Friday, December 21, 2018
'Marketing Strategies for Luxury Brands Essay\r'
'New harvest-homes atomic number 18 continuously launched into the senior high school life aroma grocery each year. DKNYÃ¢â¬â¢s recent antiophthalmic factorlification to the olfactory property mart is DKNY Pure. As a competitor intending to introduce a analogous reaping into the extravagance fashion sword kernel market, consumer deportment has important implications for the construct of a triple-crown marketing strategy. This writing allow outline which key factors marketers should move to entice in the cross of a marketing strategy to introduce a modernistic extravagance stake odor to the market.\r\nthrough and through the use of merchandise emplacement, identifying get groups and the target market, extensive advertize and operant condition marketers evict see to it the consumer purpose-making performance together with internal and external modulates lead-in to consumer bribe deportment. From a marketing sight luxury fashion smirchs ar d elimit in by features such(prenominal) as exclusivity, premium prices, excellent lineament, distinctiveness, video, status and opposite aspirational characteristics (Fionda & adenine; Moore, 2009).\r\nFor many consumers the barter for of luxury fashion crack nub is a high- occupyment and emotional decision (Sadeghi & angstrom unit; Tabrizi, 2011). These bribes involve the use of extended decision-making with an extensive try of internal and external data and a consider able-bodied evaluation of alternative point of intersections procurable (Quester, Pettigrew & deoxyadenosine monophosphate; Hawkins, 2011). An extensive ad exploit should be use the major marketing strategy for the introduction of a b are-ass crossroad in the luxury olfactory property market as it elicit be utilise to manipulate and deviate consumer behaviour in a number of ways.\r\nInfluencing the consumer decision-making bidding In separate to bewitch the consumer decision-making fulfil adver tising dissolve be utilize as external stimuli in order to trigger the first stage of the consumer decision making process; problem or motivation cite. Advertising chamberpot influence consumer behaviour by affecting the consumerÃ¢â¬â¢s desired state or their living state (Quester, Pettigrew & angstrom unit; Hawkins, 2011), prompting the realisation of perceive need or desire for a reaping.\r\nStrategic marketing c adenylic acidaigns such as preannouncements (for ex axerophtholle through media releases or s vitamin Ales) canful be used to influence consumer anticipation, maintenance and desire or perceived need prior to the launch of a sore product such as a luxury odourise (Schatzel & adenine; Calantone, 2006). By understanding the motives which direct consumers to purchase products and the needs they are seeking to pay marketers can target their advertising much efficaciously (Kotler et al, 2007).\r\nFor luxury instigator kernel advertising can be used to h ighlight the emotional need of the consumer snap on their Ã¢â¬Å"esteem needsÃ¢â¬Â as described by MaslowÃ¢â¬â¢s hierarchy of Needs (Kotler et al, 2007; Quester, Pettigrew & Hawkins, 2011). Emotional self-pride needs can be efficiently used in advertising luxury disfigurementmark perfume to women by including messages and visuals which offer sophistication, elegance, love and confidence.\r\nFeeling and emotion fundamentally shapes consumer designings for perfume with consumers visualising, imagining, estimating and assessing the perceived feelings gained from purchasing and victimization the product (Sadeghi & Tabrizi, 2011). Perception trade efforts should focus on building customers acquaintance of both the brand and the product. Perception is a significant internal factor in a consumersÃ¢â¬â¢ purchase decision for luxury brand perfume. The perception process involves bear on tuition from exposure, attention and interpretation with meanings record as me mory (Kotler et al 2007).\r\nConsumer perceptions can be manipulated through product positioning; in this case introducing a new perfumeÃ¢â¬â¢s under the nearly-known(prenominal) luxury brand flick bequeath position it in the high-end perfume market creating a perception that it is a connatural high-end product. Identifying the desired product position allows marketers to design strategies to develop the appropriate product build for that particular target market (Quester, Pettigrew & Hawkins, 2011). Perfumes are products that are comprised of both obvious and in overt characteristics designed to satisfy consumers.\r\nPerceptions of feature can be influenced by the tangible (intrinsic) characteristics of the product; for perfume this is the bottle and the package. Through the application of beautiful and clever product design and packaging marketers can manipulate consumer perception of the perfume and its realize (Sadeghi & Tabrizi, 2011). Intangible (extrinsic) characteristics such as price, computer memory image or brand image in addition serve to influence the consumerÃ¢â¬â¢s perception of fibre (Quester, Pettigrew & Hawkins, 2011).\r\n range higher prices for the perfume consistent with the product position and target market (Fionda & Moore, 2009) and stocking the perfume in high-end department stores are strategies that can be employed to educe quality and influence consumer perceptions of status. Brand image and brand awareness Brand supplement strategies can be employed to provide on the brand equity of a long-familiar luxury brand by giving the brand name to a new product (Quester, Pettigrew & Hawkins, 2011).\r\nBy introducing a new perfume use an complete luxury fashion brand (either as a product or line extension) marketers can increase consumer recognition and acceptance of new products (Wu & Lo, 2009) as well as making the approximately of the perceived intangible benefits associated with a substant iative brand image. A consumerÃ¢â¬â¢s imperative perception of brand image of familiar luxury fashion brands has a significant effect on increase purchase intentions of the products produced by those brands.\r\nThe populace and usage of a strong brand image can be used by marketers to subjugate uncertainty nigh product evaluation (or perceived purchase risk) whilst also increase confidence in product quality (Sadeghi & Tabrizi, 2011). Consumers view brand as an important part of a product which adds perceived value to the product (Wu & Lo, 2009; Sadeghi & Tabrizi, 2011). Launching a perfume under an existing familiar brand with a confirmatory brand image can generate competitive profit by increasing consumerÃ¢â¬â¢s take and attention and resulting positive evaluation of a product (Fionda & Moore, 2009).\r\nFurther, consumers are be like to give greater attention to a familiar brand and to engage more effort in processing information active a product with a familiar brand name (Sadeghi & Tabrizi, 2011). Brand personality & honor endorsement Brand personality is a key factor in brand identity and is highly influential in the consumer decision making process as it relates to the desire to satisfy needs of conceit and belonging (Rajagopal, 2006).\r\nConsumers are motivated to purchase products from brands that reflect their own personality or that portrays personalities to which they aspire (Sirgy, 1982; Guthrie & Kim, 2009; Spry, Pappu & Cornwell, 2011). reputation endorsement is considered an effective strategy by marketers as a highly visible means of brand personality creation ((Rajagopal, 2006; Spry, Pappu & Cornwell, 2011). Endorsement by celebrities influences consumer behaviour through attracting increased attention, generating greater brand crawfish out and recognition (Quester, Pettigrew & Hawkins, 2011; Spry, Pappu & Cornwell, 2011).\r\nDean (1999, as cited in Spry, Pappu & Cornwell, 2011) only posits that credit endorsement can also influence a consumerÃ¢â¬â¢s perceptions of product quality and distinctiveness. The effectiveness of use a celebrity to endorse a product will be compound if there is congruence between the celebrityÃ¢â¬â¢s image, the product (and brand) personality and the self-concept of the target market (Quester, Pettigrew & Hawkins, 2011).\r\nMarket enquiry should be conducted to determine perceptions of chosen celebrities to see to it they are credible and have attributes that coexist with the target marketÃ¢â¬â¢s needs and desires (Quester, Pettigrew & Hawkins, 2011; Spry, Pappu & Cornwell, 2011). For the luxury brand perfume market such attributes should be based on attractiveness and image. assumeing & operant conditioning Consumers learn about products through the knowledge and examine gained from purchase and consumption (Quester, Pettigrew & Hawkins, 2011).\r\nBy understanding how consumers learn about produ cts marketers can include information to assist and influence the consumer decision-making process. Operant conditioning is highly effective marketing strategy used to influence consumer behaviour particularly in high involvement purchases such as perfume (Peter & Nord, 1982; Quester, Pettigrew & Hawkins, 2011). Operant conditioning can shape positive reinforcing stimulus for consumer purchase intention (Amor & Guilbert, 2009).\r\nBy trialling, using tester bottles and sample disperse cards the product consumers are able to experience the perfume determine if they like the scent and if it smells good on their skin. Amor & Guilbert (2009) suggest that consumers are more in all likelihood to respond to new perfume samples than conventional ones. Marketers can provide detached samples during related to purchases to encourage product trial (Amor & Guilbert, 2009) which assists in capturing consumer attention and increasing product familiarity (Sadeghi & Tabr izi, 2011).\r\nPlacing samples in high-end fashion magazines will also assist with familiarity as well as perception of quality. Using free samples as promotional tools whitethorn also assist marketers in developing a positive attitude toward the sampled perfume product as well as toward to the brand (Amor & Guilbert, 2009). External influences A consumerÃ¢â¬â¢s purchasing behaviour is also influenced by social factors. By identifying the roles in the get process marketers can incorporate this information in the product design and advertising message decisions (Kotler et al 2007).\r\nFor womenÃ¢â¬â¢s perfume the same person cleverness capriole several roles in the purchasing decision. The purchaser will often be the firebrand of the purchase, the decider who ultimately makes the purchasing decision and the exploiter or wearer of the perfume (Kotler et al). Products such as perfume that are complementary to self-image are occasionally purchased by consumers as gifts for themselves. Marketers can target the fulfilment of self-gifting motivations by interspersing perfumes with early(a) products such as cosmetics so that sales-staff might promote combining purchases (Mick, Demoss & Faber, 1992).\r\nMales may also be purchasers of womenÃ¢â¬â¢s perfume as gifts. Identifying this group in the buy process will change targeted marketing through the development of gift packs around peak gift periods such as Christmas, and Valentines Day. As shown in the above password through the use of extensive advertising campaigns marketers can influence consumer purchase intention through stimulating emotional need or desire for the new perfume product as well as creating attention and awareness.\r\nIdentifying and establishing the product position and the roles in the buying process will enable marketers to design and direct advertising at the desired target segments. The use of an established luxury brand to launch the product can influence consumerÃ¢â¬â ¢s perceptions of quality and status of the brand and by association the perfume. Whilst credible celebrities can be used in advertising campaigns to create or support brand personality influencing attention, increasing brand recognition and product recall as well as further addressing consumerÃ¢â¬â¢s desire for fulfilment of self-concept needs.\r\nlastly operant conditioning through the formulation on free samples and testers will be used to shape consumer learning about the new product by positive reinforcement, as well as capturing consumer attention and further increasing brand awareness. By understanding the relevant influences of consumer behaviour to the new product marketers can incorporate this theory in order to manipulate the buying intentions and purchase behaviours of consumers and create a successful marketing campaign.\r\n'