Business Marketing

            Rolex Relationship Marketing with Daytona
  
  Rolex has become synonymous with the 24 Hours At Daytona, announced Friday it will continue its sponsorship of the historic race and become a partner in Daytona International Speedway’s new $400 million grandstand redevelopment.

  Under an extended, 11-year partnership agreement, Rolex will have naming rights for the new front-stretch lounge and suite level in the redeveloped grandstand tower, expected to open in time for the 2016 Rolex 24.

  The new lounge and suite boxes are “a perfect place for Rolex to display their brand, especially because that’s the area for our corporate and VIP customers,” said Speedway President Joie Chitwood. “You’re going to see some really great Rolex branding.”

Developing and Managing Products

Release Of Rolex New Product -- CALIBRE 3255


  Recently, Solidswiss,cd movement developing team start working on the new Rolex 3255 the 2 main reasons are the new Rolex 3255 is tow times more precise than a certified chronometer and has excellent 70 hours power reserve.

  Calibre 3255’s criteria for precision in everyday wear are twice as exacting as those for an officially certified chronometer. It incorporates the new Chronergy escapement patented by Rolex, which combines high energy efficiency with great dependability. Made of nickel‑phosphorus, it is also insensitive to magnetic interference. The oscillator, the true heart of the watch, has an optimized blue Parachrom hairspring, which is also up to 10 times more precise than a traditional hairspring in case of shocks. Thanks to a new barrel architecture and the escapement’s superior efficiency, the power reserve of calibre 3255 extends to three days. This means the watch will easily continue to run from Friday evening into Monday afternoon even if not worn or wound.

Segmenting and Targeting Markets

                                    Market segment of Rolex                     
  Market segment is a subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs. Rolex has segments in major bases: Geographic, Demographic, and Psychographic.

Geographic:

• Rolex market is segmented on the basis of states and regions and market density with wealth.
• Country including China,UK, USA, Singapore, Japan, Australia, Canada, Brazil and others.
• Rolex target developing and semi-urban markets after tapping developed countries.

Demographic:

Schemes are separated for different age and high income groups; Offers special outlets for    premium customers and premium plans for business executives and professionals.

target age 18 and above, all income levels, different ethnic background, different occupation, education, and upper middle class and upper class.

 

Psychographic:

• based on people's lifestyle, personality, beliefs and values etc.
• Believers; literal, loyal, most professionals, executives, aged and Business.
• Experiencers; impulsive, variety seeking, most are young people.

Marketing Communications

                                  The Promotional Mix of Rolex

Advertising;
  Rolex advertising are emphasis the history, tradition and everlasting elegance of its brand. It reinforces its brand image in the current context and links it with its rich history and tradition. Recently, Rolex had launched an advertisement campaign with the theme"It Doesn't Just Tell Time. IT Tells History". In another campaign it highlighted the famous wearer of the brand which included US president, Social reformers, sports and music celebrities.

             

  

Sale Promotion;

  As a luxury brand Rolex does not use sales promotional techniques which has the risk of reducing the high prestige associated with the Rolex brands.

Public Relations

  Rolex maintains a well-organized public relations team which works as the voice of the company with the general public. Following the recent trends it has entered  in Facebook, LinkedIn and other social media to better connect with its customers and stakeholders.

Events and Sponsorship:

  Rolex is the official time keeper of Wimbledon and the Australian Open tennis grand slams. Rolex has been a part of the golfing world for years. It is the official time keeper for the majors. The Open Championship and The U.S. Open. In 2013, Rolex became the official timekeeper to the FI Formula motor racing championship. Rolex has also been the official timekeeper to the Le Mans 24 Hours motor race since 2001.

• Rolex watch is the main sponsor of clock in all tennis tournaments
• Rolex sponsors world golf tournament in 2003.
• Rolex sponsors in US open 2009 and 2010.