What Needs Of Luxury Watches Brands?

From consumer’s perspective, the motivation of their purchasing high-end products is complicated. According to the report of Mintel (Academic.mintel.com, 2013), which showed that the reason why a large number of customs have purchased luxury merchandise in UK. There were 44 percent of female interviewees and 48 percent of male interviewees bought high-end goods due to the good quality. In addition, 31 percent of men and 18 percent of women consider the sophisticated technique

The reason behind this is it is perceived that such upper class brands are purchased only by upper class market segment. This kind of perception influences all key factors that are involved in buyer decision making process. In this study it shall be analyzed how upper class brands within John Lewis are able to attract customer’s attention belonging to lower income class segment.

Brand loyalty exists, especially towards the top end of the industry since it is easier for customers to form emotional attachments to luxury brands and luxury goods, since their durability and elevated prices make customers think more about the purchase.

First, Baudrillard’ (1993, 1994, 1998) theory, symbolic consumption, as a focal notion of the study, is found to be a good foundation to understand consumers’ purchasing decisions for fashion brands. The findings show that consumers choose brands which have relevance or desired ‘symbolic value’ for them. Not only Baudrillard, the findings are also in line with the studies of Dittmar (1992, 1994, 2004, 2008), Elliott & Wattanasuwan (1998a) and Wattanasuwan (2003, 2005) regarding how consumers use fashion products; symbolic consumption is used to represent actual self-identity, and also to create ideal self-identity.

Marketing to people in the world is done in different ways depending on the demographics. “Demographics underlies almost every marketing program, and is often a source of potent insights and opportunities for marketers (Hiam, 1992).” In society today, the different age groups and social classes of our population are part of the demographics that are considered. The groups are these: the youth market, teens, underclass, baby boomers, elderly and marital status (Hiam,

This project intends to comparison of the stores of Swatch & Tissot watches. In the 1st stage of the project report the importance of branding in luxury retailing with specific reference to the watch I industry have discussed.

No two-brand identities are the same and it is crucial to consider what type of clothing the company will supply to its customers. There is a large difference in the way luxury and fast fashion brands operate which translates to how they create and maintain a brand identity. Some of the major differences are that luxury brands do not respond to rising demand because they want their product to be difficult to buy. The role advertising has for luxury brands is not to sell but to create status. Luxury brands do not use the Internet even though the importance of online coordination was just discussed. Finally, luxury brands do not look for cost reductions (Nieto). They still create an identity by creating a personality or an idea that represents the brand,

Throughout centuries, luxury brands such as Chanel and Louis Vuitton had been highly popular among young Korean female consumers. However, after explosive growth since 2010 driven by Chinese consumers, there has been a clear sign of slowdown. To be more specific, Louis Vuitton’s sales growth has been decreasing at major department stores in Korea for years. The industry officials state that changing macro-trend in Korean market has contributed to such decline. There has been increase in individual lifestyle such as eating, drinking, and travelling alone, which led consumers to seek for their personal value rather than passively following the trend. Moreover, spending patterns of consumers have changed from ‘owning the product’ to ‘getting an experience’. In this regard, this paper aims to provide new guidelines for ‘Louis Vuitton’ to resolve its declining market share and regain its status as a truly ‘Myeong-pum’ brand in the Korean luxury market.

But now, there are some of the luxury goods called accessible luxury, this kind of luxury specifically targeted the middle income consumers. Coach is one of these companies. There is no denying the fact that 4Ps theory is really important in marketing. The luxury goods industry also has competition. If we want to analysis the advantage in this industry, the Price, Place, Product and Promotion are the key words. The price can choose the different income class. The place directly determines the net sale. The product is the basically point for consumers to decide their purchase. The promotion is the basically way to increase the net sale. In luxury goods industry, the product was the most critical competitive advantage, but now the place and price has become increasingly important.

We are also to describe how aspects of buyer behaviour can impact on the consumers in the target markets. Task 1 The two products we have chosen are, Coca Cola and Lynx male body deodorant, for these two products we will recommend appropriate segmentation criteria. The purpose for segmenting a

Keyword 1 “discrete” Consumption Among absolute consumers, there is an increasing trend to buy exclusive, ultra-expensive brands and products that are not overly exposed and are way beyond the spending power of most other people. In addition, products and services, wherein artisans make customized products and engrave customers’ names, their own names and the date of production, are becoming increasingly popular. As more “mania” consumers seek to buy products that have investment value or are limited

The Tiffany & Company is introducing a new product line by the name of Tiffany 's Essentials. The line will offer authentic luxury designer handbags along the lines of Gucci, Chloe, Dior, Fendi, Prada and many more. As concept of luxury changes, marketers of high-end products are wrestling with the challenges of maintaining exclusivity while obtaining higher sales. Having a well-known name as Tiffany and Company we have no limitations to create luxury pieces for the luxury lifestyles. The following paper will emphasize our product, our target market and our marketing objectives as to how we will market our handbag using a vital marketing mix. It will also provide our major competition in both the diamond industry as well

Different individuals have different level of involvement with regard to their personality, socio economic and demographic factors. A segment is a distinctive group of customers, who share some characteristics that make them different from other groups (Proctor, 2005). Different segments have different requirements, they may need different version of the same product, they may pay different prices, they may prefer to buy in different places. Hence the customers can be grouped together by attitudes, lifestyle, age, gender, job types. We can segment consumer markets as geographic, demographic, psychographic and behaviour patterns. Geographic relate to the area in which people live, which may be relevant to the catalogue company as more northerly customers will need warmer clothes. Geographic include postcodes on the bases of census or lifestyle and lifestyle characteristics obtained from wide range of sources. Demographic segmentation include age, income, family size, socio economic status. Demographic segmentation assumes that consumers with similar demographic profile will exhibit similar purchasing patterns, motivation, interest, lifestyle and characteristic will consider similar brand preferences. Psychographic segmentation which is known as lifestyle segmentation is related to the interest, activities and opinion of customers. Psychographic enables marketers to identify market segments and understand customer motivation for product or a

Although currently the global economy seems are fluctuation or even is experiencing a noticeable recession (??The Euro Area,?? 2008; Webster, 2008), request for luxury goods worldwide is enhancing and swiftly increasing, with over 200 billion dollars of annual sales on average every year. (Mcferran et al., 2014). Luxury items represent abundant consumer goods sales all over the world; worldwide selling of accessories, top grade apparel, beauty, jewellery and watches, and many other products (Roberts, 2010). For luxury industry major market segments are not limited into some developed western countries any more, the expansion of markets also reach to emerging markets like some Eastern developing countries or areas such as China (Sherman, 2009). Over and above the traditional developed segments of market new luxury market segments are developing rapidly. For example, performance by graduates of university with decent job as well as pretty high discretionary income, acted as the top twenty five percentage of the U.S. consumers who are called as Generation Xers, spend 1/3 more on personal luxury goods such as ornaments, high-end apparel, beauty as well as home luxury goods rather than those who are called as Baby Boomers (Park and Reisinger, 2009).

Famous fashion Designer Gabrielle Coco Chanel (1883-1971) stated that luxury is a necessity that begins where necessity ends. Similar ideas were acknowledged by the famous economist Veblen (1899), in his book The Theory of the Leisure Class, who explains the concept of conspicuous consumption as the waste of money and/or resources by people to display a higher status than others. Luxury is concept related to status, ego and psychogenic needs; it is not necessary for survival. Luxury goods have always been associated with high quality, craftsmanship, uniqueness, creativity, exclusivity and innovation. Apart from these product attributes, the consumers also get the additional psychological benefits like esteem, prestige and a sense of a high status that reminds them and others that they belong to an exclusive group who can afford these expensive goods.