slice="1 3 ">Rolex marketing mix has created an all-inclusive framework that analyses the marketing efforts of the Rolex company to target customers, identify customer needs, increase brand value and gain a competitive advantage over other brands in the target market.
Rolex believes in quality and the global brand of Hans Wilsdorf and Alfred Davis focuses on product lines, quality raw materials, product innovation, place strategy, pricing strategy, digital marketing, high-profile events, social media pages and promotion strategy to achieve business goals and marketing objectives of the company.
Introduction: Rolex Brand
- Origin Country: United Kingdom / Switzerland
- Founders: Hans Wilsdorf, Alfred Davis
- Owner: Hans Wilsdorf Foundation
- Subsidiaries: Montres Tudor SA
- Founded: 1905
- Headquarters: Geneva, Switzerland
- Employees in 2023: 30,000
- Production Output: 1.05 million Watches
- Annual Revenue in 2023: 13 billion USD
- Brand Value in 2023: 8.35 billion USD
The Swiss watchmaker Rolex is one of the most renowned names in the watchmaking industry. The luxury brand founded by Hans Wilsdorf and Alfred Davis is involved in the designing and manufacturing of classic Rolex watches that are in high demand in the market.
The company name was registered as Rolex Watch Company Ltd in London with the trademark Rolex but in 1920 the company shifted to Geneva and the company name was registered as Montres Rolex SA by Hans Wilsdorf. With time the company of Hans Wilsdorf became popular as Rolex instead of Montres Rolex and the name stuck.
Although the Rolex brand has a very high brand value in the target market it faces stiff competition from some brands like Cartier and Tag Heuer. A Rolex watch in the hands of celebrities like James Bond and Roger Federer has gained immense popularity and visibility for the company
Target Audience of Rolex Watches in Rolex Marketing Strategy
Rolex, the luxury brand known for luxury and exclusive items enjoy high brand value and immense brand loyalty in the target market. Rolex caters to a premium target audience who do not have to think twice before purchasing a luxury watch.
The company takes the time to understand customer needs through extensive market research and creating marketing strategies that will identify the target customers in the target market.
The target audience of the company is both men and women customers and the timeless timepieces are favoured by both gender in the luxury market.
The global brand of Hans Wilsdorf offers Rolex watches in different styles that are considered a status symbol all over the world. Durability, accuracy and quality is the hallmark of the company that targets brand-conscious customers who want to be seen wearing an exclusive luxury item.
The tagline “Symbols of Excellence, performance, prestige and innovation” is apt as it describes the luxury goods brand to a perfect “T”.
Rolex Marketing Strategy & Marketing Mix (4Ps)
The marketing efforts of the luxury brand are commendable as it has helped in achieving the desired marketing objectives. The Rolex marketing mix and marketing strategies have created detailed marketing plans for the Rolex brand to increase its market share, gain a competitive advantage in the target market, boost consumer loyalty by identifying and fulfilling customer needs and preferences and achieve business goals.
The marketing strategy and marketing mix of Rolex focuses on the 4Ps like product lines, quality raw materials, distribution network, pricing strategy and promotional strategy as it wants the brand to be positioned at the top in the target market.
Rolex Product Strategy: Marketing Mix of Rolex
Both Rolex SA and its subsidiary company Montres Tudor SA are involved in the designing, manufacturing, distribution and servicing of wristwatches that are sold under the brand names of Tudor and Rolex.
During World War I the company was involved in the manufacturing of Trench Watches for the armies. In 1926 the company came up with the Oyster waterproof watches. In 1927 Mercedes Carey became the first ambassador of the Oyster Collection after swimming the English Channel with an Oyster waterproof watch on her necklace. This was the event that convinced the world about the quality of a Rolex waterproof watch and increased its brand value in the world.
The company became the first manufacturer to launch airtight, dustproof and waterproof watches which went on to become high earners for the brand. It was the first company with a chronometer certificate as well as a wristwatch with automatic date changers. Rolex watches have been the game changers in the industry as they are known for accuracy and precision.
Other brands use a stainless-steel grade “316L” but only Rolex has the exclusive rights to 904L in their designs.
Rolex maintains its individuality in the industry and has created exclusive items with quality raw materials and precious metals like platinum, silver and gold studded with precious stones like a diamond.
Rolex Products in the Marketing Mix of Rolex
Rolex is associated with the watch industry and manufactures clocks, pocket watches, stopwatches and wristwatches. All Rolex watches are handmade, hand-assembled and independently tested. Every single watch has to go through an intense process of quality assurance and pressure testing that involves numerous challenges.
With a chronometer certificate, automatic date changers, sophisticated design and focus on details the final product that comes out of the luxury watch company is simply high-class. Rolex believes in exclusive items and its product line is a testimony to that fact.
The marketing strategy and marketing mix of the Rolex product line for men and women have nine and six variants respectively. Currently, it is the largest manufacturer of luxury watches in the world and offers watches under the following collections
THE OYSTER COLLECTION
The Oyster Watch Collection has 20 models and is known for cutting-edge technology and stringent testing process
- OYSTER PERPETUAL 41
- 1935 – SIR MALCOLM CAMPBELL – ROLEX OYSTER
- THE 1960S – JOHN F KENNEDY – ROLEX DAY-DATE
THE CELLINI COLLECTION
The Cellini Collection, named after Benvenuto Cellini, comes with platinum or gold cases and dials made from mother of pearl or sapphire.
- CELLINI ROLEX PRINCE
- ROLEX CELLINI DATE BLACK DIAL
- ROLEX CELLINI AUTOMATIC MEN’S WATCH
Most Expensive Rolex Luxury Goods
Rolex maintains its exclusive image in the target market by creating some of the most amazing pieces that have become iconic and are sold for extraordinary amounts
- ROLEX PAUL NEWMAN DAYTONA
- ROLEX DAYTONA REFERENCE 626 UNICORN (1971)
- ROLEX BOO DAI
Place in the Rolex’s Marketing Strategy
The Swiss manufacturer has spread its product presence to 100+ countries all over the world. The marketing mix and marketing strategy of Rolex have ensured a good market share in the target market.
Although Rolex started its journey from England, the company later shifted its base from London to Geneva by Hans Wilsdorf. Rolex sells its final products to the target audience in the target market under Rolex and Tudor names. The Rolex headquarters with eye and fingerprint scanners and bank vault doors have very high-security levels that can surpass the security measures of any top-graded prison.
The Hans Wilsdorf Foundation is the owner of the company and is responsible for all its business activities and strategies.
Rolex believes in high precision levels hence every single final product has to go through several inspections before leaving the manufacturing plant.
Rolex maintains full control over the manufacturing operations as all its timepieces are handmade. Most of the luxury goods are made in Switzerland and the final product is later distributed worldwide through authorized dealers.
The company is known for all its products, especially the waterproof timepiece which is a very high earner. The marketing mix of Rolex has ensured that the demand is always greater than the supply and the goods are distributed to the customers in special showrooms and shops to maintain its position in the luxury market.
Place and Distribution Strategy: Marketing Mix of Rolex
The marketing strategy and marketing mix of Rolex has created a strong distribution strategy where the brand sells a Rolex watch only through authorized retail outlets. Rolex a distribution network of 4,000+ highly trained watchmakers that helps the brand to create luxury and exclusive items.
The marketing mix of Rolex has ensured that the company does not sell its products like the waterproof watch in any modest shop instead it can be sold only in the selected showrooms at upmarket locations with a distinct look
The distribution channel in the marketing mix of Rolex also includes jewellery stores that sell exclusive Rolex pieces to the target audience at highest prices.
Pricing: Rolex Marketing Strategy
The marketing strategy and marketing mix of Rolex demonstrates the brand’s willingness to put excellence and quality above everything else hence the high prices of the luxury watches.
Rolex watches dominate the luxury timepiece industry with more than 1.05 million watches annually. Wearing a Rolex is considered a status symbol hence the demand for the products keeps on increasing year after year.
Each watch is created with dedication and undergoes precise stringent testing. The luxury brand focuses on style, class and quality that is unmatched. A Rolex watch is not for only the wearer but is known as a generation watch which can be proudly handed over from one generation to another hence the premium pricing.
The brand has maintained its position as a high-end watchmaker focused on offering value to consumers through premium Rolex Watches. The company creates a limited number of timepieces for the wealthy target customers hence the chances of financial instability for the company are very less. Moreover, the varied product line also minimizes the chance of financial instability for the company.
Pricing Strategy of Rolex: Marketing Mix of Rolex
The pricing strategy in the marketing mix of Rolex is based on the exclusive products and their perceived value in the market. The company of Hans Wilsdorf belongs to the luxury industry and has kept high prices for all its products like the waterproof watch.
The Rolex marketing mix for all the products include
Premium Pricing Strategy
The marketing mix of Rolex has adopted a premium pricing strategy where it has kept very high prices for all its products. Customers can buy a Rolex only at premium prices in premium locations. The company does not lower prices even as sales promotions or discounts because it does not want to negate its exclusive image through lower prices.
Rolex Promotion Strategy (Promotional Mix): Rolex Marketing Strategy
The marketing mix of Rolex ensures that Rolex advertises through a strong promotional strategy to maintain its exclusive image and brand awareness in the market. An all-inclusive promotional strategy is very important in the luxury market because the products are sold on an image which has to be maintained at all costs.
The promotion strategies in the marketing mix of Rolex includes the following promotional tools
The marketing mix of Rolex uses print media and advertises through publications, newspapers, magazines (Vogue and The Financial Times etc.) and billboards.
Social Media Platforms and Social Media Pages
Rolex knows the importance of digital marketing through social media platforms and social media pages to remain in limelight. The company uses the Scorecard App of Facebook, Twitter hashtags and social media pages to feature branded content and chat with customers. It also features videos of expeditions where people are wearing its watch to promote the products.
High Profile Events
Rolex advertises by sponsoring high-profile sports like golf tournaments, tennis tournaments and car races and other high-profile events that are attended by affluent and wealthy people. It is the official timekeeper of the high-profile sports event “Le Mans 24 Hours” (car races), “The Australian Open”(tennis), “Golf Tournaments” and “International Jumping Riders Club”.
After Sales Service
The marketing mix of Rolex and the marketing strategy have ensured a huge market share in the luxury target market. The company has research teams for its target audience as it identifies customer needs and then manufactures products that will meet those specific customer preferences. Rolex offers after-sales service so that it can fulfil all the specific customer needs like repairing or servicing etc.
The Rolex marketing mix and marketing strategy focuses on meaningful slogans that have been considered classic by one and all. Some of the most popular slogans that have withstood the test of time are “Class is Forever”, If You Were Sailing Alone round Cape Horn Tomorrow You’d Be Wear a Rolex”, and “ Symbols of Excellence, Performance, Prestige and Innovation”.
Rolex and advertising by famous personalities go hand in hand. The promotional strategy in the marketing mix of Rolex features several sports personalities like Roger Federer and Tiger Woods.
The fictional British agent James Bond was wearing a Rolex watch in his movies and James Cameron ordered waterproof watches for his team during a high-profile events dive organized by him. The company of Hans Wilsdorf has also used actors like Ana Ivanovic in Rolex commercials.
Other famous personalities to wear a Rolex luxury watch are Michael Buble, Gary Player, Roger Penske, Jackie Stewart, Sir Edmund Hillary (expedition to Everest) and Winston Churchill.
Digital Marketing Strategy – Notable Digital Marketing Campaigns
Roger Penske Loves A Mechanical Gold Rolex
The ad “Roger Penske Loves A Mechanical Gold Rolex” showed Roger Penske wearing the Gold Rolex Day Date and since then the model has been associated with the man.
The Flying Rolex Logo
The ad campaign “ The Flying Rolex Logo” with the Rolex-Master Tiger Eye was launched in 1988. It had three watches featured in a single ad. It was quite rare for the company to do so and created quite an impact on the market
The Magic Of The Rolex Oyster Case
With the tagline “Next Time Somebody Tells You They Have an Amazing, New Waterproof Watch…Tell Them About The Crushed Oyster” the ad campaign “The Magic Of The Rolex Oyster Case” became an instant hit with the target audiences.
key Takeaways from the Rolex Marketing Mix and Marketing Strategy
Although the company started by assembling watches soon it was fully involved in the designing and manufacturing of watches of all kinds. The key takeaways from the Rolex marketing mix and marketing strategy are
- Product innovation and Rolex go hand in hand
- Maintain its premium pricing
- Focus on promotional tools
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Sara Khan says
Is rolex a handmade watch ?
Hitesh Bhasin says
Certain models are. You can say it is a mix of Automation and manual procedures to deliver the final product.
Breck Auston says
We would like to talk with you Marketing dept about a marketing partnership on the outside of our VEGASSOWTOURs entertainment buses which run up and down the Las Vegas Strip