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Session 3 - Consumer Behavior in Luxury - Coggle Diagram
Session 3 - Consumer Behavior in Luxury
The consumer purchasing process (
Maslow
)
Self-actualization
Self-identity = thoughts and feelings about oneself
Self-esteem
Self-gift giving to feel good
Social needs
Self-uncertainty & Subjective sense of belonging (Optimal Distinctiveness Theory)
Optimal Distinctiveness Theory => individual's need for similarity and distinctiveness within social groups
Safety & Security
Physiological needs (survival)
Developing strong brands in luxury
Value Creation for the consumer
(warranty, quality, composition; consistency...)
Optimal Distinctiveness Theory
Creation of «social communities»
Value creation for the company
Customer loyalty, Lower Price Elasticity, Competitive advantage, Price premium...
Luxury brands
Distinctive sign
=> differentiates a company G from competitors’ G + guarantees the origin
in Luxury = emotional associations w/ rational evaluation of performance
Mental Associations
attached to the brand attributes, benefits, values, culture, personality, user profile
Sources of value in luxury
= Experiential value (brand meaning to indiv.), Symbolic value (brand meaning to others), Functional value (brand's physical attributes)
Brand identity => created by Managers
Brand image
Brand identity Prism -
Kapferer
representation
Helps businesses build strong, enduring brands by identifying & understanding the 6 key elements that make up brand identity
Brand authenticity
=> Brand individuality, consistency, continuity, perceived value, brand trust
Brand individuality
Brand uniqueness, distinctive, & own personality, style, and values
Brand continuity
Maintaining a consistent brand image (ensuring that the brand's personality, messaging, & visual identity are recognizable + consistent)
Reinventing one’s identity
(Fashion => trends, innovation, & modernity; Tradition => Keep iconic elements, invented years ago)
Brand consistency
Deliver on one’s promise (quality, performance & dedication, passion)