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Write a 2 page essay on Proposed research direction.The consumer demand in the luxury market exhibits inelastic behavior and classical marketing approaches are inefficient towards these consumers.The
Write a 2 page essay on Proposed research direction.
The consumer demand in the luxury market exhibits inelastic behavior and classical marketing approaches are inefficient towards these consumers.
The article also makes great references to other effects observed only in the luxury markets that can be exploited in parallel with the snob effect. Depending on the product and its target audience one can select the strongest marketing effect out of five presented components: Veblen effect, bandwagon effect, hedonic effect, perfectionist effect and snob effect. A combination of all the effects might be an overkill for our research, but presents a good overview of how deep one can go in order to properly design a marketing strategy in the luxury segment. Even if sale volumes are miniscule compared to large retail discounters the profit margins are much larger, which presents a unique business opportunity. However, large profit margins require a carefully selected and thought-out marketing strategy, which should take into account the psychological profile of the future consumer.
2. Taskın Dirsehana, Meltem Celikb, (2011), Profiling online consumers according to their experiences with a special focus on social dimension. Procedia Social and Behavioral Sciences 24 (2011) 401–412
Authors present a new marketing tool that helps to identify your target customer audience with the help of modern technologies. It studies the behavior of online consumers and classifies them in seven categories: “individual hedonists, highly socials, holistic consumers, action-oriented consumers, knowledge seekers, sense-directed consumers and social utilitarian consumers”. Once a marketing department has an exact profile of consumers to target it becomes easier and more cost effective to come up, for example, with an advertising campaign. In the present days online shopping and online presence is a must for any
