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Marketing Heritage and Digital Innovation: An Apparent Contradiction - Essay Example

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MARKETING HERITAGE AND DIGITAL INNOVATION – AN APPARENT CONTRADICTION TABLE OF CONTENTS 1. Introduction…………………………………………………….4 2. Heritage Marketing…………………………………………….4 3. Product Differentiation…………………………………………5 3.1 Horizontal Product Differentiation……………….5 3.2 Vertical Product Differentiation……………………
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Marketing Heritage and Digital Innovation: An Apparent Contradiction

Download file to see previous pages... ....7 5.3 Product Market Rivalry……………………………..7 5.4 Heritage may Peak Early…………………………….8 5.5 Using Technology to Move into Emerging Markets..8 5.6 The Case of Louis Vuitton…………………………...8 6. Winning Strategies and Forecasts For The Future……………..8 7. The Advantage of Technology Based Innovation……………….9 8. Conclusion………………………………………………………...11 9. References…………………………………………………………12 Abstract Marketing heritage is an emerging concept in the marketing field which is based on the historical status of the older companies and it is explicitly linked to the brand identity and the consumer appeal. In the competitive global market, innovative technology based new marketing strategies, marketing tools and internet based social marketing theories are getting popular and at the same time, the intangible or symbolic brand image or heritage should be preserved for the brand which is promoted online. In the paper below, we will discuss how product differentiation takes place by selling a concept of luxury brand through its historical and cultural heritage, using the innovative tools of marketing. The paper explains the factors which are responsible for product differentiation in luxury brand, the significance and impact of marketing heritage and the challenges faced by these heritage brands in the changing scenarios of technological advancements, where the marketing is based on both online and offline methodologies. 1. Introduction Marketing is mainly about planning and executing concepts, pricing, distribution of ideas, services, goods and promotion of products to create exchanges which can satisfy individual and organizational objectives (Cooper & Madden, 1993). Marketing studies have confirmed a positive connection between a firm’s performance and market orientation (e.g., Jaworski and Kohli 1993; Matsuno, Mentzer, and Ozsomer 2002; Narver and Slater 1990; Slater and Narver 1994). Luxury brands are known for premium quality craftsmanship, style, uniqueness and global reputation (Nueno & Quelch, 1998) and consumers buy luxury brands for symbolic reasons to reflect their status and social goals (Wilcox et al., 2009). Luxury brands can have the low ratio of functionality utility to price and high ratio of intangible utility to price (Nueno & Quelch, 1998) and it possess dimensions which have conspicuous value, unique value, social value and perceived hedonic value (Vigneron & Johnson, 1999). The consumer perception of luxury brands are not common across the market segment as the luxury brands are subjective concepts (Phau & Prendergast, 2000) which depends on the consumer perception of indulgent value, price and functional value. 2. Heritage Marketing Heritage is considered to be a valuable tool for luxury brand as it is viewed in its history but it is also assumed that it inhibits innovation, renewals and restricts the ability to redefine position and strengthen brands in emerging brands. To enhance the importance of brand in contemporary context, the brand must have heritage, not interchangeable with the history but as the symbol which represents the emotional response which can be utilized in the contemporary cont ...Download file to see next pagesRead More
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