MK3002 - Rolex Functional & Symbolic Brand Attributes

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MK3002 Marketing Strategy, In-Class Group Presentation, London Metropolitan University, London, UK (February 2011)

Topic: An analysis of the functional and symbolic brand characteristics of the Rolex brand.

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MK3002 - Rolex Functional & Symbolic Brand Attributes

  1. 1. Alper Akcesme 07015880Angus Mackie 08055040Daniella Armoni 08043448Julie Feuerstein 07050033Marian Zinn 09000016Yana Galkina 08043901MK3002N – Strategic Marketing - London Metropolitan University
  2. 2.  Type: privately held company Headquarters based in Geneva, Switzerland Rolex has service centres in 28 countries globally Sells through Official Rolex Dealers in more than 100 countries Brand value: $4.7bn - Ranked 6th in top luxury brands (Millward Brown Optimor, 2010) 16.1 % market share in 2008 of all Swiss made watches (Mulier, 2010)
  3. 3.  Immediate and practical need Reliability Functionality – Ease of use Comfort Precision Water- resistant Date-change mechanism Extreme resistance to shock Chronometric performances Innovative high technology & intuitive features
  4. 4.  “The function of a watch is to tell you the time; the function of Rolex is to tell you the social status of the owner.” (Chaudhry) Brand characteristics Brand user characteristics Prestigious  Sophisticated Exclusive  Romantic Exciting  Successful Status symbol  Powerful Distinctive  Unique High quality  Stylish Philanthropic  Expressive Pioneering (invented  Glamorous waterproof watches)  Elegant
  5. 5. Rolex positioning in relation to key competitors in the luxury watch market: Rolex competitors: Breitling, Cartier, Tag Heuer, Omega
  6. 6.  Bhat, S. (1998), “Symbolic and functional positioning of brands”, Journal of Consumer Marketing, Vol 15 no. 1 1998 pp. 32-43 MCB University Press Chaudhry, A. (), “Functional versus symbolic benefits of product”, The Red Carpet Broadcast (online) Available at: http://www.trcb.com/internet-and-businesses- online/product-launching/functional-versus-symbolic-benefits-of-product-9375.htm [Accessed on 20.02.11] Keller, K (2008) "Strategic Brand Management: a European perspective", Harlow : Prentice Hall Financial Times Key Note (2011), “Jewelry and Watches Market” (Online) Available at: https://www.keynote.co.uk/market-intelligence/view/product/2424/jewellery-%26- watches [Accessed on 25.02.11] Millward Brown Optimor (2010), "BrandZ Top 100 Most Powerful Brands" (Online) Available at: http://c1547732.cdn.cloudfiles.rackspacecloud.com/BrandZ_Top100_2010.pdf [Accessed on 25.02.11] Mulier, T. (2010), "Rolexs Swiss Watch Hegemony Threatened by Omega", Bloomberg (Online) Available at: http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aG8H3YKlGUsU [Accessed on 25.02.11] Rolex (2011), “About Rolex” (Online) Available at: http://www.rolex.com/en#/world-of-

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