In order to maintain their status related to the four Ps, the company has positioned its product as a luxury item and for this specific reason, they have strove to maintain a very high quality for their products. The market segment that the company has placed its product in is the luxury market, and the prices are high as they are placed in the luxury market. Rolex makes watches to suit the taste of both men and women and are preferred by both the sexes. The target of Rolex is both men and women. Similarly, we undertake a thorough research of the marketing strategy and mix of Rolex. Usually companies carry out extensive research and analysis before formulating the four Ps of marketing – price, promotion strategy, place, and product.Ī careful analysis of the marketing mix of the company enables us to determine the market that the company is trying to pursue. Usually understanding customer needs and tapping on them usually takes painstaking planning and strategy formulation. The marketing success of a company lies in its success in identifying the customer needs. The marketing strategy helps companies identify the customer needs and helps firms formulate strategy to satisfy them. The marketing efforts of the company demonstrate the kid of customers the products are aimed at. Rolex Target Market & Consumer Demographics In this section, we will first discuss the marketing strategy of Rolex before moving on to enumerate the differences they have with the world class marketing principles of McDonald. However, with the change in the generations and ushering of the new generation who is more inclined towards new fast moving technology than a timeless timepiece, Rolex faces a challenge as to how they can attract these new emerging customers. The company is well known for its unique targeting, segmenting, and positioning of their product, which many believe has helped them to maintain their position as a leader over such as long period.
Rolex markets its watches as luxury brands. The products that are made and sold by Rolex are Rolex and Tudor. marketing aspect can be discussed in details. However, the other aspect of the company i.e. The financial data of the company is not publicly available for Rolex as it is a privately owned company. In the next section, we will discuss the financial and marketing strategy of the company in brief before discussing them in detail. With this background of the company, we move further on to the present state of the company. The company was formerly known as Montres Rolex S.A and is based in Geneva, Switzerland. Today Rolex is the largest luxury watchmaker in the world. They also make other kinds of timepieces like clocks, stopwatches, and pocket watches. The watches are found in gold, silver, and platinum and are often studded with diamond or other precious stones. The company is often associated with their luxury branded watches and are sold only through authorized retail stores. Rolex is also the company that is credited for making the first dustproof, airtight, and waterproof watches. It has often been credited for making wristwatches a popular fashion. The watches made by the company were well known for their accuracy, durability, and dearness. The company was registered in the name of Rolex in 1908. Hans Wilsdorf founded the Rolex Company in the early twentieth century. The paper begins with a brief discussion of the company background.
Further analysis of the marketing practices of the company and a comparative case analysis are presented in the paper. The main objective of the paper is to ascertain the gap in the marketing strategy and principles adopted by Rolex with that of the theoretical marketing framework presented by McDonald in his ten world class marketing principles (WCM). This paper is a case study analysis of Rolex.
Often, marketers have deviated from the theoretical principles to develop their own set of rules that they have dubbed more useful in marketing and selling their product. Marketing strategy of a company, in practice and theory, is often replete with gaps.
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