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ect of culture has become more relevant in the globalized world where organizations are targeting the international market in a strategy to increase their revenue. Cultural aspects such as attitude, religions, behavior and information-access influence the consumer decision making process. The hospitality and tourism industry have faced a big challenge while targeting this portion of the customer profile as they enter new markets (Truong, McColl & Kitchen, 2009). Understanding the intention of consumers as they buy luxury products is a priority if such companies have to suit the needs of their target market.
The purpose of this review is to establish cultural influence within the luxury market and how this may impact a tourism and hospitality industry. While there is a concession that different countries have different luxury consumption patterns, the influence of culture in this market still remains a contentious issue (Blevis et al., 2007). Secondly, the review seeks to analyze the customer intention and the way culture impacts on this intention within the luxury market. The priority of any managers is to satisfy customers, which can only be accomplished when companies understand customers’ purchase intentions. Through a critical review, the article will analyze the impact of culture and customer intention in the purchase of luxury brands and provide conclusions and implications for the analysis. Therefore, the article will provide a platform through which luxury companies can launch successful brands that satisfy the global luxury market.
The luxury market has become one of the potential investment markets in the 21 century. Currently, the luxury market is estimated to have a value of over 300 billion Euros and statistic projections shows that the market is rapidly growing. The luxury market is expected to grow by more than 7% percent each year, which promises high revenue in the future of the market. Besides, countries such as Middle East that have shown
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Growing social media and networking sites have a huge impact on social commerce. On the other hand consumer motivation or involvement is largely explained by different involvement theories. The emergence of prosumer in recent times is affecting many industries and brands.
ure Review 1.1 Introduction The literature review presented in this section would try to shed light on the various factors relevant to the present research study. Since the primary objective of this research study is to gain an insight into the impact of global economic downturn on the marketing strategies followed by Volkswagen in the Asian market and Vietnam, it is necessary to review the existing literature related to the various impacts that the global financial crisis had on the automotive industry.
Conclusion 16 Reference 18 Bibliography 21 1. Literature review 1.1. Introduction China has become one of the important parts in the global economy and no investor or business leader seems to ignore the influence of consumer in China. The preference and taste of Chinese consumers tends to sway demand and thus spend trajectory of the global consumer spending (CNBC, 2013).
Introduction There must be three elements of certainty present in an express trust. First, certainty of intention to create a trust must be evident. Second, identity of the subject matter of trust must be certain. Third, the beneficiaries or objects of the trust must be present.
The Chinese are the fourth largest minority group residing in Britain following Indians, Pakistanis and Black Caribbean (Bailey et al., 1994). Furthermore, China also has the fourth largest consumer base of affluent households in the world (He, Zou & Jin, 2010), these need to be considered as well because of their ability to travel to and invest in education in UK.
The paper emphasized upon the personalized online promotions and its impact on consumers’ buying behavior. Savadkoohi (2012) concluded that the successful online personalization strategies can increase the buying behavior of the customers and thereby, can affect the companies’ profitability.
The period from 1995 and 1999 is considered to be the phase of boom for the luxury market, when the Compound Annual Growth Rate (CAGR) was 11 percent. However, CAGR was 1 percent during the period of consolidation of the luxury goods industry between 2000 and 2003.
Though, the luxury goods manufacturing industry is operating in a favorable environment, there are numerous challenges that are still causing lapses in the development of this industry. These challenges might include globalization of industries, intense competition; majority of the luxury markets has reached to a maturity stage and the highly complex consumer preferences towards consumption of luxury branded goods (Hauck & Stanforth, 2007).
In the year 2002, when there was a peak time, it was 18 CPOs that were sent to the ministers (Shaw, 2011). There were several CPOs that were getting promoted every year. In addition to that, there were several CPOs that were getting withdrawn from the ministers referrals. In
It is assumed that the young people drink in order to attain values outcomes. As per ( Kuntsche (2006,pg.1844-57)) “A previous review revealed that most adolescents reported drinking for social motives, some indicated enhancement motives and only a few
3 Pages(750 words)Literature review
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