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Marketing Researches on Rolex Watches

This paper aims to demonstrate the situation and positioning of Rolex watches in the international market. Information research was done on the internet and some assumptions are developed based on the information to figure out marketing strategies of Rolex.

Background

Rolex was established around 1910 s in Switzerland by Hans Wilsdorf. Based on advanced craftsmanship such as waterproof and oyster, it designs several wristwatch collections to satisfy different people, including business people and professionals. The core concept of its creation is chronometric precision. As one of the top 10 wristwatches around the world, Rolex has successfully set up a professional brand image and been recognized as a symbol of high social status and leading brand in luxury watches. To achieve the success and further development, it has adopted a series of marketing strategies in terms of STP and 4Ps.

Strategic Market Planning

To obtain the global market share, Rolex has segmented its target market mainly based on gender and occupation. Men s collections focus on performance and are made for some professional works while women s collections pay more attention to appearance. Rolex designs men s watches according to their demand of functions and the working environment. Datejust and Day-Date are the basic men s collections of showing time precisely. Deepsea, Exploer, GMT-Master Ⅱ, Milgauss, Submariner, Yacht-Master Ⅱand Daytona collections have different emphasized functions enabling people to do professional outdoor works that are demanding for devices such as diving, sailing, flying and so on. Women s selections are not as complicated as men s since watches are more like accessories to them. They mainly vary in design such as color, shape and ornamental jewelry based on the fundamental functions.

With a high production cost, Rolex mainly targets upper-middle and upper class people who have certain disposable income and are willing to pay a premium price for a high life. As Hooley (2008) shows, upper-middle class people are successful business and professional. Their accessories should match their image. And upper