Fashion and Luxury Goods - Essay Example

FASHION AND LUXURY GOODS Luxuries are certain goods which are manufactured by the producer to the consumers for special features. These products areparticularly not in common use by the consumers due to several factors. These factors are especially associated with socioeconomic considerations. Luxury goods are therefore those products are not necessarily basic for the survival of human beings. This does not means they are of futile in use, but it implies men can do without them through the use of substitutes for they just add pleasure to ones life. Goods are thus categorized to be luxury when they attain certain characteristics. These characteristics are derived from their comparison with other commonly used products in the markets. Luxury goods are those goods with a characteristic of being quite uncommon in the consumers' preference due to affordability of the product. This means that goods would be luxurious when they have low demand than the supply of the commodity. This makes the product to be rare and superior in the view of the consumers' sight. Due to its rare characteristics in the markets, these products become high priced and they are thus often not bought by every one with the desire to purchase the product. Generally, such goods would have demand increases in to several folds as results of the increases in incomes. This is contrary to the normal trend of goods and services purchases whereby the normal necessity products, the demand increases is not so significant in comparisons with the relative income increments. The makes the particular products to have varied demand transition which occurs with the dynamics occasion in the purchasing powers of the consumers. So, the major characteristic of luxury goods is that it has to change abnormally with the people's incomes. (Thurstone, 1981) The change of income of most people with low income makes the demand for the goods to change. For goods which are luxurious portrays a high income elasticity of demand. This implies that such goods are goods which are superior to the others. However, this should not be assumed to be the cases in the today's world. This is because the superiority of a product is based on combination of some considerable factors. The facts that the goods are considered to be in category of superiors goods, this actual indicates that they have some characteristic which are unique than the other types. Such goods in their business and economic world they must therefore to be scarce. Their scarcity can be created both in the natural ways and in the artificial methods. For instances, certain products from the mining industry are much useful in the fashion and luxury industry. This includes goods like gold and diamond products. These are products in most country because the mines resources are not available in those states. This means that such products are scarce which makes them to most people to be unavailable in the natural manner. Furthermore, through manufacturing company operations, a company may decide to produce a particular product in quantities according to their ability of production but these products fails t be adequate to satisfy the demands of such a product. Normally, when goods are scarce and demand of products is high, then the prices of goods and services goods up. However, in the cases of luxury goods, there is scarcity of the products and also the demand is low, hence our normally expectation is that the prices should below, which is not the situation. It is well observed that another characteristic for these goods is that their prices remain to be high even when the demand is low. Goods that are purchased by consumer are based on certain reasons. These are normally from the motivation which he may get from the products or from the sellers. This is widely varied depending on the many factors which are considered between the consumers and the products. This is because we have got wide varieties if goods which are preferably considered differently by the consumers in the luxury industries. There are those which are luxury goods at the home based, those which are in the travel categories, those which are quite personal based in terms of body make ups and dressings goods as well as goods for relaxation products such drinks and beverages. Thus in purchasing all those luxurious goods, people have much consideration which is concerned with the satisfaction of their inner needs. This means, the consumers of luxurious product would first and foremost considered quality of the product. This is one of the most motivating factors which is greatly determining growth of sales in the luxury products. Quality products are desirable to many consumers who use the products. This is because the products have to displays this unique featured for the consumers to purchase it. As from the research reports which have previously been conducted in states of America, most consumers have been portrayed to have preferences on quality luxury products. It is said that most of the users of these product overcrowd in shops which stores luxury products of superior qualities. This is determined by the kind of components and materials which are used in the making of the products. Thus, the costs of luxury goods are also relatively matched with the input costs which are incurred during the production of the products. Other motivators which influence the buyers of luxury products are the design of the product. They design of luxury goods are not supposed to be a resembling of another common design in the market. This fact makes the consumers zone to have some proud feelings on the special design which is not comparable with the other substitutes products as well as pervious products of the companies. This means that during the manufacture of luxury products, the producers must constitute in the product a stylish which give it unique features in its overall appearance. This implies that both quality and design are key motivating factors which can make buyers to either purchase the product or withdrawn from the market of the products. Consequently, the two factors means the products which are produced should therefore be durables in nature to add value to it. It is also important to note that this two motivators are also are aimed at getting a product with high performance that better than the usual ones. Any products with these motivating features would then make many buyers of luxury products to purchase them as sign of social status. As I have mentioned early on, this disqualifies the motivation of quality, performance and appearances features as the motivators of consumers of the luxury goods. This is because when people are motivated by his perception on earning a higher social class within the society, then he highly dismisses all those factors of quality, durability and performances as well as designs. Such person who want this social class recognition then ends up buying expensive luxury products based on their purchasing power which give them products which are neither better than the usual ones. The buying of the goods are thus basically based on the fact that they would like to displays the level of wealthy and income to the society. However, there are those whose motivation is not the kind of wealthy they have to display to the society they lives in, but it is a kind of fun to them. Generally speaking, the industry of fashion ands luxury goods has evolved through numbers of stage. This started with the traditional manufacturing of certain products from the raw materials which were available in many local states. The beginning of it was therefore highly marked by wood furniture and pottery products as well as clothing and jewelry which were rudimentary made. The birth of industrialization processes in the early years was therefore to bring a dynamic changes in the industry with many new products being produced both from the improvements of the existing product and from new researched products with produced other products. This means that the first design products were largely things which were more of household products than any other kinds. As technologies advanced and research was thus much intensified, this came up with quality products in the foods industry which were also observed to be luxurious. By the dawn of year of the twentieth century, many products of classic wealthy men in the households and foods industries s had been produced. This comprised of wide items on clothing and others. At the same time, there was also development t of other classic product in the transportation industry, hence cars and other automobiles were becoming common all over the worlds. Overall, the design and fashion industry on the clothing sector is the most dynamic full of transitions that some designs which are being produced are even being criticized by the public. In the technology design of automobiles and air travels has also tremendously gone enormous change. Thus at the present world, people are struggling much in having luxury products within the automobiles sectors and the airplanes. (Emmert,1999) The fashion and luxury industry being one of the largest industries in the world has its products being marketed by the designers. This has fro along time been depended on quality of the designs together with the reputation and fame of the designers. Thus the marketing of these early design fashions were basically bought for their quality. Due to competitiveness of the various companies in the marketing, marketing through the media becomes necessarily whereby they are now applying internet, televisions and many more techniques in their advertisements. This use of these strategies is highly appealing to the world class affluent people. This involves the development of wide variety of fashion in the industries so that it may appealing and gain market from the wide number of market audience. Mostly developing such fashion product designs, the manufacturers and the marketers should therefore consult with each other to come up with the expected fashion that would sell highly in the market. It is also quite important to have complementary products being produced if necessary for the products so that the fashion mix and range is not of controversial to the consumers. Finally, in marketing the luxury fashion products this requires the placement of marketing of product at the right time so that it is in season for buyers to purchase. During the marketing of any products on fashion, they aim at elimination the barriers of geographical boundaries as well as cultural barriers. This is why most industries involved in marketing of fashions would both use internets and televisions to break the boundaries and also creates somewhat real pictures of the product to the consumers. (Coddington, 1993) The media groups have very vital roles in the industry of fashion. This includes such media matters such magazine advertisers, televisions and even internet. Through these media channels which are available to dissemination of information, the fashion industry producers would pass the any from of messages to the consumers. This enables the consumers to get informed of the new products and brands which have been released to the market by the producers. It is through such media channels like through the internet where a company can learn much about the consumer preferences and also the views they have on a particulars products. Thus, generally role played by media in the fashion industry is that of advertising which means they plays a very important part in communication of the products to the consumers while at the same time it can be used as sources of important information by the industry to develop new brands. In advertising the fashion products, media has used heavy visual objects which bring a sense of emotional connection thus they help to balance the communication with the emotions. Through this advertising process, they make sure that all the people are informed, hence making all people of the various social classes aware of the products even if some cannot afford to purchase. The media advertising role is however facing with certain challenges that by the fashion industry would greatly support this work to gain competitiveness on the markets places. On the hand, the media work is diminishes by both the public and organizations on advertising specifics products which are creating adverse effects on people lives. For instances, in the states of Frances and the unite states of America, it is prohibited for the media to display those fashions of slim thin kinds fashion for women. It is claimed such models have made women to develop the tendency of straining their body to attain models of abnormally thin bodies. This means media has got greater potentials but its potentials are much held back by regulatory from the various governments of states and other organizations. (Lindenmann, 2003) Due to the above challenges which faces the media in advertising of the fashion products, it necessary for the involvement of editorials that would serve the company in improvement of the company advertising. This make the message which are being pass' d over to the public to have standardized information contents which would not create or arouse ineffective communication barrages and at the same time, the information of would affect the regulatory which are set by the authorities. Their works are much aided by the presence persons in charges of public relations. The pr would therefore perform a wide variety of role which incorporates the building of good relation s with the industry and the publics. The main role would thus involve the creation of an environment which would enable the industry obtain favorable publicity through such advertisings which would make the industry build a good image. Thus in achieving this, the public relations would strongly support the industry in promoting the ideas and products of the company through managing the public attitudes and identifying the policies of the industry. In most cases, the public relations officers would therefore engage in the processes of production and placement of advertising information which are of worthy in media for the attraction of attention to the target customers. He also participates in the pushing of specific products where he may fight for any rumor concerning the advertisement made. The participation of him in advertising would therefore enable him in fo9ihgt back any information that revert to affects the industry through exaggerated advertising. (Thurstone, 1981) Reference: Emmert, P.(1999): Measurement of communication behavior: Longman. Lindenmann, W (2003). Guidelines and standards for measuring and evaluating PR Effectiveness: Institute for Public Relations. Thurstone, L. (1981): Scales for the measurement of social attitudes: University of Chicago Press Coddington, W. (1993): Environmental Marketing: Positive Strategies for Reaching the Green Consumer: McGraw-Hill Read More