MARKETING PLAN FOR

ROLEX

CONTENTS

1. Executive Summary 1

2. Situational Analysis 2

3. Strengths/Weaknesses/Opportunities/Threats 3

4. Mission, Vision, Objectives 4

5. Target Market 5 6. Competitors and Price Range 6

7. Top 50 most searched brand in 2015 7

8. Marketing Program 8

9. Marketing Strategy 9-10

10 . Action Program 11

11 . Financial Forecast 12 12 . Conclusion 13

EXECUTIVE SUMMARY

Rolex SA (Société Anonyme, meaning “anonymous company” in French) is a private

company and one of the single largest luxury watch brand in the world. They manufacture,

sell and service wristwatches. In 1905 in London, Wilsdorf & Davis were founded by Hans

Wildsdorf and Alfred Davis, which eventually became “Rolex,” . Rolex moved to Geneva,

Switzerland in 1919. They brought numerous advancements in the watch business

including the principal self-winding watch, the main waterproof case, the primary watch

with a date on the dial, the primary watch to show two time zones in the meantime and

the primary brand to procure the chronometer accreditation for a wristwatch.

Rolex essentially concentrate on high society clients , for the most part over the age of 35.

This showcasing arrangement will center at the present target market and additionally the

new market that will be secured. A situational investigation will be directed including an

assessment of the qualities, shortcomings, open doors and dangers of the organization. A

proposition for another showcasing procedure will be presented, including an arrangement

of activity and a budgetary gauge for what's to come.

In order to continue their dominance of the luxury wristwatch industry, Rolex must look at

the younger generation and find a way to convince them that the product is a necessary

purchase. This report describes how the company will approach this issue.

SITUATIONAL ANALYSIS

Rolex is a solid brand with a long history of amazing extravagance watches that are a

definitive desire of the shopper. A Rolex is a status known all through the world. They have

28 affiliates worldwide and depend on 4,000 watchmakers in more than 100 nations,

which gives them a noticeable worldwide nearness.

The shortcomings incorporate the value point, which just the elite class can manage.

Another issue is that the current youth has grown up with phones, which they use to look

time. Before, a watch was more esteemed, however for children today, the mobile phone

regularly replaces the watch. At last, Rolex additionally delivers a high-volume of watches,

which is an issue with watch enthusiasts who regularly like to be "exceptional" and own

pieces that few others own.

The opportunities for Rolex includes the improvement of a powerful online networking

effort. For instance, Rolex has a site with a YouTube channel link, yet does not have

connections to other online networking sites. These accounts would permit Rolex to have

an open exchange with their clients and additionally potential clients. There are numerous

Rolex fans and knockoff organizations that have made pages, however there is no official

Facebook or Twitter pages, for instance. Another extraordinary opportunity for the brand

is to instruct the more youthful market so they comprehend the estimation of watches and

purchase upstream sometime down the road. Rolex can likewise keep on coming up with

limited edited versions of their watches that would make more distinction.

One of the greatest dangers to the organization is the current recession. Individuals are

spending less cash on "frivolous" buys and top of the line watches are surely not a need.

Another extraordinary risk is the wide assortment of fake items that are in the business

sector. There are numerous makers, particularly in China, that produce knock-off Rolex

watches that look and feel like the genuine article. An extra component is that Rolex

produces around 2,000 watches a day and that is the most astounding volume in the

extravagance watch industry. The higher the volume delivered can level with a lower

quality. Other top of the line watch organizations are likewise a risk, including Omega,

Cartier, Roger Dubuis and Patek Philippe.

SWOT ANALYSIS

MISSION, VISION, OBJECTIVES

MISSION To manufacture, distribute and service high-quality wristwatches.

VISION To continue the long tradition of excellence that the Rolex name represents.

OBJECTIVES

• Educate the younger market on the value of wristwatches.

• To create a social media strategy that will help users to interact with the brand as well as

extend the message to a larger populace.

• To encourage the purchase of wrist watches as a “reward” for key successes in a young

man’s life.

TARGET MARKET

Current Market: The present target market for Rolex is rich buyers that are searching for

high caliber and selectiveness. The items are made for the individuals who need to flaunt

their riches. The average Rolex proprietor is male or more the age of 35, at times a VIP or

games figure. Rolex is a global brand of Swiss watches that is esteemed everywhere

throughout the world with more than half of the business sector dwelling in the US, Hong

Kong, China, France and Singapore.

Market Segment: 21 to 35 year old guys living in the United States who have as of late

found a lucrative occupation, earned an advancement or got a reward. These are young

fellows who need to flaunt their newly discovered status. They have purchased their costly

suits and shoes to wear to their job, yet they have to finish the look with the advancement

of a Rolex watch to demonstrate that they have "made it." This target market as of now

values mobile phones as their primary way to read a clock and they don't yet value a

watch. They should be taught on why they ought to wear a watch rather than checking

their mobile phones for the time. Watch deals have dropped impressively by as much as

30% in the previous year amongst young fellows. This is a business sector that should be

indicated how owning a watch is a feasible upper hand. This group is very dynamic on the

web and is impacted by publicizing and their friends' postings on Facebook, Twitter and

YouTube.

Secondary Market Segment: Parents and grandparents of 18-24 year olds who are gifting

their child or grandson for graduating from high school or secondary school or even

managing to grab an employment opportunity. These are 40+ year old men and ladies

making above $65,000 per individual every year. They are advanced and know the value of

a high quality timepiece and are passing that learning onto their child/grandson. In the

wake of accepting a Rolex look as a blessing, the young fellow will see the value of the

watch and buy more from the brand later on.

Competitors and Price Range

Initial Level Price

Growth

Price

Top 50 Most Searched for Luxury Brands (2015)

MARKETING PROGRAM

Product:

The Rolex product will stay very recognizable and relatively unchanged.

Price:

The level at which the watches are priced play a key role in the brand's image.

For this reason price will remain the same.

Promotion:

Rolex success relies on the continuation of promotions through magazines,

newspapers ,selective television programs and prestigious events.

Place:

The purposeful placement of Rolex's authentic dealers in the wealthiest

neighborhoods and districts helps to solidify the brands association with

excellence.

MARKETING STRATEGY

PROMOTION/CAMPAIGN STRATEGY:

Positioning

• High-end luxury brand that is the ultimate aspiration of the consumer.

• Fashionable alternative to using a cell phone to tell time.

• Status symbol.

ADVERTISING:

TRADITIONAL MEDIA

Magazine Advertisements- Rolex will place ads in men’s magazines such as Maxim and GQ.

Ads focus on the target market and educate them on the value of wristwatches as rewards

and alternatives to cell phones to know time.

Billboards- Ads will be placed on billboards in major cities, mainly in urban areas to hit the

target market. Both traditional and digital billboards will be used.

Ads at sporting events- Ads will be strategically placed at sporting events other than the

prime sporting events in the country.

Sponsorship of music concerts- Rolex will sponsor music events that are popular in the

market. Ads will be placed in almost all the show venues and also in the programs. The

logo and name will be seen all over the programs promotional materials.

ONLINE MEDIA

Website- A section of Rolex.com will be developed that caters to the target market and

conveys the benefits and value of wristwatches.

• The website will include links like Twitter, Facebook and YouTube. The user can then

easily connect with Rolex’s social media sites with a click.

SOCIAL MEDIA

Twitter- An official Rolex account will be created and verified. It will be managed by a

social media team that will tweet daily to inform the audience as well as respond to

comments and concerns of the followers.

Facebook- An official Rolex page will be created and monitored by a social media team.

Information will be updated on a regular intervals and the team will interact with the

watch admirers.

YouTube – An official YouTube channel will be launched and include videos and

advertisements that cater to the target market. Each week there will be an upload.

ACTION PROGRAM

Implementation: This timeline covers the launch of traditional media, online media and social media. The

advertising agency will work with the marketing team on the new look and feel between

April and July of 2016. The new campaign will be rolled out in the fall (September/October

2016). The second phase will take place in spring (March/April 2017) , just before high

school/college graduation.

TRADITIONAL MEDIA New creative will be developed for the campaign advertisements and billboards . The

creative team at the advertising agency will have 3 months to come up with the final

direction as approved by marketing and the media will rollout as follows:

Magazine/Billboard advertisements will run starting this july . The second phase will run in

March 2016.

Ads at sporting events will be increased or later depending upon contracts and choices of

events.

Sponsorship of music concerts- Research will begin in July 2016 involving the choice of

concerts and partnerships should be in place by October 2016 in order to feature the new

creative look.

ONLINE MEDIA After the creative direction has been chosen from the advertising agency, the look and feel

will be developed into a section of the current website that is cohesive with the Rolex

brand.

• The website addition will be implemented in September 2016, concurrently with the

introduction of the new advertisements. The second promotional phase will be

implemented in March 2016.

SOCIAL MEDIA Twitter/Facebook- The new accounts will debut in August 2016 in order to

create buzz and prepare for the new campaign. YouTube- The official channel will debut in August 2016 with a preview/teaser of what will be coming soon from the brand. Small

elements of the new campaign will be revealed weekly .

FINANCIAL FORECAST

• Increase daily production by 10%. (An extra 200 watches per day on top of the 2,000

that are already being produced.)

• Increase sales profit percentage to more than the percentage of population growth per

year.

Parameters:

• New Marketing: Marketing team, financial team, sales teams, public relations, social

media team, web development, advertising, event production.

• Cost of Goods Sold: Watch materials, shipping, packing, quality control.

CONCLUSION

This marketing plan condenses the fundamental purposes of how Rolex will advertise their

wristwatches to a more youthful era than the present target market. This development will

permit Rolex to move into an undiscovered territory that require training on the value of

an high quality time piece. Keeping in mind the end goal to appropriately address this goal,

Rolex needs to upgrade their marketing strategy to have a greater presence in

advertisements that focuses on younger business sector and in addition a strong show in

the social media domain.

Rolex has a long custom of making the standard for extravagance in wristwatches. By

including another fragment of the populace to their client base, they will guarantee that

they proceed with their standard of excellence. Pushing ahead as innovation advances is

key in accomplishing this objective.