Rolex Study on Customer Perception Essay example

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1/24/2011

|Team B3 |
|Anees P S |
|Vineeth Vijayakumar |
|Vineeth A |
|Gopakumar P K |
|Reshma G …show more content…
Rolex used materials such as gold, platinum, and jewels which automatically makes it a article of distinction. Another advantage it has is that finely-made luxury watches tend to appreciate in value over time. The Complete Price Guide to Watches collectors indicates that almost all older Rolex models are valued above their initial selling price, which increases the value of the watch in the eyes of the customer even more.

Another factor that appreciates the value of the watch is the pain staking work that goes into the watch

“An inexpensive quartz watch produced with a great deal of automation has between 50 and 100 parts; a Rolex Oyster chronometer has 220 parts.”

The range of Rolex Falls into three different categories:

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They follow a strategy of premium pricing also called prestige pricing is the strategy of consistently pricing at, or near, the high end of the possible price range to help attract status-conscious consumers. The high pricing of premium product is used to enhance and reinforce a product's luxury image. Examples of companies which partake in premium pricing in the marketplace include Rolex and Bentley. People will buy a premium priced product because: 1. They believe the high price is an indication of good quality; 2. They believe it to be a sign of self worth - "They are worth it;" it authenticates the buyer's success and
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