How successful is Rolex's current marketing strategy Research Paper

How successful is Rolex's current marketing strategy - Research Paper Example In order to reach the right target market, Rolex has made a drastic change in its marketing strategy by moving from traditional mediums such as Television Advertisements and advertisements in newspapers and magazines to celebrity endorsements such as Roger Federer and events sponsorships; both of these elements have created a new image in the market. As people are willing to invest in those brands that will enhance their relationship with their favorite personalities, Rolex has capitalized on this aspect. The primary research conducted among the college students revealed that they are willing to own Rolex brand as it helps them in developing an association with their favorite star. Hence, Rolex is doing aggressive marketing so that it can capture the attention of its target market, enhance its distinctive image worldwide and keep on making valuable contribution in the wristwatch industry. Introduction In luxury wristwatch industry, Rolex is the leading name, and it has become a statu s symbol worldwide. Since Rolex has been meeting the demands of its customers for so many years and has been given top ranking in the world’s best brands list, it is of great interest to know the secret of the success of Rolex. One of the important aspects of every brand is its marketing strategy because it gives it a sense of direction about the efforts that need to be done so that it can capture the attention of its target market and convey positive message to its customers (Key Note, 2011). Research Objectives and Questions The main research objectives of this study are: 1. To gather information about top brands of wristwatch industry. 2. To identify the marketing activities conducted by Rolex to attract the customers. 3. To evaluate the image held by the customers about Rolex brand. In order to understand the current marketing strategy employed by Rolex, following research questions will be addressed to achieve the objectives of the study: 1. Why is Rolex a successful bra nd? 2. What is the marketing strategy followed by Rolex to maintain its position in the market? 3. Why are the customers of Rolex satisfied with its wristwatches? Importance of the Study The study will help in understanding the importance of marketing strategy in creating a right positioning in the market. When the marketing strategies of top ranked brands are studied, an in-depth understanding about the relevant topic can be developed. Rolex’s current marketing strategy will assist in analyzing the success of Rolex in such a dynamic and competitive wristwatch industry. Limitations of the Study The scope of the research is limited as there are both time and resource constraints. The research is exploratory in nature and it is comprised of questionnaire-survey. The questionnaire has been designed in consensus with the previous work done by some authors as the questions are designed in accordance with the variables identified to be studied for the research purpose which is disc ussed in the Literature Review section. The availability of pure study of the subject was another constraint as the researcher is inexperienced and may lack certain skills which can affect the research paper. Literature Review Brief Introduction of Rolex Whenever a customer wears Rolex watch, it enhances the person’s personality which makes a statement that the person has a great taste of style and fashion (Gautschi, 2005). Since Rolex watches are designed exclusively for the upper class, only selected