Rolex Corporate Reputation
Introduction
Corporate reputation refers to observer’s collective judgment regarding a certain entity based on financial, social and environmental implications attributed to the entity over a given period of time. Information used to rate entities include innovations, management quality, financial qualities, social responsibilities, quality of products and services offered and general global competitiveness (Percy, Roland, & Isabella, 2014). As such, a company’s reputation help clients obtain useful information which they may deem necessary to consider before making purchasing decision. This documents seeks to evaluate Rolex corporate reputation by use of data obtained from surveys, interviews and other key secondary sources.
Rolex Company Overview
Rolex is the leading manufacturer of luxury watches in the world, producing approximately over two thousand watches per day and generates sales of over 7 million dollars annually. The company was founded in 1905 by Hans Wilsdorf and Davis London in England and it is recently recognized as one of the most powerful brands in the world (Bruner, n.d). The company is based in Swiss and it manufactures, services, and distribute watches under the Rolex and Tudor brands through well recognized and reputed dealers. The company sponsors various major sports events like tennis, golf, and racing. It is major competitors include Philippe, Omega, and Panarai. Since its establishment, the company has experienced crucial and successful innovations in its products designs which has heightened its global corporate reputation. Notably, the company was the first to offer wristwatches that could automatically change the date and day on dial, first waterproof watch casings, wristwatches that could display two time zones concurrently, and the first wristwatch that worn chronometer certification (Bruner, n.d). In 2012, the company offered the first wristwatch that provided a command bezel, designed for multiple users (Bruner, n.d).
Quality of Rolex’s products
Research shows that Rolex incorporate the use of 904L steel, a rare and sophisticated stainless steel that its consumers like (Bruner, n.d). The stainless steel is harder and more resistant to rust and corrosion compared to other steels, like 316L, used by other manufacturers. Additionally, the steel is able to take and hold polishes, hence, allowing the watch to remain glittering and shiny for a long period of time.
The company has an internal research lab that’s allow the company test and analyze their products before distributing them into the market (Bruner, n.d). Also, the lab allows the company to execute research on more effective and efficient manufacturing techniques. As such, the company is able to efficiently produce high quality watches at considerably low prices. To guarantee on its products quality, Rolex uses the science lab stress room to monitor watch movements and strengths of their bracelets. The products undergo stimulated wear and abuse on typical machines and robots to analyze the quality. Ultimately, most of the company’s products are assembled by hand to eliminate any machine errors and work on areas that are best done by humans. As such, many consumers confess that they prefer Rolex products due to the human factor incorporated in production (Bruner, n.d).
Social Responsibility
Notably, surveys shows that Rolex plays a role of social responsibility through Rolex Awards. The program finances projects focused on improving living standards as well as protecting the world’s cultural and natural heritage (Bruner, n.d). Therefore, the program projects influences all aspects of humanity by enhancing knowledge distribution and improving life in the planet. The award endeavor to sponsor projects from talented individuals in the various fields of applied technology, Cultural heritage, environmental exploration and discoveries as well as science and medicine. Such projects include the “light up the world” which installed approximately 30 thousand LED lights t schools and less privileged homes. Social responsibility influence the company operations significantly. Over the many years of its operations, the company has nominated 130 Laureates as well as supported individuals achieve great social and ethical goals. Consequently, by promoting such, Rolex Award demonstrates responsibility and concern on the world’s environmental and social issues and it has taken the opportunity to gain trust and good reputation from its clients (Bruner, n.d).
Rolex and Its Consumers
Despite challenges like competition, Rolex has maintained its good image since its establishment. This is due to the company’s focus on feedback from its clients and the world class services it offers. The company has established distribution channels over most parts of the world to ensure that its clients easily access its products and innovations with ease. Additionally, the company partners with various dealers and train them to offer customer services and watch repairs services to its clients in different parts of the world.
Rolex Leadership and Innovations
Surveys and secondary information shows that Rolex is among the best managed companies worldwide. The company management has recognized the power of social media platforms and hence uses it to identify its customers’ needs (Bruner, n.d). It mines brands mentions in social media platforms to determine the type of contents people are willing to consume. Example, the company established the “did you know series” to keep its customers informed of the various innovations incorporated in different Rolex’s wristwatches. This also allow a direct interaction between the management and its clients and gives insights on areas that needs improvements. To enhance on its brand awareness, the company showcases various video clips, “Celebrating Cinema”, in academy awards. The clips showcases different Hollywood icons like Marlin Brando, Jim Carrey and Harrison Ford among other keys actors wearing Rolex brands in their most memorable scenes (Bruner, n.d). This reminds its consumers of the company’s brand heritage and its presence in cinematic world, hence emphasizing on its quality.
Rolex Work Environment
Rolex has different offices in various parts of the world, with Swiss being its headquarters. The company endeavor to provide the best working environment for its employees by customizing working hours and general office environment according to its employees’ needs. As such, the company provides remote working opportunities to its employees (Bruner, n.d). A study done in 2014 showed that employees working remotely provided best results compared to their counterparts subjected in a supervised office environment. Additionally, the study emphasized that employees’ satisfaction is based on the employer abilities to accommodate their immediate needs like those of health and accommodation (Percy, Roland, & Isabella, 2014). Rolex has considered such factors and incorporates health and other crucial needs in its employees’ payroll.
Rolex Ethics
Ethics are the moral guidelines upheld by an entity in its daily activities (Percy, Roland, & Isabella, 2014). Data shows that Rolex incorporate values that obeys the laws, transparent and respect people and its operating environment. This is supported by its social responsibility activities including involvement in sports and its sponsorship on projects involving harvesting of rain water (Bruner, n.d).
Conclusion
Corporate reputation is considered a variable factor in improving an organization’s attractiveness and its capacity of retaining clients and investors. As such, Rolex has considered the various factors ranking a company worldwide. Such factors include business ethics, social responsibility, management, and interaction with both consumers and investors among other keys factors. Rolex is a globally reputed company with subsidiary branches all over the world. The company continues to grow significantly, hence, attracting clients from different economic and social backgrounds, as well as investors.
References
Bruner. C. (n.d) the story of the worlds’ most popular dive watch. Under the Sea. Internet source. Retrieved from https://www.watchtime.com/wp-content/uploads/2013/04/WT_Rolex_Special.pdf
Percy M, Roland. A, & Isabella. V. (January 01, 2014). A New Approach for Measuring Corporate Reputation. Rae: Revista De Administração De Empresas, 54, 1, 53-66. Retrieved from http://www.scielo.br/pdf/rae/v54n1/a06v54n1.pdf