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Sbm 03 rolex_brand_audit

Sbm 03 rolex_brand_audit






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    Sbm 03 rolex_brand_audit Sbm 03 rolex_brand_audit Presentation Transcript

    • Rolex Brand Audit “The name of –Rolex is synonymous with quality. Rolex-with its rigorous series of tests that intervene at every stage-has defined the meaning of quality.” -Rolex.com 1.1
    • Contents Brand Inventory Brand Exploration Recommendations 1.2
    • Section 1BRAND INVENTORY 1.3
    • Brand Inventory History Private Ownership Product-related attributes Rolex Brand Portfolio  Tudor Communications, Pricing and Distribution 1.4
    • History 1905: Found in London by Hans Wilsdorf (German) and William Davis. 1908: Registered Rolex brand in Switzerland 1910: created a timepiece that was small enough to be worn on the wrist. 1914: Obtained the first Kew “A” certificate after passing the world’s toughest timing test. 1.5
    • History 1926: Developed and patented Oyster waterproof case and screw crown against water, dust and dirt (the first time in the industry) October 7, 1927: Mercedes Gleitzer swam the English channel wearing an Oyster which functioned perfectly after emerging 15 hours in water. 1931: Created the Perpetual self-winding rotor mechanism eliminating the need to wind the watch 1.6
    • Private Ownership Privately owned company and controlled by only three people in its 100-year history. Enabled the company to maintain a consistent focus on its core business. 1.7
    • Product Attributes “10 Golden Rules”  Waterproof case  Perpetual rotor  The case back  The Oyster case  The winding crown  The finest and purest materials  Quality control  Rolex self-winding movement  Testing from the independent Controle Officials Suisse des Chronometres  Rolex Testing 1.8
    • Rolex Brand Portfolio Oyster Perpetual Oyster Professional Cellini• Air-King • Explorer • Cellinium• Perpetual • Gmt Master II Quartz Date Submariner • Cellissima Datejust Submariner Date Classic Datejust Turn O- Sea Dweller 4000 Danaos graph Yatch-Master Cestello Day-Date Cosmograph Daytona Orchid Lady Datejust 2005 Prince Lady Datejust Pearlmaster 1.9
    • Tudor As Fighting Brand  Created in 1946 as a “fighting brand” to stave off competition from mid-range watches such as Tag Heuer, Citizen, and Rado.  Tudor has a range of family brands, namely Price, Princess, Monarch, and Sport. 1.10
    • Communications Brand Image:  Product’s high quality  Its associations with top artists, athletes, and explorers.  Enhanced by its exclusivity, with premium prices and limited distribution  Advertisements: mainly print ads  Sports and events sponsorship 1.11
    • Pricing Around $2,500 for the basic Oyster Perpetual and can reach as high as $200,000. For each style, prices can vary by $2,000 - $12,000 depending on materials used. 1.12
    • Distribution  Not selling online  Only through approximately 60,000 “Official Rolex Dealers” worldwide. 1.13
    • Section 1BRAND EXPLORATION 1.14
    • Contents Customer knowledge Sources of Brand equity  Ambassadors  Sports and culture  Philanthropy The Customer Base Brand equity Pyramid (CBBE) Counterfeiting: threat to Equity 1.15
    • Customer Knowledge The most powerful and recognized watchmaker in the world. Typical consumer brand associations:  Sophisticated  Prestigious  Exclusive  Powerful  Elegant  Snobby  Flashy  High quality 1.16
    • Rolex Mental Map • Successful• Watches Image • Luxury• Expensive • Classic• Precise Performance• Gold/Platinum• Crown Logo• Exceptional • Wimbledon customer • Golf Sports • Sailing service • Championship athletes• Older• Top Athletes People• High-class • Counterfeited and sold on• Masculine the street Negative • Frivolous purchases • Flashy and pretentious Rolex Brand Mantra Classic Designs, Timeless Status 1.17
    • Sources Of Equity Brand Awareness:  One of the most recognized luxury brands in the world.  Its crown logo Brand Image:  Functional benefits: quality, craftsmanship, innovation  Emotional benefits: Exclusive status symbol, self- expressive to the user.  Others: Ambassadors, Sports & Culture, and Philanthropy,.. 1.18
    • ROLEX CBBE PYRAMID Ultimate Social Status • Extremely loyal customer, high repeat purchase rate. • Much affiliation & attachment Resonance • Part of elite society Extremely Quality Exclusive & Self- • The best watches in the rewarding world Judgments Feelings • Feelings of success and • Maximum quality, high social status innovation and design • Special approval and self-respect Luxury Product Classic &• Handcrafted timepiece of Achievement Image premium materials Performance Imagery • Elite luxury image • Perpetual self-winding through sports & cultural technology ambassadors • Official Crown logo • Status symbol • Exceptional customer • Classic heritage service • Holds value well Brand Salience HIGH AWARENESS • Most commonly recalled luxury watch in the world • More depth and breath
    • Counterfeiting: Threat To Equity Counterfeiting Rolex watches has become a sophisticated industry with sales exceeding $1.8 billion per year. Counterfeiting damage the company’s brand equity and present a huge risk to the brand. Rolex sponsors the International Anti- Counterfeiting Coalition and suing companies that allow the sale of counterfeiting Rolexes. 1.20
    • Section 3RECOMMENDATIONS 1.21
    • Five Main Areas Of Opportunities Introduce new designs Connect with the female consumer Attack the online counterfeiting industry Understand how younger consumers relate to luxury Communicate long-term value 1.22
    • Introduce New Designs Research shows a trend toward more jeweled watches Only 7 of Rolex’s sub-brands feature diamond watches => Rolex can increase the ratio of jeweled watches. Consider partnering with well-known designers with limited edition watch that freshens the brand and creates a buzz. 1.23
    • Connect With Female Customer Women make the majority of jewelry and watch purchases >< Rolex’s image campaign mainly emphasizes males. Rolex should consider more female ambassadors of elite status, sponsor female-attended sport events increase the ratio of jeweled watches (ice-skiing, equestrian, golf, etc.) Only 6 of Rolex’s 22 sub-brands geared specifically for women => Rolex can increase the ratio of female-only watches 1.24
    • Attack The Online Counterfeit Industry Due to spread of Internet, the problems of counterfeiting is a bigger threat than ever before. Rolex may consider building an exclusive online store or an exclusive distribution site. 1.25
    • Understand How Younger Consumers Relate To Luxury How will prestige be defined in the 21st century? Will the same formula “work” for the millennial generation as they age and move into the Rolex target market? The current tastes of many younger consumers who are already in the market for Rolex watches? 1.26
    • Communicate Long-term Value Rolex is an excellent representation of the ultimate social status. Rolex watches more durable, resale value and timeless than other luxury items such as handbags, clothes, shoes. Communicate “heirloom” quality 1.27
    • To summarize Points of Parity Points of Difference Swiss watch maker  History and heritage Durable  Crown Fine materials  Exclusive Imagery Quality craftsmanship  Premium price Accurate  Innovation Attractive  Distribution 1.28
    • THE END 1.29