Research

After further resaerch seeing that Cartier fragrance prices are £210 for their L'Heure Convoitee II Eau de Parfum.

Rolex watches range from £1,500 to £70,000

So their fragrance should range from £150 to £250

About My Campaign

My campaign will be to launch a mens fragrance for the brand Rolex. Seeing as Rolex is an exclusive brand they have issues in the industry where they struggle to attract the younger market and for that reason, it would be ideal for them to release a product which is affordable but yet exclusive for a younger market. For example Cartier is a big competitor to Rolex, not only does Cartier sell watches ranging from £3,500 to £60,000 they also sell fragrance's for men and women and other items. With Cartier being a great example, Rolex is only at an advantage because launching this new product line. They will also gain a new consumer.

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

Name Chk

 

 

 

Using Name Chk to see what type of sites Rolex use as a brand for promotion.



 

 

 

 

Mintel - Who's Innovating?

Rolex Advertising Budget Alongside Other Brands

Rolex have largest advertising budget of any watch brand, thus everyone hear of Rolex, not know some better brands, since they not advertise much. Here are some figures of 2007 USA advertising budgets of some watch brands. Amount shown here is in US dollar.

1. Rolex - $47,100,000

2. Breitling - $27,070,000

3. TAG Heuer - $24,730,000

4. Citizen - $19,850,000

5. Movado - $15,870,000

6. Cartier - $15,040,000

7. Seiko - $11,020,000

By now 2013, I don't know the exact data, I think Rolex spends $80,000,000 a year for advertisement.

Rolex is connected with Yacht, Golf, Tennis tournament, Motor racing. The famous one is the 24 Hours of Daytona, currently known as the “Rolex 24 At Daytona” for sponsorship reasons, is a 24-hour sports car endurance race held annually at Daytona International Speedway in Daytona Beach, Florida. It is the first major automobile race of the year in the United States.

The race has had several names over the years. Since 1991, the Rolex Watch Co. is the title sponsor of the race under a naming rights arrangement, replacing Sunbank (now SunTrust) which in turn replaced Pepsi in 1984. Winning drivers of all classes receive a stainless steel Rolex Daytona watch.

Competitor Brand Cartier

CARTIER –  History

The house of Cartier was founded in 1847 by Louis-Francois Cartier. Celebrated for its beautiful jewelry and attention to detail, the company's reputation grew over the late 1800's, with the assistance of Cartier's son Alfred and grandsons Louis, Pierre and Jacques. Cartier gained notoriety in 1904 when Louis Cartier created the first wristwatch for aviator Alberto Santos-Dumont. This famous timepiece was known as the "Santos." Crowned heads and aristocrats around the world flocked to Cartier for their jewelry and watches throughout the 20th century.

Family ownership of the business ended in 1964, but the company continued to expand its business and reputation with boutiques around the world. The brand's offerings expanded to include leather goods, pens and scarves in the 1970s, and the first fragrances—Must de Cartier for women and Santos de Cartier for men—were introduced in 1981. Cartier has launched a series of successful fragrances over the years, many bearing the same names as the company's jewelry collections and timepieces.

Designer Cartier has 60 perfumes in our fragrance base. The earliest edition was created in 1981 and the newest is from 2014. Cartier fragrances were made in collaboration with perfumers Mathilde Laurent, Jean-Claude Ellena, Christine Nagel, Alberto Morillas, Jean-Jacques Diener, Nathalie Feisthauer, Jacques Cavallier, Mark Buxton and Jean Guichard.