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Transcript of Rolex
“It doesn’t only tell time, it tells history.”
Commitment to Excellence
High Price limits market
Technology is not accurate
Rolex could introduce separate product lines with different brand identities under the Rolex brand
Emerging economies pose a great opportunity to penetrate the global market further
Rolex’s limited dealership and long waiting periods can lead to consumers switching over to its competitor brands
Fake imitations can hurt the brand’s image
Products and Services
Actions 4 P's
We serve rich people with a classic and elegant image as well as sportive look
Baby boomers and generation X are the main target
High end international market, hot spots in major cities with a younger scene in order to appeal to more millennial and generation Y
Trends are affecting us only to a limit because we are the market leader and best known
Main competitors are: Omega & Cartier
New entrants can be a danger but have it hard to be as international as us
Issues related to suppliers and customers is the trust base that is consistent and the demand has to be managed; the brand has to be available and be exclusive
The key elements for success will be the image together with the heritage and reputation
We target a younger adult audience that are older teens or in the beginning of their 20’s
Some synonyms our audience can be described with are; young, elegant, wealthy, energetic and stylish
Important for our consumers is the quality, durability as well as the image
Consumer buying process:
The decision making unit is not necessarily involved in all steps but can be
Key success factors are; maintaining service attributes (augmented product) and stimulate the audience with new product while maintaining the level of old quality products
Founded in London by Hans Wildorf and Alfred Davis in 1905 as a quality watchmaking company, wartime taxes on luxury goods and export costs were too high and it moved its headquarters to Geneva in 1919.
The name was allegedly created by the founders that wanted a name that was easy to pronounce in any language. The name reminded them of the sound a wound-up watch makes.
The company is still owned by a private trust and shares are not traded on any stock exchange
Today Rolex is considered not only a watch, but a status symbol.
Rolex is one of the most internationally desired luxury brands
People feel that Rolex is a brand that commands respect, meaning something to people and viewed as “older and wiser” brand.
Corporate success symbol
Athletes and Role Models
Exceptional material Quality and Precise technology, worn by the most iconic personalities in the world.
Subtle presence to keep brand’s pristine reputation
Present in printed ads for magazines such as financial times
Aims for affluent traveler
Sponsors Athletes (Roger Federer, Tiger Woods), People from artistic fields (placido domingo), Wimbledon, Yacht & Regatta events, Golf events, Formula 1,
Aims for prestigious sport enthusiasts, cultured individuals with disposable income
Social Media- Facebook
Rolex entered into social media for the first time in 2013.
Combining the new with the vintage, posts range from artfully-shot campaign photos to profiles of victorious athletes the brand currently sponsors to videos of victorious athletes from the past sharing a touching Rolex story.
OTS: Middle: Not visible to everyone of all different social classes, but on some occasions it is. for example, Rolex is the official timekeeper of the Wimbledon finals, in 2012 the finals were won by Federer (also sponsored by Rolex) watched by roughly 17 million people.
Now with it’s entrance in social media, it’s visibility is growing even more.
Iconic history with high quality and precision (technological advancements)
Message is send in order to aim for the people who have the need to be perceived as everything that is associated to the brand
Point of Parity: luxury watch maker, quality & status symbol product
Points of Difference: THE purest image and most known
USP: Watches made to perfection
Attention: unintentional marketing; e.g. celebrities as well as conventional marketing such as magazines
Interest: Differentiating yourself without losing status attraction
Desire: Identifying you with the image of the product and imagine yourself with it
Action: being so fascinated by it that the consumer wants to have it therefore it has to be available for him
A key success factor is the already existing image which we are building upon
Best Features: luxurious Swiss design, precision.
Best Functions: time reading, unbreakable, waterproof
Benefits: Image and personal perception, people feel to be taken seriously, to be unique, long lasting luxury item that can be worn on a daily base, emotional engagement
These elements are the core for the brand Rolex in order to maintain the classical luxurious image
Key success factors are the reputation together with the high quality and the recognition factor
Product: exceptional timepieces
Promotion: Celebrity endorsement, magazines, great achievers-> all different kind of sports events
Place: always present in high class events that symbolize luxury on an international base
Price: High end luxury good, starts always with several thousands and can go up to a really high price
Increase Rolex profitability by means of expanding market targets, by increasing the brand awareness amongst young wealthy people through the creation of a new product and generate a high return on investment.
• Current market share of 38%
HOW CAN WE INCREASE MARKET SHARE?
• Launch of a new product
• Differentiation strategy, brand image must not be altered.
ROLEX, THE INTERNET AND OUR CUSTOMERS
• Internet search: a significant figure to look at when targeting this segment
• Internet search share:
➢ Rolex: 18.63%
➢ Omega: 15.84%
To expand the brand awareness within this specific segment in 2014 across Europe and increase the internet search by 5% the first year and revenues by 3.5%.
The Rolex Lumina
• Targeting generation X
• Glows in the dark
• Green or pink
• Carbon fibre.
• Importance of the communication on this new product: brand image shouldn’t be altered.
• Brand awareness and product identity “Watches made to perfection”