劳力士手表市场营销研究

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

class people who occupy a high social reputation and position need to show their identity and wealth. As a symphony of precision, Rolex is the crystallization of the efforts and artistry of watchmakers, designers, gem-setters and chemists. This noble brand image matches the identity of upper-middle and upper class people.

Given the luxury of Rolex, the purchase of the wristwatches falls into the buying situation of extended problem solving which represents an investment of money and time (Brassington & Pettitt, 2007). To meet consumers‟needs and demands, Rolex figures out the decision-making process and accordingly makes marketing strategies. The first step of the process is problem recognition which can exert an effect on product and promotion. People who realize the need of wristwatches may be motivated by the natural need of knowing time or replacing the old ones. Those who aren‟t aware of that can be motivated by marketers. Rolex wristwatch is infrequent purchased goods for most people. Therefore, marketing mix such as new product development, advertising and sales promotion must be adopted to attract the potential buyers and encourage repurchase. As Rolex has actually done, new watches of different collections have been launched every year in the past. The second step is information search which mainly makes for promotion. Advertising and communications mixes are used to offer product information. The website of Rolex clearly demonstrates all the details that are called for by potential buyers and advertisement can be easily found on television, internet or in magazines. The third step comes to information evaluation. To stand out in the competition, Rolex must characterize itself in price, product and place. As those of other luxury brands are, Rolex wristwatches are marked with high price. To some extent for the consumers, high price means high quality. The products featuring precision and professionalism are well recognized by upper class people. Besides, its approved dealers locate in more than 100 countries to make sure target people around the world can get access to its product. After information evaluation, consumers will make decision and then make post-purchase evaluation. Generally, consumers tend to doubt whether they have made a right decision as the watch costs too much. This cognitive dissonance (Festinger, 1957) can be alleviated by marketing communication during which