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Marketing heritage and digital innovation an apparent contradiction Essay Example

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Marketing heritage and digital innovation an apparent contradiction

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Consumer perception of luxury brands are not common across the market segment as the luxury brands are subjective concepts (Phau & Prendergast, 2000) which depends on the consumer perception of indulgent value, price and functional value.Heritage is considered to be a valuable tool for luxury brand as it is viewed in its history but it is also assumed that it inhibits innovation, renewals and restricts the ability to redefine position and strengthen brands in emerging brands. To enhance the importance of brand in contemporary context, the brand must have heritage, not interchangeable with the history but as the symbol which represents the emotional response which can be utilized in the contemporary contexts.Urde, Greyser and Balmer explained the strategy as the following - An historical view may come from the past and corporate heritage embraces three timeframes - past, present and future. The brand may be distinctive which has traits which can come with meaning and value which can benefit the brand of today and tomorrow as it was found in previous centuries or decades. In such cases, the brand’s tradition should create respect for the present and the value should be invested in the brand and should also be extracted from it. Heritage brand can be about the history and it can also be about history in making (Urde et al., 2007, p.Luxury brands are defined as the brands which have been constantly been able to justify high prices. If we consider automobiles, a Jaguar is a tangibly stronger brand as compared to Porsche which is fast and expensive but not a luxury brand. Bentley is an expensive brand but is not termed as luxury brand instead it is prestigious brand. The judgment in case of luxury brands is effectively fine for addiction and admiration for the product or the lifestyle. Luxury brand must have a story which involves their past history or how they grew from a scratch (Kapferer & Bastien, 2009) to promote emotional connection with the buyers and “heritage” helps to create the benefit over competition to enhance authenticity for a brand and promote consumer relationship (Urde, Greyser & Balmer, 2007). The feeling of trust is high in heritage brand (Urde et al., 2007) as it creates the brand stature which is measured through consumer respect, knowledge, familiarity and esteem (Keller, 2009). A brand leader should be strong in various categories to make use of heritage.Product specific differentiation is based on sight, smell,

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preview essay on Marketing heritage and digital innovation an apparent contradiction
  • Pages: 12 (3000 words)
  • Document Type: Essay
  • Subject: Marketing
  • Level: Undergraduate
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