See the attached file.
Assume that you are the newly hired promotion manager for Rolex watches and Timex watches:
1-Compare the promotion strategies for the two products and brands. How does each company tailor its promotion to reach its own target market?
2- Where do these brands advertise? On the Internet? On television? If so -what programs? What magazines?
3- Review the 4 parts of the promotion mix: advertising, direct sales, sales promotion and publicity. Which components would be most appropriate for each product and why? For example, some brands would not use sales promotion.
4- How could each company use social media marketing? Or would you advise the company not to get involved in social media?
Rolex and Timex promotion activities:
Rolex is a successful watch company due to its effective promotion activities. The company focuses on psychological marketing techniques mainly through branding. Rolex has created a reputation associated with excellence, class, and elegance. The brand represents high quality lifestyle and a sense of achievement and success. Rolex marketing strategies focuses on a specific market and concentrates on establishing a quality image.
One of Rolex's marketing strategies is achieved through channel distribution employed by the company. The company restricts retail distribution to selected exclusive jewelry and specialty stores to ensure that supply is restricted and maintain product status as a high class product. By restricting supply and pricing its products at high prices the company ensures that few people can buy the product which in turn maintains brand value.
Rolex promotion strategy is a psychological marketing technique that creates an impression in the mind of customers thus creating Rolex as a brand with high reputation. Rolex promotion strategies include the company being associated with prestigious people and activities. The most popular promotion strategy is the brand association to prestigious sports such as golf and tennis. An example is the company's association with tournaments such as the Wimbledon and Masters Golf.
ZackProser (2008) provides another strategy employed by the company and this is Rolex watches ambassadors. This includes people with good reputation or celebrity who promote the brand. The company uses ambassadors to increase brand visibility and desirability by associating the brand to style and success. Rolex ambassadors comprises of athletes such as Roger Federer, singers such as Placido Domingo, and actors such as the appearance of the watch in James Bond movies (ZackProser, 2008). ...
The solution discusses Rolex and Timex and the comparison of promotion strategies.