Psychographic and Demographic Profiles of Timex and Rolexs Target Market - Essay Example

?Marketing Paper Table of Contents Table of Contents 2 0 Psychographic and Demographic Profiles of Timex and Rolex’s Target Market 3 2.0 Four P’s Marketing of Timex and Rolex in their Websites 4 3.0 Given Their Target Markets, And Their Marketing Strategy, And The Fact That Most People Under 30 Don’t Wear A Watch, Which Company Do You Think Has The Best Prospects For Success In The Future? 7 References 8 Bibliography 10 1.0 Psychographic and Demographic Profiles of Timex and Rolex’s Target Market Psychographic and demographic profiles of Timex consist of the ‘lower-income consumers’ who consider a watch generally as a ‘time-keeping device’ and buy primarily on the basis of price of the product. Timex generally targets the younger generation and kids (Hindustan Studies and Service Limited “Marketing Management”). For example, Timex targeted the active lifestyle with Ironman and Triathlon (Mechanical Science and Engineering, “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, “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, “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 marketing 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, “Challenge”). Similarly, Rolex also developed 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, “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. “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, “Watch Watches”). The price range of Rolex is $200 to $10000 (Scribd, “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, “The Results”). Rolex is recognized worldwide due to their brand name. It uses the promotional strategy and has turned out to be an icon of quality, style, accuracy, beauty along with taste (Scribd, “Rolex”). Rolex makes promotion through advertising in magazines and TV commercials as well as sponsorship of high end sports events. It facilitates to maintain the image of Rolex as the ultimate luxury watch. The rich people find the advertisement in lifestyle magazines and strive to purchase the product. Rolex also advertises their products through prestigious sporting events such as Wimbledon tennis tournament (Rolex, “Advertising”). Using Places Differently by Each Company Timex uses low-cost departmental stores as well as discount stores (Smith & Strand, “The Results”). Rolex is authorized in almost all places globally (Scribd, “Rolex”). Place Where Products Are Available to Consumers Timex watches are available at retail stores, variety stores, discount stores as well as drug stores. However, Rolex watches are not available in all retail outlets. Instead, they are available in specific stores such as in a small number of specialty stores along with exclusive jewellery stores (American Management Association. “Two Examples”). On-line Purchase of Both Brands The purchase can be done directly from the manufacturers through online for both Timex and Rolex brand. Other Products in Their Product Mix The other products of Timex are alarm clock, clock radio, direct entry keypads, iPod docks, CD players, flash drives and LED lighting. These products are prepared according to the wants and needs of the target customers of Timex as it targets younger generation who generally use these devices (Timex, “About Timex Audio”). 3.0 Given Their Target Markets, And Their Marketing Strategy, And The Fact That Most People Under 30 Don’t Wear A Watch, Which Company Do You Think Has The Best Prospects For Success In The Future? It is generally observed that most people who are below 30 years do not wear watch, but from the above analysis, it can be assumed that Timex can be successful in future. The reason is that it focuses on the mass market with lower price range of products and targets the lower income groups. Rolex is basically for high class rich people with extremely high range of exclusive products. Its design mainly focuses on beauty and exclusiveness. Whereas, Timex products are simple, have stylist designs with high durability and reasonable price that can attract the people below 30 years. Sport Luxury Series of Timex merges both technology and excellent design which will bring a collection generally focused on the most up-to-date style of fashion watches that are uniquely sporty as well as sophisticatedly formal. It can be expected that this can turn out to be successful in entering the market of people aged below 30 years. References American Management Association. “Two Examples”. March 23, 2011. The Concept of Modern Marketing, No Date. Hindustan Studies and Service Limited. “Marketing Management”. March 23, 2011. Implementing and Controlling the Marketing Effort, No Date. Mechanical Science and Engineering. “Ways of Segmenting Market”. March 23, 2011. Customer Requirement Driven Design & Competitor Analysis Market Analysis, No Date. Rolex. “Advertising”. March 23, 2011. History, 2009. Rolex. “About Rolex”. March 23, 2011. Rolex Watches, No Date. Smith, William A. & Strand, John. “The Results”. March 23, 2011. Social Marketing Behaviour, 2008. Scribd. “Rolex”. March 23, 2011. Marketing Mix, 2011. Timex. “Challenge”. March 23, 2011. Timex Optimizes Keyword Searches And Drives Online Sales, 2010. Timex. “About Timex Audio”. March 23, 2011. About Us, 2008. Timex Group. “Explore Our Brands”. March 23, 2011. Profile, 2011. Timex Group India Ltd. “Press Releases”. March 23, 2011. Media Room, 2010. Watch-Watches.Net. “Watch Watches” March 23, 2011. KeyWord Orginal Rolex USA Prices, 2010. Bibliography Ebert, Ronald J. & Griffin, Ricky W. Business Essentials Prentice Hall, 2010. Read More