This report is about the research on reduced product brand on the market. The premium product out team agrees to choose is the Rolex Company product. Rolex Company was the companies that manufactures a high quality side watch and sells the product to a upper quality value to the buyer, Rolex Company also provide technical repair service especially for its product end user at different places or facilities because of its different region and its own global market or business operations.
The target of Rolex Company is to provide the high and luxury hands watch with progressive technology and design which also promote its brand to some sort of collection item which symbolize as prestige, luxury and high quality. The Vision and mission of Rolex Company was to always put the customer at the first place and ensure that their customer are content with their product and services.
Provide the high and luxury palm watch with ground breaking technology and design and promote its brand to a kind of collection item which symbolize as prestige, luxury and high quality.
Vision & Objective Statement
- Always put the customer at the first place.
- Ensure that their customers are satisfied with their product and services.
Rolex is the world's popular brand in luxury watches. In addition to that, Rolex was contained in the luxury watch list of the world's top brands. It is only brand that in a position to produce 2000 watches per day and in a position to earn 3 billion per day. lts brand name, exclusiveness and unique style draw in folks from all strata of culture.
Hans Wilsdorf and his brother-in-law Alfred Davis founded "Wilsdorf & Davis" and authorized as "W&D" in the entire year of 1905 in London, England. Later the name "Rolex" trademark was listed in 1908 and opened up a office in La-Chaux_de-Fond, Switzerland, that was the worlds centre for most high quality watch making.
The name "Rolex" in phrase of France were horlogerie exquise which indicate beautiful horology.
In 1919, the company's headquarters was transferred to Geneva, Switzerland, because taxes and export tasks in the United Kingdom were travelling up costs. The business was first established in Geneva as the Rolex Watch Company. Later, the name changes to Montez Rolex, SA and lastly just Rolex, SA. To add on, Rolex was the first company to create fully waterproof watch (1926), auto-winding watch (1932).
Rolex Company separated its product and services into two different portions one was the normal direct offering and the other was the service facilities. Until now, The Rolex main headquarter is on Geneva of Switzerland by Rue Francois-Dussaud. In Malaysia are just on Kelantan, Perak, Pulau Pinang, Sabah, Sarawak, and Selangor which the center for direct selling. But there is only 1 Rolex service middle at Malaysia which in Jalan Sultan Ismail at Menara Dion
People fulfill their wants and needs with products and services. Something can be provided to a market to meet a need or want. Besides that, product include services, that happen to be benefits or activities provided on the market that almost intangible. For example insurance, airline, bank, home repair services etc.
"Something is anything that is with the capacity of fulfilling customer needs. " (David Jobbs) The merchandise was a physical product and had taken the form of the hand watch. The prior Special edition side watch make by Rolex Company hands watch model Submarine have evoke a feeling to the customer just like a sea due to its blue design on the watch. Rolex Company required the symbol of an crown and places it on its company name to be its brand or brand (body 1. 1)
The Swiss luxury watch making industry is a profitable market. However, new entrants find it difficult to enter the market because of the numerous barriers. In addition to that, there have been still many top brands of luxury watches on the market to create different varieties of watches. Below are a few of the very best brands and competitors of luxury watches that are famous.
Cartier is a company of the first worldwide luxury watchmaking group and Richemont Compagnie Financiere Group. Cartier looks forward to the popularity for selling only the first rate quality of jewellery and accessories.
Tag Heuer name has its distinctive reputation and position in the wonderful world of luxury watches. Furthermore, many Hollywood personalities also like to wear Label Heuer watches.
Blancpain was founded in 1735 by Jehan Blancpain which is one of the blissful luxury watches in the market. Famous businessmen and stars choose Blancpain watches because Blancopain watches show the exclusiveness and personality of their personality.
Due to focused on its quality and its image, Rolex company supply cannot exceed demand because using the certificate high quality materials and licensed craftsmanship to produce each watch will very time taking plus some model even required some special technology to produce the model.
Refer to the marketplace, this product was regarded as inelastic product because upsurge in price lead to fewer customer to get the merchandise.
Rolex has a few series of its watches. You can find Automatic Movement, Common watches, Quartz Motions, Water resistant instances, Collection, Authorized Chronometers and Ceramic bezels.
Ceramic bezels-The bezel of a watch will exacerbate when exposed to sunlight. Regarding to the issue, Rolex have been motivated to create a unique bezel with a Cerachrom disc. It is essentially scratch-proof and its own color remains unaffected by ultraviolet ray. They can be found on the Daytona models, Sea Dweller-Deepsea, Submariner and GMT Professional ll.
Water-resistant circumstances- The watch can be survived withstand pressure to a depth of 100m.
Classic watches- The common watches assembled with scrupulous attention to detail and built from the first-rate recycleables.
Market examination is to comprehend its evolving threats and opportunities and determine the appeal of market.
Rolex Company using the differentiated Section by dividing the mark market to three group that is normal model, feminine model, and the special model. These targets also targeting top high or high cultural class society because are affordable compare to the lower class.
9. Audemars Piguet
Brand awareness involves the power of consumers to keep in mind to the brand name or recognition brand. In the purchase decision, it can play a essential role because people usually like to buy familiar brands. Brand recognition has been calculated by a variety of brands and is also available at Annex lV: Brand Recognition. This result implies that Rolex has 97% for recognition. The Rolex brand value is quite high and the name is known surrounding the world.
The strategy has been described so well but it is hard for the business to change its strategy even how impressive the strategy are. The weakness is that could continue to be some segments that hard to be performed on the market. For instance, if the fashion goes to Gps unit watches, Rolex is hard to changes the strategy because
Even they make an effort to change their product to GPS watches, people suppose that Rolex to be traditional watches. In cases like this, Rolex would be hard to get a market show of" Gps navigation watches"
Rolex brand is very valuable. It seems that I can be diversified in related domains. Rolex should take the opportunity to open jewelry collection over the world. Rolex has the ability to produce jewelry with its technical.
The threat of Rolex is youth does not understand the name of Rolex. Normally, the most mid age people discover the name of Rolex because almost all of the segments were set only for mid era people or middle upper social people.
Now days and nights Customers are extremely concern and picky about on quality on something especially luxury or high grade product or services. To this situation, Rolex Company is very extreme care on its every product so that will not disappoint the customer and remain the nice name of its Company. Besides that, Rolex Company also cautious on its design for each and every product example what meaning or note want in order to the wearer, or how attractiveness on the customer and probably create a new function technology.
The marketing goals of the company are increase knowing of your products and services and increase sales by 150% for next few months.
Besides that, the company might use the 5Ps of marketing to achieve its goal. You will find product, price, advertising, place and folks.
After that, the company will test ideas by doing research. The company could done its research through personal interview, review, e-mail and mobile phone.
In a nutshell, the Rolex Company can work on value-based prices structure. Rolex Company will determine the purchase price or value that their consumers inclined to buy it.
There are a few ways to market the company and its products such as advertising, sales campaign and public connection. Those ways able to present information make it clearly to consumers. Furthermore, those ways also able to increase demand and differentiate the products.
The company could use advertising as their main components of promotion. Advertising able to disperse and present information to folks from all strata.
The company uses the educational advertising to bringing out the new product. Furthermore, its objective are telling the market about the new product and building company image.
The company initial focus will maintain the China Guang Dong market. You will find huge populations and demand strong in China. Such an instance, the interest for particular brands is stronger than others in a few areas. Omega and Longines got the top two positions generally in most Chinese provinces. Besides that, the individuals who reside in Guang Dong have choice for Rolex.
The company could contain the program that maintain existing customers and customer retention program. In order that, this program in a position to encourage consumers loyalty and build a strong connection with consumers. This program will uses those social networking to communicate with existing customer and keep updating the information to consumers.
Nowadays, Internet has enjoyed an important role available. Websites became a strong marketing tool for sales. Websites have the ability to build the bond with customers, reference to market spouse and connection with the world all around us.
The use of E-business in Rolex Company. You will find intranet, extranets and internet in E-business. Rolex Company creates intranets to help employees able to communicate also to access the info found in the company personal computers. Furthermore, company should create the extranet with their supplier to enable information exchange, payments, transactions and orders.
The E-commerce in a position to provide buyers usage of comparative information, rivals, products and information about company. Besides that, company could create a marketspaces to offer clients their products and services online.
By using E-marketing, company can converse about, sell product and services and promote their product online. Company could create or design a stunning website to appeal to consumer. 'Creating an online site is one thing; getting visitors to visit the site is another' (Marketing an Benefits sixth release 2003 p99). The key key is to create a good and enough value to get consumers to come to the site, stick around the site and come back again.