ENTREPRENEURSHIP

Detailed explanation-1: -Gucci has adopted psychological pricing for its products. High prices are often equated with the best quality and lower prices with substandard goods. The company has used psychological pricing for Gucci’s customers who are looking for premium products and premium prices.

Detailed explanation-2: -Gucci’s success can be attributed to its focus on creating a strong brand identity, creating a unique customer experience, and investing in digital marketing. Through these strategies, Gucci has been able to create a strong, positive image that resonates with customers around the world.

Detailed explanation-3: -Rolex is one of the most iconic luxury brands in the world, and a large part of its success can be attributed to its premium pricing strategy. Rolex uses premium pricing to create a perception of exclusivity and higher quality, which justifies the higher price tag of its products.

Detailed explanation-4: -GUCCI relies on exclusive distribution network so that they can control over the service level. In exclusive distribution, sellers only carry producer products. Company tries to market their product through online and DOS directly operated stores which accounts for 70%revenue of company (Erthruvu 2016).