Components and Strategies Used by Rolex - Essay Example

? Rolex Luxury Watches Contemporary Brand Management Report Contents Introduction 2 Section The Brand 3 1 Historical Background of Rolex 3 2 Major Competitors 4 1.3 Target Market 5 Section 2. Brand Positioning 6 2. 1 Brand Positioning Statement for Rolex 6 2.2 Comparative Brand Positioning with a Major Competitor 6 Section 3. Brand Analysis 8 3.1 Brand Image 8 3.2 Brand Identity 9 3.3 Brand Awareness 10 3.4 Brand Pyramid 11 Section 4. Special Interest: Advertising 12 Section 5. Brand Management Recommendation 13 Reference List 15 Rolex, the Luxury Watches Brand Introduction One of the most challenging phases in product development and design is branding. There have been diverse literatures that validate the success or demise of products and services due to ineffective strategies employed on the sophisticated elements needed for branding. At the same time there are organisations that have attained exemplary leadership and high quality corporate image through an interplay of crucial branding factors that promoted the products into a legendary platform status that survived tests of time. The objective of the management report is to evaluate the significant components and strategies used by Rolex, luxury watches in their Branding. The report will be structured in sections that would initially determine the significant theoretical frameworks for branding and a provision for background information for Rolex. Crucial data that affects to the brand’s target market, major competitors, and strategies will be discussed. Brand position, analysis, advertising, and management recommendations will subsequently follow by providing brief conceptual backgrounds of each topic prior to investigating into respective applications of the concepts on the brand, Rolex. The brand management recommendation section will suggest an innovative idea that is perceived to increase brand awareness and consumer image with justifiable support from theories on branding. Section 1. The Brand Kotler (1980, p.366), defined a brand as “a name, term, sign, symbol, design or a combination of these that identifies the makers or seller of the product or services and to differentiate them from those of competitors”. McCarthy (1975) has used the exact same parallel definition with a disparity in the word ‘differentiate’ to ‘distinguish’ (p. 255) as a crucial element for branding. These theories however fail to capture the complexity and depth that branding involves. Brands are considered a significant part of decisions involving product development that organisations exert strategic efforts to creatively and innovatively design the brand to identify the product and to differentiate them from others (McCarthy, 1975). It is differentiated from the company in terms of the identification it provides to the product, distinct from its manufacturer or producer. A company, as the manufacturer could be a producer of different products that require different brands to separate one from the other. One of the eminent functions of brands is to enable organisations to project a good image of prime quality for their products and therefore encourage clientele to make repeated purposes with convenience. There have been exemplary brands in contemporary markets that have continued to gain respect, loyalty and trust of the clients through time. For example as reported by Business Week the brands that belong to the best global brands is Rolex with a rank of 72 out of 100 and a value of $4,237 million (Business Week, 2006). According to the report, “Rolex remains the ultimate luxury brand worldwide, and with strong sales in China, its appeal continues to spread” (Business Week, 2006, par. 4). 1.1 Historical Background of Rolex The official website of Rolex traced its legendary success from the creative entrepreneurial talent of its founder, Hans Wilsdorf (Rolex: The Origins, n.d, par. 1). With ideas that started from the desire to make watches more precise with self-winding options and more professionalised to be used in diverse activities and endure diverse climatic conditions. Wilsdorf has revolutionized the making of wristwatches and has been synonymous to luxury and high quality from the initiation of Rolex. Its headquarters is in Switzerland and the company continues to expand to more than 100 countries through 28 affiliates and 4,000 wristwatch makers around the globe (Rolex: Worldwide Presence, n.d, par. 1). What makes Rolex distinct from other high quality wristwatches is from the functionality itself which can be considered a classic art, with the self-winding Oyster movement, a para chrome hairspring, a ceramic bezel, and made from 904L super alloy steel (Rolex: About Rolex, n.d.). According to Walker (2011), an average price for a Rolex wristwatch ranges from ?4,000 to ?6,000 (par. 1). The price and the features promote quality which creates an intangible emotional feeling with the consumers mind. Rolex strategically markets its watches in three separate categories for its wristwatches collection: The Collection with nine model choices, six Women’s Selection, and five Baselworld 2011, with two distinct special features, Oyster Perpetual and the Cellini Collection (Rolex: Rolex Watches, n.d.). The three categories allow a the brand to market its products to a broader range of customers. 1.2 Major Competitors The top three competitors were presented by Scibd (n.d., p. 14) and likewise validated by the report published by Hoover’s (2011) as it clearly enumerated: LVMH Moet Hennessy Louis Vuitton SA in Paris, France; Movado Group, Inc. In Paramus, NJ ; and Compagnie Financiere Richemont SA in Geneva, Switzerland as its major competitors. LVMH has been known in “ the unique capability of harnessing creative potential to make money” (Arora et al., n.d., p. 21) through projecting the image of being a leader in the luxury products market. The Movado Group, on the other hand, focuses on style and technological features (Lushbling, 2010, par. 3). Finally, Richemont boasts of nine core competencies: entrepreneurial spirit, creativity and innovation, customer focus, learning culture, challenging partnership, team player, integrity and trust, self-management and leading by example, as well as managing and developing teams (Richemont, 2011, par. 3). 1.3 Target Market As indicated in the Presentation on Rolex (n.d., p. 9), the global market for wristwatches is actually dominated by Swiss watch manufacturers with top three leaders revealed as: Rolex, Richemont, and Swatch group. The same discourse likewise illustrated respective market shares: Rolex is having 36% of market share and 64% were accounted for by the rest of the watchmakers Lacoste, Dior, Richemont, Swatch, etc. There is a total of 22% wealthy clientele who are specifically identified in China as owning Rolex watches; while 66% includes the rest of the countries with no particular relevant trend. As revealed above, China is the biggest market for Rolex (A Presentation, n.d, p. 9). Section 2. Brand Positioning The concept of brand positioning is explained by Kotler (1980), in terms of strategically arranging the brand in a quadrant to indicate the price and quality or any other features and attributes the company wants the brand to be conceived by customers in relation to other brands (p. 322). The Management Study Guide (2011) qualified the definition of brand positioning as: “An activity of creating a brand offers in such a manner that it occupies a distinctive place and value in the target customer’s mind” (par. 4). The specific goal for deciding on using or purchasing the particular brand as a consequence of a specific positioning statement was emphasized by Tybout and Calkins (2005). The definitions indicate that determining the accurate position of the brand is identical to projecting the indented value to target consumers so that when they use or purchase the brand, their expectations are appropriately achieved. Daye and VanAuken (2010) signified that brand positioning is relevant to the concept of branding in terms of reinforcing awareness on how consumers perceive the organisation’s particular brand in relation to those of its competitors. It is a tool to guide organisations in designing strategies to highlight the competitive advantage of the brand as compared to other brands. 2.1 Brand Positioning Statement for Rolex As divulged by Solutious, Inc. (2011), “a brand positioning statement describes the "mental space" a brand should occupy in the minds of a target audience. It serves as an internal document which guides most of a company's marketing communications strategies, programs and tactics. The brand positioning statement focuses on the elements and associations which meaningfully set a brand apart from the competition. It is typically constructed in the following format: "To (target market), Brand X is the brand of (frame of reference) that (point of difference) because (reasons)” (par. 1). By using the definition, the brand positioning statement for Rolex is hereby conceived as: For people with distinct and sophisticated tastes in wristwatches who belong to the high income group, Rolex is the ultimate brand for you as it boasts of being classified as luxury wristwatches that excel in features, reliability, and classic artistic style because of the high calibre of materials, expertise and craftsmanship that go with every wristwatch being produced. As indicated in the above mentioned brand profile, the quality and distinct materials used for each unit of Rolex wristwatch combined with the classic and artistic style and precision made process make the brand perceived to be positioned in the high price, high quality quadrant. Professionals and well-off people with sophisticated tastes in wristwatches are the only ones who could really avail of a Rolex. 2.2 Comparative Brand Positioning with a Major Competitor From amongst the major competitors of Rolex, the LVMH Moet Hennessy Louis Vuitton SA in Paris is considered second in the list. A renowned leader for luxury products and brands, LVMH carries and markets seven luxurious watches in the following brands: TAG Heuer, Zenith, Hublot, Dior Watches, FRED, Chaumet and De Beers (LVMH: Watches and Jewelry, 2010). In a report written by Fitch (2009), she revealed that “LVMH has done an excellent job of brand positioning, says Ben Cavender, senior analyst at China Market Research Group. It has succeeded in securing the particularly enviable position of gaining a following among the top percentage of China’s wealthy. As the financial crisis stretches on, LVMH customers in China still have money to spend”. LVMH’s brand imaging, which relies heavily on pushing its European heritage, is so successful that it has benefited other brands by proxy, says Paul French, one of the founders of Access Asia, a group dedicated to tracking regional consumer and marketing trends. “Everyone hangs on the coattails of Louis Vuitton’s brand imaging in China” (Fitch, 2009, pars.6 and 7). The positioning statement for LVMH is conceived as: LVMH wristwatches are for people who are looking for high quality wristwatches of various brand options that could be tailored to distinct needs and focused on the more sophisticated and classic styles. The basic difference of Rolex from LVMH is that when people hear the brand Rolex, they easily identify it as a superior quality wrist watch and nothing else. On the other hand, when people hear LVMH, they immediately conceive that there are vast products offered all in luxurious quality, price and style. Thus, more strategic efforts and advertisements that cater to a particular high end target market needs to be created by LVMH to market the wristwatches, in particular, in contrary to the efforts of Rolex. The brand Rolex has already been identified for high quality, luxury wristwatches compared to LVMH’s various wristwatches’ brands. The perceived disparities between Rolex and LVMH is in the products that they carry and market. Rolex only produces wristwatches, while LVMH diversely offers other luxury products from leather goods, wines, perfumes, as well as watches and jewelries. In this aspect, Rolex present a more focused product image, in constrast to LVMH and is responsible for its leadership in the luxury watches industry. Section 3. Brand Analysis 3.1 Brand Image The concept of brand image was explained by Kotler (1980) when he averred that “the consumer is likely to develop a set of brand beliefs – beliefs about where each brand stands on each attribute. The set of beliefs held about a particular brand is known as the brand image” (Kotler, 1980, p. 158). The fact was validated by de Chernatony (2006), when he indicated that “brand image reflects consumers’ perceptions of a brand’s characteristics and can be gauged by the associations they hold in their memory” (p. 227). As brand image is the perception created in the consumers’ minds, the initial impact that organisations must create of their brands should be positing, enticing and inspiring to ensure that the target market would continue to patronize their brand for a long time. In Rolex’s case, the brand image projected to consumers worldwide is its being classified as a luxury wristwatch – therefore, very expensive. In this regard, to market it, they have to rationalize the reasons why they are the best and why they are considered the global market leader in luxury wristwatches. The fact that they only focus on their core product and competency in wristwatches, as opposed to their second line competitor, LVMH, Rolex is at a more advantageous position in luxury watches market . The presentation designed by Komonosky, Le and Salter (2005) on Rolex revealed the following image associations, to wit: Swiss made, for the luxury market, as a corporate success symbol, used in luxury adventures, identified in prestigious sports, and synonymous with the image of James Bond, as a sleek, refined, successfully famous agent (p. 6). Likewise, as indicated in Brand Philosophy (2010), “the uniqueness manifested in its watches sets it apart from the rest of the crowd. In order to develop its brand, it manufactures goods after extensive research (par. 2). The intricate details and craftsmanship, in conjunction with the quality of materials used make every Rolex a work of art. 3.2 Brand Identity The Business Dictionary (2011) defines brand identity as “the visible elements of a brand (such as colors, design, logotype, name, symbol) that together identify and distinguish the brand in the consumers' mind” (par. 1). The concept was supported by de Chernatony (2006) as he defined brand identity as the “distinctive or central idea of a brand and how the brand communicates this idea to its stakeholders” (p. 227). The disparity in definitions are eminent as de Chernatony’s explanation is somewhat ambiguous and very general in content with distinguishing elements from his definition of brand image only in terms of points of views of the user: stakeholders for brand identity versus predominantly consumers for brand image. Brand channel (2011) clarifies the term by indicating that brand identity is “the outward expression of the brand, including its name and visual appearance... a means of consumer recognition and symbolizes the brand’s differentiation from competitors” (par. 14). With the definitions and concepts explained, Rolex’s brand identity is defined in terms of the concept of design, logo, name, and symbol. The Rolex presentation indicated that the origin of the name Rolex was obscure but is a French phrase “horlogerie exquise” which means exquisite clockwork (A Presentation, n.d, p. 3). According to Jackson (2009), there were diverse stories on the history of the name, apart from being derived from the French phase, to wit: Another story claims that the founder Hans Wilsdorf realised that Rolex was the sound that the watch made when being wound up. Yet my favourite and more believable to me personally is that Wilsdorf and his partner got the name by using a combination of Rolls Royce a marker of motor cars known for quality and perfection of engineering and Timex the leader in watches as then (Jackson, 2009, par. 5). The crown, symbolizing prestige, power and prime status is the most appropriate symbol for the brand. Their corporate slogan: “A Crown for every Achievement” (Jackson, 2009, par. 6) is a statement that attests to the satisfaction that every customer who purchases a Rolex receives. 3.3 Brand Awareness Dolak defined brand awareness as the situation or scenario “when people recognize your brand as yours. This does not necessarily mean they prefer your brand (brand preference), attach a high value to, or associate any superior attributes to your brand, it just means they recognize your brand and can identify it under different conditions. Brand awareness consists of both brand recognition, which is the ability of consumers to confirm that they have previously been exposed to your brand, and brand recall, which reflects the ability of consumers to name your brand when given the product category, category need, or some other similar cue” (Dolak 2003, pars.13 & 14). Having classified the Rolex brand as one of the best of the top 100 global brands, signify that brand awareness is high. However, as contended by Dolak, more than brand awareness, success in branding is manifested when consumers, after having reinforced on increased awareness, could distinguish why that particular brand is better than others. The discourse published by Brittons Watches (2004) explained the intricate detail of producing Rolex at its finest that assisted in enhancing brand image and awareness. It was revealed that more than 200 craftsmen and watch technicians tediously work on ensuring that every detail is done to perfection. The length and stringent standards for quality control make Rolex watches in prestine condition. The description of high quality manufacture, detailed precision, and rigorous quality control that goes to every Rolex watch is quoted below: Before leaving Geneva, every Rolex watch must travel through a high-tech obstacle course of quality-control checks. Every dial, bezel and winder will be checked and double-checked for scratches, dust and aesthetic imperfection. The microscopic distance between its hour and minute hands will be painstakingly calibrated to ascertain that they are lying perfectly parallel. An ominous-looking air-pressure chamber will verify that each watch is waterproof to a depth of 330 feet. (The Submariner and Sea-Dweller divers' models are guaranteed to 1,000 and 4,000 feet, respectively.) And every watch will engage in a precision face-off against an atomic-generated "uberclock" that loses but two seconds every 100 years. Only after successfully passing dozens of checkpoints does a watch receive the Rolex seal (Brittons Watches, 2004, par. 21). These details justify the price pegged for every Rolex consistent with the supreme quality and worksmanship that has been observed over the years. These facts attest to the high brand awareness for Rolex. In contrast to LVMH, since the organization carries diverse products, the brand for is not immediately associated with wristwatches – although when one hears LVMH, immediately, luxury comes in mind. However, the direct association to wristwatches still is attributed to Rolex. 3.4 Brand Pyramid According to de Charnatony (2006), a brand pyramid aims to “communicate internally the core characteristics of the brand and to reflect the critical components of the brand that are important to consumers” (p. 277). To apply the concept to Rolex, the brand pyramid is illustrated below: The perceptual map presented by Komonosky, Le and Salter (2005) revealed that the most crucial component of the Rolex brand is its superior quality, followed by durability and functionality, classic design and as a symbol for status and power. Section 4. Special Interest: Advertising The concept of brand advertising could be linked to brand building, defined as “enhancing a brand's equity (see brand equity) directly through advertising campaigns and indirectly through promotions such as cause championing or event sponsorship” (Business Dictionary, 2011, par. 1). A comparative definition was provided by Ehrenberg, et.al (2002) when they averred that “brand advertising seems to work mainly by creatively publicising the brand, without trying to persuade people that the brand differs from other brands, or is better or best. Fairly few advertisements actually feature potentially persuasive inducements for their brand. Nor do they usually appear to change people's opinions” (p. 8). Rolex’s advertisements focus on diverse brand and product features depending on the time frame. In a report gathered by Rolex Show (2011), prior to 1940s, the focus of the advertisements was to enhance brand awareness by emphasizing the brand logo to be synonymous with precision and quality. Source: BJS Online, n.d. In the 1950s to 1960s, when global economies recovered from the Great Depression, the focus of Rolex advertisements were on sports enthusiasts who can gain from waterproof features, in addition to maintaining emphasis of precision and quality. Most of the advertisements were featured in National Geographic magazines, luxury and fashion lifestyle magazines, among others. In the 1970s, despite the rise of quartz watches, Rolex decided to retain its core competency in emphasizing the brand image instrumental for their competitive advantage as a luxury watch. They used endorsers like James Bond to promote Rolex, to wit: “Ian Fleming chose a Rolex for his most famous gentleman spy with a license to kill and as such should be considered the quintessential brand of James Bond watch” (Grant, 2006, par. 1). Currently, Rolex has acknowledged the increasing use of consumers of the World Wide Web and mobile medium that they tapped a link from their print ad to a mobile interface (Kats, 2010). From its inception until contemporary times, Rolex advertisements continue to emphasize the elegant style and superior quality among all other wristwatches around the world. Their slogan has evolved from “A Crown for every Achievement” (Jackson, 2009, par. 6) to “NOTHING BUT ROLEX“(Rolex Show, 2011, par. 35). Section 5. Brand Management Recommendations To enhance the brand’s consumer image, the strategy of promoting the brand through the electronic medium is a viable option, in addition to their effective advertisements that employ celebrities and famous endorses for their brand. The celebrities mostly associated to endorse Rolex are high profile, sleek, exuding professionalism in their respective fields of endeavour; such as James Bond and “John Mayer is famous for giving luxury Rolex watches to his girlfriends. He is said to have given Jessica Simpson the brand’s watch when he dated her. He had also presented his previous girlfriend Jennifer Aniston a gold watch of Rolex” (Lushbling, 2010, par. 6). The theory of source credibility and source attractiveness validates the effective use of celebrities to endorse products focusing on familiarity of product users enhancing purchase and patronization. (Sheikh, 2002, p. 14). Most affluent people, professionals, celebrities and those targeted by Rolex are now extensively using the internet through social networks and mobile interfaces. Entrepreneurs and business professionals are spending more time in front of computers to work, to make social contacts, and even to purchase products. Tie ups with relevant social networks like Facebook, Twitter, MySpace could be designed to highlight attractive features of Rolex and to provide options for ease and convenience in purchasing the product, at the same time ensuring privacy, confidentiality and security of the purchase or intent to purchase. According to Prine (1998), “watches have a strong commercial potential on-line due to the power of their brand identities. Even stores who do not do a major portion of their business in watches are studying this market for dues to the future of selling branded merchandise in a wired world. In fact, the marketing of watch brands on the web may serve as a test case not only for watch retailing but for other jewelry categories as well” (par. 5). Since Rolex brand image, identity, awareness are completely entrenched as manifesting leadership in luxury watches, strategies to promote and advertise the brand through online medium would only entail highlighting their strengths and competitive advantage that have made them the number one manufacturer of luxury watches all over the world. Reference List A Presentation on Rolex. N.d. [Online]. Available at: http://www.scribd.com/doc/19615268/Rolex-Presentation [Accessed 24 April 2011]. Arora, A, Robert, J, Sathar, SEm Nidhin, VC, Sunder S. (n.d.) Louis Vuitton Moet Hennessy : Expanding Brand Dominance In Asia, [Online]. Available at: http://www.scribd.com/doc/18797937/Louis-Vuitton-Moet-Hennessy-Expanding-Brand-Dominance-In-Asia [Accessed 06 May 2011]. BJS Online. N.d. Rolex Ads, [Online]. 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