PESTLE Analysis of Rolex
In order to understand the business tactics of any organization, business, or company, PESTLE is the best analyzing tool. It involves major political, economic, social, technological, legal, and environmental factors. It shows the various extrinsic scenarios that highlight the brand’s business and performance. With this PESTLE analysis of Rolex, you can understand the market dynamics of Rolex. It allows the company to know how to improve its business. Scroll down to read the complete PESTLE analysis of Rolex,
Political Factors – PESTLE Analysis of Rolex
Rolex is a premium watch manufacture which is known globally. The products are made in Switzerland and sold all over the globe. Government stability matters a lot for the company where it is operating. It is crucial for the smooth working of the company. Moral lacking and corruption could be the biggest threat for the company. In case of any military invasion, Rolex can lose its integrity and brand image globally.
Economic Factors – PESTLE Analysis of Rolex
In order to run the business successfully, Rolex should follow the economic rules and regulations of the country in which it is operating. The GDP growth rate should be high for the country in which it is manufacturing its products. If the GDP growth rate is good, then there is a maximum chance that the company will also do well. By evaluating the interest rate, Rolex can easily determine how much money it should invest. They should know the current market scenarios to keep the prices at a standard level.
Read Also: A COMPLETE CASE STUDY OF ROLEX WATCHES
Social Factors – PESTLE Analysis of Rolex
Social factor plays a major role in the performance and business of Rolex. The buying power, customer attitude, and preference are some important factors. Rolex must understand these things in order to fortify its business. The main customers of Rolex are upper and middle-class people, so their income and spending attitude is really imperative. These days, every person wants to get and wear the latest technology in the form of smartphones and wearable. Some people are eco-friendly so Rolex should produce environment-friendly products.
Technological Factors – PESTLE Analysis of Rolex
Technology is a never-ending thing and Rolex should adopt new technologies to make its working and products better and up-to-date. By adopting new technologies, Rolex can retain its consumer and also attract new ones. The analog phase is now over and it’s an era of digital watches. These days, watches are used for multiple purposes.
Legal Factors – PESTLE Analysis of Rolex
Being a premium global brand, Rolex must adhere to rules and regulations. From environmental laws to labor, taxes, and other legal aspects, they need to adopt laws of every country it works in. It is crucial because the competitors are doing really well in this segment. Due to the presence of competitors like Hublot, Omega, and TAG Heuer, Rolex must follow the rules and regulations strictly. Thus, they should establish a strong legal team to counter different accidents and damages. Moreover, keep in mind that big brands are always prone to bigger risks. Rolex should be ready to tackle any mishap.
Environmental Factors – PESTLE Analysis of Rolex
According to a report, Rolex is a responsible brand when it comes to environmental elements. It manufactures 2000 watches per day. The Rolex company management is trying to reduce its carbon footprint in order to meet environmental standards. They are also reducing paper use and planning to plant trees. In short, Rolex is an environmentally responsible brand.
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