The paper 'Current State of Rolex Watches " is a perfect example of a marketing case study. The aim of this paper is to look at the current state of Rolex watches and then recommend various growth strategies as well as propose an event that will be used to create awareness of Rolex and further increase the growth. The report first introduces the brand then analyzes the brand based on three parameters: brand image, brand identity and brand personality. The report then conducts a situational analysis in the form of a SWOT analysis and then recommends some growth strategies that could be adopted by Rolex.
The next section gives a proposal for an event that will lead to the growth of Rolex Watches. The next section then analyzes the critical success factors for the growth strategies and the event to work. The next section then rounds up the whole report by summarizing the key points. Introduction to the Brand Rolex is a leader in the luxury wristwatches. The brands’ headquarters is based in Geneva, Switzerland and it relies on over 4 thousand watchmakers based in over 100 countries across the globe (Rolex Watches, 2015).
The brand was founded in 1905 by Hans Wisdorf in London before combining with Tudor and moving to Geneva in 1919 (Rolex Watches, 2015). Rolex remains to be the largest successful luxury watch brand ever seen in modern history. The two famous Rolex brands are Tudor and Rolex (Chevalier & Gutsatz, 2012). The company produces over 2000 watches per day making it have a high market share (Rolex Watches, 2015). Most importantly the brand has taken the world aghast with most of its innovations in the wrist watches the most prominent one being the Oyster water-resistant watch that was unleashed in 1926.
The brand has three watch lines namely Oyster Perpetual, Professional and Cellini (Rolex Watches, 2015). The brand has been known to be an official timekeeper in most international and local events such as Wimbledon and the Australian Open Tennis (Rolex Watches, 2015). The brand has also sponsored a number of events including 24 Hours of Daytona. Brand Analysis Brand Identity Brand identity refers to the visible elements of a brand that makes the brand unique and distinguished in the consumers’ mind (Franzen & Moriarty, 2015).
The logo of Rolex speaks for itself making the customers perceive themselves as kings when wearing the products from Rolex (WordPress. com, 2014). The various designs by Rolex are so unique to be emulated by any other company in the luxury goods industry. The three major market lines of Rolex also identify the brand among its customers. This includes the Oyster Perpetual, Cellini and Professional (WordPress. com, 2014). Brand Image Brand image is associated with the product. It refers to the perception the customers hold of the product (Franzen & Moriarty, 2015).
Rolex relies on creating passion and excitement rather than promoting the attributes and benefits (WordPress. com, 2014). As such the image that is portrayed to the customers is the statement of Rolex itself and the reward for success. Brand Personality Brand personality, on the other hand, refers to the set of human characteristics that are triggered by the brand name. It includes such attributes as excitement, sincerity, competence and sophistication among others. Rolex conveys personality through the consumers of its wristwatches (WordPress. com, 2014).
The main message that is conveyed through the customers is that the purchasers are attractive, active, wealthy and live very interesting lives full of success (WordPress. com, 2014). The brand thus attracts people of the upper social class. This has also been expressing through personality meeting through big names in the entertainment, political and social world such as Rodger Federer a top-class tennis player.
Chevalier, M., & Gutsatz, M. (2012). Luxury retail management: How the world's top brands provide quality product and service support. Singapore: Wiley.
Franzen, G., & Moriarty, S. E. (2015). The science and art of branding. Armonk, NY: M.E. Sharpe.
Hoffmann, J., & Coste-Manière, I. (2013). Global luxury trends: Innovative strategies for emerging markets.
Kapferer, J.-N, & Bastien, V. (2009). The luxury strategy: Break the rules of marketing to build luxury brands. London: Kogan Page.
Psourthakis, J. (2010, February 15). Growth Management: The Critical Success Factors | The Business Thinker. Retrieved from http://businessthinker.com/growth-management-the-critical-success-factors/
Rolex Watches. (2015). Watches of Switzerland : London, United Kingdom. Official Rolex Dealer. Retrieved from http://www.rolex.com/rolex-dealers/dealer-locator/retailers/watchesofswitzerland
WordPress.com. (2014, April 22). Strategic Image Branding | The Art of Branding. Retrieved from https://strategicimagebranding.wordpress.com/