The Rolex Watch Brand Consumers - Case Study Example

Consumer Buyer Behavior about Ego-Expressive in Decision Making Of Rolex Consumer Table of contents Contents Introduction There are several groupings of people into social classes in view of several factors in consideration. Some of these factors used to classify these socially defining groups of people include, their income, the level of wealth, education and occupation among others. Thus, in view of the different social classes, there is a notable variance in the consumer behaviors. This is principally due to the aspect of income, as those people in upper income classes usually have more disposable income for spending. Therefore, in view of the consumer behavior, in relation to case study of the Role Watch, various observable factors constitute the consumers of the product. The owners of the Rolex Watch product rely on their understanding of the consumer behavior extensively as many other successful businesses. The consumers of the watch as a product are diverse and they present various factors that lead them towards purchasing the product readily. The Rolex Watch brand consumers The Rolex Watch brand is the leading and most expensive Watch in the market currently. There are several types of the Watch. Moreover, Rolex manufactures watches designated for each of the genders, ages and uses. These are essential factors of consideration in the pricing aspect of the product. For instance, according to information gathered through the interactions with the Rolex professionals, the female gender used to constitute a large share of their customers. However, with the current developments in the market, the company is also manufacturing watches for men in large volumes, meaning that the male population is also a considerable consumer volume of the watches. The aspects of use, it depends on the reasons why the consumer purchases the watch. The latest development in the company is the establishment of the Rolex diving watch. Thus, with such watches, resistant to water, offering quality and accurate time measurement initiates the desire in the consumers to own a watch. The larger base of the consumer of the Rolex Watch includes the rich people, collectors of antiques and retail business people. The aspect that the Rolex Watch has a high pricing means that the consumers with low income are unable to afford the product. In manufacturing the product, Rolex focus on people with an interest in brand and aesthetic value of products. The watch established itself as a virtually dominant brand in the market, due to its association with class and high social status. The watch enjoys an ego-expressive status in its customers, as they seek the product for various reasons, all related to their ego and esteem in the social classes of the society. Among the leading consumers include, wealthy politicians, famous actors and sports people and fashion stars among others. The watch also enjoys a strong market advantage in Europe and America, whereas, in the Asian continent, it is largely for retailers who purchase to sell. However, buyers are also becoming consumers in Asia with the changing social status stratifications. Nonetheless, the product remains leading in its category, as it offers exclusive satisfaction to the needs of its consumers. The Rolex watches come in various categories, with the leading being the Rolex Oyster Perpetual Date Sea-Dweller. The interview saw consumers state it as the first choice of the list of watches to own. Other categories that are leading in the consumer requests and consumption include the Rolex Master Series, Rolex Yacht Master and Rolex Yacht Master two series. The consumers also mentioned the Rolex Milgauss, Rolex Oyster Quartz and Role Submariner Series. The various categories of watches have varying consumer bases, including those purchasing it for prestige, for quality, for investment and antique collections. Moreover, the consumers also prefer the various categories of watches depending on age and gender aspects. Thus, the Rolex Watch does constitute consumers with ego-expressive factor leading in compelling the consumers towards purchasing the Rolex product. Cases and Analysis The consumer attitude consists of the lasting observable characteristics of people in relation to advertisements, issues, value and beliefs about a product. Several factors constitute the motivation for consumers in buying a certain line of products (Solomon, 2009, p 21). The ego-expressive factor in consumer behavior originates from several factors, with the leading factors being social pressures and the need for exclusiveness, which comes in the form of vanity (Workman & Lee, 2013, p 207). These externalities constitute primary significance in determining the spending behaviors of consumers. In relation to the case of the Rolex Watch brand, the consumer behavior is entirely conformity of the ego-expression attitudes of the consumers. To understand what informs the consumer behavior of Rolex Watch customers, I sought an interview with some customers. According to their views, the customers mentioned vanity as the leading cause that informs the consumer behavior of the Rolex Watch. In understanding this aspect further, the aspect of vanity entails that the customer buys a product for the showing off purpose. The people largely define what they dress among other activities by their lifestyles. The lifestyle of a person is the factors surrounding that person that define their status in the society (Coleman, 2012, p 271). Therefore, a customer with the view of purchasing a product with the aim of showing off has interests and opinions shaped by their physical appearance in the society. The interviewee, for instance, said that, it is interesting and self-fulfilling when a person, or celebrity walks in front of the people and hears them commenting on the quality of the product they are wearing. Thus, from this interviewee, I gathered that, ego in the aspect of showing off in the society, as having expensive and quality products is a leading cause for the consumers of Rolex Watch. Moreover, in aspects where the person has a dominant and self-confidence attitude, the Rolex Watch plays a significant role in their beliefs and practices of vanity. Thus, an aspect of vanity forms a notable reason and motivator for the consumers of the Rolex Watch. The social status of a person entails the social class that the person hails from and the role they play both at the family level and in the extended society (Martineau, 2013, p 124). The marketers recognize the significance of understanding the buying behavior of the various customers depending on the social class that they belong. The social status factor incorporates the position that the figure purchasing the product holds depending on their income levels and wealth. The Rolex Watch is undeniably the expensive watch product available in its category. Nonetheless, it also has a vast market share, largely consisting of the wealthy class and those who hold positions in the society, which allow present them as role models in the society. Therefore, as such, this factor is significant in informing the consumer behavior of the watch brands. The customer in the interview stated that, it is observable that the Rolex Watch revolves around the class of the wealthy people, who have a certain prestige to protect. Moreover, the interviewee also added that the Rolex is expensive, which in the society implies that when a person wears such a watch, they become a leading figure, observable and notable as having considerable disposable income to spend. Thus, the leading category of consumers of the Rolex watch remains those people in the higher social class in the society. It is a product of social status definition since it helps identify the class to which the person belongs depending on the type and cost of accessories such as the Rolex Watch that they possess. The brand image is another leading influencing factor of the consumer behavior in the market. The marketing departments in various companies invest heavily in innovation and establishment of brand names to ensure they capture the attention of the consumers. Moreover, the trends in marketing also entail various programs by leading businesses to establish brand names of their products. This trend is a result of the aspects entailed and benefits included in the factor of presenting a product with a brand name and noticeable image. In society, every aspect of prestige of a person is only noticeable by the image they present of themselves when interacting in the public platforms. Therefore, the Rolex Company as many others noted the significance of establishing itself as a brand and household name in the market with respect the brands of watches they manufacture. Thus, evaluating the consumer behavior of the customers of Rolex watch, I sought to determine whether they have a specific aspect of the product that influences their decision making process towards the Rolex Watch product. The interviewee, who is a regular customer of the Rolex company products replied by first putting his hand forward for me to see. Then, he inquired, what I contemplated of the accessory on his hand. Personally, I noticed the pride with which he answered my question. He said that personal image is ‘everything’ that Rolex watches bring out from a person. Thus, from this interview, I learnt that the consumers of Rolex Watch have a weakness towards the brand image of the product. Its exquisite and classic appearance makes it a favorite of the customers. Thus, the brand image of the product constitutes a leading factor of the ego-expressive aspect of Rolex Watch consumers. The society consists of cultures and subcultures, a factor that marketers continue to explore in their endeavor to capture the customers. The Rolex watches consumers have a reputation in the subculture resulting from their association with the exclusive Rolex Watch products. This factor of associations is remarkably essential in the consumer behavior of the consumers of the Rolex watches. This factor formulates the definitions in the consumption of the product within the different continents. In illustration, in the United States and Europe, the Rolex is a product for the consumers, while in Asia; it is a product for the retailers to sell. The changing consumer behavior in Asia is evidence of impact of association in shaping the consumer behavior. The Asian consumers are realizing the significance of having an association to a certain product. In Europe and the United States, the people who possess the product, whether from the middle or upper social classes, always make the impression that they are wealthy. For instance, the respondent in the interview mentions at the start of the discussion that the watch is categorically for the rich since it is expensive for the low-income class to afford. Thus, the observation that having the watch associates the person to higher social classes is another ego-expression that shapes the consumer behavior of the customers of the Rolex Watch. Another factor that the interviewee mentioned is the factor that most celebrities and leading figures in the society purchase the product. This point is what marketers refer to as the reference groups (Solomon, Russell-Bennett & Previte, 2013, p 56). The reference groups are the people and objects or activities that shape the judgments of a person. The perception that what opinion figures and fashion statement people have the best choices of products is an increasing factor in understanding the consumer behavior of the Rolex Watch customers. For instance, it is observable that most leading advertisements feature a notable figure in the society, a celebrity, or a famous person. This factor of reference, in which a reference figure recommends a product to the public, shapes the buying behavior of the product. The rolex Watch is a common observable feature in most celebrities, as they own the product. Thus, as the interviewee responded, it is observable that leading figures and the aspect that the watch is favorite accessory for most reference figures and role models in the society also significantly plays role in the ego-expressive behavior of the consumers of the watch. Additionally, personal attributes are also observable and notable factors that shape and define the ego-expressive consumer attitude of the Rolex Watch customers. In understanding the consumer behavior, marketers always focus on understanding the personal attributes, including factors based on gender, age, occupation, and lifestyles among others (Blythe, 2008, p 111). These factors influence the consumer behavior differently, such as age, in which as a person grows older, they change their need for some products. Similarly, the gender aspect also influences consumer behavior trends, as marketers will seek to present their product based on the target market. In terms of occupation, various people, such as those in the art industry will have varying consumer trends as those in construction industry. Therefore, in view of these personal attributes influencing the consumer behavior, the interviewee presented varying responses towards the question on aspects of personal attributes that influence his buying behavior. With respect to the Rolex watches, it is observable that these personal attributes also shape the ego-expressive attitudes of the consumers. Initially, the company used to produce watches largely intended for the female gender. However, later they realized that men also have a tendency of buying products that present them as design and prestige oriented people consequently, the company started manufacturing watches for males. Thus, from this trend in the company, it is observable that the gender also determines the consumer behavior. Moreover, with respect to age, the children are no considerable consumers of the Rolex watch products. The product largely features consumers of age with occupations and in deferent stages of life. For instance, those unmarried are likely to spend on watch than the married people as the unmarried have a reputation and self-image to uphold. Moreover, the occupation also affects the consumers of the Rolex watch since it is remarkably expensive. Thus, for a person to afford such a watch, they have to have notable disposable income to spend. Thus, the occupations of the people also determine the consumer trends of the consumers of the Rolex watches. Another factor observable in most consumer decision-making process is the psychological factors that influence the consumer behavior. Perception, motivation, beliefs and attitudes shape the consumer decisions remarkably towards inclining to given products in the market (WäNke, 2009, p 78). The consumer behavior is a factor of the decisions they take over time in the processes of purchasing products. In the case of Rolex watches, the customer I followed, I asked him about the motivational factors that make him select the Rolex watch. His perception is that the service of the Rolex Company has quality and their products have a guarantee. Thus, I gathered that another leading factor in Rolex consumers is their belief and perception that the watches have assurance of quality standards. Moreover, in the aspect of motivation, the interviewee again referred to aspect of social status, the associations and reference figures in the decision making process. Thus, I gathered that the ego-expressive psychological factors of motivation, beliefs, and perceptions over the Rolex watch products are a notable contributor to their consumer behaviors. Moreover, the Rolex watch is also a leading business product, thus, some of her consumers purchase the product for investment. The watch is expensive and making a profit from it is a rewarding investment. This is a feature observable in Asia where initially; most of the customers of the product were retailers, selling the product at their hometowns. However, with time, the trend is changing, as the people in Asia are also purchasing the product as a personal product for use. Additionally, there is the aspect of the people that deal in antiques and ancient collections. These people also form a considerable consumer behavior of the customers of the Rolex watch. These people purchase the Rolex watch to store in their collections for future historical references. These people feel that having such an expensive and exquisite artifact is an honor and a makes them among the richest collectors of first brand artifacts. In addition, these factors shape the consumer behavior of the Rolex watch, as it constitutes elegance, beauty and exclusive class in its design. Therefore, in the future, the watches may become notable historical artifacts. Therefore, these are among the leading ego-expressive behaviors of the consumers of the Rolex watch. These factors in their contribution to the consumer behavior, the consumers, apply the procedural decision making process in their choosing of the product to purchase. The consumers identify the need for them to have a watch, based on the ego-expressive factors. After they see the need, they then venture into the market to search for the product. Referring to the interviewee, the internet media is his preferable source of information about the Rolex watches. Further, after identifying some desirable products for his choice, he evaluates them and looks for alternatives that would offer the equivalent quality. However, from consumer behavior preferences, the customer then chooses the product to purchase and eventually acquires the product. All these stages in the consumer behavior apply some of the ego-expressive factors that cause the customer to choose the Rolex watch product. Conclusion Lessons In view of the interview, and entire information gathering process on the case, I observe several points that are essential in understanding consumer behavior and succeeding in marketing. The consumers vary depending on the social stratifications, social classes, gender and age among other several factors. Moreover, in the upper class category of consumers, as this case analysis reflects, several factors shape the consumer behavior (Myyers, Santon & Haug, 2013, p 11). However, the leading feature is that the upper social class largely relies on their ego in the process of purchasing products. Their spending behavior is from factors such as vanity, pride and prestige within their confines in the society. Another notable aspect is that the ego makes the consumer to largely purchase the product from online sales and wait for delivery. Therefore, as a marketer, it is essential to feature these features in the products intended for the consumers from this social class. They are also perpetual consumers; purchasing products frequently as I observed from the customer, I followed; since, they have extra disposable income to spend. Additionally, internal and external motivators such prestige and vanity and opinion leaders and social status respectively are also factors of consideration in the consumer behavior of the higher social class. Limitations The challenge in the process of following the customer in this case study include that, the customer presented a vanity attitude, in which he sought to show me his prestige and social status. Thus, from his personal attitude towards the Rolex watch product and the alternatives in the watch market, he presented obviously indicated some bias. This bias means that he could be too egocentric to the extent of missing other watch products, which could have the same value as the Rolex brands. Additionally, the theory of consumer behavior also overlooks the aspect of alternatives with respect to the Rolex consumer behavior. In this case study, there is no comparative alternative to the Rolex products. However, the focal point was to understand the ego-expressive attitude of consumers of the product. Therefore, this aspect does not apply as a notable limitation in this case. Moreover, the theory also presented a generalized view of consumer behavior, in which the consumer in this case applied limited aspects of the theory due to predetermined decisions about the Rolex products. Managerial Implications Therefore, with respect to the findings on the consumer behavior of the customers of Rolex products, the management should focus on marketing strategies that reach these consumers as their egos define. The consumer behaviors influence the trends and procedures of making sales, thus, the marketing department should continue to capitalize on the aspects of opinion leaders and fashion statement people to market the product. Additionally, the incorporation of the internet and online services is essential in covering the target market as such high social class people purchase shop and purchase products online. These aspects will help the management to capitalize on the ego-expressive behavior of the customers. Bibliography Blythe, J. (2008). Consumer behaviour. 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Workman, J, & Lee, S 2013, ‘Relationships among consumer vanity, gender, brand sensitivity, brand consciousness and private-self-consiuosness’, Inetrnational Journal of Consumer Studies, 37, 2 pp. 206-213, Business Source Complete, EBSCOhost, viewed 29 March 2014. Read More