Marketing Strategy of Rolex – Rolex Marketing Strategy: The prestigious watchmaker that is based in Switzerland was founded by Hans Wilsdorf in the year 1905. It gained fame when it was 1926 when it introduced the first watch that was waterproof. With its ingenious features and timeless design, it’s been one of the top players in the premium watches marketplace.
The Company is owned through the Hans Wilsdorf Foundation trust and all profits are invested into the business and its employees. There is no publication of the results and there is no corporate tax due by the business.
Rolex At A Glance – Marketing Strategy of Rolex
Company: Montres Rolex SA
CEO: Jean-Frederic Dufour
Founder: Hans Wilsdorf | Alfred Davis
Year founded: 1905, London, United Kingdom
Headquarters: Geneva, Switzerland
Annual Revenue: US$5.4 billion
Profit | Net income: US$722 million
Number of employees: 30,000
Products & Services: Watches
Competitors: Patek Philippe | AudemarsPiguet | Vacheron Constantin | Tag Heuer | Lange &Söhne | Jaeger-LeCoultre | Hublot | Breguet&Fils
Rolex Fun Facts: Known for its Hollywood pedigree, the 1968 Reference 6239 Daytona, made from stainless steel and leather, is one of the most iconic Rolex models. It sold for nearly $18 Million at the October 2017 at Phillips’ inaugural watch auction in New York City.
Marketing Strategy of Rolex
Rolex’s Marketing Strategy covers various aspects of the business right from segmentation and targeting to the overall mission and vision of the company and the various parameters which the company executes to become the top brand that it has in the market. So what is the Marketing Strategy of Rolex? Let us discuss.
Segmentation, Targeting, Positioning – Rolex Marketing Strategy
Psychographic segmentation is utilized by companies to comprehend the evolving demands of customers and to stay ahead of the competition in the field.
Since Rolex watches are intended for wealthy people, Therefore, it employs the same targeting approach.
The brand has existed for more than 100 years and is a symbol of quality traditional design, and lavishness. Its positioning is based on a value-based position approach.
Rolex Mission Statement
Rolex Vision Statement
“A Crown for every achievement”.
Competitive Advantage – Marketing Strategy of Rolex
Logo Image: Rolex since its beginning has developed a niche of people who use the brand as a statement piece. The premium watchmaker is a pioneer in the field of bringing technologically advanced watches throughout the years.
World Presence; Rolex is present in over 100 nations across the globe and has a small number of corporate-owned outlets.
BCG Matrix – Rolex Marketing Strategy
Rolex offers a small number of watches. BCG matrix assists in determining the competitive position of the brand within the field it operates. According to the BCG Matrix, Rolex watchmakers hold the top in the top spot because of their popularity and technologically advanced modern design.
Distribution Strategy – Marketing Strategy of Rolex
Rolex has a very small quantity of exclusive stores across the globe. It sells its watches and accessories through its own stores, multi-brand stores as well as online shopping websites. About 2000 watches are made by Rolex each day.
Brand equity – Rolex Marketing Strategy
A symbol of class and elegance has been around for a long time, over 100 years being the classic masterpiece. On the list of the most influential worldwide brands, Rolex was ranked 64th in the year 2016.
Competitive Analysis – Rolex Marketing Strategy
The emergence in the market of fake products and the changing purchasing habits of consumers in emerging economies, and the existence of many imitation brands and imitations are affecting the entire industry. While not focusing too much on the market, Rolex is continuously driving technological innovation and cutting-edge design to stay ahead of the field.
Market Analysis – Marketing Strategy of Rolex
A changing lifestyle changes consumption patterns, rising disposable income and developing nations’ buying capacity, shifting aspirations and motivation levels of individuals to pursue their goals, and the migration towards urban settings are the main driving factor behind the growth of the high-end goods sector. The industry of luxury goods is the fastest-growing industry in recent years, particularly in developing countries.
Customer Analysis – Rolex Marketing Strategy
The customers of Rolex are wealthy, upper-income people who are inclined towards luxury items and enjoy a lavish lifestyle. These are customers who belong to the higher income group of society (irrespective of age) or belong to the business-oriented family within the 30 to 60 years old.
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