Marketing of luxury products

Yana Shamina

Doctoral thesis

Abstract:

The world of luxury products for many years was reserved only for the selective and exclusive audience. It looked like it was impossible to experience it or to get in for someone from outside. Marketers of luxury brands have created such an environment where clients could feel exclusivity and enjoy timeless quality, values, history and heritage of the brand. It is very important to maintain the traditional values for luxury brands but in order to stay in touch with the target audience, luxury producers have to face and adapt to rapidly changing environment. There are a lot of debates about comparability of the Internet and luxury, as digital world is too impersonal comparing with core competence of luxury: exclusivity, outstanding experience and human touch in everything including craftsmanship, personal selling and customer relations. In current environment luxury companies cannot ignore the importance of the Internet as a communication and transaction tool and have to stay in touch with its target audience. The main contribution of this dissertation thesis is an analytical framework "features of importance for online luxury consumer satisfaction" that will help luxury marketers to understand online luxury consumers, their motivations, behavior and preferences. Additionally, framework presents the up-to-date data that can be executed while creating digital marketing communications strategy. The influence of content, social, process and technology gratifications on the online luxury consumer satisfaction was investigated. By incorporating the quantitative approach it was possible to make a deep analysis of the research problem. To obtain the necessary data the group structured questionnaire was used to analyze the proposed research model. A total of 133 respondents were accepted for the investigation. Analysis of correlation proved the positive relation between gratifications and luxury consumer satisfaction, even thought, proposed gratifications had different influence on the satisfaction. Content and technology gratifications had the most strong and positive influence on the satisfaction. However, from the obtained results it is visible that social gratification had the least important but still positive effect on the luxury consumer satisfaction. The obtained results are a valuable asset for the luxury companies as research revealed the main directions and themes on which luxury marketers should stress while creating online communication strategies.

Abstract:

The world of luxury products for many years was reserved only for the selective and exclusive audience. It looked like it was impossible to experience it or to get in for someone from outside. Marketers of luxury brands have created such an environment where clients could feel exclusivity and enjoy timeless quality, values, history and heritage of the brand. It is very important to maintain the traditional values for luxury brands but in order to stay in touch with the target audience, luxury producers have to face and adapt to rapidly changing environment. There are a lot of debates about comparability of the Internet and luxury, as digital world is too impersonal comparing with core competence of luxury: exclusivity, outstanding experience and human touch in everything including craftsmanship, personal selling and customer relations. In current environment luxury companies cannot ignore the importance of the Internet as a communication and transaction tool and have to stay in touch with its target audience. The main contribution of this dissertation thesis is an analytical framework "features of importance for online luxury consumer satisfaction" that will help luxury marketers to understand online luxury consumers, their motivations, behavior and preferences. Additionally, framework presents the up-to-date data that can be executed while creating digital marketing communications strategy. The influence of content, social, process and technology gratifications on the online luxury consumer satisfaction was investigated. By incorporating the quantitative approach it was possible to make a deep analysis of the research problem. To obtain the necessary data the group structured questionnaire was used to analyze the proposed research model. A total of 133 respondents were accepted for the investigation. Analysis of correlation proved the positive relation between gratifications and luxury consumer satisfaction, even thought, proposed gratifications had different influence on the satisfaction. Content and technology gratifications had the most strong and positive influence on the satisfaction. However, from the obtained results it is visible that social gratification had the least important but still positive effect on the luxury consumer satisfaction. The obtained results are a valuable asset for the luxury companies as research revealed the main directions and themes on which luxury marketers should stress while creating online communication strategies.

Keywords

online luxury consumer behavor, luxury marketing, online marketing communications

Keywords

online luxury consumer behavior, luxury marketing, online marketing communications

Language used: English

Date on which the thesis was submitted / produced: 22. 9. 2009

Thesis defence

• Date of defence: 12. 6. 2012
• Supervisor: Hana Machková
• Reader: Anna Klosová, Jana Přikrylová

Vysoká škola ekonomická v Praze

Doctoral programme / field:
Mezinárodní ekonomické vztahy / Mezinárodní obchod