Rolex Marketing Mix: Rolex is a brand owned by private individuals who manufacture, design, and sell wristwatches. The finest wristwatches that you could imagine. Alfred Davies and Hans Wilsdorf created the company that makes watches in England in 1905. The company’s headquarters is located in Geneva, Switzerland. Rolex is among the top 100 most influential brands on the market and the largest, with the capacity to produce 2,000 watches.
Marketing Mix Of Rolex
Marketing Mix Of Rolex is brand-based. In Marketing Mix Of Rolex, We will Learn About the four key elements of Marketing Mix: products, place, price, and Promotions. By paying attention to the following four components of the marketing mix, a business can maximize its chances of a product being recognized and bought by customers. We will be discussing Rolex Marketing Mix. Below is the detailed Marketing Mix Of Rolex.
Let’s talk about Rolex Marketing Mix.
Rolex Main Competitors
- Audemars Piguet
- Patek Philippe
- Richard Mille
Rolex official website: www.rolex.com
Product in the Rolex Marketing Mix:
Rolex is a brand that has the privilege of having numerous “firsts” / innovative products created through its R&D and manufacturing of exclusive and timeless watches. The company was among the first to be awarded an official chronometer certificate, the first to use auto-date changes, the first to use a rotor for oscillating winding, and the first wristwatch with waterproof capabilities. Rolex offers nine types of watches for men’s collections and six for women’s collections. They also have introduced five new models, including the Yatch-Master II. The range of Rolex products is as follows:
- DAY-DATE II
- EXPLORER II
- OYSTER PRECISION
Place in the Rolex Marketing Mix:
The globalization of goods has led to a number of agreements between nations that encourage free trade. The exemptions from tariffs for imports and exports could result in a reduction of actual costs for the company, as the majority of the companies reside in Switzerland.
Globally the exclusive watches are sold across the globe by certified dealers. Most watches are made in Switzerland and then sold to dealers from abroad.
Rolex has always promoted an individual relationship with each customer since this aligns with the brand’s image. Rolex does not permit sales in poor places like tiny showrooms or online stores. Instead, the brand is offered only in select retail stores, thus avoiding counterfeit watches.
The brand is not able to boast an extensive distribution network. An exclusive channel is required to maintain its high-end status, which Rolex certainly is. Rolex is a global company with 28 affiliated companies and 4000 manufacturers in over 100 countries. The retailer and retail outlets of the brand are present in every continent of the globe.
Price in the Marketing Mix Of Rolex:
Rolex is a high-end product and offers a very high-end price policy that applies to its goods. The pricing of its products varies according to its model item and the materials utilized in its manufacture.
The labor cost is extremely high since the company uses only the finest artisans for designing and assembling purposes. The retail prices for categories like”Diamond Inlay” are much more expensive. “GMT ice” is the most expensive model to be made by the Rolex factory, with a price of 485,350 dollars.
The pricey watches are generally affordable for those in the upper echelons of society. The rise in the cost of raw materials, such as gold, has caused the company to increase its prices again. Therefore, the high cost of production leads to more expensive pricing, but the company can still make profits due to its distinctive design and the worth of the final product.
The brand is aimed at consumers of the upper class, who believe that money doesn’t necessarily matter, but luxury items are. Therefore the market for these watches is accessible. Because the selection of options can be limited lowers the risk of financial instability and increases the chance of huge profit.
Promotions in the Rolex Marketing Mix:
Rolex has always promoted its products as luxurious, and having them is an indication of status. The brand’s products are sold exclusively to a specific group of wealthy people. Therefore, Rolex is always interested in tying its watches to an upcoming high-profile sport or occasion. Rolex promotes its watches as a product that is specifically designed to be suitable for each individual. The company’s objective is to convince the consumer that there’s only one perfect watch for him: Rolex.
“The Australian Open” and “Wimbledon” have been able to choose Rolex as the timekeepers for the tournaments. Rolex is also the official timekeeper for events in golf, such as the “U.S. Open” and “The Open Championships.” Rolex also is the sponsor of “The Senior Open Championship” as well as”The Senior Open Championship” and “Women’s World Golf Rankings.”
It is the main sponsor for “Rolex Sports Car Series” and “24 Hours of Daytona”. Since 2001, Rolex has been the official timekeeper of motor racing’s Le Mans 24 Hours and, in 2013, became the official watchmaker for FIA Formula 1.
Sir Jackie Stewart, a driver of Ex-Formula 1, was its brand ambassador from 1968. Other famous personalities and sportsmen associated with this prestigious brand include Roger Federer, Michael Schumacher, Daniel Craig, Cristiano Ronaldo, Arnold Palmer, Sir Kiri Te Kanawa, and Jean Claude Killy.
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