Rolex Brand Audit

1) What do you understand about brand audit? Explain in relevance to this case study. Ans : a brand audit is a comprehensive examination of a brand to discover its sources of brand equity. A brand audit provides an analysis of an organizations brand and its brand management and marketing effectiveness. It assesses a brands strengths, weaknesses, opportunities, and threats. It identifies brand growth opportunities including those achieved by brand repositioning and brand extension. The audit should result in recommendations to improve brand equity, brand positioning, and brand management and marketing effectiveness. Relating to this case study, Rolex is one of the most recognized luxury brands in the world which is its most important source of brand equity. Other equities include its crown logo and the functional benefits that it provides to the user for e.g. quality, craftmenship, and innovation factors like its 10 golden Rules. Its exclusive status symbol, premium pricing and limited distribution are also key sources of equity. Other key sources of rolex brand equity include Ambassadors, Sports and Culture and Philanthropy. This case study also includes the threats to the brand like counterfeiting and few main areas of opportunity like introducing new designs, contacting with the female customers, understanding younger customers etc. 2) How are product related attributes helping Rolex in its brand positioning in the market? Ans : Rolex has maintained the highest quality, durability and prestige on which it was originally founded and has successfully leveraged its history and tradition of excellence along with innovation to become the most powerful and recognized brand. Product related attributes like its 10 Golden Rules are helping the company in a way that the customer values what the company provides and associates these attributes to them. The customer believes what the company says about its watches because the company surely provides the unique features which are worthy of positioning the Rolex into a high positive position in customers mind. 3) Explain why Rolex felt the need to create such an extensive brand portfolio and how did it help Rolex in their positioning? Ans: Rolex extended its brand portfolio to cater a larger market in a very smart way by associating its watches to the celebrities which fall into different categories like artists, athletes etc. also by sponsoring big sports and cultural events and by philanthropy. Rolex targeted Wealthy, athletes, adventurers and elite group with its three different family brands to expand and increase its market share. The Rolex developed it Tudor brand to avoid completion from mid range watches such as Tag Heuer, Citizen and Rado. With all these smart moves, the brand was able to raise its position.

Karam Masud

Roll no: 8522

Brand Management

Discuss the key aspects of Rolex CBBE pyramid and explain why a luxury brand like Rolex benefits from it? Ans: Rolex has successfully focused on the superior product attributes and the imagery associated with owing and wearing a Rolex. The classic and luxurious image which makes it outstanding, high awareness of the brand as being most common luxurious brand in watches, performance like 10 Golden Rules and expensive material and manufacturing processes, extremely high quality, exclusivity, self rewarding and ultimate social status are the key aspects of Rolex CBBE pyramid and all these CBBE factors are the key ingredients required for a luxury brand like Rolex as all these factors makes it the most wanted high end watch brand and the brand ultimately benefits from these factors. 4) 5) Discuss POPs and PODs of Rolex and state area where there is an opportunity for Rolex to grow. Ans : Points of Parity y Swiss watchmaker y durable y Fine material y Quality craftsmanship y Accurate y Attractive Points of Difference y Crown y history & Heritage y Exclusive imagery y Premium Price y Innovation y Distribution

The Brand has already significant POPs and PODs but still it has room for opportunities like introducing new designs and collaborating with the designers to launch new ranges, contacting with the female customers to associate more with female customers and introducing new ranges for women and promote womens sports and cultural events, Attacking the online counterfeiting industry by opening an exclusive online store or an exclusive distribution site. The brand needs to understand the younger consumers and attract them by affiliating youngsters with the luxury and new designs and also communicating the long-term value by promoting heritage and inheritance of the brand.

Karam Masud

Roll no: 8522

Brand Management