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Tutorial 2: Developing Successful Marketing and Organisational Strategies SECTION A: Discussion Questions 1. What Is The SWOT Analysis?

- Rolex has maintained its position as a luxury brand through selective marketing strategies targeting affluent customers. It uses celebrity endorsements of top athletes to position its watches as symbols of excellence. Customers are really buying into the brand's prestige, history, and status as a fashion statement. For non-marketing roles, understanding Rolex's strategies is important to promote the product's value to customers and support the company's growth plans.

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190 views8 pages

Tutorial 2: Developing Successful Marketing and Organisational Strategies SECTION A: Discussion Questions 1. What Is The SWOT Analysis?

- Rolex has maintained its position as a luxury brand through selective marketing strategies targeting affluent customers. It uses celebrity endorsements of top athletes to position its watches as symbols of excellence. Customers are really buying into the brand's prestige, history, and status as a fashion statement. For non-marketing roles, understanding Rolex's strategies is important to promote the product's value to customers and support the company's growth plans.

Uploaded by

P'NG RUI XUAN
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Tutorial 2: Developing successful marketing and organisational strategies

SECTION A: Discussion Questions

1. What is the SWOT analysis?

- SWOT analysis is a framework for identifying and analysing an


organization's strengths, weaknesses, opportunities and threats.

- Strengths refer to internal attributes that may help a company achieve its
goals and come to a successful outcome. For example, a hedge fund may have
developed a proprietary trading strategy that returns market-beating
results. It must then decide how to use those results to attract new
investors.

- Weaknesses refer to internal limitations that may interfere with a


company's ability to achieve its objectives or can be said that work against a
successful outcome. For example, a weak brand, higher-than-average
turnover, high levels of debt, an inadequate supply chain, or lack of capital.

- Strengths and weaknesses are internal to your company which means the
things that you have some control over and can change. Examples include who
is on your team, your patents and intellectual property, and your location.

- Opportunities refer to external factors that could give an organization a


competitive advantage. For example, if a country cuts tariffs, a car
manufacturer can export its cars into a new market, increasing sales and
market share.

- Threats refer to external factors that have the potential to harm an


organization. For example, supply chain problems, shifts in market
requirements, or a shortage of recruits.

- Opportunities and threats are external to your company which means the
things that are going on outside your company and you can’t change them.
Examples include competitors, prices of raw materials, and customer
shopping trends.
2. Name and describe the four product/market expansion grid
strategies. *(2017 September Examination & 2018 January Examination) .

- The four product/market expansion grid strategies are market penetration,


market development, product development and diversification.

- For market penetration, is defined as company growth by increasing the sales


of current products to current market segments without changing the product.
For example, using promotions, advertising, or providing loyalty programs and
special offers to encourage existing customers to interact with a product more.

- For market development, is defined as company growth by identifying and


developing new market segments for current company products. For example,
focusing on markets in new, unexplored geographical areas, using new
distribution channels to deliver products to customers or leveraging advertising
and content marketing to reach new audience segments.

- For product development, is defined as company growth by offering modified


or new products to current market segments. To work, companies must collect
detailed market analyses, including data on customer needs. This early research
helps ensure products are useful and will stimulate growth. For example, taking
existing products and adding new features or elements to customers and
improving existing products through innovation.

- For diversification, is defined as company growth through starting up or


acquiring businesses outside the company's current products and markets. For
example, horizontal diversification, concentric diversification, and conglomerate
diversification.
3. Discuss the five marketing management functions.

- Five marketing management functions are analysis, planning, implementation,


organization and also control

- For marketing analysis, it studies the attractiveness and the dynamics of a


special market within a special industry. It is part of the industry analysis and
thus in turn of the global environmental analysis. Through all of these analyses,
the strengths, weaknesses, opportunities and threats (SWOT) of a company can
be identified.

- For marketing planning, it involves choosing marketing strategies that will help
its company attain its overall strategy objectives. The contents of marketing
planning are executive summary, current marketing situation, threats and
opportunities analysis, objectives and issues, marketing strategy, action
programs, budgets and also controls.

- For marketing implementation, it is turning marketing strategies and plans into


marketing actions to accomplish strategic marketing objective.

- For organization, it means that company must design a marketing organization


that can carry out marketing strategies and plan. As the company expand,
marketing department emerge to plan and carry out the activities.

- For marketing control, it is evaluating the results of marketing strategies and


plans and taking corrective action to ensure that objectives are attained. It
must set a marketing goals, and then measure the performance, evaluates
causes of differences and take the corrective actions on it.
4. Explain why it is important for all departments of an organization—
marketing, accounting, finance, operations management, human
resources, and so on—to “think consumer.” Why is it important that even
people who are not in marketing understand it?

- “Think consumer” is important as we all know that consumer will decide


whether they want to try believe our products or services.

- If we focus on ourselves and any benefits rather than consumer’s opinion, it


may cause a loss of your company in a long term.

- Study of consumer buying behaviour is most important for marketers as they


can understand the expectation of the consumers. It helps to understand what
makes a consumer to buy a product. It is important to assess the kind of
products liked by consumers so that they can release it to the market.
Marketers can understand the likes and dislikes of consumers and design base
their marketing efforts based on the findings.

- Not only considering customers in your marketing strategy, but also in your
customer experience strategy. This means asking key customers for feedback
on specific interactions and engagements to understand how the business can
improve its processes, products and customer service.
SECTION B: Group Discussion 

Rolex: Building Brand Equity through a Customer-driven Marketing Mix 

1. How Rolex has set and maintained its position in the market through
the marketing strategies? 

- First, the company decides the kind of customers they want to address i.e.
identifying their base customers. In case of Rolex, it is clearly a luxury product
targeted the affluent economic strata of the society. Consequently, the
advertisements and the events, which are sponsored by the product, are those
that are usually associated with the rich.

- The target customers for Rolex are both male and female. Targeting both the
demographic section is advantageous and helps the company to spread its
market. Rolex’s advertising strategy entails celebrity endorsements. Rolex
advertises its products with both male and female endorsements. Rolex
positions its products as a symbol of excellence and passion.

- Therefore, most of the advertisements that are shown by Rolex usually


feature sports personalities like Tiger Woods or Roger Federer who are the
best in their respective sports. In addition, the advertisements with women in
them feature sports women or actors like Ana Ivanovic.

- These taglines demonstrate that the appeal that the company makes for its
brands ensures that the products are sold to those who strive not only for
beauty of the product, which even a fake Rolex watch can deliver, but rather
the pristine class of wearing a watch that is hand crafted.

- Features, quality, branding and so on.


2. What is Rolex really selling? What are customers really buying? 

- Rolex really selling on its brand and wearing a watch that is hand crafted.

- Customers really buying the watches to attract attention from others. There
is no doubt when you wear a Rolex, others will notice. These watches are status
symbols.

- Customers really buying the watches for the history and prestige of the Rolex
Brand. There is so much history and fascinating culture that surrounds each and
every Rolex model, it’s impossible not to be drawn to a watch that was been
worn by Presidents and incredible contributors to world history. Customers love
looking for Rolex’s rich with history.

- Customers really buying the watches to make a fashion statement. Rolex


equals beauty and fashion. If you are going to the Opera, there’s a Rolex for
that. If you are at the office, there is a Rolex for that. If you are doing
exercise, there is a Rolex for that. The is a strong chance that your one trusty
Rolex can take you through each of these important moments of your life. The
question that we hear the least when it comes to used Rolex watches, is “Will
this Rolex look good on me?” because the answer is always “yes”.

- Customers really buying the watches is because of the collectors or hobbyist.


All of these Rolex’s are worth buying and holding onto for their excellent
investment value.
3. If you worked as Rolex’s operations manager, financial analyst, IT
specialist, or human resources manager, why would it be important for
you to understand Rolex’s marketing strategy?

- It is important for me to understand Rolex’s marketing strategy. This is


because I can promote more meaningful of this product to my customers.

- As a worker in this company, this is important to know more about our


products history and tackle what’s customer want when they look for our
products.

- Marketing strategy provides an organization an edge over its’ competitors.


Strategy helps in developing goods and services with best profit on making
potential.

- Marketing strategy helps in discovering the areas affected by organizational


growth and thereby helps in creating an organizational plan to cater to the
customer needs.

- It helps in fixing the right price for organization’s goods and services based
on information collected by market research.

- Strategy ensures effective departmental co-ordination.

- It helps an organization to make optimum utilization of its resources so as to


provide a sales message to target market.

- A marketing strategy helps to fix the advertising budget in advance, and it


also develops a method which determines the scope of the plan, i.e., it
determines the revenue generated by the advertising plan.

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