The packaging of the product is an extension of the product itself and in then case of Rolex should reflect the brand value and prestige associated with the product. As a result the packaging element of the marketing mix should be developed in cohesion and correspondence with the respective product as well so as to provide protection to the product, reliability of the long term functional life of the product as well as an aesthetically pleasing extension of the timepiece as well.
Additionally the people element would also be added to the adjusted marketing mix for the Rolex brand. The customers and consumers can be inquired about what more do they want from R9olex and what aspect of the Rolex it terms of its attributes is most appealing to them. Similarly Feedback can be taken from the knowledge workers, the management and the designers of the watches to determine the new ways in which the Rolex can be developed and manufactured to appeal to the changing consumers in the market. These can then be incorporated into the product, price, placement and the promotion elements of the marketing mix. Investment in the people associated with the brand can significantly help in leveraging the brand.
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