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2013 | Buch

Luxury Marketing

A Challenge for Theory and Practice

herausgegeben von: Klaus-Peter Wiedmann, Nadine Hennigs

Verlag: Gabler Verlag

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Über dieses Buch

The luxury market has transformed from its traditional conspicuous consumption model to a new experiential luxury sensibility that is marked by a change in how consumers define luxury. In a global context, it is crucial to understand why consumers buy luxury, what they believe luxury is, and how their perception of luxury value impacts their buying behavior.
This handbook aims to provide a holistic approach to luxury marketing with respect to the characteristics and the key challenges and opportunities of luxury brand management. Therefore, the multifaceted contributions by authors from different parts of the world will offer both a research and management perspective of luxury marketing and deliver a concentrated body of knowledge with contributions from diverse elements.

Inhaltsverzeichnis

Frontmatter

Luxury Marketing as a Challenge for Marketing Theory and Practice

Frontmatter
1. Placing Luxury Marketing on the Research Agenda Not Only for the Sake of Luxury – An Introduction
Zusammenfassung
Certainly, luxury might offer a thrilling experience from the perspective of individual researchers, and yes, to a certain extent, we also share this type of motivation for the research topic. However, more serious motives underlie the effort to place luxury and luxury marketing on the research agenda.
Klaus-Peter Wiedmann, Nadine Hennigs
2. More on Luxury Anti-Laws of Marketing
Zusammenfassung
In 1989 Ford bought the Jaguar brand, symbol of British luxury worldwide, endowed with heritage, status, glamour, prestige, almost a cult brand with iconic models, for 2.2 billion dollars. Nine years later, on March 26th 2008, after having spent 6 billion dollars [15], Ford sold it to the Indian conglomerate Tata, along with another mythical British brand – Land Rover – for 2.3 billion dollars. As Land Rover brand was estimated at 2.5 billion dollars, it means that Jaguar brand was just given for free: meanwhile it had lost its pricing power, its glamour and was still not profitable. Surely there are many causes of such a failure: a brand turn over is a difficult endeavor.
Vincent Bastien, Jean-Noël Kapferer

Luxury and Luxury Consumption: A Global Phenomenon or Dependent on Cultural Differences?

Frontmatter
3. Culture and Luxury: An Analysis of Luxury Perceptions across Frontiers
Zusammenfassung
According to geographic proximity, linguistic similarities, population migration and historic developments, European cultures can be grouped into three main cultures Germanic, Romance and Slavonic. Research shows that the origin of this cultural typology is not quiet clear because of its ancient roots. Some researchers refer it to ancient Romans [4], [9], others to St Bede, a British writer of 735, one of the first history writers [1].
Virginie De Barnier, Pierre Valette-Florence
4. An Intercultural Comparison of the Perception of Luxury by Young Consumers
Zusammenfassung
Recently, has there been a change in the perception of luxury: from an elitist concept to a consideration of luxury as a many-faceted issue [3], [10]. In the last few years, it has become clear that luxury consumption is open to different kinds of consumers, and that it therefore contributes to defining differentiated identities.
Bruno Godey, Daniele Pederzoli, Gaetano Aiello, Raffaele Donvito, Klaus-Peter Wiedmann, Nadine Hennigs
5. Consumer Value Perception of Luxury Goods: A Cross-Cultural and Cross-Industry Comparison
Zusammenfassung
The moderate growth in US and European markets coupled with an increasing demand for luxury goods in emerging economies such as Brazil, Russia, India, and China lead to a substantial growth in the global market for luxury goods. Reaching consumers all over the world across national and cultural borders, the luxury sector is according to Bain & Company expected to grow by 10 percent in 2013.
Nadine Hennigs, Klaus-Peter Wiedmann, Christiane Klarmann

Luxury and Luxury Consumption from a Theoretical Perspective

Frontmatter
6. Luxury Brands from a Psychoanalytic Perspective
Zusammenfassung
What is the difference between luxury brands and commodity goods? Luxury brands improve quality of life because they are the fruits of elaborate design projects that require time and money. In order to improve the quality of life, one must distinguish what the goods do for the person from what that person does with them. Goods do various things for people and various states of being can be realized by goods.
Taro Koyama
7. Indulging the Self Positive Consequences of Luxury Consumption
Zusammenfassung
People not only purchase brands for the product behind the brand but also for what they symbolize [69]. As such, luxury brands are widely desired because – compared to their cheaper counterparts – they offer a functional, hedonic and symbolic value to their owners in addition to their utilitarian product value [20], [34], [56], [117], [122], [123].
Liselot Hudders, Mario Pandelaere
8. How Do Exclusivity Perceptions of Independent and Interdependent Consumers Influence Their Desires for Luxury Products
Zusammenfassung
The high signaling nature of a luxury brand exerts a strong impact on consumers’ desire to own the brand. In fact, marketing and advertising for luxury brands have focused on portraying the ultra-indulgence of lifestyles that only the privileged ‘“few”‘ can afford. Exclusivity (i.e., rarity and scarcity) not only signals high social status by limiting common access, but it also enhances signaling quality by increasing its distinctiveness, uniqueness and salience from being small in size of adopters [4], [23], [24], [25].
Hyunjoo Oh

Different Approaches to Understanding Luxury and Luxury Brands from the Customer’s Perspective within Specific Cultural Contexts

Frontmatter
9. Luxury Buying Behaviour and the Role of Culture: An Indian Context
Zusammenfassung
India’s tradition of luxury goes back in time when the maharajas were connoisseurs of luxury. They always satiated themselves with beautiful and handcrafted products. After independence in 1947, the country having taken the socialist route, the industrialist families still continued to engage with luxury products. Post the economic reforms in 1991, the Indian consumer has seen a significant increase in income across levels. And over the next decade, India is likely to experience the largest growth in total millionaire wealth. So today, it is no surprise that in the luxury market place, amongst Asian countries, India is being considered as a “promising territory for the future and a long-term player”.
Kartik Dave, Garima Dhamija
10. Perceptions, Attitudes and Luxury Brands
Zusammenfassung
The Australian market for luxury brands has been largely overlooked, but in the first decade of the new millennium it has quietly developed into a success story for the luxury industry with “international luxury executives consistently remarking that Australia is a surprisingly sophisticated market“ [23].
Nicole Stegemann, Sara Denize, Kenneth E. Miller

Luxury and Luxury Consumption in the Context of Societal Change

Frontmatter
11. Luxury Marketing in the Age of Cheap An Exploratory Survey on Consumer Behavior in Online Shopping Clubs
Zusammenfassung
Price competition in the retail industry, notably in Germany, has reached enormous dimensions. Large retail companies counteract decreasing market shares and aggressive pricing of discounters with spectacular sales promotions [20]. According to Horx (1995) [27], this process is embedded in a „recession culture” which originated in the 1990s.
Wolfgang Fritz, Wencke Gülow
12. Luxury Brands in the Digital Age – the Trust Factor
Zusammenfassung
Luxury brand marketing has been suggested as one of the fastest growing industries [49] with several research institutions routinely reporting on the market emphasising its considerable value. In a Verdict report, it is predicted that the global market for luxury branded goods will be worth £225bn by 2012 [14]. Until recently luxury brands were the preserve of affluent people from privileged backgrounds but with rising incomes and availability of credit, luxury brands have become more affordable to a wider range of consumers than previously [47], [48].
Meng-Shan Wu, Cheng-Hao Chen, Isabella Chaney

Counterfeits Challenging the Luxury Industry, Consumers and Society

Frontmatter
13. Luxury Goods vs. Counterfeits: An Intercultural Study
Zusammenfassung
Branding has been around for centuries as a means to distinguish one producer’s goods from those of another. The earliest signs of branding in Europe can be traced back to medieval guilds, which required craftspeople to mark their products as a means of protection against inferior quality ([29], p. 276). Branding remains one of the most important concepts for marketing management, but its scope now extends to a vast variety of marketing activities.
Udo Wagner, Seung-Hee Lee, Sabine Kleinsasser, Jutatip Jamsawang
14. Brazil: Luxury and Counterfeits
Zusammenfassung
Luxury companies operating in Brazil have to deal with a specific context, one that results from the country’s history, from it economic development, its cultural and fiscal aspects. A salient factor in consumption in Brazil is the crime rate: armored cars, security systems, high gates and walls are part of everyday life – it’s important to know where and how to walk.
Suzane Strehlau
15. Luxury Longing and Counterfeit Complicity: A Consumer Typology based on the Perception of Luxury Value and Counterfeit Risk
Zusammenfassung
In last decades, there has been an enormous theoretical as well as practical debate on concepts of consumer misbehavior, which also included the purchase of counterfeit goods, due to the increasing economic importance of this illicit market. Counterfeits constitute an important economic, political and social issue [12], [73].
Christiane Klarmann, Klaus-Peter Wiedmann, Nadine Hennigs
16. What is the Harm in Fake Luxury Brands? Moving Beyond the Conventional Wisdom
Zusammenfassung
When reading the literature on counterfeit branded luxury goods (henceforth counterfeit BLGs) in both the scientific and popular press, one quickly comes across what we will summarize as the conventional wisdom. We do not mean the phrase “conventional wisdom” to have disparaging connotations. On the contrary, this view is widely popular because it makes sense and fits with common observation.
Aaron Ahuvia, Giacomo Gistri, Simona Romani, Stefano Pace
17. Counterfeiting of Luxury Brands: Opportunity beyond the Threat
Zusammenfassung
Luxury has traditionally been associated with exclusivity, status and quality. During the seventeenth century, luxury was found in extraordinary commodities, such as rare pearls, perfumes, and spices from the Caribbean. During the nineteenth, with the rise of world trade, the concept of luxury became attached to the products of great craftsmen: ChristianDior, Louis Vuitton, Gucci. More recently, in the industrialized world, luxury has increasingly been perceived in terms of the brand: carefully crafted symbols which go beyond the material to invoke a world of dreams, images and signs [5].
Silvia Grappi, Ilaria Baghi, Bernardo Balboni, Veronica Gabrielli

The Management of Luxury and Luxury Brands

Frontmatter
18. Luxury SMEs Networks
Zusammenfassung
As is known, the concept of luxury is characterised by a multidimensional structure of meanings particularly difficult to define (see Brioschi 2000 [14], Aiello & Donvito 2006 [3]; Wiedmann et al 2009 [100]). Nevertheless, common elements in the various theoretical positions can be found in the concepts of heritage also linked to a specific territory, exclusivity, uniqueness, high price and aesthetic value. In fact, luxury and luxury products are often the result of production processes that require artistic-craft skills and instruments that are difficult to replicate and strongly rooted in a specific area of origin.
Gaetano Aiello, Raffaele Donvito, Silvia Ranfagni, Laura Grazzini
19. Managing the Value of Luxury: The Effect of Brand Luxury Perception on Brand Strength
Zusammenfassung
Against the backdrop of the tremendous growth in the market for luxury goods, the concept of luxury seems to be everywhere apparent and is routinely used in our everyday life.
Nadine Hennigs, Klaus-Peter Wiedmann, Steffen Schmidt, Sascha Langner, Thomas Wüstefeld
20. Personal Selling for Luxury Brands
The Effect of Cognitive and Affective Influence Strategies on Customer Value Perceptions
Zusammenfassung
The rise of purchasing power among the consumers in the industrialized countries results in an increasing demand for luxury goods and a sustainable growth of the luxury sector. This trend persists and can barely be slowed down by recessions or financial crisis [22]. These long term changes in the luxury market require luxury brands to develop radically new strategies to cope with the new situation.
Jan Wieseke, Michael Mauer, Sascha Alavi

Luxury and Luxury Marketing in the Wine Industry

Frontmatter
21. The Hedonistic Consumption of Luxury and Iconic Wines
Zusammenfassung
In recent years, the complexity of the wine market has led to a number of attempts to segment wine consumers [20]; [25]. However, as criticism of segmentation models has become increasingly strident, many studies have sought to examine the relationship between involvement and perceptions of wine quality.
Alistair Williams, Glyn Atwal
22. Wine as Luxury Experience: A Taxonomy of Consumers Based on Best-Worst Scaling
Zusammenfassung
Due to the ever-growing internationalisation of traditional eating habits – including menus with more courses combined with premium drinks – wine has become an integral component of culture in many countries [7]. Particularly in widespread areas of Asia and in Middle and Eastern Europe, wine consumption has obtained socio-cultural significance and hedonistic value [43]. Hence, world consumption of wine slowly began to rise from 224 million hl in the early 1990s to an estimated 232 to 242 million hl in 2010 [49], [51].
Stefan Behrens, Klaus-Peter Wiedmann, Nadine Hennigs
Metadaten
Titel
Luxury Marketing
herausgegeben von
Klaus-Peter Wiedmann
Nadine Hennigs
Copyright-Jahr
2013
Verlag
Gabler Verlag
Electronic ISBN
978-3-8349-4399-6
Print ISBN
978-3-8349-4398-9
DOI
https://doi.org/10.1007/978-3-8349-4399-6