Marketing landscape definition8/31/2023 ![]() ![]() Academic developments and a global outlook on environmental protection, luxury, and sustainability converged (Kapferer and Michaut 2020). ![]() LM research has witnessed a drastic change in the past decade. Publications are coming to the fore, and journals introduce special issues to capture existing and emerging trends, signifying researchers, and practitioners' seriousness in this area. 2016), counterfeit market (Nia and Zaichkowsky 2000), etc. Subsequent research, however, expanded in scope and investigative themes evolved to consumer behavior (Kastanakis and Balabanis 2012), cross-cultural comparisons (Shukla 2010), provenance effects (Liu et al. Research in the last quarter of the twentieth century focused on historical perspective (Berry 1994) and economic outlook (Chao and Schor 1998). The nineteenth and twentieth centuries brought a deeper understanding of craftsmanship and customization, invoking dreams, uniqueness, and exclusivity (Berthon et al. In the seventeenth century, luxury was restricted to extraordinary commodities like rare pearls and crystals. It is rather a centuries-old notion, only evolving in meaning and perception. A surge in academic interest is also observed where close to 50 percent of articles on LM have appeared since 2017, compared to the past three decades. Luxury brands consequently leave no stone unturned to meet growing consumer expectations. This lucrative industry is expected to reach a whopping $1.5 trillion market across categories by 2025 (Matter of Form 2019). This transformation is not restricted to Europe and the West anymore and has entered Asian markets. With the fast-changing technological environment, you have to be consistently evolved with the pace of technology and the maintenance cost is very high.The global luxury industry is radically changing and experiencing colossal growth. Price competition also increases with higher transparency. When privacy and security issues are high, then you have to spend a lot to be transparent. Higher Transparency & Price Competition.Privacy and security issues are very high because your data is accessible to everyone therefore, one has to be very cautious about what goes online. When you launch your product online, then you face a global competition because it’s accessible from everywhere. E-Marketing is completely dependent on technology and the internet a slight disconnection can jeopardize your whole business. ![]() The beauty of the online world and e-marketing is that it’s accessible from everywhere across the globe.Į-Marketing is not without disadvantages, ![]() Going viral with one post can deliver greater exposure to your product or service. Online marketing opens the door to personalized marketing with the right planning and marketing strategy, customers can be made to feel that this ad is directly talking to him/her. People can leave their comments, and you’ll get feedback from your target market. One of the important aspects of digital marketing is that it’s very interactive. In this way, you have a great ability to collect a wide range of data about your customers. When your cost is zero and the instant rate is high then what one has to loos. If you’re using the unpaid methods, then there’s almost zero cost. Compared to the other media of advertising, it’s much cheaper. Then it’d reach millions of people overnight. The response rate of internet marketing is instantaneous for instance, you upload something and it goes viral. ![]()
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