Simultaneous multiple sales channel increase the intention of purchasing of luxury brand goods Need for Research/Background: The macroeconomic situation around the world in the past couple of years has prompted the relevant businesses as well as the researchers around the world to take note of the falling market for Luxury brand goods…
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However, all this changed with economic downturn of 2009. The Luxury goods market growth was stunted by the recession. Post recession, the luxury goods industry, seems to have survived the onslaught. However, the industry the market for the so called accessible luxury goods has been subdued. The exclusivity that is so much a part of the luxury brand goods has been restored and now more focused, established and pure luxury brand goods are likely to succeed and sustain themselves in the market. This downside in the Luxury goods business is likely to prompt research into finding ways to increasing and sustain the sales of the luxury goods without really tarnishing the pure luxury image of such goods. As per current economic situation, the brand equity for luxury goods has regained a place of prime importance. This raises the question as to whether there are ways to enhance the purchase intentions for luxury brands while preserving the said equity (Euro Monitor 2010). Further, the sustainability of the luxury brand goods has come into question and found fresh attention from business researchers. Taking a long term view of the marketing efforts, there is a need to investigate the means as to increase the purchase intentions of consumers for luxury brands at a very fundamental level. ...
This is so, lest it dilutes the brand image. Thus there is a need to find out whether, the more accessible or economic versions of the other wise luxury brand will be sustainable and in line with overall brand value of the luxury goods. The existing sales channels for any given brand typically have their own strengths and weaknesses. Besides, the effectiveness of a channel varies with time. Thus it is important to find out a way to compensate for the effects of decline in sales through a channel. Another pertinent question that arises from the above discussion is whether new sales channels need to be developed to compensate for the downward trends in a given sales channel. Also, it needs to be found whether they can add any real value in terms of the customer experience. It remains to be seen whether any new channels will really be able to have any positive effect on the purchase intentions of the consumers. If yes then how the additional sales channels can be used to maximize the sales by affecting the purchase intentions. Luxury goods businesses need to have a guiding tool to help them decide whether and how the specific brand they are selling will respond to opening of any new sales channels and whether they will really be beneficial for their given brand. In this context its important to note that certain brands resist opening new sales and distribution channels for their brands. For instance the Rolex brand owners are against internet as a means to sell their brand (Brand Channel 2012). At the same time other luxury brands are endorsing internet as a sales channel. This raises questions about the validity of sales channels’ effectiveness for luxury brands. These questions can be answered only with proper research into the topic. The procurement or
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The paper in question operates mainly based on two research questions which can be stated as follows: What were the factors which contributed in the shift of advertising campaigns of luxury brands from conventional modes to internet based marketing strategies? What are the different competitive strategies taken by the luxury marketers to position their product higher in the brand hierarchy while tending to advertise via the internet plane?
The paper studies the careful analysis of the global turndown, its effect on the market and the industry of luxury goods in particular. Various analyses of the companies have been done and comparative analysis has been carried out to understand the difference created. The reviews from the employees and the customers have also been combined to know the popularity of the implemented system.
A Study on the Impact of Financial Meltdown on Luxury Fashion Goods Market and the Way Forward Online Selling.
The probability of an economic slowdown in the world economy means a slowdown in the economic performance in most developing countries (IMF, 2008, p.136).
Hence, international stores, retailers, and supermarket chains have paved the way for luxury brand retailers. These companies, such as Louis Vuitton and Ferragamo, have made investments as the first batch of luxury retailers to conduct business operations in China during the 1990s (A Plus 2007).
Zou,D. Jin, L. (2010),"Exploiting the goldmine: a lifestyle analysis of affluent Chinese consumers", Journal of Consumer Marketing, Vol. 27 Iss: 7 pp. 615 – 628. Journal Article 26 Jap, W. 2010. Confucius Face Culture on Chinese Consumer Consumption Values toward Global Brands.
What Drives Chinese Into Buying Luxury Goods in the 21st Century?
The economy of China has grown by almost ten times since 1978. This huge economic growth has brought higher discretionary income at the consumers’ disposal. China has acquired the top position in demand for a variety of consumer goods, among which luxury goods occupy a major percentage of the total demand.
A total of 124 million carats of rough diamonds, which is worth of $15 billion, were excavated (AWDC, 2013). According to the industry consulting organization, Bain & Company (2013), “those stones were worth $24 billion after moving through the chain of dealers, cutters and polishers, on their way to making diamond jewellery worth $71 billion at retail”.
In this regard, the researcher formed a systematic approach where the dissertation was divided into five different key chapters. The introduction chapter presented an overview of the research topic along with presenting the aim, objectives, and research questions.
lications 24 References 27 Appendices 30 Appendix A - Questions for Interview 30 Appendix B - Questionnaire 31 Introduction For majority of individuals, luxury products were previously considered difficult to access and an opportunity to use. Luxury used to indicate a product that is only accessible by a small fraction of individuals - it was a product or service that was in limited supply.
Luxury products are characterised by six major characteristics like symbolism, extraordinariness, rarity, aesthetics, quality and price. The characteristics that the luxury product exhibits are dependent upon each other. This signifies when one of the dimensions is at a higher level, the other dimensions attached to it also reaches the higher level providing additional support to the six characteristics.
25 Pages(6250 words)Dissertation
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