Marketing strategy
A marketing strategy relates to the overarching business plan of an organization to attract potential customers and convert them into clients of their items and/or services. A marketing strategy includes the business model of the corporation, main brand communication, consumer target demographic trends info, as well as other high-level components.
The existing marketing strategy of
Rolex is impressive. Rolex has made a dramatic shift in its marketing
strategies in order to meet the correct target demographic, switching from
conventional channels such as TV ads and advertisements in print media to paid
advertising and even sponsorships. However, for the new product, electric
vehicle, they need to move ahead to more strategies.
1) Not all mobility requirements are
satisfied by electrical vehicles, but most meet them. VEs are much cheaper than
an IC (internal combustion) engine, more easy to use and less polluting on
often under 100 km of urban travel between charging stations. An electrical
motor provides a more "Zen" motor on urban circuits since there is no
clutch and no gearbox. Torque comes from low revs. If you drive a hybrid car,
you can use only one pedal to accelerate and (almost) brake the engine by using
energy regeneration. All communication opportunities must clarify and illustrate
these and other primary benefits of EVs. Experimentation is part of teaching
and learning experience of consumers. To appreciate the benefits of an EV
everyone has to drive and many people have not yet achieved so. Encourage as
many test drive experiences as possible.
2) Full market pressure and appeal and
clarification are not combined. EVs must be sold on a non-sales basis. Orthodox
car dealers are so accustomed to stress (incentives, campaigns) that
salespeople can hardly follow this strategy regularly.
3) The entire world is on social media.
Promoting the new brand on social media is a great way. Social networking can be a way of sales
advisers using email, pictures or images to quickly meet their client base. You
should not only use brand content: Train them in their own language, to make
their own videos that illustrate in identifiable paths. Let them be real and
professional, but promote them.
Segmentation
Market segmentation is a tool for
dividing a heterogeneous market into relatively more homogenous segments
dependent on characteristics such as geographic, fiscal, psychographic and
behavioral. Market segmentation will help Rolex
identify your potential customers and desired customers to better appreciate
them
Targeting
Targeting represents brands and
customers in marketing. It promotes marketing campaigns and experiences of the
public, creates brand recognition and engagement, and also contributes to
better goods or services. And as well as, target marketing provides an
opportunity for advertisers in an organic, more relevant and intimate way to
attract consumers. The
target Rolex electric cars would be men and women – age between 18-55 years.
Differentiation
Differentiation is a marketing
strategy which seeks to differentiate the goods or services of a business from
the competition. Rolex's
defining characteristic is its consistency especially when coupled with its
branded version that make it stand out . Rolex is approaching a smaller segment
that will afford a premium electric cars who also care for the environment.
positioning
Positioning represents the position
that a company holds in the eyes of consumers and how it distinguishes from
rivals' brands and from the brand recognition framework. The approach of Rolex is concerned
with the special qualities of its products.
Below is the map/table that is
showing how customers will expect to behave.
Marketing mix
The marketing mix describes a
variety of actions or techniques used by an organization to promote its service
or product. 4Ps are created to have a typical advertisement mix - prices, goods,
incentives and locations. The recognition and arrangement of the marketing mix
components allows an organization to make profitable marketing decisions at all
times. These options allow a company to improve its benefits and reduce its
weaknesses. In the global economy, they can be more competitive and can adapt
more.
Rolex is going to add
a new product in its range – electric cars. An
electric car is a vehicle which uses energy stored in battery packs and is
powered by one or more electric engines. Electric cars are cleaner, have no
emission levels, and minimize total emissions relative to internal combustion
engine (ICE) automobiles. Owing to the reduced charging and servicing prices,
the average cost of ownership of electric vehicles will be lower than
equivalent ICE cars, more than compensating for the higher initial cost. And,
the primary driver of the cost of an electric vehicle is the battery. The price
dropped from EUR 600 per kWh in 2010, to EUR 170 in 2017 and to EUR 100 in
2019.
Rolex is expected to increase its
brand awareness along with improved consumer reach by using the marketing mix
or 4P. The awareness of the brand contributes to the advertising efficacy of
brand reinforcement. A big market strength found in the SWOT Analysis is the
name. The brand, for instance, lets the business draw more buyers, while
promoting marketing strategies as well. The 4P's elements make the
marketing combination of Rolex in the auto market unique. Convenience is given
with the new product by the company. The new product is on the phase of the
development or introduction.
Products
The recommended product is electric
cars aiming to reduce pollution and raise the economy of the state.
Price
The expected price of an electric
car is 6214$.
Placement
The new recommended product is for
every country. However, the reach will be limited to certain areas in the
start, but soon it will be made available for everyone,
Promotion
Rolex is suggested to work on the
promotion of the new product. They need to make strategy for advertisements,
retail promotion, and personal sales and public relations initiatives. The
channel of distribution and marketing would be intermediation in
which middleman is injected between distribution channels.
Product Development Cycle
Product
Development Cycle for Rolex Electric Cars
Conclusion
Rolex has been offering premium
watches for men and women. The recommended new product which is an electric car
can help company grow even better. The product is in the phase of the
development. With
PESTLE analysis, it can be assume that these future electric cars will be
bought by affluent and ecologically conscious people, help raise the economy of the country/s, protect the
environment and also ensure the global technological advancements. Increasing
new product or brand awareness can be possible with targeted customer niche
(which are rich and environmental conscious people) via marketing mix. Since it
is an initial stage of development, the brand is suggested to work on press
release and advertisements to announce the expected arrival of the product, and
analyze consumer behavior and then work accordingly.
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