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Massification
Massification is a strategy that some luxury companies use in order to attain growth in the sales of product. Some luxury brands have taken and used the concept of massification to allow their brands to grow to accommodate a broader market. As a method of implementing massification, companies have created diffusion lines. Diffusion lines are an offshoot of a company or a designers original line that is less expensive in order to reach a broader market and gain a wider consumer base. Another strategy used in massification is brand extensions, which is when an already established company releases a new product under their name. Diffusion lines Some luxury designers and companies will create a diffusion line to reach a broader consumer audience. A diffusion line is when a designer will create another separate line of merchandise up for consumption at a lesser price. Diffusion lines have varying ranges and purposes; to increase sales, to broaden range of consumers, and to increase d ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Diffusion Line
A diffusion line (also known as a bridge line) is a secondary line of merchandise created by a high-end fashion house or fashion designer that retails at lower prices. These ranges are separate from a fashion house's "signature line", or principal artistic line, that typically retail at much higher prices. Diffusion products may be on sale alongside designers' signature line but they can also be made available at concession outlets and certain chain store A chain store or retail chain is a retail outlet in which several locations share a brand, central management and standardized business practices. They have come to dominate the retail and dining markets and many service categories, in many ...s. The use of a diffusion line is a part of the strategy of massification where luxury brands attempt to reach a broader market in order to increase revenue and brand recognition. Diffusion lines serve several purposes for designers. They can substantially increase sales volumes a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Brand Extension
Brand extension or brand stretching is a marketing strategy in which a firm marketing a product with a well-developed image uses the same brand name in a different product category. The new product is called a spin-off. Organizations use this strategy to increase and leverage brand equity (definition: the net worth and long-term sustainability just from the renowned name). An example of a brand extension is Jello-gelatin creating Jello pudding pops. It increases awareness of the brand name and increases profitability from offerings in more than one product category. In the 1990s, 81 percent of new products used brand extension to introduce new brands and to create sales. Launching a new product is not only time-consuming but also needs a big budget to create brand awareness and to promote a product's benefits. Brand extension is one of the new product development strategies which can reduce financial risk by using the parent brand name to enhance consumers' perception due ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Luxury Goods
In economics, a luxury good (or upmarket good) is a good for which demand increases more than what is proportional as income rises, so that expenditures on the good become a greater proportion of overall spending. Luxury goods are in contrast to necessity goods, where demand increases proportionally less than income. ''Luxury goods'' is often used synonymously with '' superior goods''. Definition The word "luxury" originated from the Latin word ''luxuria'', which means exuberance, excess, or abundance. A luxury good can be identified by comparing the demand for the good at one point in time against the demand for the good at a different point in time, at a different income level. When personal income increases, demand for luxury goods increases even more than income does. Conversely, when personal income decreases, demand for luxury goods drops even more than income does. For example, if income rises 1%, and the demand for a product rises 2%, then the product is a luxury go ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Millennials
Millennials, also known as Generation Y or Gen Y, are the Western demographic cohort following Generation X and preceding Generation Z. Researchers and popular media use the early 1980s as starting birth years and the mid-1990s to early 2000s as ending birth years, with the generation typically being defined as people born from 1981 to 1996. Most millennials are the children of baby boomers and older Generation X; millennials are often the parents of Generation Alpha. Across the globe, young people have postponed marriage. Millennials were born at a time of declining fertility rates around the world, and are having fewer children than their predecessors. Those in developing nations will continue to constitute the bulk of global population growth. In the developed world, young people of the 2010s were less inclined to have sexual intercourse compared to their predecessors when they were at the same age. In the West, they are less likely to be religious than their predece ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Engagement Marketing
Engagement marketing, sometimes called "experiential marketing", "event marketing", "on-ground marketing", "live marketing", "participation marketing", "Loyalty Marketing", or "special events", is a marketing strategy that directly engages consumers and invites and encourages them to participate in the evolution of a brand or a brand experience. Rather than looking at consumers as passive receivers of messages, engagement marketers believe that consumers should be actively involved in the production and co-creation of marketing programs, developing a relationship with the brand. Consumer engagement is when a brand and a consumer connect. According to Brad Nierenberg, experiential marketing is the live, one-on-one interactions that allow consumers to create connections with brands. Consumers will continue to seek and demand one-on-one, shareable interaction with a brand. Virtual extension Experiential marketing is a growing trend which involves marketing a product or a service t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Celebrity Endorsement
Celebrity branding or celebrity endorsement is a form of advertising campaign or marketing strategy which uses a celebrity's fame or social status to promote a product, brand or service, or to raise awareness about an issue. Marketers use celebrity endorsers in hopes that the positive image of the celebrity endorser will be passed on to the product's or brand's image. Non-profit organizations also use celebrities since a celebrity's frequent mass media coverage reaches a wider audience, thus making celebrities an effective ingredient in fundraising. History In the 1700s, Wedgwood, producers of fine chinaware, used royal endorsements as a marketing device to show value in the company and promote their product. In 1882, London socialite and West End stage actress Lillie Langtry became the poster-girl for Pears Soap, making her the first celebrity to endorse a commercial product. In the late 1800s, trading cards were introduced, a card with an image of a celebrity and a p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
