The target market for the company would be similar to the Rolex current target segment for watches. Segmentation for the current product can be done basis on two factors which are consumer rooted and consumption specific. This article discusses about the Rollex that has had stepped into jewelry market in 2013.
Introduction to parent brand
Rolex is a Swiss brand for manufacturing of high quality luxury watches and other related accessories. These watches are considered as status symbol in society and come with high cost. Among the world’s top 100 valuable brands survey carried by Business week in year 2011 Rolex stands at 71 most valuable brands in the world (Kotler and Armstrong, 2007). It is one of the world biggest watches manufacturing company which manufacture more than 2000 watches a day and yearly revenue for the company stands at $3 billion in year 2011.
New product offered
At present Rolex deals into the luxury watch segment and this is the only offering for the company to its customers. Now Rolex is entering into the Jewellery market for Gold and diamond products. The idea of launching Rolex as Jewellery brand would be very effective as Rolex has brand image of the luxury watch maker and it charge high prices for the watch manufactured by the company. Hence continuing on similar lines company would be able to extend the brand easily to jewellery segment as well by leveraging on its brand strength (Nigel, 2007).
Customer target profile
The target market for the company would be similar to the Rolex current target segment for watches. Segmentation for the current product can be done basis on two factors which are consumer rooted and consumption specific. In consumer rooted customer profiling customers can be of any gender preferably female, age would be between 20 years to 50 years, married, highly educated and high income group customers. Customers would be having high lifestyle and would prefer latest designs. In consumption specific customer profiling usage rate would be slow and based on specific occasion like marriage or birthday etc, high brand loyalty, high level of involvement and benefits would be high status symbol (Thomas & Ann, 2008).