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Question: Discuss About The Customer Is Associating Value With Product? Answer: Introducation Perception about a product determines how much the customer is associating the value with the product. Perception is very critical in marketing. A brand value is determined by consumers perception. Rolex is one of the biggest brands in the market of watches. The design, quality, price, marketing strategies, and most importantly, the class of it have contributed in developing the consumers perception about Rolex. Over the years, Rolex has been successful in maintaining its position as the best watch in the market, because it could establish the perception of the consumers (Atwal and Bryson 2017). Rolex Swiss watches are the prestigious and high precision time pieces (Rolex.com 2017). It offers the brand with the message that every Rolex tells a story. The brand presents the material value to the customers with a personal meaning. It could be an heirloom or a gift for success, Rolex claims to be part of an emotional journey of the customer. This way, the consumers also make this product as a part of the exceptional moments in their lives. They have believed in the message by the company and accepted the elegant and classic watch as the best in the market. Consumers motivation, attitude, anticipated returns from consumption of the Rolex watches indicates the consumer behavior. The consumers are motivated to purchase Rolex due to its high value in terms of elegance, class and emotions, as well as for the brand value. Having a Rolex is a prized asset for the consumers. The attitude of the consumers comes from his lifestyle. It is a psychological factor, which influences the buying decision of the consumers. The anticipated returns is the appreciation from peers and the happiness and satisfaction from owning such a high value product (Beal, Romaniuk and Patrick 2016) Social stratification refers to the presence or existence in clearly distinct social groups, formed by socio economic factors. Income is the key factor for this division, followed by lifestyle and social status. Being a high value product, Rolex is the choice of those consumers belonging to the higher social class, characterized by very high income and very high status. The broader campaigning analysis shows that, the buying choice of Rolex is mostly subjective to social stratification rather than group influence. People belonging to the higher class can afford to buy Rolex, which influences others in that group to buy that watch (Furnham, King and Kolzeev 2015). The decision-making process starts from identification of the need and ends with product selection. There are 5 steps of decision making process. The high value consumers feel the need to have a very high value watch to their collection. Then, they search for the suitable one, which suits their tastes and personality. In this step, they gather information from multiple sources. Thirdly, they evaluate the alternatives. In case of Rolex, the consumers do not get much alternatives in terms of social status. Thus, after evaluating the options, the people who are convinced with the value of Rolex, go for buying this watch. Advertising plays a major role in AIDA (Attention-Interest-Desire-Action). The main function of advertising is to grab the attention of the consumers. Hence, a lot of creativity and intelligence go into making an advertisement for a product. When it catches the attention of the consumer, it must create interest for the product by instigating the curiosity of the consumers. If the advertisement can present the features of the product in an attracting way, the consumer would be driven by his desire to own the product and they take the corresponding action of buying it. Thus, the advertisements work psychologically (Hellman 2017). Rolexs advertisements have always highlighted the features of the watches and the value that the watch adds to the social status of the consumer. Famous celebrities and achievers in almost all valued professions endorse this brand. It shows in a positive way that having a Rolex watch can inspire awe from the peers. Thus, it promises to add more value to the owners social status (Beal, Romaniuk and Patrick 2016). Rolex is considered to be the most reputed consumer product as per the industry. They approach the most successful individuals in various professions to promote their product. It is presented as a crown for every achievement. Thus, it has become a choice of the most successful and reputed people of the world. The primary goal of the brand was customer satisfaction. After 105 years of service, the goal of the brand has become the enhancement of the social status along with customer satisfaction with quality Success in any field determines the social status along with income level. Success or achievement is the only factor that is highlighted in the Rolex campaign. The company does not make a division of the society based on any demographic or cultural factors. These should not be used as a influencing factor, because that might bring an inferiority complex among the lower income class (Jain and Kamath 2016). The current target marketing of Rolex is the very wealthy customers, who prefer high quality and exclusivity. The owners are mainly male. It should focus on increasing the customer base among the female. They should also shift their focus on middle income classes, who cannot afford the watches for its very high price. Since Rolex is the highly valued and most reputed consumer product, it should now diverse its product ranges to something more affordable (Jain and Kamath 2016). References Atwal, G. and Bryson, D., 2017. Faking Luxury. InLuxury Brands in China and India(pp. 101-124). Palgrave Macmillan, London. Beal, V., Romaniuk, J. and Patrick, S., 2016. Reaching luxury brand buyers and driving desire: are advertising and word-of-mouth partners or substitutes?. Furnham, A., King, J. and Kolzeev, V., 2015. Smiley Faces: The Evaluation of Watches as a Function of the Time Displayed. Psychology,6(14), p.1850. Hellman, D., 2017. Liberty, Equality, Bribery, and Self-Government: Reframing the Campaign Finance Debate. Jain, S. and Kamath, S.S., 2016, December. Saliency Prediction for Visual Regions of Interest with Applications in Advertising. InInternational Workshop on Face and Facial Expression Recognition from Real World Videos(pp. 48-60). Springer, Cham. Rolex.com, 2017.Discover more on Rolex.com. [online] Rolex. Available at: https://www.rolex.com/ [Accessed 10 Sep. 2017].