Rolex Study on Customer Perception free essay sample

When the brand gets a legal protection it is called a trademark. Now that we have understood what a brand is let us see â€Å"What is Brand Mix? † A brand mix contains of features that can be categorised into seven distinctions which are: ? Brand and its ingredients ? Packaging ? Promotion ? Costing ? Pricing ? Sales ? Distribution These are the various components of a brand which have to be taken into consideration while building and maintaining a good brand. The knowledge of all these components is essential if you want to make your brand a success in the target market. The most important of all the above stated components can be said the â€Å"ingredients of a brand†.What are the various ingredients that constitute a brand? There are basically eight ingredients that build the brandâ„ ¢ constitute a checklist of what is needed for the brand to prosper. Without even one of the ingredients, the brand will be weak, destined for failure. We will write a custom essay sample on Rolex Study on Customer Perception or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page [pic] These eight factors can help build a good and successful brand which has a long healthy life. Rolex [pic] The leading name in luxury wristwatches, Rolex has been the pre-eminent symbol of performance and prestige for over a century. Headquartered in Geneva, Switzerland, with 28 affiliates worldwide and replying on 4000 watchmakers in over 100 countries, Rolex continues to expand its long history of achievement and innovation.Rolex the Swiss watchmaker is a more than 100 year old company. Over the past century, Rolex has built and defended a strong position in the high-end watch market. And it has remained independent even as many competitors have sought the shelter of conglomerates. Today when we talk about Rolex the thing that comes to our mind is luxury and style and this is where they have been successful in making it great Brand. Rolex is known for its high performance and trustworthiness. It has been a pioneer in innovation and has been responsible for many breakthroughs like when, it became the first wristwatch to receive the Swiss Certificate of Precision. Rolex has maintained its brand purity all through its life as a watch making company. Many luxury-goods makers have used their original product as a springboard to introduce other products and many companies have even licensed out there brands to other manufacturers.But Rolex has never done any of these and it has stayed true to its origin. Rolex also maintains its brand purity by combating counterfeiters. Rolex likely spends more money policing fakes than any other brand. Rolex has maintained its brand continuity by remaining a company which emphasises on craftsmanship and quality, even when watches became a mass produced commodity. Rolex also maintained its brand image by limiting production, even as demand rose. For luxury goods, scarcity in the marketplace can influence value, spur demand, and contribute to collectability and long-term appreciation. Costing and Pricing: Rolex for years has been considered as a symbol of status and royalty.