to sharpen the brand look of sport watch as well as its feel by providing unique design and quality of its dial and leather belt. Thus, it would be a better option for UK consumers to purchase the goods (Schultz, Patti & Kitchen, 2013).
Further, it is also essential for Rolex to maintain its branding through providing fruitful information to consumers. Business aims to position its image in the minds of consumes as premium watch brand and for this they need to communicate the features through consistent messaging. For instance, cited business undertake a particular messaging standard that adhered for all future communications and thus ensure that business is able to enter into UK market and target specific audience who are interested in purchasing the product (Vernuccio & Ceccotti, 2015).
Rolex marketing team is required to identify the recent developments in the marketing mix in order to undertake effective advancements in t he online marketing. It involves various ways to communicate than ever before so that firm can easily reach to the UK target audience (Muñoz-Leiva, Porcu & Barrio-García, 2015). However, it is essential for every business to undertake effective marketing mix strategy and adopt effective media that helps in targeting the audience so that product can be made popular and sales can be enhanced. It also assists n promoting the product efficiently to the target people so that they can maintain their budget and does not spend much over advertising (Mihart, 2012).
Further, it is essential for business to establish the medium and message that helps in ensuring the communication strategy through adopting appropriate measurement metrics. Rolex undertakes Marcom success measurements metrics that helps in establishing key communication goals so that success rate can be attained (Naeem, Bilal & Naz, 2013). Watch brand aims to measure its success rate that ensures that to identify the needs of UK customers and then provide them particular products so that sales and profitability of firm can be enhanced up to a great extent.
It is essential for businesses to manage the client data an leads so that they could be contacted at the time of promotion of sports watch. Appropriate market research needs to be conducted in order to identify the users of premium brand watches as well as people who are preferring to purchase Rolex watch in sports segment (Tomše & Snoj, 2014). Thus, management of firm is required to maintain the data and record it carefully so that it could be used for future use and then communication of product can be provided to them in regard to improve market share. Further, using e-mail, calls, and contact information helps in carrying out marketing process so that sales funnel can be prepared and final calls would be made to interested client.
However, it can be stated that successful marketing communication plan helps in putting extra efforts in order to explore the business opportunity and thus assists Rolex to gain the highest return on investment (Zentes, Morschett & Schramm-Klein, 2016).
Pull- Such strategy could be considered that it encourages customers to actively seek out a specific product it is best for obtaining nw products to possess a strong visible brand. It can be considered that pull strategy aims to identify appropriate strategic marketing communication plan in regard to enhance the Rolex Oyster product in market. It encourages customers towards the product and attain satisfaction.
Push- While, push strategy focuses upon influencing target market towards the product in regard to gain profits. It is another effective promotional strategy that involves taking the product directly to the customer through different means and making sure that brand is aware to the customers.
Profit- Further, it is another strategic marketing communication that focuses upon gaining high profits and attract consumers towards firm.
Further, Rolex adopts pull strategy to enhance the sales of Rolex Oyster as it is unique product and thus focuses upon target consumers. Such product is different from other Rolex watches as it is specifically used in Tennis Championship Wimbledon as official time keeper.
Rolex is required to market its sport watch in UK. For that, there is a need to develop a marketing communication strategy. The following steps can be taken for developing a marketing communication strategy for Rolex:
The first step towards developing a marketing communication strategy is to become knowledgeable about the audience. The product that Rolex has to offer in UK market is a watch for racers (Vernuccio and Ceccotti, 2015). Hence, the audience that Rolex would target would be professional racers, young people and other customers interested in racing sports.
The marketing communication strategy for Rolex will comprise of deciding and revealing the USP. The USP of the watch that Rolex will market to UK is that it acts as a driver behind the passion for working with speed along with luxury. The watch allows the customer to determine their average speed. Rolex is well known for the luxury products that it manufactures. However, this watch will be a combination of other useful features along with luxury (Okazaki and Taylor, 2013). Hence, this is a unique selling proposition as people will be able to manage their speed while driving. Moreover, for a sportsperson, the watch will become an integral part of their career as they will highly be supported by it.
Rolex can sharpen the look and feel of its brand by adopting the strategy of inspiring the customers through presentation of personal stories of well – known professional racers (Czinkota and Ronkainen, 2013). Further, the brand feel can also be strengthened by highlighting the element of luxury that this watch provides.
This is the next strategy that Rolex can adopt. It will comprise of positioning statements that can be developed and featured by Rolex.
This is another most important part of the marketing communication strategy for Rolex. It is important to know the aspects in which the audience pays attention so that appropriate media can be used for communicating to them (Okazaki and Taylor, 2013). For the sports watch, Rolex can make use of magazines and television ads which will help in communicating its message to the professional racers. These will make use of visuals for attracting attention and reinforcing the message. High quality images of the product along with its features will be displayed in the advertisements in newspapers and magazines. These will provide adequate information to the customers to arouse their interest. Also, for these people there can be use of personal emails and newsletters. Further, for communicating with the younger audience, there will be use of online platform. This will comprise of social media sites such as Facebook, Instagram and Twitter (Akaka, Vargo and Lusch, 2013). Further, for targeting other people who are interested in sports, there can be use of a marketing campaign which will highlight the features of product. Practical demonstration of the USP of the watch can be done by organizing a racing competition. This will help in illustrating the ways in which this watch is superior to the competitors. These media have been chosen in order to focus on promoting the benefits of product. The watch can be positioned as a product which can become style statement for the youngsters as it is a luxury watch. Direct marketing strategy will be adopted as a part of the marketing communication strategy of Rolex. This will help in reaching customers such as professional racers directly without a third party medium (Sullivan Mort, Weerawardena and Liesch, 2012). Catalogs and direct mail will form a part of this strategy.
Source: This element is concerned with the organization or individual who has to share information. In the marketing communications strategy, Rolex acts as a source or sender of information about the product, sports watch.
Encoding: Encoding is the element that involves use of words, pictures and symbols to show a message and communicate the meaning that it is intended to. This element is applied in the communication strategy as the message communicated by Rolex will make use of images of the watch to attract the audience in UK.
Communication Channel: This is the element that is concerned with the selection of channels that are used for communicating. This comprises of the various direct and indirect channels that will be used by Rolex for promoting its product in global context in UK (Yeshin, 2012). In the communication strategy, various channels will be used. Direct channels will be in the form of direct marketing through mails and catalogs. Other than this, informal channels will be used such as social media sites. Further, magazine and television advertisement will also act as an indirect channel.
Receiver: This comprises of the person for whom the message will be communicated. The receiver for the marketing message being communicated by Rolex will be its target customers.
Decoding: It is one of the crucial element of marketing communication process and thus Rolex undertakes such process in order to analyse effective communication strategy so that success can be attained. Decoding helps firm to receive the message or symbol from the communication and tries to convert the same in such a way so that they can extract its meaning to understand the message completely (Miles, 2013). Thus, Rolex identify the requirements of UK customers and then provide them particular sports watch so that they can deliver the same to customers and enhance their satisfaction. Thus, it is essential for firm to identify the needs and wants so that appropriate communication can be done in order to provide best products or services so that sales can be enhanced in market (Gronholm, 2012).
Feedback: It is the last stage in which Rolex obtains feedback from consumers in order to ensure that the company had received the message and understand the same so that desired products can be provided to customers. Thus, it is essential for firm to analyse the feedback and provide best product quality to customers so that sales and profitability of firm can be enhanced (Castronovo and Huang, 2012). Moreover, it can be stated that it helps firm to analyse the feedback of customers and then improve the quality of product so that customers can be satisfied.
From this report, it can be articulated that there are different set of strategies that are adopted by the firm in order to convey information about the services and products that are delivered by them. As per the case given, Rolex mainly make use of online communication tool that enables them to provide adequate information about the product. There are different set of benefits that firms gets through these tools. Among which one of the benefit is that it enables to identify the issues that are face by customers. Accordingly, steps are taken through which they are satisfied. Further, employees are the face of organization as they have direct interaction with them. They are the one who present the services that is provided by the firm. In this context, training should be provide so that they get to know their roles and responsibilities and their may not be any type of confusions. This way high quality services can be provided to customers.
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