Rolex Branding Essay Example

Rolex Branding Essay Presented by Jeannine Komonosky Long Le James E. Salter Copyright  © 2005 SalterQuest. com. All Rights Reserved. Introduction †¢ Watch Industry †¢ Key Brand Components †¢ Current Brand Strategy †¢ Image Associations †¢ Perceptual Map †¢ Competitive Position †¢ Industry Analysis †¢ Opportunities Threats †¢ †¢ †¢ †¢ Strengths Weaknesses Brand Report Card Revised Branding Goal and Strategy †¢ Revised Brand Messaging Copyright  © 2005 SalterQuest. com. All Rights Reserved. Watch Industry History – Industry Grew up in Geneva – Swiss Watches have a Worldwide Reputation for Quality †¢ Technological Developments – Mechanical Watches have 100 to 130 components – Light-emitting diodes (LED) – Liquid Crystal Display (LCD) – Quartz Analog †¢ Brands now Compete on: – Features – Product Attributes – Positioning Copyright  © 2005 SalterQuest. com. All Rights Reserved. Key Brand Components †¢ Early Publicity Advantages †¢ Branding Challenge †¢ Importance of Marketing †¢ Role of Collectable Copyright  © 2005 SalterQuest. com. All Rights Reserved. Current Brand Strategy Early Brand Strategy †¢ Current Brand Strategy Copyright  © 2005 SalterQuest. com. All Rights Reserved. Image Associations Corporate Success Symbol Swiss Made Luxury Market Prestige Sports Wealth in Travel The World of Rolex Luxury Adventure James Bond 007 Disposable Income Copyright  © 2005 SalterQuest. com. All Rights Reserved. Perceptual Map Prescious Stones Expensive Having It All Craftsmanship Wealth Affluence Quality Design Durability Prescious Metals New Conservative Status Time-honored Dress Innovation First Rolex Traditional Classy Sport Accuracy Functionality We will write a custom essay sample on Rolex Branding specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Rolex Branding specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Rolex Branding specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Competitive Outdoors Winning Accomplished Cutting Edge Cool Sharp Precision Stylish Adventure Worldliness Daring Copyright  © 2005 SalterQuest. com. All Rights Reserved. Competitive Position †¢ Market Segmentation †¢ Types of Wealthy Consumers †¢ Rolex Copyright  © 2005 SalterQuest. com. All Rights Reserved. Industry Analysis †¢ Industry Five Forces †¢ Omega †¢ Citizen †¢ Jaeger-LeCoultre †¢ Movado Copyright  © 2005 SalterQuest. com. All Rights Reserved. 2001 Annual Sales ($ millions) 2001 Annual Sales ($ millions) 30,000 25,000 20,000 15,000 10,000 5,000 0 Rolex Omega Citizen JaegerLeCoultre Movado 209 1,050 152 321 25,840 Copyright  © 2005 SalterQuest. com. All Rights Reserved. Competitor Watch Brands Market Share Snapshot $160,000 $140,000 JLC: $152 $120,000 $100,000 Average Retail Sales Price $80,000 $60,000 $40,000 $20,000 Citizen: $1,050 $0 0 -$20,000 Style/Aesthetics/Quality 1 2 3 Rolex: $25,840 Omega: $209 Movado: $321 4 5 6 Copyright  © 2005 SalterQuest. com. All Rights Reserved. Opportunities Threats †¢ Expansion of Luxury Brands †¢ Maintain Exclusivity of Brand †¢ Desirability Diminished Relative to other Luxury Brands †¢ Lower Price Levels †¢ Market Share Snapshot Copyright  © 2005 SalterQuest. com. All Rights Reserved. Strengths †¢ Quality †¢ Commitment to Excellence †¢ Reputation †¢ Manage demand †¢ Swiss-Made †¢ Mechanical Movement †¢ Advertising Copyright  © 2005 SalterQuest. com. All Rights Reserved. Weaknesses †¢ Style limitations †¢ High price limits market †¢ Technology is not accurate †¢ Myopic Management Copyright  © 2005 SalterQuest. com. All Rights Reserved. Brand Report Card Brand Report Card Attributes Score Rating of Importance Prioritization Delivering on Customers’ Desires 2 2 2 Relevance Value Positioning Portfolio Integrated Marketing Activities 4 4 3 1 5 4 5 3 1 7 5 7 3 1 8 Management Support and Monitoring 2 3 6 3 6 4 Copyright  © 2005 SalterQuest. com. All Rights Reserved. Revised Branding Goal †¢ Reserve Rolex as Elite Brand †¢ Product Diversification †¢ Proposed Umbrella Branding Copyright  © 2005 SalterQuest. com. All Rights Reserved. Umbrella Branding Strategy Brands by Rolex Price Range Consumer Image Representative Rolex gt; $20,000 Ultra-Premium Old Money Millennium Money Prestige James Bond Romeo Juliet 10,000-20,000 Premium-High Old Money Millennium Money The Classics Neo-Renaissance Romance Vienna Opera House Image Vibe, Eclipse, Pagea $5,000-10,000 Premium-Low New Money Bohemian Whoopi Goldberg Revolution, Freedom Safari Line $2,000-5,000 Luxury-High $500-2,000 Luxury-Low New Money Generation X Madonna Middle Money Wild, Sporty The Crocodile Hunter Copyright  © 2005 SalterQuest. com. All Rights Reserved. Revised Brand Messaging †¢ †¢ †¢ †¢ Product Brand Attributes Brand Value Marketing – – – – Pricing Distribution Positioning Promotion Copyright  © 2005 SalterQuest. om. All Rights Reserved. Review †¢ Watch Industry †¢ Key Brand Components †¢ Current Brand Strategy †¢ Image Associations †¢ Perceptual Map †¢ Competitive Position †¢ Industry Analysis †¢ Opportunities Threats †¢ †¢ †¢ †¢ Strengths Weaknesses Brand Report Card Revised Branding Goal †¢ Umbrella Branding Strategy †¢ Revised Brand Messaging Copyright  © 2005 SalterQuest. com. All Rights Reserved. Conclusion Rolex should introduce separate product lines with different brand identities under the Rolex umbr ella Copyright  © 2005 SalterQuest. com. All Rights Reserved.