StudentShare solutions
Triangle menu

Marketing - The Luxury Market - Article Example

Nobody downloaded yet

Extract of sample
Marketing - The Luxury Market

One simple answer: brand name. People trust the brand and “perceive them as having value over and above that of the ‘equivalent’ commodity” (Chernatony and McDonald 2003, p.367). The brand conveys a message. Hence the brand has aspiration, and people who want to be linked with that aspiration, and have the resources to ensure that happens are loyal to these brands. The brand makes one feel special; the brand makes provides one with superior confidence and heightened feeling. (Globe 2004). The brand is the differentiator; the brand is what helps you fit in. It is weird, but the brand is what conveys what you want to convey to the world. And if you can afford it, why not? Luxury Marketing To understand the difference in the marketing style for luxury brands, one must first understand the difference between regular and luxury goods. A brand that is highly priced does not automatically become a luxury brand. Price is only one factor. There are various others such as the quality of the product, its exclusivity, the precision in its making, innovation, and so much more! Such products are obviously targeted at consumers at the highest level in the wealth pyramid, ones that have resources they do not know what to do with. They need to be reminded about their status, the prestige, and so choose products from the luxury segment that differentiates them from the crowd and sets boundaries when it comes to their social status. (Vickers and Renand 2003). They are not worried about price of a product as much as the value it brings to their lives. These are the people who choose opulence over necessities, and why not? They have the resources for it. They even have an inexplicable bond with the products they choose. They prefer not to experiment and want what they want. Luxury Marketing Mix The marketing mix for luxury products differs from regular products in many ways. Let us take a look at what sets these apart. 1. Product: A regular product is produced in thousands, maybe millions. All these products have the same price, are standardized and are identical to one another in almost all aspects other than color or size. But take a luxury product and it become exclusive and special by customizing the product or producing a limited edition line. (Piron 2000). 2. Price: The pricing strategy for regular products is mainly value for money. This is due to the highly competitive market and the fact that there are substitutes in the market for almost anything. People know what they want and where they can get an alternate at a lower price. The luxury segment is premium priced for people who know exactly what they want and do not mind spending to get it. 3. Place: Regular products are easily accessible and are made available in multiple stores or in zones that will be convenient for the people in the target group. Luxury items do not need to be strategically placed. They are usually made available in very exclusive stores in high end areas where they will be accessible to the buyers. (Piron 2000). 4. Promotion: For a regular product, every form of promotion is used from Above the Line, Below the Line, advertising in all sorts of media, building product functional and aspirational appeal and so on. For a luxury product however, premium, above the line media are used, specific to the ...Show more


The Luxury Market: Chateau Mouton Rothschild The luxury segment: ‘cause we live in a material world Prestige, reputation, honor, opulence, extravagance, all words that describe exactly what each of us wants. To be fair, it’s probably only the material beings on the planet that are seduced by the royalty of the material products in the world, but considering how many material earthlings are out there, it is quite a fair number…
Author : lori07
Marketing - The Luxury Market
Read Text Preview
Save Your Time for More Important Things
Let us write or edit the article on your topic
"Marketing - The Luxury Market"
with a personal 20% discount.
Grab the best paper

Check these samples - they also fit your topic

As was discussed in the text, the need to create value in any product is a necessity in order to ensure that the consumer integrates with the product in a positive manner and provides a degree of promotion and longevity to whatever product or service is considered.
23 pages (5750 words) Article
Convergence/Divergence of the global market : What do we see when we look through the same marketing lens
Role of globalisation in the emergence of the convergence/divergence debate Globalisation involves development of strategic business model which assist in the creation and maintenance of competitive advantage to the international level. The strategic business model helps in developing a vision from the current situation to a desired future, along with the actual blueprint.
8 pages (2000 words) Article
In designing strategies for specific products or services, marketers embrace societal needs and ethical business practices because ethics, like preference,
2 pages (500 words) Article
It is important to understand contemporary marketing, its trends, model and complex transformation seen in past few decades. We have
2 pages (500 words) Article
Market gorvenment analysis
In this context, the conflicts between the private and public interest happen on a daily basis to those who hold positions of trust in public offices. In most times, conflicts arise between a public’s official private interest and public interest. Public officials should
3 pages (750 words) Article
Market government
There was a very huge rate of unemployment in the economy. The decline in the level of employment in the country during the phase was extremely steep. Various economists put forward various thoughts regarding the causes of
7 pages (1750 words) Article
From the start, the company made it clear with its advertisements and pre-launch hype that health and fitness was a major part of its innovations. The type of product does not really matter (phone, refrigerator,
1 pages (250 words) Article
Market governmnet and orgainzations
Since the company mainly deals in mortgages, a deterioration of the same would mean little or no market for this company. The Canadian government’s strive to keep the company afloat may only go as far as assisting the company to meet its
2 pages (500 words) Article
Target market
Restaurants that have discovered how to recognize target audience of customers have a strong prospect of convincing lenders to come to their support. In addition, when a restaurant learns how to differentiate
1 pages (250 words) Article
Various industries appreciated the use of scents then on. Ambient scent, fragrance associated with a certain store or brand is the basis of various research works conducted on the role of scent in an environment on the behavioural patterns of the consumers. The various
2 pages (500 words) Article
Comments (0)
Click to create a comment
Let us find you another Article on topic Marketing - The Luxury Market for FREE!
Contact us:
Contact Us Now
FREE Mobile Apps:
  • About StudentShare
  • Testimonials
  • FAQ
  • Blog
  • Free Essays
  • New Essays
  • Essays
  • The Newest Essay Topics
Join us:
Contact Us