The promotion strategy that needs to be employed under the marketing mix of the Rolex SA should target the specific customers that have a demand for the Rolex time pieces only. In terms of demand, the willingness of the consumers to purchase the product as well as their capacity to afford a Rolex is depicted. This strategy is employed in order to reduce excessive spending on marketing to those segments that cannot afford the product and only turn towards purchasing counterfeit products for the Rolex brand. The strategy that can be used to target this market is to innovate the product in terms of attributes and functionality and promote this to the customers though personal selling, promotions in high end jewelry and time piece boutiques as well as through the online advertising and branding of the brand.
The place or distribution element of the marketing mix that is adjusted for the new marketing strategy is to continue distributing the brand through the traditional distribution system employed by the company while also selling the product through appointment on the internet as well from a designed boutique portal. This is to target the more technology conscious consumers that are significantly increasing in the market. Similarly the intermediaries in the distributions network of the company would also need to sign into a contract to protect the design of the products in order to reduce production and sale of counterfeit models of Rolex.
These are model essays please place an order for custom essays, research papers, term papers, thesis, dissertation, case studies and book reports.