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Consumer Behavior - A brand will only succeed if the marketing mix convinces consumers that it satisfies their wants better than competing brands. For a consumer brand of your choice explain how marketing mix elements work together to influence consumer b - Assignment Example

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The success of a company depends on identifying as well as satisfying hidden needs of customers. These factors are taken into consideration by a company while structuring a marketing…
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Consumer Behavior - A brand will only succeed if the marketing mix convinces consumers that it satisfies their wants better than competing brands. For a consumer brand of your choice explain how marketing mix elements work together to influence consumer b
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Consumer Behavior - A brand will only succeed if the marketing mix convinces consumers that it satisfies their wants better than competing brands. For a consumer brand of your choice explain how marketing mix elements work together to influence consumer b

The consumer brand to be focused on in this particular study is Rolex SA, and this brand belongs to the watch manufacturing industry. Rolex SA was founded in 1905 by Alfred Davis and Hans Wilsdorf. As per Forbes 2012 list, Rolex is one of the most popular global brands. Rolex manufactures about 2000 watches in a day and is the largest consumer brand of single luxury watches. Rolex had set out most enabling emblem in the industry with the tagline of “Can Do” by offering wide base of modes through which clients can work, communicate and play. The decision making process of the company was remarkable as it shifted from pocket watches to designing high quality and fashionable wristwatches. Even in its branding activities, the company did not implement a complex design as brand image but preferred to use a crown which defines its uniqueness and superiority. However marketing mix of a brand needs to be aligned with consumer behaviour. The success of a brand depends on the convincing power of its marketing mix. Consumers needs to be convinced that a particular brand will satisfy their needs and wants more effectively in comparison to other brands. Rolex has been able to do so from the past many decades as it is able to align its marketing mix with consumer behaviour. In this particular category of watches most of purchasing decisions are made on the basis of either word of mouth or extensive research.
Consumer buying behaviour to a great extent is influenced by various psychological drivers. These drivers are interdisciplinary approaches that combine attention and perception, motivational determinants of buying behaviours of consumers, information processing, change and formation of attitude, and impact of advertisement. Psychological drivers comprise of segmentation as this helps to identify the target market for the brand. Segmentation is categorized into two parts, one is demographic segmentation and the other is based on value perception, self perception and ... Read More
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