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Brand preference of youth
Luxury consumer behavior essays
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PERCEPTION ABOUT BRANDED CLOTHES AMONG THE YOUTH OF KARACHI
Literature Review
Perception is the point of view, thoughts and feelings a person has about something and acts according to his/her perceived views. Every individual has a different perception and acts according to it. The perception he/she has about specific things is considered to be the reality for him/her. Every individual holds a different perception about different branded products as well because of the differences in the importance of certain factors of the brands for each of them.
The main differentiating factor for brands in a product category is luxury (Alleres, 1991; Kapferer, 1997) which is the main reason of consumers preferring or using a brand (Dubois and Duquesne, 1993). Nevertheless, though the luxury market has been spreading widely in the past years and the marketing literature has recently seen a lot of strong interest in the study of luxury brands, still, not much has been known about how to actually monitor and market the luxury brands in the best way (Vigneron and Johnson 1999, 2004).
The actual need...
Since 1967 Polo Ralph Lauren the brand is impeccable example for how a company must develop strong brand equity through the years. Indeed, the brand has established its image across a diversity of products and markets using a perfect lifestyle marketing approach. To understand how the brand has achieved strong brand equity, and resonance with its customers, analy...
Six years after deciding to be an independent public company in late 2000, Coach Inc.’s net sales had grown at a compounded annual rate of 26 percent and the stock price had increased by 1,400 percent due to a strategy keyed to a concept called accessible luxury. Coach crafted the accessible luxury category in women’s handbags and leather accessories by differentiating themselves on price, but matching competitors on styling, quality, and customer service. The accessible luxury strategy mirrors a focus (or market niche) strategy based on low costs. Coach concentrates on a narrow buyer segment and outcompetes rivals by having lower costs than rivals and thus being able to serve niche members at a lower price. Management believed that new products should be based on market research rather than on designers’ instincts. Coach utilized extensive consumer surveys and focus groups to gain insight in the market, and ultimately a competitive advantage over competition. Coach’s $200-$500 handbags appealed to both middle class consumers who now were able to afford a taste of luxury, as well as affluent consumers with the means to spend $2,000 on a handbag on a regular basis.
The notion of luxury has been present in various other forms. The role was unique in earlier times as it is now. Earlier possessions of raja’s and maharajas were considered to be luxury. Division of social class structure led to this difference where luxury was limited to rich people that is whatever poor people cannot have and elite can this was termed as luxury. During the last 10 years, the luxury sector has undergone drastic change. Barriers that were present earlier has been lowered down due to globalization and social media. Globalization has spread like fire for the growth of fashion industry and market strategies have attracted the consumers significant shifts in cultural values and beliefs, consumer preferences and
Brand attitudes: it’s the consumer evaluation of brand .Keller (1993)another important impact distinctive Between 11 dimensions: product attributes, intangibles, customer benefits, price, use/ application, user, product class, celebrity, country of origin, competitors, and life style. Aaker’s and Keller’s show many topologies like price, user imagery, usage imagery, and product attributes I will identify some weakness , but it should be considered that how it’s possible to trap the content of consumer knowledge. Aaker (1991). "Sum of the total brand impression is called brand image (Herzog 1973), anything that is associated with brand (Newman 1957), and "the perception of the product" (Runyon and Stewart
Perception is defined as the awareness of the world through the use of the five senses, but the concept of perception is often used to isolate one person’s point of view, so how reliable can perception be if no one person’s is exactly the same? The word perception itself is riddled with different, well, perceptions of its meaning. When some hear the word they might automatically think of it as something innately flawed, that can easily be fooled by illusions, while others may think of its usefulness when avoiding scalding a hand on a hot stove. I am here to agree with both and to argue that perception is something necessary and helpful, and something that should be scrutinized for its flaws. By looking at perception as a way of knowing in the
Kapferer, J., & Bastien, V 2009, The luxury strategy: break the rules of marketing to build luxury brands. London: Kogan Page.
For one, luxury can be defined through good health. For another, luxury can be defined through comfort. To many, luxury is defined through lavish possessions such as cars or jewelry. Regardless of how we perceive luxury, there is a journey behind how we achieve it. Cartier produced an exquisite commercial to celebrate the brand’s history. With the worldwide icon, the leopard, we went through the odyssey of Cartier’s history. The commercial started with a leopard statue of diamonds and jewels coming alive which symbolized the birth of the legacy of Cartier, the start of the odyssey. Then we start watching the leopard visit significant places of Cartier’s history: China, India, and France. All these places are important to the luxury industry. After the journey across different continents, we finally arrive in Paris where Cartier was founded, where
The high pressure luxury brand industry has evolved over the last few decades from a small and selective to a multibillion dollar arena offering significant potential and growth opportunity for the luxury brands that compete within its realm. With many luxury brands competing for over $225 billion (The Economist, 2009) in revenue each year it is easy to see how strategy plays an important role.
However, when looking to create a luxury brand, one must go beyond what is required of an ordinary brand, to create something of high value and therefore high prices. So instead of just having brand values, it should have brand beliefs, as this will create a stronger emotional connection with its customers. It should aim to go beyond having a logo, but rather a set of distinguishable icons and the brand’s points of sale needs to be somewhere that connects with its customers and becomes something of a pantheon among other retail outlets. Similarly the customer segmentation should have role reversal, so the customers want to buy their products. Luxury brands should instead of actively promoting their advantages over their competitors, never push the customers into buying their products, thereby offering mystique and letting the customers make the value creation. Lastly, a true luxury brand not only offers products but rather a way of life, allowing them to branch out over several product categories, into every aspect of their customer’s
The way that each individual interprets, retrieves, and responds to the information in the world that surrounds you is known as perception. It is a personal way of creating opinions about others and ourselves in everyday life and being able to recognize it under various conditions. Each person’s perceptions are used as a kind of filter that every piece of information has to pass through before it determines the effect that it has or will have on the person from the stimulus. It is convincing to believe that we create multiple perceptions about different situations and objects each day. Perceptions reflect our opinions in many ways. The quality of a person’s perceptions is very important and can affect the response that is given through different situations. Perception is often deceived as reality. “Through perception, people process information inputs into responses involving feelings and action.” (Schermerhorn, et al.; p. 3). Perception can be influenced by a person’s personality, values, or experiences which, in turn, can play little role in reality. People make sense of the world that they perceive because the visual system makes practical explanations of the information that the eyes pick up.
Perception is a mysterious thing; it faces a lot of misconception, for it can merely be described as a lens, as it decides how someone views the events happening around them. Perception is the definition of how someone decides to use their senses to observe and make conceptions about events or conditions they see or that are around them. Perception also represents how people choose to observe regardless if it’s in a negative or positive way. In other words, perception can be described as people's cognitive function of how they interpret abstract situations or conjunctures around them. All in all, perception can do three things for someone: perception can change the way someone thinks in terms of their emotions and motivations, perception acts
Dubois and Czellar (2002) refer to luxury brands as those goods that can offer comfort, beauty and refinement. On the other hand, a prestige brand is referred to as a brand that has achieved a definitive level of accomplishment, either in the quality or performance. O’Cass a...
Under Arnault, the company was the world’s leading luxury product group. Arnault believed that LVMH control of retail chains was critical to luxury brand success. The finer points of retailing were believed to be, influencing of the overall image of luxury products, as much as the product attributes.
-Status symbols: Sophisticated customers who value the distinctive, exclusive collection seem to value the corporate-branded version of luxury. –Philip Martiz, chairman of the board
“Despite worldwide softness in the sale of luxury goods, LVMH has cemented its position as the world’s largest and most profitable player in the category. To stay there it must keep its customers loyal and its brand strong and find new markets worldwide” (Hazlett C. 2004). That is why in its mission they state to represent the most refined qualities of Western “ art de vivre” all around the world. Their objective is to be the leader in the luxury market, continuing to transmit elegance and creativity. This poses some major challenges, the main one is to keep being the leader in the luxury market through a sustainable growth. The main problem to achieve it is the high dependency on three main countries, France, Japan and USA. This becomes a threat because if there is an economic downturn in one country it affects LVMH directly that is why.