Module 8 journal 1Please work on the following tasks.Research the Rolex Company using the following URL site http://www.rolex.com/ (Links to an external site.) (Links to an external site.) (1) Obtain research information and critically analyze the data you obtain to explain several strategies the Rolex wrist watch Company can use for effective market penetration. Identify actual company strategies in addition to developing your own.(2) Identify and explain several strategies of Rolex wrist watch Company for effective market development. Identify actual company strategies in addition to developing your own.Write a detailed staff memorandum responding to the requirement while using American Psychological Association (APA) Manual standards to report your research by citing and referencing your work. Ensure you use the memorandum outline as described in the grading rubric under Business Communication. Module 8 Journal 2 Please work on the following tasks.Provide a few general suggestions for the following strategies to be effective. Think about what makes these strategies successful in general.(1) Unrelated (Random) diversification strategy.(2) Retrenchment strategy,(3) Liquidation strategy. Module 8 Journal 3 Please work on the following tasks.(1) Explain Porter’s Five Generic Strategies. (2) Give one example of each strategy. (3) What are possible drawbacks of Cost leadership (Low Cost) strategy? Why do you think so?