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Brand plan Essay Example

Even though these watches make up for them mid-range watch and jewellery market they compete to a certain extent with Rolex to get a share of the larger customer base who are not Rolex loyalists.Rolex has numerous competitors in the 43.6 billion USD watch and jewellery industry. Rolex has released its Tudor in 1946 to eliminate stiff competition faced from mid-range wrist-watch brand like Tag Heuger and Rado. Its model categories: Prince, Princess, Monarch and Sport entered into the fuzzy high-end-midrange market were modestly priced for a large customer base.The value for luxury watches is rising at a rate of 17 % since 2000 with volume growth lagging behind at 13 %. This is because commodity prices, making charges, crystal and minerals costs have an increasing trend with time. On the other hand the percentage increase in units sold every year is not as high to match with the appreciating value. (Mintell Group Ltd.Rolex is seeing a natural tendency to being a male dominated brand. It has enough potential to woo female customers owing to their increasing income and affinity towards luxury watches compared to men and young adolescents.The Rolex brand image has been nurtured in the Swiss capital of Geneva and has been owned and managed privately. It has been under the leadership of Han Wildorf, the founding father and pioneer of wrist watch making, water proof oyster shell and perpetually self winding technology. Within its micro environment in the Swiss Watch making industry, it has received competition from competitors like Omega, Piaget and citizen in the high end and mid range jewel embedded watch category. However, it has been able to maintain its niche and customer base targeting almost 14 % of consumers in the luxury category.Rolex was co founded by German-born Hans Wilsdorf and his brother-in-law William Davis in the year 1905. Wilsdorf got the company registered as early as in 1908 and within two years in 1910, it gave the world the first Rolex watch small enough to be worn on the wrist. The company was shifted to Geneva in 1912 where it set up its headquarters and has remained to be so till date. The company has only 60,000 registered dealers worldwide. They have no online ordering portal or third parties. Every watch is sold out of an authorised Rolex dealer.Rolex is a privately owned company and has been controlled by only three people in its 100 year long

References

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Douez, S., Besson, P., 2011. Rolex looks to renew classic brand. [Online] Available at <http://www.swissinfo.ch/eng/business/Rolex_looks_to_renew_classic_brand.html?cid=30246180> [Accessed 20 Nov. 2012].

Finance Maps of World, 2012. Home – Brand – Value: Rolex Branding Strategy. [Online] <Available at: http://finance.mapsofworld.com/brand/value/rolex.html>[Accessed 20 Nov. 2012].

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Available at <http://www.managementparadise.com/forums/marketing-management/209261-marketing-strategy-rolex.html> [Accessed 20 Nov. 2012].

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Mintell Group Ltd., 2012. Mintel Research Overview. [Online] Available at <www.premier.mintel.com [Accessed 20 Nov. 2012].>

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Mintell Group Ltd., 2011. Watches and Jewellery Retailing.

Red Luxury, 2012. The Rolex Experience Comes to Shanghai. [Online] Available at: <http://red-luxury.com/2011/09/30/the-rolex-experience-comes-to-shanghai/>

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Gautschi, K., 2005. The Swiss Luxury Watch making Industry

Schaerer J., 2012. Tudor: The Other Rolex Brand

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preview essay on Brand plan
  • Pages: 5 (1250 words)
  • Document Type: Essay
  • Subject: Marketing
  • Level: Undergraduate
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