2.5. Perception creation in consumers by companies Bem (1972) explains through his “Self Perception Theory” that individuals develop “attitudes, emotions and other internal states” based on their inherent behaviour. He also explains that the circumstances in which these behaviours occur are also influenced by the internal states of an individual and several other influencing factors. Kotler (2012) mentions that a person despite being motivated is governed by his/her perception of situation to make a decision. He further defines perception as “a process by which an individual selects, organizes and interprets information inputs to create a meaningful picture of the world”.
This component can be related to an individual’s loyalty to the brand, purchase intentions or actual buying behavior towards the attitude object (Broderick and Pickton, 2005; Evans et al., 2008). The purchase behavior of an individual is believed to be influenced by the cognitive and affective components of attitudes (Evans et al., 2008). In the field of marketing and consumer behavior research, the conative component is often regarded as an expression of the consumers’ intentions to purchase (Leon, Schiffman, Kanuk, & Hansen,
The true value of your luxury bag In recent decades, there has been an increased interest in ethical issue in a fashion business. Fashion organisations are currently considering carefully about this topic. Consumers have become more aware about products that they buy whether it is transparent or not. A number of companies have introduced their sustainable strategies in order to build their positive image. However, some organisations may just ignore it and divert customer’s attention.
Its definition how people look at the competition in an industry. An high threat of new entrance can make the industry very competitive and cause the existing competitors to lost profit. In this case, Louis Vuitton threat of new entrants are Gucci, Chanel and Prada, these are the luxury brands that rely on the imagery of their products to appeal to the high-end market. Their pricing creates a high quality images and position that customer claims as a status symbol. Therefore customer would compare these few brands before buying of one the
Other criticism explains that, although the innovative products have an evolving supply, there are some exceptions; fashion apparel products are one. Even though, how explained above, they are innovative products, they have the peculiarity to follow a stable supply process. In fact, their supply is represented by a well-developed system and a mature and technological process of manufacturing (Lee, 2002). Additional theory based on Fisher's model As a consequence of the spread critics against Fisher’s Model, which refers only to the mass markets, others authors have introduced additional categories, in order to determine the best supply chain for the luxury segment. Sure enough, Fisher’s model has also generated additional theory.
Such as House of Louis Vuitton, Chanel, Christian Dior, Saint Laurent (Yves Saint Laurent), which hold prestige in the high fashion business. Although the high fashion market has expanded to the middle class as well, many consumers still go for the similar style but the less expensive way to get it to their hands. Many of the young generation want new designs and new clothing, in other words the younger generation of consumers demand for “fast-fashion”. Many of the high fashion brands has shown concern where the younger generations are losing the experience and the understanding of craftsmanship, quality, and luxury. Another concern that they stressed was that the fashion houses may not have a place in the market in the future if this continues.
There are many unfamiliar brand names and alternatives available in the market place. Consumers may prefer to trust major famous brand names. These prestigious brand names and their images attract consumers to purchase the brand and bring about repeat purchasing behavior and reduce price related switching behaviors (Cadogan and Foster, 2000). Furthermore, brand personality provides links to the brand’s emotional and self-expressive benefits for differentiation. This is important for brands, which have only minor physical differences and consumed in a social setting where the brand can create a visible image about the consumer itself.
Lately, corporate social responsibilities (CSR) has progressively come to be viewed as a decent vital advertising apparatus. There are two purposes behind this developing hobby in CSR. From one perspective, consumers are requesting from firms something more than a top quality item at a low cost, and they incline toward brands that are socially rumored at the point when assessing comparable items. Then again, a firm may acquire aggressive preferences by concentrating on non-financial components. CSR could be an advantage for building a better brand image and making consumers' inspirational disposition so it is an imperative wellspring of competitive advantages (Porter & Kramer, 2006).
Contrary to this, the personality for a brand is perceived, created and influenced by contact consumers have on the brand direct or indirect. When people associated with the brand becomes the brand imagery, the personality traits of the individuals gets associated with the brand making it the brand personality hence it can defined as "the set of human characteristics associated with the typical user of a brand", the people involved in creating the brand imagery vary in profiles starting from the CEO of the company to the users of the brand. According to Kassarjian (1971), brand personality has enjoyed some popularity and application among advertising practitioners, academic interest in the construct remained limited because its usefulness.A change was observed after the general scale of measurement of brand personality using the 5 dimensions which was proposed by Aaker in 1997. In contrast to the product-specific attributes and features which is considered as the performance centric measurement for customers, brand personality is perceived to be self-expressive oriented (Keller, 1993). Researchers have also found that brand personality helps the consumers to express themselves better getting closer to their real or ideal self while using the brand.
Once upon a time, competition within the retail sector was more clearly delineated in that department stores tended to compete with other department stores; and in general, stores of a specific type tended to take part with like stores in reality, these differences (at least with regards to merchandise quality) may not be as clear today since off-price retailers often carry the same merchandise as specialty and department stores. No longer can the rivalry be viewed as narrowly – merely by store type - as it had been in the past for purposes of marketing strategy development. Off-price retailers tried hard to convince consumers