Tuesday, May 5, 2020

Brand Strategies and Customer Experiences †MyAssignmenthelp.com

Question: Discuss about the Brand Strategies and Customer Experiences. Answer: Introduction The concept of luxury has become greatly ambiguous due to their high availability. In the current world where people are competing to show off their wealth to attain social recognition, one such way is by owning various luxury goods. This feeling is mostly observed in youngsters which results in innumerous factors that influence them to consume luxury products. The purpose of this study is to highlight these factors and understand the depth of their persuasion. It is important to understand the various factors that contribute to such behavior of people when it comes to owning luxury products (Gentina, Shrum and Lowrey 2016). With the rapid growth of technology and the zeal to be on top in every aspect of life, it becomes imperative for youngsters to follow all the latest trends. It is not an easy task to streamline the factors that may influence young peoples attitude towards consuming the luxury products but this research shall help to get a hold on a few the important factors that may play a huge role in modulating their behavior towards it. This research will unfold many important aspects of human behavior towards luxury product consumption. The demand for luxury goods is increasing gradually as the individuals have higher income and more consumption opportunities. The rich people have no monopoly on the luxury goods due to the expansion and growth in the market of luxury goods. The social status and motives drive luxury consumption and is important for shaping the buying process (Ko, Phau and Aiello 2016). Research Objectives The research objectives that shall be met through this research study would be: To determine the attitude of young people towards luxury products consumption. To review the literature on the factors that enhances purchase intention amongst the youth. To explore the relationship between attitude and purchase intention of luxury products. To determine the nature of products mostly used by the youth and the reasons behind their popularity. To examine the relationship between quality of products and buying behavior of luxury products. The three basic classes of goods are: luxury, inferior and needs. According to Songer (2014), the basic necessities such as food and accommodation own the biggest market share. The consumption of goods increases with the increase in peoples income. The words luxury is derived from the Latin word luxus that means comfort, abundance, soft living. According to Ajitha and Sivakumar (2017), luxury products have a limited supply. From the perspective of economics, luxury goods are categorized as luxury on the needs depending on elasticity (Tuu, Olsen and Cong 2017). The consumers have a tendency to not only consider the performance of the product, but also the quality. Quality performance has been applied in various contexts and at different key levels such as loss avoidance, value, and fitness for use. Quality can be assessed for both pre-purchase and post-purchase and do not depend on a particular transaction. This study defines quality performance as the indicator of buying behavior (Park, Kim, Kwak and Wyer 2014). People purchase luxury goods for numerous reasons such as being high class and high quality. According to Young and Combs (2016), quality impacts purchase intention that in turn raises customer satisfaction and intention. A research study conducted by Zhang and Kim (2013) stated that the respondents showed positive attitudes towards luxury products. The purchase intention can be divided into four groups: regular, hard, potential and disinterested luxury consumers (Nwankwo, Hamelin and Khaled 2014). Research Methodology Research method is a systematic plan for conducting research. This section states the approaches and design chosen for the purpose of this study. Data collection refers to a process of collecting data. This study shall choose primary and secondary research methods for collecting data. Primary data refers to the method in which the data is gathered from the respondents directly. This method is reliable as the data collected shall be reliable and helpful in measuring the attitude of young people towards purchase and consumption of luxury products. Secondary method refers to collecting data from the previous studies conducted by researchers and scholars. This method shall be helpful in gathering data from the previous studies conducted and establish relationship between different variables such as purchase behavior and consumption of luxury goods (Gentina, Shrum and Lowrey 2016)s. To gather data, self-administered surveys shall be distributed to 120 people. The respondents shall participate in the research study and answer the survey questions. For qualitative data, interview shall be conducted for 20 participants where they can express their opinions and intention in detail. This study shall use deductive approach in which the aimed theory is tested. A set of hypotheses shall be formulated at the beginning of the research that shall be chosen to test and proven right or wrong. The study shall utilize the qualitative and quantitative approach. The quantitative analysis shall be done by representing data in numerical figures. The qualitative analysis shall be done to examine the reasoning behind purchase behavior of luxury goods consumption. As the purpose of this research is to analyze the factors that may influence young peoples attitude towards consuming the luxury products, raw data shall be collected from the target audience from the youngsters from age 19 to 35 years. Now being said that, it would be easier if sample data from the university, say a group of 100 university students from Fashion Designing branch. The quantitative approach shall use tools such as survey that shall comprise of Likert-scale questionnaire. The data shall be analyzed using Cronbachs alpha SPSS to measure consistency. Open ended questionnaire can be prepared for qualitative analysis of data. Conclusion The research study is expected to deliver results that factor such as high income and social status increase the luxury goods consumption. The youth are mainly influenced by factors that represent social symbol and status because of which the luxury goods consumption is expected to be high. Positive attitude is expected to increase luxury goods consumption. References Ajitha, S. and Sivakumar, V.J., 2017. Understanding the effect of personal and social value on attitude and usage behavior of luxury cosmetic brands.Journal of Retailing and Consumer Services,39, pp.103-113. Gentina, E., Shrum, L.J. and Lowrey, T.M., 2016. Teen attitudes toward luxury fashion brands from a social identity perspective: A cross-cultural study of French and US teenagers.Journal of Business Research,69(12), pp.5785-5792. Ko, E., Phau, I. and Aiello, G., 2016. Luxury brand strategies and customer experiences: Contributions to theory and practice.Journal of Business Research,69(12), pp.5749-5752. Nwankwo, S., Hamelin, N. and Khaled, M., 2014. Consumer values, motivation and purchase intention for luxury goods.Journal of Retailing and Consumer Services,21(5), pp.735-744. Park, J., Kim, K., Kwak, J. and Wyer Jr, R.S., 2014. Priming thoughts about extravagance: Implications for consumer decisions about luxury products.Journal of Experimental Psychology: Applied,20(1), p.40. Randhawa, P., Calantone, R.J. and Voorhees, C.M., 2015. The pursuit of counterfeited luxury: An examination of the negative side effects of close consumerbrand connections.Journal of Business Research,68(11), pp.2395-2403. Tuu, H.H., Olsen, S.O. and Cong, L.C., 2017. Patterns of Vietnamese buying behaviors on luxury branded products.Asia Pacific Journal of Marketing and Logistics,29(4), pp.778-795.

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