Basically, through experience based consumption, conspicuous imposition and the standard four Up's of marketing, the luxury sector targets Its products to consumers in hopes to attract and maintain customer loyalty. This article strongly discusses the concept of how luxury is consumed. Basically, this is through maintaining quality, and also by offering creative and customized products. In regards to luxury, the more insensitive consumers are to price, makes them choose to spend their time and money on these items over necessities.
Since the biggest challenge has always been how marketers plan to manage and anticipate he needs and wants of consumers, the need and want for luxury goods Is growing rapidly internationally. In addition, the article strongly exemplifies the amount of impact the media has on individuals in purchasing certain products in the market. This correlates to any product in general. As a consumer, the attractiveness of their marketing and advertising strategies solely sells me on purchasing that product verses another.
The article discusses two types of consumer consumption methods, experience based and experience based consumption and conspicuous consumption. Experience based consumption, the process of using the product or service purchased shows that consumers may use products as intended or as they choose; whereas, conspicuous consumption normally refers to consumers who buy expensive items to display wealth and income rather than to cover the real needs of the consumer.
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In relation to Indian's luxury market, consumers face these two types of consumption methods when purchasing their products. Basically, based on the type of customer service, the marketing and advertising of the product, the consumer uses all these factors to create an image for that product. As for conspicuous consumption, consumers use a certain type of behavior to maintain or gain higher social status. Most classes have a flashy consumer affect and influence over other classes, seeking to emulate the behavior.
With that being said, the luxury market in India displays the different conspicuous displays of consumption and leisure. Since consumers tend to purchase products to Impress others, they seek to gain advantage through conspicuous consumption in order to engage in the ability of conspicuous leisure. The standard four As of marketing: product, price, placement, and promotion are al affected as both our course material and this article portrays.
Ultimately, with global marketing luxury products, they place certain products In high end locations. The placement of the product. In addition, the highly customized product and high level of customer service helps enhance the customers' attractiveness to that product. In regards to promotion, the tactics that they use in India include producing premium above the line media to create appeal to the product. As for price, premium pricing correlates directly with the idea of selling luxury brands.
Basically, without he four As of promotion, it would be entirely impossible to promote and sell a product in any target market, especially a luxury market such as Indian's. In conclusion, international marketing holds many potential benefits for target markets in other countries, such as India. From the expansion of your customer base to the image of your company within the industry and among your customers, as well as the consumption methods and four As of marketing, it is evident that economies benefit greatly in not only sales to profit their economies but also make loyal customers.
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