MKT Assignment 02 Essay Example | Topics and Well Written Essays - 750 words

MKT Assignment 02 - Essay ExampleGucci. Prada. Louis Vuitton. Coach. Herms. Chlo. Not anymore. Price - a meaningless war cry in accessories and leather product labor - is one instantaneously echoing deep. Interestingly, feminine sensibility has changed at industrys heels or, conversely, has prompted an unlikely change. Handbags - a long-standing feminine companion, a stamped LV projected for all eyes to see - have given way to shoes. In response to current crisis, major brands are working out selling strategies evinceing less on refreshing and more on loyalty to existent classic offerings. Wall Street Journal Magazine qualifies current sparing crisis as FactEvidence suggests that after a long shopping hiatus last winter and spring, consumers have been tiptoeing back into stores to buy shoes, handbags and sunglasses, selectively emphasis added. (Bannon)Selectively is, in fact, telling. Indulgent consumers, losing huge financial assets, are psychologically speaking no longer int erested in luxury per se but to keep up an image damaged hard in elite circles. In response, industry giants are adjusting to perceived shifts. Thus, a Prada bootie priced at $800+ during shopping splurge heydays now costs $495. Yet, bags are a standalone symbol for femininity - hence industrys, led by Louis Vuittons, marketing strategy to enhance brand image of classic models. Saks ordinal Avenue and Chlo are following suit. Interestingly, an industry traditionally geared up to high-end, well-off, older consumers is currently turning to 18-to-25-year-olds stamped -by luxury industry - as bunkie. Coachs Poppy - featuring sequins, jewels, bright colors, discussion and metallics - is a clear example. Notwithstanding Coachs turn to, well, bunkies Poppys features still retain an industrys hold Insert Your Last Name 2on luxury values. Thus, in a mix of new market segmentation and pricing strategies, accessories industry eyes unlikely (untapped) markets during business-as-usual days.Yet , some big brands (e.g. Bottega Veneta) still refuse, at all costs, to compromise on price and stress more on quality and value. Consistently, Italian manufacturers show reluctance to offshore - an indication of still entrenched Italian all-in-the-family business culture. Major retail stores in major markets such as U.S. have, however, responded more briskly catering to more diverse global consumer segments. Indeed, one great opportunity current economic crisis offers to accessories industry leaders is including broader global market segments formerly inadequately served.Historically, market segments for accessories industry have taken as central to global marketing strategy conjugation America, Western Europe, Australia, and Russia. As part of global marketing strategy, global brands such as mentioned above have enjoyed constant featuring in major fashion weeks in Paris, London, Milan and New York. Comparatively, little attention has been directed to emerging fashion weeks in Midd le East (e.g. Dubai Fashion Week) and Indian Sub-Continent. In current global economic situation rethinking global marketing strategies becomes a mandate not only for expansion and growth but even for survival as global tastes