MARKET RESEARCH LUXURY BRANDS PRESENTED BY: Raina shorya Upasana Iftakhar Amar Manvinder Aashish Bansal PROBLEM DEFINITION OBJECTIVES • TO DEFINE LUXURY. • TO DIFFERENTIATE LUXURY BRAND FROM NECESSITY BRANDS. • TO FIND ATTRIBUTES OF LUXURY BRAND. • TO FIND CONSUMER PERSONALITY WHO BUYS LUXURY PRODUCTS. • TO FIND BENEFITS EXPECTED BY LUXURY PRODUCT CONSUMER. CONTD. • TO FIND CONSUMER LOYALTY TOWARDS LUXURY BRANDS. • TO FIND TEN TOPMOST GLOBAL LUXURY BRANDS. • TO FIND INDIAN LUXURY BRANDS AND SECTORS. • TO FIND TYPE OF PACKAGING AND COLOR FOR LUXURY BRAND. • TO FIND FATE OF LUXURY BAND IN INDIA. TIME CULTURE INCOME AGE DIFFERENT FOR EACH INDIVIDUAL • “Luxury is something you could do without but that you don’t want to do without” OBJECTIVE 1: Coco Chanel TO DEFINE THE LUXURY • Those product for whish demand is directly proportional to price. • luxury is not a product but an emotion and it has both aspirers and admirers. • Dictionary definition of luxury is “the state of great comfort and extravagant living” or “an inessential, desirable item that is expensive or difficult to obtain”. The word comes from the Latin luxus, which originally meant “excess, extravagance, magnificence,” • antonym of luxury - necessity. • Will luxury mean the same thing to our kids as it did to our parents? • According to the German business weekly “WirtschaftsWoche,” luxury has more to do with your state of mind than the size of your wallet, and it is tantamount to being free of obligation and compulsion. “Luxurious people celebrate their independence every day. They also turn their noses up at certain products as soon as they start to become commonplace or expected. • Luxury is no more than logo love. OBJECTIVE 2 TO DIFFERENTIATE LUXURY BRAND FROM NECESSITY BRANDS. OBJECTIVE 3 TO FIND ATTRIBUTES OF LUXURY BRAND. CREATIVITY/ INNOVATION PREMIUM EXCLUSIVITY PRICE QUALITY/ PRECISION OBJECTIVE 4 RICH and TO FIND CONSUMER PROFILE extravagant WHO BUYS LUXURY PRODUCTS. Resident in PRICE urban India INSENSITIVE HUNGRY FOR ESTEEM AND INFORMATIVE PRESTIGE HIGHLY Innovators EDUCATED YOUNG SOURCE:MSC901_Research Paper_F.indd OBJECTIVE 5 TO FIND BENEFITS EXPECTED BY LUXURY PRODUCT CONSUMER. INDULGENCE QUALITY EXCLUSIVITY STATUS CONSUMER LOYALTY IS HIGH OBJECTIVE 6 TO FIND CONSUMER TOWARDS LUXURY BRAND LOYALTY TOWARDS LUXURY BECAUSE OF THESE PROBABLE BRANDS. REASON: 1.LESS BRAND CHOICES 2.HIGH COST OBJECTIVE 7 TO FIND TOP TEN GLOBAL LUXURY BRAND. BRAND RANK BRAND NAME VALUE Louis 1 $19.78 BLN Vuitton Hermès 2 $8.46 BLN GUCCI 3 $7.59 CHANEL 4 $5.55 BLN Hennessy 5 $5.37 BLN ROLEX 6 $4.74 BLN Moët & 7 $4.28 BLN Chandon CARTIER 8 $3.06 BLN FENDI 9 $3.20 BLN SOURCE: http://fashionista.com/2010/04/the- Tiffany & Co. 10 $2.38 BLN worlds-most-powerful-luxury-brands/ OBJECTIVE 8 TO FIND INDIAN LUXURY SECTORS BRANDS AND SECTORS Services: CLOTHES: Hospitality: FEW INDIAN BRANDS • HOSPITAL:APOLLO,ESCORT • AIRWAYS:KINGFISHER • TRAIN:The Golden Chariot, The Indian Maharaja, palace on wheels • Real estate:DLF • HOTELS:TAJ,OBEROI • CLOTHES:VAN HEUSEN,ALLEN SOLLY,CASABLANK,MONTE CARLO,PRINGAL • ACCESSORIES:HIDESIGN,TANISHQ,NAKSHTRA • AUTOMOBILE:JAGUAR • RETAIL:PANTALOON,SHOPPER STOP OBJECTIVE 9 TO FIND TYPE OF PACKAGING PACKAGING: AND COLOUR FOR LUXURY BRAND. Packaging is a marketing tool used to reflect the brand. COLOUR: Purple, gold and black are used to indicate exclusivity, expensiveness, luxury and quality, dependent on the nature of the product OBJECTIVE 10 • QUANTATIVE INSIGHTS: TO FIND FATE OF LUXURY BRANDS IN INDIA • POPULATION: ABOUT 2 BILLION • NO. OF MILLIONAIRES: >2 MILLION(McKinsey) • MILLIONAIRE GROWTH RATE:23%. • HIGHEST NUMBER OF MIDDLE INCOME GROUP. • INDIA’S GROWTH RATE:8.6% • India makes up just 0.4 percent of global luxury good sales, the market is growing at 25 percent a year, according to a recent Bain & Co. study. • QUALITATIVE INSIGHTS • QUALITY CONSCIOUS • KNOWLEDGABLE RESEARCH FINDINGS • LUXURY IS AN AMBIGUOUS CONCEPT • LUXURY BRAND ATTRIBUTES ARE CLOSELY RELATED TO CUSTOMER PROFILE. • CONSUMERS HAVE HIGH BRAND LOYALTY TOWARDS LUXURY BRANDS. • IN NEXT FIVE YEARS, THE NUMBER OF CONSUMER AND NUMBER OF LUXURY BRAND WILL TRIPLE. FIVE KEY FORCES THAT ARE • Growing incomes coupled with SHAPING TODAY’S optimism about the future. LUXURY MINDSET: • An expanding upper class, creating large peer groups and reference groups for aspiring consumers. • Luxury is the new necessity and the unabashed display of wealth is no longer considered dirty. The mantra is: If you have it, flaunt it. • Aspiration for a better life • The influence of the media, coupled with the greater availability of lifestyle products and services in the last five years.
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