Rolex Sea Dweller

Topics: Rolex, Rolex Submariner, Marketing Pages: 17 (4809 words) Published: April 21, 2015


Marketing 300 Group Project
Rolex
Marielle de Mondesert, Lauren Druessel, Michelle Fronmüller, Dan Pfeffer, and Tyler Yess

Table of Contents
I. INTRODUCTION3
II. 4 P’S
A. PRODUCT3
B. PLACE4
C. PRICE5
D. PROMOTION9
III. TARGET MARKET10
IV. BRAND POSITIONING 11
V. SWOT ANALYSIS
A. STRENGTHS14
B. WEAKNESSES14
C. OPPORTUNITIES14
D. THREATS15
VI. RECOMMENDATIONS16
VII. REFERENCES17

Product
Elegance, timelessness, and untraditional are just a few words that can be found on the front page of Rolex’s main website that are used to describe their product. The “Rolex Way,” as they like to describe it, is Rolex’s own form of creating their well-known image of luxury through finely crafted watches – different than any other and especially seen as an art rather than just any simple watch-crafting. Rolex’s main and only product will forever be watches. This is no mystery to anyone as they make it very clear to all, - “the way we make watches, the only thing we will ever make” (“About Rolex,” 2014). This is a main reason as to why Rolex has such a strong retention of its customers. Their product is one that is very simple but also one that is constantly being made to a better and higher quality than the one before. The thrill of purchasing a Rolex isn’t in having a new watch, rather having a Rolex watch. One that has been sculpted, painted, and designed with such delicacy and precision that carries its own stigma of luxury and riches. The start of Rolex began in 1905 by Londoner Hans Wilsdorf who at the age of 24 wanted to create a more precise wristwatch that was not only elegant but also reliable. Rolex’s first quest in defining their product came from concentrating on the quality movements of the watch. By 1910, Rolex had created a new name for itself, one that no other watchmaker would hold - being the first wristwatch in the world to have chronometric precision. From here on out, the name Rolex was now synonymous with not only reliability, but precision as well. Rolex soon after in 1926 came to hold a significant title to their name for creating the first waterproof watch. In proving this, the Rolex Oyster (the name of the waterproof watch) crossed the English Channel by English swimmer Mercedes Gletize. At the end of the 10 hour swim the watch remained in perfect working condition thus creating world-wide news and adding to the company’s value. Then after in 1931, Rolex created the world’s first self-winding mechanism which today holds as the heart of every automatic watch. This accomplishment in itself solidified the true art of the Rolex watch and the innovation qualities the company holds. After these few of the many accomplishments of Rolex, it was clear to all that this watch would be alongside the men and women who would themselves be creating world-renowned accomplishments. From being the “perfect partner on the land or in the sea” by reaching the summits of Mount Everest and depths of 10,916 meters into the Mariana Trench, the Rolex watch would be an item of true reliance, accountability, and performance (“1905-1910,” 2014). These handcrafted timepieces continue to increase the name of Rolex by currently hold a brand value of $7.7 Billion and also consistently appearing on the top 100 list of most value brands in the world (“Rolex,” 2014).

Place
Being a product that holds such high prestige and that is worth so much, the placement as to where and how these items are sold is extremely important for the company. Rolex watches cannot be found at any convenient jewelry shop. The company carefully selects each jeweler who can sell its watches. In order to continue the image of owning a unique specialty watch, the places at which these watches can be purchased must also hold similar standards. Both in the U.S. and...

References: 1905 - 1919. (n.d.). Retrieved December 1, 2014, from
http://www.rolex.com/about-rolex/rolex-history/1905-1919.html
Authorized Rolex Dealers. (n.d.). Retrieved December 1, 2014, from
http://www.crownandcaliber.com/watches/rolex/authorized-rolex-dealers/
About Rolex. (n.d.). Retrieved December 1, 2014, from http://www.rolex.com/about-rolex.html
How And Why Rolex Prices Have Increased Over Time | Page 2 of 2 | aBlogtoWatch
Retrieved December 1, 2014, from
http://www.ablogtowatch.com/rolex-prices-past-60-years-revealing-analysis/2/
Mix: A Success Story. (n.d.). Retrieved December 1, 2014, from
http://dtcarguy.wordpress.com/2013/05/02/the-rolex-marketing-mix-a-success-story/
Official Rolex Retailer: Simons Jewelers. (n.d.). Retrieved December 1, 2014, from
http://www.rolex.com/rolex-dealers/dealer-locator/retailers-details/simonsjewelers.saint
Rolex: How a 109-Year-Old Brand Thrives in the Digital Age. (n.d.). Retrieved December
1, 2014, from http://mashable.com/2014/04/17/rolex-marketing-strategy/The Rolex Marketing
Rolex. (n.d.). Retrieved December 1, 2014, from http://www.forbes.com/companies/rolex/
Satell, G
December 1, 2014, from http://www.forbes.com/sites/gregsatell/2013/04/16/4-principle
s-of-marketing-strategy-in-the-digital-age/2/
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