Chapter 6. Consumer Decision Making

The first stage in the consumer decision-making is "need recognition". When a person wants to buy a Rolex, he or she is not only buying a watch to keep the time, but is looking for a watch that will perform and last for years; A watch that is recognized to perform impeccably.

As we all know Rolex is a renowned brand which has been around for over 100 years, delivering the best in the industry. When you go on an "external information research" about the watches you will see 99 % of the time that costumers are happy with the brand product, service and price offered. When you look for "internal information", you go to your dad, grandpa or a friend that owns a Rolex, and they will give you great reviews of the watch.

Furthermore, when you evaluate other alternatives such as Omega, AP and other luxury watches you will see that Rolex watches are the best bang for the buck. No other brand has the same recognition as a Rolex does. Price wise Rolex offers "reasonable" prices for luxury watches. A Submariner retails for 7,500$ when a PP Nautilus retails for over 26,000$ performing the same way.

Rolex reference 3525 chronograph

When you invest in a Rolex you expect that watch to last a lifetime and run in perfect condition. If anything happens to the watch you also expect that Rolex will do anything to replace or maintain that particular piece. Rolex watches are also an investment, which will increase the value over the years.

Rolex SA CEO - Jean Frederic Dufour

Buying a Rolex is also a statement. It means you can afford an expensive watch. Which includes the connotation that the person is successful at work or has achieved something great. Usually belonging to the upper class of a society.

Costumers vary from collectors who are enthusiasts and have a high involvement with the product or a person with high purchasing power that just wants a reliable watch. Another important factor is that Rolex watches are in families for many generations and people learn how to appreciate one from a young age.