Marketing paper Essay Example | Topics and Well Written Essays - 1000 words

Marketing paper - Essay Example Timex generally targets the younger generation and kids (Hindustan Studies and Service Limited â€Å"Marketing Management†). For example, Timex targeted the active lifestyle with Ironman and Triathlon (Mechanical Science and Engineering, â€Å"Ways of Segmenting Market). Timex Group in their brand portfolio strategy provides their offerings to diverse consumer segments from ‘mass premium to luxury’ and also provides their watches to varied psychographic segments (Timex Group India Ltd, â€Å"Press Releases†). On the other hand, psychographic and demographic profiles of target market of Rolex consist of higher income group consumers who buy the product for status and dignity. The consumers of Rolex are basically the well-off segment of the society (American Management Association, â€Å"Two Examples†). 2.0 Four P’s Marketing of Timex and Rolex in their Websites Objective of Their Website Marketing Strategy The primary objective of website mark eting of Timex is to leverage the brand in order to increase traffic and revenue that comes from its website. The company had put into operation Adobe SearchCenter + along with Adobe SiteCatalyst to boost its performance of website which result in a 35% development in sales conversion and a $5 rise in average order size. Website is utilized to engage customers and make extra sales revenue. It helps customers to purchase difficult-to-find lines or products sold in other countries. Through its online presence, Timex.com planned to provide customers with complete product information and facilitate them to find the nearest retail outlet, in addition to view and purchase products. In order to reach the objectives, the company decided to find out various ways to enhance traffic to its website and keep consumers engaged on the site for longer period of time, with the definitive goals of lessening abandonment and growing conversions (Timex, â€Å"Challenge†). Similarly, Rolex also de veloped the objectives to make online promotion of its products in order to make people aware of it in the market. The customers can update themselves from the latest available products in the market. They can also purchase the product online as well as acquire the idea of nearest specialty stores from which they can make the purchase (Rolex, â€Å"About Rolex†). Use of Prices Differently in Each Company Timex generally sells comparatively inexpensive watch that focuses on the mass market and on the other hand, the Rolex watches are general highly expensive as they provide importance to quality image of the product (American Management Association. â€Å"Two Examples†). Price Range for Each Brand The brand of Timex are GC= $100(approx); Guess = $30-$117; Marc Ecko = $95-$158; Nautica = $149-$210; Opex = $63-$112; Salvatore Ferragamo= $130-$2170; Timex= $49.95-$109.95; TX = $375 - $725 Valentino Timeless = $1,000 - $15,000; Versace = $1,975 - $4,975 (Timex Group,  "Explore Our Brands†). The brand of Rolex are Datejust = $229, Day Date = $360, Daytona = $229, Submariner = $249 (Watch-Watches.Net, â€Å"Watch Watches†). The price range of Rolex is $200 to $10000 (Scribd, â€Å"Rolex†). Promotion of Products of Companies beyond Their Website Timex promotes its product by distributing it through retail stores and advertises in TV and magazines as well (Smith & Strand, â€Å"