Md5-8 Coursework Example | Topics and Well Written Essays - 500 words

Md5-8 - Coursework Example Also, it will be essential for them to monitor continually how the internet use development affects consumers and competition (Paley, 2005). Concentrating on the pricing strategies, Rolex watches employed a marketing strategy by using a premium pricing strategy. Rolex positioned its price distinctively from its competitors. The role of the pricing strategy adopted by Rolex watches was to portray its product as unique in terms of its quality and the reputable Swiss watches brand name. In contrast, Timex watches adopted a penetrating price strategy. Timex to penetrate the market resorted to having its watches priced slowly compared to its competitors like Rolex. It was meant to attract buyers and capture the share of the watch market. Both Timex and Rolex employed different pricing strategies. The difference is that Rolex highly priced its watches so as to have a distinct competitive advantage. On the other hand, Timex lowly priced its watches to raise awareness and penetrate the market. Basing on the Direct Marketing Strategies, there is a possibility that the internet or electronic direct marketing may replace old direct mail options and conventional catalogues promotions. The switch is because the internet as a direct electronic marketing tool is a more direct marketing tool compared to the conventional catalogues. The Internet enables consumers to be reached in an interactive manner. The rationale behind the switch to internet use as a direct marketing tool is because of its ability to communicate and carry out a promotion in a better way. Besides, the internet has proved to be less costly and enabled monitoring of the progress of the promotion and marketing (Paley, 2005). There is a justification to the reason there is a need to carry out a marketing audit of an in a unit of business even though its performance may be indeed