The marketing strategies of various products include many fundamental aspects that are essential to analyze. Primarily, it should be noted that the laws of marketing luxury brands are different from those of the usual ones. It is because the target audience of luxury brands is more difficult to understand. In other words, the strategies used by luxury brand managers are more complex and multifaceted than those of cheap products. It is formulated by the fact that a luxury product should, first of all, emphasize its uniqueness, difficulty in acquiring, and quality (Massi & Turrini, 2020). At the same time, when marketing cheap products, one has the primary goal of mass production, cost savings, and the easiest way for customers to buy.
A vivid example of the abovementioned concepts is the Rolex company, which produces the world’s most expensive and high-quality watches today. Undoubtedly, it is a luxury brand, as the price of some models exceeds a million dollars. Moreover, buying a Rolex watch is associated with uniqueness and success. The company has managed to establish a memorable and well-known brand that evokes vivid emotions. It is formulated, in particular, by the logo and the company’s name, namely the golden five-pointed crown, which symbolizes luxury and the mechanism for moving the hands on the watch. In addition, the dark green color of the Rolex inscription is associated with money, namely the color of dollar bills. In combination, it is subconsciously connected with luxury, wealth, and success and emphasizes the buyer’s individuality.
When talking about what anti-laws they are breaking in order to survive in today’s tough market, it is worth mentioning the principle of complicating the purchase of goods by customers. More precisely, today, the client may wait for some models for more than a year after ordering. It is articulated by the fact that Rolex treats each order with a unique meticulousness. Watches are made by hand, and depending on the price of the model, the complexity of manufacturing and creating materials for assembly increases. In addition, it articulates an important anti-law of luxury brand marketing, namely making a product hard to buy (Massi & Turrini, 2020). Thus, one emphasizes the uniqueness of the product, increases the desire to receive an order, and demonstrates the build quality and approach to the client. In return, the individual gains confidence in the uniqueness and quality of the purchased product, which in the future enhances the company’s credibility.
Furthermore, as it was mentioned, cheap products usually have the primary goal of making more products with minimal cost. It is especially noticeable in products sold in hypermarkets with prices equal to bulk purchases. Due to this, many people make up a large number of purchased units and generate profits. Moreover, as a rule, such products are of lower quality than expensive unique goods. In turn, Rolex is not chasing the maximum number of units sold. Due to high prices, the company is able to create and sell not so many units. However, each product is of the highest quality. That is, the company puts quality over quantity, which correlates with an important anti-law of marketing, namely that luxury determines the price, but not the price identifies luxury (Massi & Turrini, 2020). In this context, the client pays not for the fact that Rolex is expensive and widely known but for the quality and reliability of work along with a unique design.
To conclude, Rolex exemplifies the luxury brand and the basic marketing strategies to maintain its position in the market. Thus, Rolex follows several vital principles:
- The company makes it difficult for the customer to purchase the product;
- Rolex is based on the principle that luxury determines the price;
- Manufacturers do not chase the number of units produced but the quality.
All this has helped Rolex to maintain its leading position in the market for many years. In addition, the brand is associated with luxury and success and emphasizes the status and individuality of the client.
Reference
Massi, M., & Turrini, A. (2020). The artification of luxury fashion brands: Synergies, contaminations, and hybridizations. Springer Nature.