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Marketing - The Luxury Market
Pages 8 (2008 words)
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.
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. ...
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