Rolex is a prestigious watch brand that is well known to masses for it exquisite craftsmanship and unique designs. The company is structured around the prestige of the brand which allows it to maintain its equity and market share by portraying the products in a prestigious manner that gives perceived value to the customers. The message this sends to its potential customers is that the brand is exclusive unique and marketed towards the wealthy. This pricing strategy allows Rolex to maintain its prestige and brand value which increases the demand for the products.
The Rolex website is structured towards the more affluent consumer who is less concerned about price of a product but rather the quality of its craftsmanship. Rolex knows who their loyal customer base is and market to that particular market segment. The brands pricing strategy is all the activities that convey enhance the value to the purchase. The site is well designed and created to portray elegance in order to demonstrate to the customer what the brand of Rolex is all about. Full of breathtaking flawless diamond and gold watches and vivid colors and imagery Rolex is attempting to increase their brands prestige and brand equity. The sharp black backgrounds overshadowed by the shining gold and platinum watches and pictures depicting elegance and superiority and even royalty. The site however fails to include prices on their products; by doing so they are subliminally telling the customer these products are exclusive and not attainable for the average consumer. The company also uses celebrities to project their brand image as being worn by the most elite of the elite. Having an image of golf champ Phil Mickelson labeled the Presidents club; Rolex is marketing towards older men who play golf and want to wear only the best timepieces that their favorite golfer wears.
In order to construct the pricing strategy that the company will implement they use the pricing strategy process. Initially Rolex will...
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