SYNOPSIS OF PREFERENCES OF YOUNG PEOPLE TOWARDS LUXURY BRANDS PREFERENCES OF YOUNG PEOPLE TOWARDS LUXURY BRANDS Intoduction:- “Luxury is a necessity that begins where necessity ends.” Whenever you switch on the television‚ or flip through the pages of magazines‚ you are bombarded with celebrity news and reality shows that touch your inner needs to feel beautiful‚ important and recognized. Those gorgeous people in advertisements tell you that their lifestyle
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The scope of luxury brands is amazing if you dig a bit. Let us look at publicly traded LVMH Group (Louis Vuitton Moet Hennessey). Despite an extremely uncertain economic climate in the US‚ a very poor one in Europe‚ and signs of a possible China slowdown‚ LVMH is chugging along nicely. Sales were up 16% last year despite clear economic headwinds. The company has a stable of brands that reeks of luxury: in wines and spirits they own Moet & Chandon‚ Dom Perignon‚ Veuve Clicquot‚ and Krug Champagne
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It is universal truth that luxury brand industry is still booming even during financial crisis because today ’s people have the right mind-set that luxury products are purposeful and well thought out. In other words‚ they want to show off their wealth and personal status. Main Forces The Macroenvironment Facing The Luxury Brand Industry Analysing the macroenvironment facing the luxury brand industry‚ there are demographic forces‚ economic forces‚ cultural forces and technological forces.
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Geert Hofstede Cultural Dimensions Comparison: Brazil and USA Power Distance: The US has a score of 40 in this category. A lower score in this category shows that our country doesn’t have such a wide gap between the groups that do or do not have the power in society. Brazil scored a 69 in this dimension. They accept more inequality between the leaders and less powerful in society. In their culture‚ it is important for them to know where they stand in the community‚ so they know how much respect
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Geert Hofstede’s Cultural Dimensions National cultures can be described according to the analysis of Geert Hofstede. These ideas were first based on a large research project into national culture differences across subsidiaries of a multinational corporation (IBM) in 64 countries. Subsequent studies by others covered students in 23 countries‚ elites in 19 countries‚ commercial airline pilots in 23 countries‚ up-market consumers in 15 countries‚ and civil service managers in 14 countries. Together
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“Culture is the collective programming of the mind distinguishing the members of one group or category of people from others” Professor Geert Hofstede conducted one of the most comprehensive studies of how values in the workplace are influenced by culture. He analyzed a large data base of employee values scores collected by IBM between 1967 and 1973 covering more than 70 countries‚ from which he first used the 40 largest only and afterwards extended the analysis to 50 countries and 3 regions.
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CONCEPT OF LUXURY BRANDS Contents I – LUXONOMY 1. The Basic Definition of Luxury 2.1. The Necessity-Luxury Continuum 2.2. The Relativity of Luxury 2.3. General Perspective for the Definition of Luxury 2. The Major Understandings of Luxury by Area of Research 3.4. The Philosophical-sociological Understanding of Luxury 3.5. The Micro-economic Understanding of Luxury: Luxury Goods 3.6. The Managerial Understanding of Luxury: Luxury
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Hofstede Cultural dimensions: India is a vast country known for its diversified culture and traditions. The unique characteristic of India is its “unity in diversity”. In India Relationships and feeling plays a larger role in decisions. Indians tend to take larger risks with a person whose intentions they trust. Thus‚ one’s credibility and trustworthiness are critical in negotiating a deal. Indians are ‘polychronic’ people‚ ie they tend to deal with more than one task at the same time. Indians
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MAVERICKS AT WORK LUXURY BRANDS MARKETING Executive Summary Over years‚ India’s tryst with luxury brands has changed gears. With high disposable incomes and a penchant for all things luxury amongst affluent Indians on the rise‚ the country is emerging as the next stopover for global luxury brands such as Gucci‚ Christian Dior and Versace. However‚ we must realize that Luxury marketing is a whole new ball-game altogether‚ both from the perspective of the marketer as well as the luxury consumer. It
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Hofstede cultural dimensions 5 dimensions Power distance is defined as "the extent to which the less powerful members of institutions and organisations within a country expect and accept that power is distributed unequally". Individualism pertains to societies in which the ties between individuals are loose: everyone is expected to look after himself or herself and his or her immediate family. Collectivism as its opposite pertains to societies in which people from birth onwards are integrated
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