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Synopsis on Indian Luxury Market

Autor:   •  November 9, 2017  •  1,778 Words (8 Pages)  •  220 Views

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In the automobile industry there are various companies such as Rolls Royce and Mercedes Benz’s May Bach, etc. which are exclusive luxury products that are being demanded by the rich or the upper middle income group of the society or the celebrities, etc.

There are different conglomerates or corporates which are operating worldwide under the luxury products market. These kind of tactics are being used by companies for the purpose of attracting the targeted segment of customers and to enhance their respective share in the market.

As per the ECCIA (European Cultural Creative Industries Alliance) there are various sectors under the luxury industry such as watches and jewellery, perfumes and cosmetics, leather products, designer household items, automobiles and furniture and furnishings, etc. The study conducted by Precepta showed that the luxury companies are being categorized into five kinds like:

- Breeders consolidators such as Gucci, LVMH, etc. as they are having huge financial means and they have developed by acquisitions of emerging or the under exploited brands.

- Independent luxury Maisons are like Hermes and Chanel, etc. that are being managed by family capital or individuals. These are being influenced by strict principles or heritage.

- Three mass luxury fashion houses are like Hugo Boss and Armani, etc. that provide affordable luxury.

- Specialist comprise of firms such as Rolex who are having margins and low volumes.

- FSMS (Specialized Manufacturers Multi Segments) such as Coty and L’Oreal, etc. which are in the category of cosmetics and are having their products in various segments.

Bibliography

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Csaba, F. (2008). Redefining Luxury. Copenhagen.

Datamonitor. (2015, September 16). Retrieved from www.datamonitor.com

Dubois, B., Czellar, S., & Laurent, G. (2005). Consumer Segments Based on Attitudes Toward Luxury: Empirical Evidence from Twenty Countries. 115– 128.

Kapferer, J. N. (1996). Managing Luxury Brands. The Journal of Brand Management, 251–260.

Kapferer, J.-N. (2012). Abundant rarity: The key to luxury growth. Business Horizons. 453—462.

Kemp, S. (1998). Perceiving Luxury and Necessity. Journal of Economic Psychology, 591–606.

Market of Luxury Products . (2015, September 16). Retrieved from http://www.euromonitorinternational.com/

Marketing luxury goods. (2015, September 17). Retrieved from Wiedmann, K.-P., Hennigs, N. & Siebels, A., 2007. Measuring Consumers’ Luxury Value Perception: A Cross-cultural Framework. Academy of Marketing Science Review, 2007(7).

Phau, I., & Prendergast, G. (2000). Consuming Luxury Brands: the Relevance of the Rarity Principle. The Journal of Brand Management, 122–138.

Vigneron, F., & Johnson, L. (2004). Measuring Perceptions of Brand Luxury. Brand Management, 484–506.

Wiedmann, K.-P., Hennigs, N., & Siebels, A. (2007). Measuring Consumers’ Luxury Value Perception: A Cross-cultural Framework. London: Prentice Hall.

Yeoman, I., & McMahon-Beattie, U. (2006). Luxury Markets and Premium Pricing. Journal of Revenue & Pricing Management, 319–328.

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