Table of content Introduction Main Report 1. Components of product theory 2. Prestigious Products and comparison 2.1 Allian Philippe Watch Haute Joallerie Collection 2.2 Gucci 2008-indy large hand bag 3. Prestigious Services and comparison 3.1 Oxford University 3.2 Montage Laguna Beach Hotel 4. Prestige seeking consumer behaviour Vigran and Johnson Model 6. Implication of Theory References Introduction This report is an attempt to prove the applicability of 4 different definitions to 2 products and 2 services. It also provides illustrative explanations about the chosen product and services. Prestige can be defined often stands for specialty and uniqueness. Any product that is prestigious is perceived by non segment as conspicuous, of high value and expensive. These perceived values are often created by the marketers. What is prestigious in one given situation may not be consider as prestige in other. There are several theories, values and motivators of those values which define prestige. The products and services taken in to consideration for this particular report are as follows 1. Alain Philippe’s Haute Joallerie Collection-Watches 2. Gucci’s 2008-Indy large -Handbags 3. Oxford University 4. Montage Laguna Beach- hotel These products and services are introduced and presented with appropriate theories. The theories used in this report are components of product, prestige seeking consumer behaviour which supports the argument and present reasons for this products and services to be considered prestigious. Each and every product/service is compared with non prestigious products/services and concluded individually. 1. Components of product A product and service can be considered as prestigious on the basis of its components. The difference in components plays the role in differentiating a prestigious product from a generic one. There are some components which act together for a product or service to be perceived as prestigious. Those components have been presented in the following model. For each product or service the values will be different. Components of a product | | |CENTRAL VALUES |
The differentiation strategy intends to development of a product or service that offers unique attributes that are vale by ...
People are often deceived by some famous brands, which they will buy as useless commodities to feel they are distinctive. People require brands to experience the feeling of being special. People spend their money to have something from famous brands, like a bag from Coach or Louis Vuitton which they think they need, yet all that is just people’s wants. Steve McKevitt claims that people give more thought on features or brands when they need to buy a product, “It might even be the case that you do need a phone to carry out your work and a car to get around in, but what brand it is and, to a large extent, what features it has are really just want” (McKevitt, 145), which that means people care about brands more than their needs. Having shoes from Louis Vuitton or shoes that cost $30 it is designed for the same use.
1.Product: The product or service must be developed for the target market. In the airlines the product is not a physical item but services rendered. These services are not limited to but often include: Safety, timeliness (on-time arrivals and departures), convenience, in-flight services, and carrier’s image.
It can consist of a product being endorsed by peers or even celebrities. In short, this means if such people like a particular product, then it must be a good product. It can carry weight and persuade a particular audience this it is a product or service is of high quality.
Product mix is the most essential element of marketing strategies of a company. Interface is well known as the global best provider of commercial carpet tiles. The organization deals with selling and leasing carpet tiles. Due to the recent poor performance by Interface, its product determination should be integrated to form part of its marketing strategy. The marketing department of ESA should mainly focus on the market segmentation as per the department requirements of the potential ...
This report aims to provide a mix review of theories and personal case study. I will apply two consumer behaviour theories in relation to my own purchase decisions.
For instance, convenience offerings are low-priced goods that consumers can effortlessly acquire because they are relatively ubiquitous while shopping offering requires the consumers’ effort in comparing and contrasting various brands and retail outlet to find the best product at a good price. Besides, while convenience products are needed on a daily basis, shopping goods may not be required on a daily basis and it has a higher price compared to convenience goods. (Tanner & Raymond, 2010). Furthermore, specialty products are different from convenience and shopping offering because it is more expensive from the previous offerings and it is also not commonly sold in retail outlets. The consumers are few and the products are purchased less frequently, which give it a high margin profit. Finally, unsought offerings are different from all because they could be acquired even when it may be unnecessary at the moment. It is a product of circumstance by any
One of the differentiation strategies used by BMW is the creation of auto products that consumers can emotionally relate to. In building the BMW brand, the company has succeeded in positioning its products as prestigious or luxurious. Therefore, most consumers want to own a BMW car solely for the prestige it gives them. BMW products are not only purchased due to their usability or functionality but for the status they give the owner. Subsequently, when a person buys a BMW product, they are emotionally attached not just to the car but to the brand as a whole. This has created increased brand loyalty in BMW growing its customer base as more people search for the status associated with the company’s products.
Pricing. Our product is priced lower than our competitors in our industry. Even though our competitors have a different kind of product compared to us.
By quality/value – positioning of the product based on high quality. Also can be claimed that the product have high value.
[2] Aaker, D.A. and Jacobson, R. (2001) The Value Relevance of Brand Attitude In High-Technology Markets. Journal of Marketing Research 38, 485–93.
-Status symbols: Sophisticated customers who value the distinctive, exclusive collection seem to value the corporate-branded version of luxury. –Philip Martiz, chairman of the board
Intangibility distinguishes between services and goods. Unlike goods, services have no physical attributes that can be used by the consumers to make judgment. Therefore, the customers cannot imagine what would they get from a particular service. The customers might think of the possible risks that they would encounter if they buy the service. Hence, the service provider must consider enhancing their marketing strategy to convince the customers about their services and reduced the perceived risks.
From the study it is clear that people often purchase branded products since they are aware of the brand performance or perhaps they have a good past experience about the brands. This makes customer’s become loyal with the specific brand.
Even with commodities, there are quite a few parameters which brands can use to position themselves to capture a place in the consumer’s memory and consequently in their shopping basket. A few of the more widely accepted of them are: Consistency of Product Quality, Customization of the product to the extent possible, Providing a wider range of products, Identifying the most profit generating segments of the market and modifying or adding an offering to cater to their specific needs, Unique packaging, Emotional Branding and even basing branding on building a unique image to the extent of professing to have a brand personality. In fact focusing on getting consumers to build an emotional identification with the brand and its personality has a far longer lasting effect and builds far greater loyalty than focusing on just functional and utility attributes which a competitor would also able to easily match if not surpass.