Rolex SA is one of the largest and leading luxury watch making companies in the world. Hans Wilsdorf and Alfred Davis in United Kingdom, London, founded it in 1905. The company headquarters is based in Geneva in Switzerland, where it was transferred from the UK due to the high costs of gold and silver as well as the taxes imposed on luxury products in the UK by then (Musetescu and Chira 2015, 119)
Basing on the fact that Rolex is the leading and largest premium watch-making brand, I find it very relevant to explore the strong heritage of the company. The company has for over decades proved its self the leading superior quality watch producer with the upper class as their primary target market. Rolex SA has been involved in many inventions’ and innovation of latest technology, for example, the first waterproof watch, self-winding and multiple time zones simultaneously. In my study, I therefore, intend to investigate critically the extent to which the company has favourably been able to survive in the competitive luxury industry/ market, mainly China, and the United states (US). Furthermore, the study will also explore in details, how the Rolex Company can create more strong impact in the industry (Motta and Barbosa 2013, p.34)
Rolex has managed to maintain its brand name as a status symbol from the time of its invention. The customers of Rolex are premium class for whom the brand signifies The Company uses expensive raw materials like gold, silver, which makes the company, stand out in the industry. The company also makes high use of latest technologies; the movements are all hand assembled and tested which ensures perfect satisfaction. In USA the effective advertising campaigns in which the brand has, featured Hollywood celebrities and sports person makes the brand more popular among the people. In china, the brand has represented itself as a brand for the Royal, the rich and affluent and hence the brand is very popular among the premium class. The most important reason for the brand to be so popular in China that it was the first luxury watch brand to enter China hence it has successfully gained loyal customers. (Nagasawa and Sugimoto 2010, p.1293)
In relation to the preceding identified markets as areas of emphasis, (China and US), the company has a wide variety of brands that it produces to meet the diverse demand of its customers, which is a result of the operations of Rolex in two different countries that have different cultural attachments and preferences. It is palatably true that the various countries have different tastes and preferences that demand such diversities. Amongst others, the company manufactures brands like, Yacht-Master, Submariner, Sky-Dweller Milgauss, Pearlmaster, Sea-Dweller, Oyster Perpetual GMT Master Explorer II Daytona, Lady-Datejust, GMT-Master II, Explorer, Day-Date Datejust 41, Datejust, Datejust II, Air-King, Cellini. However, it is important to note that though our areas of emphasis are mainly three countries, research indicates that the company has over 28 affiliates, extending their operations to over 100 countries across the world (Berthon et al 2002, p50)
According to business, new United States provides the largest market for the luxury watches in the world. Rolex holds the biggest market share in the US though there is a stiff increase in the level of competitions mainly from the smart watch industries like apple. However, the company latest brands indicate demonstration of technological commitment to maintain its market position/ shareResearch studies from reputation’s institute China Rep Track indicate that Rolex SA holds the second position in the most reputable company among the Chinese public. The ranking was based on the top one hundred most reputable companies in china. Focusing on the watch luxury market of china in 2011- 2012, Rolex faces a stiff competition as its gap with omega, the main competitor has considerably reduced as compared to the 2008 reports. As preceding discovered, the company is the second in the top 100 most reputable industries and the first in the watch making industry (Harris et all., 2016). This gives an upper hand in attracting the premium the upper class. The implication of this is that the company is still regarded as the best in the industry though the revenue of its competitor may be high because of catering for all the classes of customers. Looking at the current market structure, Myanmar has one of the highest growing markets for luxury watches according to the reports from the most recent literature. Rolex however, still holds as one of the leading supplier to the high end mrket though other brands attracts the attention of other classes (Razeghi et al 2014, p.120)
In spite of the fact that the corporation headquarters is located in Switzerland, USA and China takes the highest percentage of employees, that is to say over 50% of the total company employees. It is also important to note that the corporation has an approximation of 2800 workers worldwide according to the official company website (Keller 2009, p.129).
Company is competing in the industry and its competitive position. (The impact of the company’s activity in the promotion of its sales and revenue)
With over 110 years of operation, Rolex has been able to manipulate the market in order to maintain its reputation in the industry. According to the 2014 statistics by the Reputation Institute, it was found that Rolex lies in the first position in reputation among the worlds’ largest companies in the world after Walt Disney and Google. These statistics are implied directly in the respective countries of USA and china. Relating it to the global market, the latest research of 2017 indicates that Rolex is the most reputable company in the world ( McGregor et al., 2009). The research studies were based on the findings of consumer survey data that was collected from the biggest consumer markets in the world that included USA and china. From the results of the investigation based on the interviews carried out, the typical features the most reputable companies had was based on high levels of customers trust and delivering high-quality goods and services that meet the consumers’ expectations (Tang Liou and Peng 2008, 340). The most reputable companies in the world in ascending order.Source: Reputation Institute Report, 2017With such level of reputation, the Rolex is able to attain a considerable competitive advantage over its competitors. This reputation lets the company guarantee its premium class customer that the brand is consistent in its performance to deliver the quality it has committed to its customers.Innovation is yet another factor that has helped the company to compete in the industry favourably. It has maintained a remarkable position in leading innovation and invention of new technologies. It was the first watch making company to launch water a waterproof watch, the oyster that was produced in 1926, the first watch to two simultaneously show two-time zone, the GMT master, in 1954. Rolex also led the innovation in the development of quartz watch movements in the 1960s. This is an implication that the company has invested immeasurable effort in ensuring the use of latest technology in making of its products. For the improvement of customer satisfaction, the company has manual assembles in USA, Myanmar, china, etc. this is all aimed at reducing mechanical errors and improving customer (Priede 2012, 1470). Priede 2012 The company was the first to be crowned with the chronometer certification in making wristwatches. Up to date, the Rolex Company still submits the largest/ highest number of movements to COSC. Looking at the brand name developed by the company, it holds a higher prestige symbol as compared toits competitors, which is an automatic implication that the high classes prefer it as a symbol of defining their classes. With such reputation earned by the company, the brand name gains a higher competitive advantage, which still prevails (Berry Seiders, and Hergenroeder 2006, p350).One of the most important strategies that the company is also adopting is niche marketing. The company has adopted status differentiation that comes with the high quality of its products. In other word, the company typically targets high end market through the advertisement of its products in high end events for example, in competitions like the Shanghai Rolex master, the slam show of Rolex grand jumping, the US open (golf completion) and many other high class shows. This is an implication that the company targets events where influential and public figures are found. This considerably boosts the company premium reputation, sales and popularity. It has been realised through the production of unique blends of latest classic cuts and designs (Boyer and Verma 2009)
As in the preceding chart, the Hong Kong provides the leading market for swiss watches; this is a worldwide data of exports while US and China are among the top export markets for the company as it is among the top 10 biggest market for the company.
In spite of the fact that Rolex is the biggest and most reputable brand of luxury wrist watches, the company faces a stiff competition from other brands. This has been there for over decades i.e. from the time of its establishment, other companies existed. The company faces serious threats from these big competitors and among the many, the biggest and most threatening are; the Omega, Cartier, Patek Philippe, Longiness and Tissot, which was founded in 1848, even before the Rolex Company was established. In the year was the 2014 the annual sales of Rolex was 4,500 CHF million and that of its competitor Omega which is second in sales after 2150 CHF million was the annual sales of Omega in that year. The sales of Cartier was 2140 CHF million, Patek Phillepe’s annual sales was 1280 CHF million and Longiness was 1240 (Schluep, Campo and Aerni 2016).
The statistics as of 2015 indicate that the company is facing a stiff competition from other players in the industry. One of the core explanation of the reduction in the quantity demanded of the product brands can directly be linked to the high prices (the high-end target market). In other words, clients of average and low classes are hardly catered for and yet they out compete he high-end market. This explains why other companies could top up the table in times to come. However, the company still holds its position as the best wristwatch company in the world. As explained earlier, the company is rated the most reputed in the world as of recent statistics. This indicates that the Rolex still hold its market, taking the biggest percentage of the high end/ luxury wrist watch market (D’arpizio et al. 2015)
Omega is also a high end/ premium-making brand that has one of the most reputable name in the industry for example the Omega speed master mark II. Currently, Patek Philippe is also one of the most prestigious watch-making brand that is creating a stiff completion with other big role players in the industry. It has a record of having the most expensive auctioned watch in the year 2014. Other brands in the market include Audemars piguet, founded in 1875, Vachereron Constantin founded in 1755, Blancpain founded in 1735 and very many others (Green and Smith 2002, p.100)
Rolex has years enjoyed its brand name over the years and as analysed earlier, it is still the leading and best quality brand in the market. The reputation provides them an advantage in selling to the premium class of the society. Various researches have shown that the high classes have Rolex watches as their choice for hand wrists. Research studies indicate that it’s the most successful in the world as far as the high end watch making industry is concerned which reflects an insight on the researcher’s areas of concern (Bocken,et al 2014, p50). It is true that people always want reliable/ dependable products and Rolex has the record of making the best ever quality wristwatches in the industry. The company’s success can also be explained by the high technological innovation that it has carried out over times. As established from research findings earlier, the company took the forefront in innovation of new technology in the industry. Some of the technological innovations included inventing the first waterproof watch case. The company was also the first to manufacture a brand that simultaneously showed two time zones and this gives it an upper hand in the market (Torelli Monga and Kaikati 2011, p.950).
Rolex Company is best known for its high product brand. This implies that it the production of the company is to a specific target market, i.e. the high class. It is not considering the need for diversification to cover the entire class of people. In other words, its products are so expensive and can only be purchased by a few high class/ premium customers in the market. This explains why other players in the industry are having higher revenue as compared to it. The company should consider making products that can be purchased by other lower class customers. In this way, it would be able to increase on its average revenue as well as increasing its popularity in the industry. Considering the demographic information statics, the highest selling players in the industry have both low and high-class products for purposes of diversification in the output. However, the main form of competition comes from conglomeration. Rolex is not putting much emphasis on conglomeration and yet its biggest competitors are doing so.
As shown in the statistics, the top selling competitors are swatch group and Richemont who are all involved in conglomeration (Reyneke 2011, pp30).
It is a known fact that a firm’s competitive position in the industry in which it operates has a direct effect on the profitability level that is either above or below the industry profit. In this case, therefore, we use the porter’s generic competitive strategies to analyse and evaluate Rolex’s position in the industry. Porter emphasizes four strategies that a firm should consider in its competitive race. That is to say, coast leadership, cost focus, differentiation, and differentiation focus (Zednik and Strebinger 2008, p.310)
Cost leadership. Citically evaluating the market percante of rollex in the watch aking industy, it is considered one of the largest firms. This implies that the company enjoys economies of scale which comes along with larger players in the industry. Rolex can easly exploit a small percentage of its revenue to exploit the technological innovation and invetion to improve on its competitveness. This has been witnessed in its brands as discussed before. According to porter, if a firm is able to take the overall cost leadership, it tops the perfomance in the industry. We can therefore say that Rolex is a low cost producer in its industry (O’cass and Frost 2002, p.67). The company should however consider revising the pricing of its brand as far as the target market is concerned. It should cover all the classes to improve on its revenue and prevalence in the industry.
Differntiation; rolex has a high level of differntiation of its products. The company has a strong brand name world wide including China and USA Rolex holds the first and second position in in the US and china respectively.In China people are more inclined towards buying luxury products. Rolex is prefered by the customers in China becuse it was the first brand of luxury watches to enter China and hence the brand has successfully gained loyal customers. Rolex watches are trendier and more stylish than other luxury watches and hence people of US who are particular about style and fashion prefer it (Deschamps, and Nelson 2014, p.43). This has made the people of the upper middle class and the premium class people choose the products of Rolex. According to recent reports, there has been a continued trends in the high class luxury watches of rolex in the country. Rolex has incredibly invested in brand differentiation by using unique and expensive raw materials for the manufacture of its watches (Deschamps, and Nelson 2014, p.43). It also has branded shops in the US and china and many other countries. This is all focused on maintaining high level of product differentiation and minimizing counterfeight that could cause mistrust in the company..
Differentiaon leadership; focusing on this strategy, rolex has specific points of focus which makes it unique from its competitors. It has mainly concertrated in satsfying the interest of the high class in its segment. This implies that it has a higher popularity among the premium class.
In USA as per the strategy of Rolex they sponsor sports like Golf, tennis and equestrian. This has made the brand very popular among the sports entusisats in USA. Brand endorsements by the hoolywood actors in US has made Rolex symbol of style statement (Monga and John 2010, p80).
The cost focus- The watches of the brand are trendier and stylish much more than the competitors, they do not compromise on the quality and there for the cost of manufacturing of the watches are high keeping in mind the premium class customers who are not price sensitive.(Paul and Fosher 2003, p.99)
In relation to our areas of study, that is to say US and China, there are many factors that affect the operations of Rolex. This begins right from the company sales and profits, prestige and seasonal fluctuation stabilization. A company’s decision on these factors has a direct influence in the format of operation of any firm in the international market. Among others, the company should therefore consider; well-defined business plans and establishment in the respective markets. Rolex as a company, should have specific goals and objectives that it intends to achieve as a result of operating on selected countries in relation to its current status and setting the terms of measurement of the firm’s success (Hetrick, and Martin 2006)
As the company trades across borders, it should consider dealing in specific model/ brand of its product that favour the tastes and preference of particular trading country it, it should consider the primary demographic information of Myanmar.. As explained before, different countries have divergent customs and cultural differences which results into different tastes and preferences. For the company to compete favourably in particular countries, they should consider the demographic information accordingly (Lehu 2007).
Regarding trading across borders, effective advertisement should also be considered in all media and press, and this will help the company to penetrate the market and ensure strict competition with their rivals (Frazer et al 2007, p.1040).
In addition, transportation and distribution is a major considerable factor for the company if it will involve in the market, the method, time, quality of distribution will be essential for the penetration of the market across borders, moreover, the company should also establish a good brand of products that will always favour their customers. The company should also soloist ambassadors and agents across the boarders who will help in creating market and public awareness about the company across the respective countries. Ambassadors are hardly paid but they deliver a good job especially regarding advertisement (Sengupta Dahl and Gorn 2002, p.69).
Failure to consider the above factors, the firm is likely fail in its respective countries of operation. Given the current stiff completion in the in the US and china, the company needs to consider the above factors to preclude fraudulent trading. This is where the company business is carried out with the intent to defraud creditors or for any other fraudulent purposes. In this instance, the company may lift the veil and the person doing this may be liable personally under the courts of law (2011, p.200). The above factors will also prevent infringement of employees and people’s rights by the directors through evading taxes which would help the company to advance on their personal interest (Baek Kim and Yu, 2010, p.662).
The above factors should also be considered to avoid weakness and decline of the company in its both sales and efficiency.
As explained earlier, Rolex Company operates in different countries and deals with various people, religions, races, communities, and cultures. In other words, there are cultural differences among US, china, and Myanmar. With this regard, Rolex studies points of interests of people in specific countries and used it for its advertisements. For example, the company signs deal with celebrities especially in the field of advertisement where they always make several adverts for the company, for example, golf expert Tiger Woods, and top model Cindy Crawford, all of the United States. In this case, a celebrity is a usually an attractive super star, and the customers will easily recognize the message brought to them as well as the outfit. (Crane and Matten 2016)
As discovered earlier, the company specific target is the premium class who usually demand for superiority and fame. Dealing in such a target market demands that the company adopts specific form of standardization. No shop or boutique is mandated to sell Rolex products unless verified. The company also keeps brand prices high to maintain the reputation and prestigious name in the market (Christopher 2007)
Rolex has many offices that are operating in different countries. However, the description of the organizational structure is simple an overview of some of the few that adopt this format. Other offices may have a different order of operation. The president/ CEO are at the top most rank in leadership and the arrangement is logically organised up to the usual employees.
(The importance of cultural, administrative, geographical and economic, distance)
According to cage framework, the company has to consider the differences in ethnicity among the different countries in which it is trading its product in for example in this case, US, china and Myanmar. The differences in social network, norms, values and disposition have an influence in the pattern of products purchased. The Swiss watch brands more preferred in the US than china, especially Rolex. This has caused the company into taking demographic research with the intension of capturing the different markets. In USA, the brand symbolizes style for the affluent class because of the endorsements done by Hollywood celebrities. Every one who can afford to buy the watch buys it. In China, people are a bit conservative also sensitive towards price therefore the affluent class mostly prefers the band. (Nandan 2005, p.270).
In the cage framework, colonial ties, level of political ties, differences in currency, and differences in legal systems are all factors that influence a company’s viability to go international. Rolex has taken a considerable effort in exploiting the existing relationship among the countries. As from the introduction, the company is based in Switzerland but has plants in all the three countries of focus and beyond. This demonstrates Rolex’s extensive internationalization. As of now, the political relation of Switzerland with US and China is good therefore; the healthy trade relation with these countries encourages the company to start business in these countries. (Motta and Barbosa 2013, p.34)
This focuses on the availability of land, the physical distance between the home country and the country where the company is planning to establish its business in the global market. Climatic condition of the country is also a factor. Looking at the composition of Rolex trading patterns, it has taken emphasis and consideration of the geographical distance by establishing affiliate firms in different countries like, USA and China among others. The geographical distance of both China and USA makes the brand appropriate for Rolex to set up their business in USA and China. (Okonkwo 2009, p.287).
The economic distance according to cage framework is the difference in the distribution of income, the consumption pattern, and the distribution of income in a given country. Rolex has developed strategic establish in countries that provide the highest percentage of its products, as seen earlier, the focus countries of US and china are amongst. Some of the examples can be seen in London, china, France and other countries. This is an indication that the company is targeting countries that have a high economic distance. China is a big and growing economy that makes it the first choice for the big brands to start their business in the country. Rolex was the pioneer company in this regard. The average income of the US citizens is very high, their living standard is also high therefore the upper middle class also prefers Rolex. (Osterwalder and Pigneur 2002)
In order to create a forecast, there is need for analysis and evaluation of the current situation in relation to the past. This will help in drawing relevant recommendations and conclusion. However, this requires a a strategic theory to determine the situation during the analysis. Therefore in this case, Ansof theory will be used for purposes of analysis (Raggio and Leone 2007., p.399)
Ansoff matrix is a theory that can be used in the implementation and execution of plans and strategies recommended by senior marketing analysts. The matrix is composed of for sections, i.e. market penetration, market development, product development and diversification.
Market penetration this refers to a form of growth strategy where a company increases its sales of the available products in the already existing market. As analysed earlier, Rolex has put up several strategies of improving its market share for example, over the years, the company has been the official sponsors of motor racing competitions in china, US open and many others (Rahemtulla, 2012). In USA and China, the company gives discount on the old watches so that they can apply penetration strategy and enter the market of people who are not premium class but can buy the watches of Rolex when given on discount like the upper middle class. These are one of the strategies the uses in order to improve on its market share. Rolex also provide a high quality customer support to the client to improve on satisfaction and customer loyalty. As far as market penetration is concerned, the company is working extensively to increase its market share (Osterwalder and Pigneur 2002)
Market development this is a firm’s attempt to expand and widen its area of operation or the geographical coverage for example Rolex has established itself in a series of countries mainly which provide high market for its goods. It has the 2nd best established firm in US due to the high demand for its products which similarly applies to china. However, as explained earlier, the company has a growing market in Myanmar and already has branded shops I the country of Myanmar which all imply the development of new markets by the company. (Baek Kim and Yu, 2010, p.662).
Product development; this is an action by the company to develop/ invent new products for the existing market. A company can achieve such a goal through the invention of new technology through massive research investment, joint development of two or more different bodies. As for Rolex, the company has over the years produced a variety of new brands in accordance to the target markets. For example, the company follows a market segment that is in line with the country of operation through its innovative technology in order to increase on its revenue in the respective countries of china and US. They have extended their product line by introducing another watch Tudor Marques which is manufactured and marketed by Rolex.
Diversification; is a form of growth strategy adopted by a company where by it introduces new product offerings in a new market. In other words, the company introduces a new product in a market that did not exist before. This is one of the most risky strategies and Rolex as a company, has to a greater extend, not adopted this form of promotional strategy.
From the analysis based on the theory of Asoff matrix, there is a better developmental prospect of the company. However, the company need to diversify the market target to improve on its sales and revenue. Due to the stiff competition, the clients take advantage of buying other brands from fairly cheap products of high quality (Green and Smith 2002, p.100)
Conclusion
It can be concluded that Rolex has successfully presented it has a symbol of style in China and USA. The brand’s association with the famous sports person and celebrities have made it popular among the people who can afford to buy the brand and in China the rich and premium class prefer it mostly because of conservative and price sensitive nature of the people. The brand has been the pioneer brand in China helping it to gain competieve advantage on the other swiss watch brands. In general, the rich people prefer people swiss watches and Rolex has successfully created a brand image and good will in the luxury watch industry.
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