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,
1. Benner, Mary J. and Michael L. Tushman (2003), “Exploitation, Exploration, and Process Management: The Productivity Dilemma Revisited,” Academy of Management Review, 28 (2), 238–56.
2. Bennett, Roger C. and Robert G. Cooper (1979), “Beyond the Marketing Concepts,” Business Horizons, 22 (June), 76–83.
3. Chandy, Rajesh and Gerard Tellis (1998), “Organizing for Radical Product Innovation: The Overlooked Role of Willingness to Cannibalize,” Journal of Marketing Research, 34 (November), 474–87.
4. Chester R. Wasson , “ How predictable Are fashion and Other Product Life Cycles ?” Harvard Business Review ( November - Dcember 1965) : 81-94.
5. Christodoulides, G. (2009). Branding in the post-internet era. Marketing Theory, 9, 141-144.
6. Cooper, Marjorie J. and Charles Madden.1993. Introduction to Marketing.Harper Perennial, NY.
7. Han, Jin K., Namwoon Kim, and Rajendra K. Srivastava (1998), “Market Orientation and Organizational Performance: Is Innovation a Missing Link?” Journal of Marketing, 62 (October), 30–45.
8. Jaworski, Bernard J. and Ajay K. Kohli (1993), “Market Orientation: Antecedents and Consequences,” Journal of Marketing, 57 (July), 53–70.
9. Kapferer, J., & Bastien, V. (2009). The specificity of luxury management: Turning marketing upside down. Journal of Brand Management, 16(5-6), 311.
10. Keller, K. (2009). Managing the growth tradeoff: Challenges and opportunities in Luxury branding. Journal of Brand Management, 16(5-6), 290.
11. Li, W. K., Monroe, K. B., & Chan, D. K. S. (1994). The Effects of Country of Origin, Brand, and Price Information: A Cognitive-Affective Model of Buying Intentions. Advances in Consumer Research, 21, 449-457.
12. Li, J. J., & Su, C. (2007). How Face Influences Consumption: A Comparative Study of American and Chinese Consumers. International Journal of Market Research, 49(2), 237-256.
13. Matsuno, Ken, John T. Mentzer, and Aysegul Özsomer (2002),“The Effects of Entrepreneurial Proclivity and Market Orientation on Business Performance,” Journal of Marketing, 66 (July), 18–32.
14. Narver, John C. and Stanley F. Slater (1990), “The Effect of a Market Orientation on Business Profitability,” Journal of Marketing, 54 (October), 20–35.
15. Nueno, J. L., & Quelch, J. A. (1998). The Mass Marketing of Luxury. Business Horizons, 41(6), 61-68.
16. Phau, I., & Prendergast, G. (2000). Consuming Luxury Brands: The Relevance of the ‘Rarity Principle’. Journal of Brand Management, 8(2), 122-138.
17. Robert D. Buzzell ,1956 competitive behavior and product lifecycle ,”,in new ideas for successful marketing , Chicago : American Marketing association , p51.
18. Sorescu, Alina B., Rajesh K. Chandy, and Jaideep C. Prabhu (2003), “Sources and Financial Consequences of Radical Innovation: Insights from Pharmaceuticals,” Journal of Marketing, 67 (October), 82–102.
19. Urde, M., Greyser, S. A., & Balmer, J. M. T. (2007). Corporate brands with a heritage. Journal of Brand Management, 15(1), 4.
20. Vigneron, F., & Johnson, L. W. (1999). A Review and A Conceptual Framework of Prestige-Seeking Consumer Behavior. Academy of Marketing Science Review, 1999, 1-15.
21. Vigneron, F., & Johnson, L. W. (2004). Measuring Perceptions of Brand Luxury. Measuring Perceptions of Brand Luxury, 11(6), 484-506.
22. Wilcox, K., Kim, H. M., & Sen, S. (2009). Why Do Consumers Buy Counterfeit Luxury Brands? Journal of Marketing Research, 46(2), 247-259.
23. Wong, N. Y., & Ahuvia, A. C. (1998). Personal Taste and Family Face: Luxury Consumption in Confucian and Western Societies. Psychology and Marketing, 15(5), 423-441.
Please type your essay title, choose your document type, enter your email and we send you essay samples