Logo of Rolex Brand
Introduction
The
company Rolex has been offering premium watches for men and women. The recommended
new product to add in the range is Electric Cars that are needed to make the
environment safe from population. Rolex has been operation for more than a
century and it is expected the company can make up with the new product and get
all the success. The purpose of the report is to understand potential of the
company with new product and its marketing strategy. The report is through and
inclusive with all the details of company and the new product and all other
recommendations.
Product/Company
Background
Company
Rolex SA is a Swiss maker of luxury
watches. It is based in Geneva, Switzerland. "In particular, Rolex has
several watch lines: Oyster Perpetual, Professional and Cellini (the line of
"dress" watches from Rolex is the Cellini line). The Oyster line's
key bracelets are numbered Jubilee, Oyster, Chief, and Pearl master.
Recommended Product
Even though the company Rolex has nothing to with
automobile, but I believe they should consider offering a car run by
electricity or battery along with electric car batteries.
Micro Analysis
Micro-level analysis explores
persons and experiences of different sorts at the human level, namely, the
intentions, emotions, and opinions of people.
Customers
Electric vehicles are the verbal equivalent, instead of the present, cars of the future. People who are affluent and ecologically conscious are somewhat more willing to purchase new electric vehicles. If consumers agree that electric cars are more beneficial at the human, environmental or global scale, or that the use of electric vehicles is safer and more convenient, they will display a more favorable attitude towards to the purchasing of electric vehicles. In contrast to conventional cars, customers regard electric vehicles as forward-looking technological devices with comparable driving activities and consumption costs. The preferences of loved ones of customers, their friends, employers or managers do not have a direct effect on consumers' behaviors or actions about the purchasing of electric vehicles. The major factors affecting the purchasing of electric vehicles by customers are not only relevant to the design and production of electric vehicles that satisfy market demands better, but also act as a conceptual framework for the popularization of electric vehicles as well as provide a guide for the option and purchase of customers.
Competitors
Rich
buyers seeking high-quality and selectiveness are Rolex' current aim market. Adding
new electric car and battery will help those buyers new thing to buy. Adding
the new product, the competitor will be Li Auto (LI), Nio (NIO),
Nikola Corp. (NKLA), Workhorse Group and with some efforts Tesla. The gross
profit of Li Auto is Gross profit was RMB496. 8 million.
Considering their stats, it is expected that within five to ten years, Rolex
car hit this much or at least half of it.
Company Strengths
1.
The History of a Decade - Rolex
is a business with a past spanning for more than 100 years. Rolex has been
responsible for several initials over the years and has always been a highly
creative brand. In all its years in the market, the organization has never been
prepared to compromise on the four principles that epitomize the brand:
efficiency, results, creativity and stability.
2.
Owns Global Presence - Rolex
sells in most of the world's countries and is distributed across Europe, the
U.S., Asia Pacific and the Near East. The watch is available in several high
quality retail stores, though the brand even has its own separate shops.
Weaknesses
1.
Image Management - Rolex
still needs to retain its image consistently, much as most brands that compete
in the premium market. This ensures that each part of the marketing mix must be
cautious with the business to ensuring that it is compatible with epitomizing
luxury.
2.
Niche Segment - For
the rest of the consumer base, Rolex products are pricey and thus unaffordable,
which ensures that the firm needs to rely more on the value of the volume for
its sales.
Macro Analysis
The discovery of existing environmental influences cover in macro analysis. The aim of the Macro Environment Analysis is to recognise potential benefits and threats that will affect your business as a whole and that are beyond your industry's control.
-
PESTAL Analysis
Rolex PESTLE Analysis analyzes many
external factors that affect its organization, including political, economic,
social and technological legal and environmental factors (PEST). The PESTLE
Review highlights the multiple external possibilities that influence the demand
of the company.
Analysis of PESTLE is also referred
to as
|
Political |
Rolex is renowned and premium company with a worldwide footprint. The
suggested electric cars are expected to be distributed internationally. For
the smooth running of the enterprise, government stability is paramount. The
people and their officials need honesty. If the nation has some possibility
of military aggression, so disinvestment begins if it does. |
|
Economic |
The condition of the stock market therefore dictates when and when
the cost is to be met by Rolex. It would need to keep up to date on exchange
rates because it has global operations. High unemployment means the demand
for jobs is greater than in every other country meaning that employees can be
employed at cheaper wages. |
|
Social |
Individuals who are the ultimate consumers for Rolex make up the social
framework. It is important to research the client's behavior, their actions,
their economic standing, etc. These days, individuals have a rising rate of
income and therefore the discretionary sum grows with them. |
|
Technological |
The brand continues to hold old clients and draw new ones who can
stay up the momentum of development. The analogue era of automatic vehicles
run on petrol or diesel was earlier, but now it's electronic cars. They need
to hire tech-savvy team and utilize the best technologies. |
|
Legal |
As a luxury brand, Rolex has to conform to the regulatory aspects of
the country in which it works. It is appropriate to specifically follow laws
relating to taxation, labor, the environment, etc. In order to handle legal
issues, independent legal teams must be in operation and vigilant in their
practice. |
|
Environmental |
The best an organization can achieve in this new and ecologically endangered technological age is to protect the environment. Electric vehicles are safer for the atmosphere, study has shown. During their lifespan, they emit less greenhouse gases and pollution contaminants than a gasoline or diesel engine. |
PESTLE Analysis - Discussion
Choosing
the right new product is really important for a company to evolve and make
important contribution in an environment. Introduction electric car in a
reasonable price not only help the company to progress but also save the
environment and make people more technological advanced. The
biggest advantage of electric vehicles is the commitment they can offer to
reducing air pollution in urban centers. And no tailpipe, while driving, pure
electric vehicles emit no greenhouse gas emissions. This greatly decreases air
pollution. Needless to say, electric vehicles provide us with safer roads and
make our cities and towns a safe place for pedestrians and bikes. Only one
electric vehicle will save an average of 1.5 million grams of CO2 for one year
with the roads. This is the sum of four
London-Barcelona return flights. Electric vehicles are perfect for the economy.
Relative to gasoline, CR has observed that much lower operating rates and
reduced energy rates more than outweigh the higher selling price of a new BEV
especially in comparison to an ICE. Also electric cars help make the countries
more progress and evolved. Electric and
hybrid vehicles account for almost 10% of sales, but on British highways, they
only account for less than 1% of cars. Therefore, 1 percent of persons whose
conditions make it possible for them to change their driving behavior to the
demands of technology are already electric cars. They appear to be individuals
who enjoy creativity, are worried about the environment, and do not travel
hundreds of miles. They also seem to be affluent individuals and can
conveniently install a charging station at home with connections to off-street
parking. Yet technologies must respond to
the demands of individuals from different walks of life if the aggressive aims
of the green industrialization are to be fulfilled. We can't just forbid
anybody from having a fuel vehicle, add a charging station in every gated community,
and assume that's going to be enough. The government envisages that almost all
charging would take place at home, defining it as a "key attraction"
to possession of electric cars.
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