Marketing a Luxury brand: the experience is everything!

Marketing a Luxury brand: the experience is everything! This write-up elaborates on the luxury brands that have made several attempts and used different strategies to identify and retain a brand in a powerfully competitive and dynamic market. It explains some of the concepts involved in identifying these brands and the techniques used in maintaining the brands. The product being a luxury such as expensive perfumes and ouds need a specific and explicit strategy that would enable their producers to reach, appeal and win over the goodwill and confidence of the market niche. For instance, one of these is the prestigious perfumes from Hind Al Oud of UAE. The article is clarified with the identification of means that would assure the best long-term success for the products that are perceived to be luxurious through consumer engagement from brand-related experience.

Marketing of luxury commodities continues to be complex to marketers due to the high expectation to balance amongst authenticity, quality, and performance. The constructs of the consumer market had to be related to a prior experience that was obviously lacking. Luxury goods have characteristics that virtually makes the industry very different from other industries. Luxury products have the potentiality of first identifying with the wealthy and affluent part of any consumer market (Atwal& Williams, 2017). Strategies to afford reinterpretation and translation of the brand into the common markets through the experience of the wealthy is rather difficult.

The methods that the experience concepts use to retain the identified product with the consumers include experiential marketing, exploiting parameters of luxury, the consumption of the luxury and the relating luxury and postmodernism. In experiential marketing, a stepwise process is used that involves auditing customer experience, create a brand platform, external and internal communication of the brand, and monitor performance. Parameters are exploited for luxury products are perceived to be of high aspiration, taste, and quality. Postmodern societies are defined by consumption, and the method of making brands trendy enables them to be relevant to the generations of consumers in both image and hyper-reality.

In conclusion, experiential marketing is a new marketing orientation that views and aims to attain an image portrayal that causes pleasurable experiences. It uses the good experiences by a segment of the market to identify the brand to other segments. Also, to retain the brand in the marketplace, it uses the methods that appeal best to the consumers.

Question Two

The Brand Immortal: How Communication Keeps Brands live

This article talks about how brands manage to be in the market for a long time. Brands of companies who have been able to create a good profile that has won consumer confidence and goodwill have their products being perpetuated over a long time. Such brands have found a new term in marketing and are called legendary brands. This part of the paper analyses and reports the deliberation of the article on what makes a brand or product legendary. American Eagle in the clothing and fashion industry is one such brand in the American context that has made a lot of efforts to become and succeeded in being legendary.

It resonates with the purpose of starting a business which is to make maximum profits. It can be done by being in existence for an extended period. With that reasoning in mind, brands are made with the objective of being market leaders, which survives the dynamism that comes with longevity which translates into long-term benefits. It is thus a correct assessment to take brands to possess some characteristics of living entities. They, therefore, have some probability to get used up, cause boredom, rot or deteriorate. In some cases, some brands have faded and ultimately died from the markets.

Brands, unlike products, have lived. When compared to products which are tangible manifestations brands existence occur as concepts of persuasion, ideology, and thoughts. The overall method to create longevity of a brand for any firm is through communication of the brand. The consumers on their knowledge, bargaining power, taste, and perceptions need to observe certain distinctions in brands that include their decisions to choose a product. Purchase decisions are determined by how well a brand is known to the consumers. It makes clients prefer a certain brand over others that are available and bring variety and options.

American eagle, for instance, has achieved trendy inclinations by communicating themselves with a great sense of identity. It has communicated and blended itself with youth culture. The youth are the most fashionable and adventurous part of the demographic (Lucas, 2014). There shall always be a youthful population and identifying a brand with any youth population will see a brand become famous and be preferred in a whole lifetime.

Question Three

Luxury fashion brand consumers in China: Perception for value, fashion lifestyle, and willingness to pay

This article talks about the growth of fashion brands in China as a relatively developed market and also emerging market. The market is emerging in the sense that a lot of opportunities is still untapped in fashion for the more than one billion consumers in China. Through its deliberations, the concepts of how to make the growth of a fashion brand in such a large and demanding market can be made possible. An example of such a brand in fashion culture is Gucci that has seen growth in both the emerging and developed markets.

Growing a fashion brand in the emerging Asian economy has been derived from various aspects. The aspects include how the target or potential consumers can conceptualize the luxury fashion brands, how far in amounts the population is willing to pay for the fashion, the fashion lifestyle and perception of value. The experiences from past purchases is also a factor that affects the growth of fashion in the emerging markets. The conceptualization of a brand as having the attributes of rarity, authenticity, symbolism, exclusivity, and prestige can be capitalized in delivering a fashion brand that will command the market.

The extent to which the consumers are willing to pay for a new and arguably luxurious fashion affects the growth of a brand. The fact that the brand is perceived to be of better quality means that resources and innovative features have been applied to render such a positive conclusion. Positive feedback regarding big sales for a high value enables the brand to grow significantly within a short period. The lifestyle of a population which inclusive of marketing stimuli and social status that are key motivators of persons to embrace a particular fashion limit or enhance growth(Li et al., 2012). A fashion lifestyle of the segment of demography is a vital influence on the ability and willingness to dig deeper and pay for a fashion.

The value of any fashion for the consumers’ money also affects the adoption of a brand by a new market. Past buying experience where customers have purchased counterfeit products in the name of the original which is very rampant especially in China. It affects the rate at which high fashions are adopted due to the existence of alternatives which are counterfeit. In conclusion, consideration of the concepts could see a brand easily grow in a new market.

References

Li, G., Li, G., & Kambele, Z. (2012). Luxury fashion brand consumers in China: Perceived value, fashion lifestyle, and willingness to pay. Journal of Business Research, 5(10), 1516-1522.

Lucas, P. A. (2014). The Brand Immortal: How Communication Keeps Brands live. COMMUNICATION ANNUAL, 70.

Atwal, G., & Williams, A. (2017). Luxury brand marketing–the experience is everything!. In Advances in Luxury Brand Management(pp. 43-57). Palgrave Macmillan, Cham.