Sample Essay
The product in the marketing mix includes the watches and timepieces that are sold under the brand name of Rolex. The product mix is composed of the various models of watches and time pieces that are prominently demanded and marketed by the company already. These have the attributes of being reliable, functional, practical, and one of a kind. Aside from this the new lines can also be incorporated in the product mix which are made using new and innovative materials like titanium, platinum as well as other ornaments that add to the prestige as well as the design of the timepiece. Moreover new technology based coating and innovative functionality can also be used to create an appeal for Rolex watches for the more technology conscious consumers in the market.
The Rolex is considered as a status symbol, one that depicts wealth, success, prestige and the elite social class of the owner/ wearer. This provides that the company has to employ a premium pricing based strategy for pricing its products. The demand of the limited lines determines what the consumers in the market are willing to pay for the watch which should be used to price the products according to the respective brand value and worth that it depicts through its image. A significantly large premium price is put on the time pieces as they are individually crafted, designed and, manufactured by hand making them unique and one of a kind.
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