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This report is about the research on a premium product brand on the market. The premium product out team agrees to choose is the Rolex Company product. Rolex Company was the companies that manufactures a high quality hand watch and sells the product to an upper high value to the consumer, Rolex Company also provide technical repair service especially for its product user at different places or facilities due to its different region and its global market or business operations.
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The objective of Rolex Company is to provide the high and luxury hand watch with innovative technology and design which also promote its brand to a kind of collection item which symbolize as prestige, luxury and high quality. The Vision and mission of Rolex Company was to always put the customer at the first place and make sure that their customer are satisfied with their product and services.
Provide the high and luxury hand watch with innovative technology and design and promote its brand to a kind of collection item which symbolize as prestige, luxury and high quality.
Vision & Mission Statement
- Always put the customer at the first place.
- Ensure that their customers are satisfied with their product and services.
2.0.0 Company Summary
Rolex is the world’s well known brand in luxury watches. In addition to that, Rolex was included in the luxury watch list of the world’s top brands. It is only brand that able to produce 2000 watches per day and able to earn 3 billion per day. lts brand name , exclusiveness and unique style attract people from all strata of society.
Hans Wilsdorf and his brother-in-law Alfred Davis founded “Wilsdorf & Davis” and signed as “W&D” in the year of 1905 in London, England. Later the name “Rolex” trademark was registered in 1908 and opened a office in La-Chaux_de-Fond, Switzerland, which was the worlds center for most high quality watch making.
The name “Rolex” in phrase of French were horlogerie exquise which mean exquisite horology.
In 1919, the company’s headquarters was moved to Geneva, Switzerland, because taxes and export duties in the United Kingdom were driving up costs. The company was first established in Geneva as the Rolex Watch Company. Later, the name changes toÂ Montez Rolex, SAÂ and finally just Rolex, SA. To add on, Rolex was the first company to produce fully waterproof watch (1926), auto-winding watch (1932).
2.2 Company Location
Rolex Company split its product and services into two different sections one was the normal direct selling and the other was the service facilities. Until now, The Rolex main headquarter is on Geneva of Switzerland by Rue Francois-Dussaud. In Malaysia are only on Kelantan, Perak, Pulau Pinang, Sabah, Sarawak, and Selangor which the center for direct selling. But there was only one Rolex service center at Malaysia which in Jalan Sultan Ismail at Menara Dion
3.0 Product and services
People satisfy their wants and needs with products and services. A product can be provided to a market to satisfy a need or want. Besides that, product include services, which are benefits or activities provided for sale that virtually intangible. Examples include insurance, airline, banking, home repair services and so on.
3.1 Product Description
“A product is anything that is capable of satisfying customer needs.” (David Jobbs) The product was a physical product and took the form of a hand watch. The previous Special edition hand watch manufacture by Rolex Company hand watch model Submarine have evoke a feeling to the customer like a sea because of its blue design on the watch. Rolex Company took the symbol of a crown and places it on its company name to be its brand or logo (figure 1.1)
3.2 Competitive Comparison
The Swiss luxury watch making industry is a profitable market. However, new entrants find it difficult to enter the market due to the numerous barriers. In addition to that, there were still many top brands of luxury watches in the market to come up with different styles of watches. Here are some of the top brands and competitors of luxury watches which are famous.
Cartier is a company of the first worldwide luxury watchmaking group and Richemont Compagnie Financiere Group. Cartier enjoys the fame for selling only the first rate quality of jewellery and accessories.
- Tag Heuer
Tag Heuer name has its distinct reputation and status in the world of luxury watches. Furthermore, many Hollywood stars also like to wear Tag Heuer watches.
Blancpain was founded in 1735 by Jehan Blancpain and is one of the luxury watches in the market. Famous businessmen and celebrities prefer Blancpain watches because Blancopain watches show the exclusiveness and individuality of their personality.
3.3 Supply & Demand Details
Due to concentrated on its quality and its image, Rolex company supply cannot exceed demand because using the certificate high quality material and qualified craftsmanship to produce each watch will very time taking and some model even required some special technology to produce the model.
Refer to the market, this product was considered as inelastic product because increase in price lead to fewer customer to purchase the product.
3.4 Technology needs
Rolex has a few series of its watches. There are Automatic Movement, Classic watches, Quartz Movements, Water resistant cases, Collection, Certified Chronometers and Ceramic bezels.
Ceramic bezels-The bezel of a watch will exacerbate when exposed to sunlight. Regarding to this issue, Rolex have been motivated to create a unique bezel with a Cerachrom disc. It is essentially scratch-proof and its colour remains unaffected by ultraviolet ray. They are available on the Daytona models, Sea Dweller-Deepsea, Submariner and GMT Master ll.
Water-resistant cases- The watch can be survived withstand pressure to a depth of 100m.
Classic watches- The classic watches assembled with scrupulous attention to detail and crafted from the first-rate raw materials.
4.0 Market Analysis
Market analysis is to understand its evolving threats and opportunities and determine the attractiveness of a market.
4.1 Target Market Segment Strategy
Rolex Company using the differentiated Segment by dividing the target market to three group that is normal model, female model, and the special model. These targets also targeting upper high or high social class population because are affordable compare to the lower class.
4.1.1 Industrial Participants / Key Player
9. Audemars Piguet
4.2 SWOT Analysis
Brand awareness involves the ability of consumers to remember to the brand name or recognition brand. In the purchase decision, it can play a vital role because people usually like to buy familiar brands. Brand awareness has been calculated by a variety of brands and is available at Annex lV: Brand Awareness. This result shows that Rolex has 97% for awareness. The Rolex brand value is quite high and the name is known around the world.
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The strategy has been defined so well but it is hard for the company to change its strategy even how innovative the strategy are. The weakness is that could remain some segments that hard to be achieved on the market. For instance, if the fashion goes to GPS watches, Rolex is hard to changes the strategy because
Even they try to change their product to GPS watches, people assume that Rolex to be classic watches. In this case, Rolex would be hard to get a market share of” GPS watches”
Rolex brand name is very valuable. It seems that I can be diversified in related fields. Rolex should take the opportunity to open jewelry line over the world. Rolex has the ability to produce jewelry with its technical.
The threat of Rolex is youth does not recognize the name of Rolex. Normally, the most mid age people recognize the name of Rolex because most of the segments were set only for mid age people or middle upper social people.
Now days Customers are very concern and picky about on quality on a product especially luxury or premium product or services. To this situation, Rolex Company is very caution on its every product so that will not disappoint the customer and remain the good name of its Company. Other than that, Rolex Company also cautious on its design for every product example what meaning or message want to tell the wearer, or how attractiveness on the customer and probably create a new function technology.
5.0 implementation and strategies
5.1 Marketing strategy
The marketing goals of the company are increase awareness of your products and services and increase sales by 150% for next few months.
Besides that, the company could use the 5Ps of marketing to achieve its goal. There are product, price, promotion, place and people.
After that, the company will test ideas by doing research. The company could done its research through personal interview, survey, e-mail and telephone.
5.2 Pricing Strategy
In a nutshell, the Rolex Company could work on value-based pricing structure. Rolex Company will determine the price or value that their consumers willing to buy it.
5.3 Promotion Strategy
There are a few ways to promote the company and its products such as advertising, sales promotion and public relation. Those ways able to present information make it clearly to consumers. Furthermore, those ways also able to increase demand and differentiate the products.
The company could use advertising as their main components of promotion. Advertising able to spread and present information to people from all strata.
The company uses the informative advertising to introducing the new product. Moreover, its objective are telling the market about the new product and building company image.
5.4 Distribution Patterns
The company initial focus will be in the China Guang Dong market. There are huge populations and demand strong in China. Such a case, the interest for particular brands is stronger than others in some areas. Omega and Longines got the top two positions in most Chinese provinces. Besides that, the people who live in Guang Dong have preference for Rolex.
5.5 Marketing Program
The company could hold the program that retain existing customers and customer retention program. So that, this program able to encourage consumers loyalty and build a strong connection with consumers. This program will uses those social networking to communicate with existing customer and keep updating the information to consumers.
6.0 Web Plan Summary
Nowadays, Internet has played an important role in the business. Websites became a dynamic marketing tool for sales. Websites have the ability to build the connection with customers, connection with market partner and connection with the world around us.
6.1 Website Marketing Strategy
The use of E-business in Rolex Company. There are intranet, extranets and internet in E-business. Rolex Company creates intranets to help employees able to communicate and to access the information found in the company computers. Furthermore, company should set up the extranet with their supplier to enable information exchange, payments, transactions and orders.
The E-commerce able to provide buyers access to comparative information, competitors, products and information about company. Besides that, company could create a marketspaces to offer buyers their products and services online.
By using E-marketing, company can communicate about, sell product and services and promote their product over the internet. Company could create or design an attractive website to attract consumer. ‘Creating a website is one thing; getting people to visit the site is another’ (Marketing an Introduction sixth edition 2003 p99). The important key is to create a good and enough value to get consumers to come to the site , stick around the site and come back again.
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