A-Level Edexcel Business Business Growth: Explain one way in which product

Question

Explain one way in which product orientation is important to Rolex.

Product orientation refers to a business approach that focuses on the production process and product design before attempting to sell it to the customer. This means that the business concentrates on creating a high-quality product, which is essential for maintaining a strong brand reputation. Moreover, product orientation minimizes the need for extensive market research as it relies on the assumption that customers will respond favorably to the quality and craftsmanship of the product. In the context of Rolex, this approach is critical because it cultivates a perception of luxury and exclusivity in the minds of consumers.

Rolex's business model emphasizes high-quality marketing, employing skilled craftsmen in the production process and ensuring only the best materials are used. As a result, Rolex has built a global reputation for luxury, positioning itself as a leader in the luxury watch market, where consumers are willing to pay a premium for its products. This reputation is essential as it leads to customers purchasing based on the brand's strong image and perceived quality, rather than Rolex having to adapt to changing consumer demands.

Explain one way in which product orientation is important to Rolex - Edexcel - A-Level Business - Question 1 - 2022 - Paper 1

Worked Solution & Example Answer:Explain one way in which product orientation is important to Rolex - Edexcel - A-Level Business - Question 1 - 2022 - Paper 1

Knowledge of product orientation

Application to Rolex

Analysis of its importance

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