The luxurious watchmaker based out in Switzerland is founded by Hans Wilsdorf in the year 1905. It became famous when in 1926 it came up with the first waterproof watch. With its innovative features and classic design, it has been the forefront player in the luxury watch market.
The Company is run by the Hans Wilsdorf Foundation trust and all the profits are invested in the company and its people. Neither results are published and no corporate tax is paid by the company.
Table of Contents
Segmentation, targeting, positioning in the Marketing strategy of Rolex –
Psychographic segmentation is used by the company to understand the changing needs of the customers and be ahead of other companies in the industry.
Mission- “Not Available”
Vision- “Not Available”
Tagline-“A Crown for every achievement”.
Competitive advantage in the Marketing strategy of Rolex –
Brand Image: Rolex since its inception has created a niche segment of customers who wear a watch as a prestige. The luxury watch manufacturer has been a pioneer in bringing new age technologically advanced watches in all these years.
Global Presence: Rolex has been present in more than 100 countries around the globe and has very limited number of company-owned outlets.
BCG Matrix in the Marketing strategy of Rolex –
Rolex has a limited number of watch models. BCG matrix helps in understanding the competitive position of the brand in the industry it is operating. In the BCG matrix, Rolex watches hold stars position due to its demand and advanced technological & sleek design.
Distribution strategy in the Marketing strategy of Rolex –
Rolex has very limited number of exclusive stores around the world. It distributes its watches and accessories through owned stores, multi-brand stores and e-commerce sites. Approximately 2000 watches are being manufactured by Rolex every day.
Brand equity in the Marketing strategy of Rolex –
A symbol of luxury and prestige has travelled the time with more than 100 years of experience in being the timeless masterpiece. In the list of world’s most powerful global brands, Rolex has been ranked 64th in the year 2016.
Competitive analysis in the Marketing strategy of Rolex –
The presence of counterfeit products & changing buying patterns of customers in the emerging economies, the presence of a large number of me-too brands in the market and imitation is affecting the industry as a whole. Without much focusing on the competition, Rolex is continuously driving the technological advancement and state of art designing to be ahead in the industry.
Market analysis in the Marketing strategy of Rolex –
Changing lifestyle, changing consumption patterns, increasing disposable income, developing nations & purchasing power, changing aspiration and motivation level of people to follow their dreams, and migration to urban areas are the driving force for the success of the luxury goods industry. The luxury goods industry is the fastest growing industry in the recent time, especially in the developing nations.
Customer analysis in the Marketing strategy of Rolex –
Customers of Rolex are upper-class income group individuals who have an inclination towards the luxury goods and live a lavish life. These are the customers either are from higher income strata of the society (irrespective of any age group) or are from the business family in the age group of 30-60 years.
Liked this post? Check out the complete series on Strategies