Market segmentation is the process of dividing a target market into smaller and more defined categories. Customers and audiences are divided into groups with similar characteristics like needs, interests, and locations. With Rolex Company, the different segmentations used by the company include demographics segmentation where the idea customers are targeted in consideration with consideration age, gender, occupation, cultural background, and high income. A market strategy in which the advertising efforts are mainly focused on a small group of highly targeted consumers and through these people wearing products from Rolex (Sharma, 2019). Most customers who always buy the Rolex products include men, which is done frequently.
Rolex company is one of the most outstanding marketers of its products in the current world, which controls the four main tools of the marketing mix to achieve its success. There is the product as a marketing mix of Rolex whereby the organization has got innovative products launched due to manufacturing of unique and timeless watches. The company offers different looks for men’s and women’s collections (Donzé, 2020). Additionally, new products have been introduced in the company attracting many customers. The place is another marketing mix of Rolex where products from the organization have led to an agreement between different countries to conduct free trade. The watches from Rolex Company are distributed in various places where there have been certified dealers.
Most of the watches are manufactured in Oman and then distributed to foreign dealers. The brand image of Rolex has always been encouraged by a personal relationship with different clients. Additionally, the organization does not participate in small showrooms or the internet to markets its products since it terms the two as the poor location of making its sells. The organization only makes itself available in retail showrooms, hence creating counterfeit watches. Price is another marketing strategy for Rolex company (Kenel, 2018). The organization produces luxury items that are governed by a premium pricing policy. The pricing range varies following the model of the product together with the materials that are used in manufacturing.
The watches are at an affordable price to the upper class of people. The higher the cost of production in Role company leads to higher pricing policy. Additionally, the organization continues to make a lot of profit because of the unique designs and the value of the finished products. Promotions are among the marketing mix in Rolex Company. The organization has always branded the products as luxurious and providing a status symbol. Rolex is always attractive when it links its products to a particular event with a high profile. The aim of doing this is to persuade the customers to buy the only suitable watches.
Rolex Company is an organization with high-quality products that get a high market competition worldwide. Among the competitors include Tissot, Patek Philippe, Cartier, Sundials Ltd, Apple, Breguet, Longlines, Fitbit. Additionally, Omega is the watch that competes with Rolex in price and social acceptance (Martinez, 2017). Most of the competitors are always a tiny company who sale their products at a smaller fraction compared to the price of Rolex. The competitive advantage of Rolex company is the luxurious watches which have strong long fundamentals and great demand. Moreover, the products have proven value creation and supply-driven dynamics.
Through the analysis of the Rolex position of its products in the production life cycle. The placement on the product and service in the Product Life Cycle graph is in the product and development level where products like Rolex Date just 41 Watch Embodied Energy like a lie. Most clients and customers do not understand how much effort and energy it takes to bring them the pricey and classic watch. Rolex is among the most outstanding companies that have taken a strategy to ensure that its products are sold only inappropriate venues (Batat, 2019). Additionally, it has guaranteed to maintain the purity of its brand. Compared to other brands, the organization has restructured its operations to take advantage of the size and significantly reduce cost, hence participating in trading activities.
Batat, W. (2019). Luxury, Back to Origins. In The New Luxury Experience (pp. 3-31). Springer, Cham.
Donzé, P. Y. (2020). Industrial Leadership and the Long-Lasting Competitiveness of the Swiss Watch Industry. In Historians on Leadership and Strategy (pp. 171-191). Springer, Cham.
Kenel, A. (2018). Risks and opportunities for the Swiss watch industry (Doctoral dissertation, Haute école de gestion de Genève).
Martinez, A. (2017). Omani men’s national dress: displaying personal taste, asserting national identity. Ars Orientalis, 47.
Sharma, Y., Bansal, A., Saini, V., & Garg, R. (2019). Blockchain Technology in Watch Industry to Prevent Counterfeit Watches.
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