ROLEX: THE LEADING NAME IN CONSUMER WRISTWATCHES
Index 1. 2. 3. 4. Introduction Background on Consumer Behavior of Market and Market Segments Marketing Strategy Evaluation of Roles Marketing Activities
I. Introduction Brief Overview of Rolex: Rolex has been cited by a number of sources as a one of the most globally recognized luxury brands. The common adjectives associated with this brand are: prestige, power, status, wealth, and success. According to TIME magazine, "Nothing says you've made it like a Rolex." Rolex was founded in the early 1900's by Hans Wilsdorf. Since its original founding, the company has made many innovations that have distinguished Rolex from its competitors, giving the brand a high market share in the luxury goods industry. These innovations include: the first wristwatch automated to change day/date on the dial, show time zones, and be waterproof. Also, Rolex was the first wristwatch to earn chronometer certification (Wikipedia). These innovations, as well as Rolex's commitment to producing th
premium high‐quality products, has distinguished Rolex as TIME's 68 best global brand in 2009 with an estimated brand value of $4,956 million dollars. Despite the average retail cost of a Rolex that ranges anywhere from $6,000 to $100,000 dollars or more, consumers find the Rolex legacy, quality, and status symbol worth every penny of this large investment.
Swiss Watch Industry: The Swiss Watch Industry is the label given to watches made in Switzerland. In order for a watch to be considered Swiss, it must meet proper standards and be Swiss made as defined by law (Wikipedia). According to TIME magazine, the Swiss watch industry is about four hundred years old. This industry is composed of two hundred Swiss watch brands, only twenty‐five of which are considered luxury brands. Rolex is considered one ...