Proposal

The Project and rational (Initiative):

·         Rolex launch their very own men’s premium fragrance

·         Available only in Selfridges and Harrods

·         Aiming to make a young man feel like a grown man, with a luxurious cologne and a long lasting scent

·         Competitor to designer fragrances like Cartier

 

With more and more Designers producing fragrance for their brands, it would be ideal for Rolex to produce a fragrance offering them natural progression. Mintel states that Rolex tops the superbrands list “Rolex, the luxury watchmaker, has beaten Coca-Cola and Google to top an annual list of consumer superbrands. Eleven British firms featured in the top 20, including the BBC.” (Mintel: September 2012). Brand Republic also reports that Rolex has been voted number one consumer brand for the second year running with Apple and Microsoft in second and third positions. With that being said Rolex producing a fragrance will have a greater effect on the brand, bringing something new to their existing consumers and gaining more consumers in their target market. The fragrance will be designed to attract a young audience as Brand It Magazine reports that Rolex are struggling to attract a younger market, “Rolex is perceived as a symbol of prestige and performance but with an ageing target market Rolex is having difficulty in attracting a younger market” (branditmagazine.co.uk, December 2012) this is a on-going issue for the brand. According to Mintel “Multinational companies retain the largest share of new product development” (Mintel: August 2013) that being said it’s very common for big companies to expand their brand in this field of business for greater brand awareness. Cartier is a good example brand which started with jewellery and watches and then later on launched a line of fragrances for women and men which has been selling successfully since 1981. Cartier alongside other designer brands like Tom Ford and Paco Rabanne may come a threat and competition to Rolex as their product would sit on the same market level.

 

Objective	Key Performance Indicator (KPI)
·         To not only be seen as a premium product for the middle/upper market consumers but also to attract a younger market ·         Expand the brands awareness by providing a new service ·         Differentiate from existing products on the market ·         Target the younger market consumers	The success would be measured by: Sales made and Customer feedback (Feedback cards), Sales per a week.

 

Consumer Action:      See it: Brand will be seen through a lot of social networking sites used by younger market Feel  It: Using the idea of feeling like a grown man and the fact that Rolex is a high quality brand as persuasion Do it: Sampling the products in store encouraging customers to purchase the product Share It: Social media and in store promotion will gain awareness of the new product launch Get It: Enable consumers to know Rolex can cater to a younger market with other products