Rolex Case Study
PHASE-2 FOR FINAL TERM PROJECTBY: Group G2Adarsh Rajput 2018PGP061Anushree Bhatt 2018PGP067Jayant Saraswat 2018PGP078Purnima Gautam 2018PGP095Sankar Prudhvi 2018PGP099Shubhi Jhalani 2018PGP109Swarnima Mor 2018PGP116EXECUTIVE SUMMARYRolex has been a sign of execution and unwavering quality for just about a century. The Swiss based watch organization has been administering the extravagance watch showcase for a considerable length of time and have effectively observed off rivalry from a few different brands that have undermined now and again to take the top position. Among every one of the brands, Forbes has positioned Rolex as 64th in its rundown of most amazing brands. With remarkable benefit and income record throughout the years, the organization has as of late watched an imprint in its general image picture and income. It appears that the brand does not have a similar sort of advance among the new age. It has been seen that a large portion of the adolescents eye Rolex as conventional brand which has been utilized by their folks and guardians. They do discover Rolex more standard and might not want to end up related with such a brand. They are lately favoring different brands in the extravagance portions that suits their persona and way of life.
With this on-going issue, the brand is certainly seeing approaches to enhance their scope among the youthful age and attempt to extend their looks as similarly competent in the consistently contending business sector. Rolex is likewise not apprehensive in propelling new items to meet the requirements of this segment and rolling out reasonable improvements to their conveyance and assembling units. There is a dread that with new age unengaged in the brand, it will exponentially influence the organization in next 10-20 years. We are taking this business issue of Rolex and will pay special mind to manners by which organization can enhance its picture and deals in this specific target section. We might want to dissect whether the issue is with the class of watches at present accessible, dispersion units, promoting plans or the cost isnt important to this fragment.SITUATION ANALYSISThere are several perceived reasons due to which Rolex as a brand is not popular among younger generation:There have been complaints that Rolex doesn’t look nice on young people that choose to wear it at this age. They have different collections that aren’t created specifically for young peopleYoung people do like to experiment a lot with their products and it is very hard for them to be loyal to one particular brand. Even if people buy Rolex as their first luxury watch, they tend to shift away from that after a whileThere are issues with the servicing of the product also as it is fine tuned in such a manner that it cannot be repaired like any other modern watchThere are a section of rich people who don’t associate with luxury watches at all and prefer to spend their money on anything elseThe upcoming tradition of smart watches which takes care of a lot of things is a new trend among youngsters and it is causing a major dent in sales of RolexCURRENT SALES FACTS AND FIGURESAs per the current figures Rolex stands as one of the most valuable brands in the world. It is currently valued at 9.3 billion dollars and completed sales of 4.6 billion dollars in 2018.But as per sales data due to emergence and huge success of smart watches, Apple has overtaken all the other brands and have sold more watches than all the Swiss watch companies (including Rolex) combined. Swiss watch market underwent a slump for eight consecutive quarters till 2017 and since then they have made considerable improvements.