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Subject Code : M020LON
Assignment Task

 

Introduction
The luxury watch company Rolex was founded by Hans Wilsdorf in the year 1905 and became famous 21 years later when the company made the first waterproofwatch. The company is run by Hans Wilsdorf Foundation Trust and being a nonprofit company, all the profits earned are either invested in the company and its
people, and/or given to charity. (Rolex, 2020)
Having primary concentration on the high society clients, particularly over the age of35 years and amazing history of extravagance watches, the brand is now a ‘status’all through the world. It is believed that the prestige of the brand has already beenset as the #1 luxury watch brand and it is the responsibility of the brand to delivermere luxury. (Rolex, 2020) (Syncforce, 2020)However, buyers and purchasing decisions are identified complex and rathereffected by multiple personal and social factors. For this reason, marketers of thebrand shift their marketing paradigms to different approaches that appeal to rather allstages of the decision-making process.

A decision-making process comprises of fivestages that are:
(i) Need Recognition,
(ii) Information Search,
(iii) Evaluation of Alternatives,
(iv) Purchase and
(v) Post-Purchase Evaluation.
Each set carries various factors that determine whether the consumer will moveforward to the next stage, making a purchase decision or move out, opting not topurchase a product altogether. (Su, 2020)The next part of the report evaluates and understands each stage of the buyerdecision making process and its impact on marketing of the brand in reference to psychologic and social factors wherever possible.

 


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  • Posted on : July 26th, 2019

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