COMPARE AND CONTRAST - MARKETING STRATEGIES - 825 Words

COMPARE AND CONTRAST - MARKETING STRATEGIES (Research Paper Sample) Content: Name: Institution: Task: Tutor: Date: Compare and Contrast Introduction The following is a marketing paper that compares and contrasts the marketing strategies of three different watch companies. These are: Timex, Rolex and Movado. An analysis of the companiesà ¢Ã¢â€š ¬Ã¢â€ž ¢ websites will present psychographic and demographic profiles of each companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s target market. The paper will also elaborate on how the companies use price as a marketing strategy. Also, the marketing place of the companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s products will be considered. Furthermore, the paper will highlight on other promotional tools that the companies use, beyond the website. Finally, the paper will forecast on which company is likely to enjoy continued success in a time frame of 20 years, based on their marketing strategy. Timex à ¢Ã¢â€š ¬Ã¢â‚¬Å" psychographic and demographic profile Timex watch company targets men, women and kids of varying age groups. The target customer consists of middle class and the rich; teenagers, sportsmen, businessmen and professionals. The target group enjoys innovative, well-designed and reliable accessories and jewelry. The target group also tends to value elegance and classy appearance. Rolex à ¢Ã¢â€š ¬Ã¢â‚¬Å" psychographic and demographic profile The company targets both men and women between 21 and 35 years. The target market includes wealthy consumers who love high quality and exclusivity. The target group normally buy the watches to complement their outfit, usually men in suits and classic shoes. The group is active on the internet and is influenced by advertising on social media sites such as Facebook and Twitter. Movado à ¢Ã¢â€š ¬Ã¢â‚¬Å" psychographic and demographic profile This companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s target market is similar to that of Rolex in that it comprises of wealthy business men and women. The target group enjoys crafty, classy and stylish accessories. Price as a marketing strategy Timex à ¢Ã¢â€š ¬Ã¢â‚¬Å" the company offers competitively priced watches and a strong sales and distribution network. Timex watches range from  £20 to  £200 (Abidollari, n.p). Rolex à ¢Ã¢â€š ¬Ã¢â‚¬Å" the company sets prices for others to follow. Rolex does not offer discounts on its watches. The price range for watches is $400-$3,500 (Plopan, n.p). Movado à ¢Ã¢â€š ¬Ã¢â‚¬Å" the company offers a wide range of watches at varying prices for both low-end and high-end consumers. The price range is $395 to $5,000 (Birchall, n.p). Place as a marketing strategy Timex has a network of direct sales dealers who sell the watches in showrooms and retail stores and outlets. There is no online link to order for the watches (Abidollari, n.p). Rolex has a limited number of retail stores found in upscale areas. The company does not conduct online sales (Plopan, n.p). Movado has department stores and boutiques where the sales and marketing team sell the watches. However, the company has limited sales of...