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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
1.2
Brand Inventory
Brand Exploration
Recommendations
BRAND INVENTORY
Section 1
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
1.9
Oyster Perpetual
• Air-King
• Perpetual
Date
Datejust
Datejust Turn O-graph
Day-Date
Lady Datejust
Lady Datejust Pearlmaster
Oyster Professional
• Explorer
• Gmt Master II
Submariner
Submariner Date
Sea Dweller 4000
Yatch-Master
Cosmograph Daytona
Cellini
• Cellinium
Quartz
• Cellissima
Classic
Danaos
Cestello
Orchid
2005 Prince
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
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
Communications
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
BRAND EXPLORATION
Section 1
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
1.17
Performance Performance
Image Image
People People
Sports Sports
Negative Negative
•Watches
•Expensive
•Precise
•Gold/Platinum
•Crown Logo
•Exceptional
customer
service
•Older
•Top Athletes
•High-class
•Masculine •Counterfeited and sold on
the street
•Frivolous purchases
•Flashy and pretentious
•Wimbledon
•Golf
•Sailing
•Championship
athletes
•Successful
•Luxury
•Classic
Rolex Brand Mantra
Classic Designs, Timeless Status
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
Resonance
Brand Salience
Judgments Feelings
Performance Imagery
HIGH AWARENESS
•Most commonly recalled luxury watch in the world
• More depth and breath
Ultimate Social
Status •Extremely loyal customer,
high repeat purchase rate.
• Much affiliation &
attachment
• Part of elite society
Exclusive & Self-
rewarding • Feelings of success and
high social status
• Special approval and
self-respect
Classic &
Achievement Image •Elite luxury image
through sports & cultural
ambassadors
• Status symbol
•Classic heritage
Extremely Quality •The best watches in the
world
•Maximum quality,
innovation and design
Luxury Product •Handcrafted timepiece of
premium materials
• Perpetual self-winding
technology
•Official Crown logo
•Exceptional customer
service
•Holds value well
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
RECOMMENDATIONS
Section 3
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
Swiss watch maker
Durable
Fine materials
Quality craftsmanship
Accurate
Attractive
Points of Difference
History and heritage
Crown
Exclusive Imagery
Premium price
Innovation
Distribution
1.28
THE END
1.29