How successful is Rolex's current marketing strategy Research Paper

How successful is Rolexs current selling strategy - search Paper ExampleIn order to reach the right target market, Rolex has make a drastic change in its marketing strategy by moving from traditional mediums such as Television Advertisements and advertisements in bleakspapers 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 forgeting to invest in those brands that will upraise 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 brush off capture the prudence of its target market, enhance its distinctive image humanswide and keep on making valuable percentage in the wristwatch industry. Introdu ction In luxury wristwatch industry, Rolex is the leading name, and it has become a stead symbol worldwide. Since Rolex has been meeting the demands of its guests for so many years and has been given top ranking in the worlds best brands list, it is of great interest to know the secret of the success of Rolex. One of the important aspects of each brand is its marketing strategy because it gives it a sense of direction about the efforts that need to be make 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 divulge 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 check the current marketing strategy employed by Rolex, following research questions will be commun icate to achieve the objectives of the study 1. Why is Rolex a successful brand? 2. What is the marketing strategy followed by Rolex to defend 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 stead in the market. When the marketing strategies of top ranked brands are studied, an in-depth understanding about the relevant topic can be developed. Rolexs 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 intentional in consensus with the previous work done by some authors as the questions are designed in accordance with the variab les identified to be studied for the research purpose which is discussed in the Literature Review section. The handiness of pure study of the subject was another constraint as the researcher is inexperienced and may omit certain skills which can affect the research paper. Literature Review Brief Introduction of Rolex Whenever a customer wears Rolex watch, it enhances the persons personality which makes a statement that the person has a great taste of mood and fashion (Gautschi, 2005). Since Rolex watches are designed exclusively for the upper class, only selected