In conjunction with management, we add value by overlaying a best in class marketing and operating platform including supply chain resources, technology, people, selective physical retail development, geographical expansion, and removing capital constraints and distraction.
This study extends the previous literature on price promotional strategy and brand equity brand awareness, brand image, and brand loyalty by focusing on how a consumer perceives functional value and psychological value to create brand equity in luxury products.
Consumers tempt to match their needs and wants from a brand as its promises. This reflects to their attitude and behaviour toward the brands. The characteristics of luxury products are unique and premium. They are superior in term or value and price. They also offer consumer satisfaction both physical value and psychological value.
This study aims to investigate and determine the effects of price promotion on the perception of a brand in the mind of consumer in luxury brands.
According to luxury brands, they always enjoy the price premium which offers by the perception of the brands in the mind of consumers, which calls brand equity Aaker, ; Holbrook, ; Keller, Moreover, consumers perceive price and a cue to determine product quality and its attributes Zeithaml, and to evaluate their both functional benefits and emotional benefits Cobb-Walgren, et al.
Therefore, price promotion should have a large impact on the perception of a consumer in order to make a brand evaluation, especially in luxury product industry. The results showed that the frequency of the correct recollection of the actual price was below 50 percent.
This supports the price concept of Zeithaml that customers recall or recognize the price in the form of meaning, not the actual or objective price. Zhang, Seetharaman, and Narasimhan summarized the previous research into the effects of price promotions in three ways.
However, all of these effects are matter for only inducing the purchasing intention and remaining only in a short term. Therefore, there is a need to determine the extent of knowledge of price promotions at the brand level.
However, consumers who are exposed to price promotion activities experience some negative effects on consumer attitude due to the change of brand attributes, which is the long term consequence of price promotions. The changes in consumer knowledge about the brand from current marketing activities also will have an indirect effect on the success of future marketing activities.
Therefore, pricing activities are conceptually related to the brand knowledge structure and brand association structure.
Woodruff suggested that the concepts of customer value have been discussed with 77 Global Fashion Management Conference at Florence substantive meaning differences.
The way that scholars construct the definition depends on the area of interest. They typically rely on the terms of utility, worth, benefit, and quality.
They also proposed three drivers of value equity, which are quality, price, and convenience.
Figure 1 shows the relationship of price, quality and value. Value is often used as a code word for price.
Thus, value really refers to low price in many advertisements. However, this use of the word value is valid only if quality is constant.The Luxury Industry Best Practices Guide provides detailed, practical advice for utilizing social analytics to inform your brand marketing and customer care, including influencer management and optimization, luxury buyer segmentation, brand equity tracking, and more.
For luxury brands, maintaining brand equity is crucial. While affordable luxury and casual styles are growing in popularity, it is still important to avoid erosion of core brand allure.
Social listening provides multiple ways to understand how consumers view your brand and if products are maintaining their luxury . Brand equity is the total value of the brand as a distinct asset. It can be rendered as the aggregate of assets and liabilities that are associated with the brand name and symbol which brings about the relationship customers tend to create with the brand.
The Value of Luxury Brand Names in the Fashion Industry Tricia Wang Claremont McKenna College This Open Access Senior Thesis is brought to you by [email protected]
It has been accepted for inclusion in this collection by an authorized Brand Equity Accounting for Brands in the U.S. Chapter 2: Brands in the Fashion Industry Page. Keywords: brand loyalty, brand equity, luxury brands, consumers’ attitude, price promotion INTRODUCTION Brand is a promise (Aaker, )as perceived by prospective consumers.
Consumers tempt to match their needs and wants from a brand as its promises. This statistic shows the top luxury brands worldwide in In that year, Burberry was the seventh ranked most valuable luxury brand worldwide with a brand value of about billion U.S.