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|کد مقاله||سال انتشار||تعداد صفحات مقاله انگلیسی||ترجمه فارسی|
|1996||2012||5 صفحه PDF||سفارش دهید|
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Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)
Journal : Journal of Business Research, Volume 65, Issue 10, October 2012, Pages 1495–1499
The global luxury industry has seen steady growth for the last 15 years. It is one of the most attractive and profitable industries. Asia became the most potential region where the average income has risen significantly. Korea is one of the most attractive luxury markets in Asia. This study examines consumers' attitudes toward luxury brands and the relationship among attitude toward luxury brands, drivers of customer equity and customer lifetime value in Korea. Results of data analysis indicate that experiential need and fashion involvement are important antecedents of participants' attitude toward luxury brands. Attitude toward luxury brands positively influences luxury brand equity and value equity. This research finds that there is no significant relationship between attitude toward luxury brand and relationship equity. And as we expected, customer equity positively influences customer lifetime value
World-wide sales volume of luxury goods increased significantly up to US$ 130 billion in 2007 (Okonkwo, 2007). In particular, the demand for luxury brands has grown rapidly in Asia. Ownership of luxury brands can reflect the owner's social status as luxury brands are universally recognized as a statement of good taste in a global economy (Nueno & Quelch, 1998). There are various definitions of luxury brands. For example, luxury brands are defined as products whose price and quality ratios are the highest in the market (McKinsey, 1990). Vigneron and Johnson (1999) indicate that luxury brands are the highest level of prestigious brands encompassing several physical and psychological values. In spite of the increase in luxury brand products consumption, there is a paucity of research in this area. Fionda and Moore (2009) identified seven dimensions of luxury brands, including brand/marketing strategy, product and design, price exclusivity, communications strategy, brand leadership/designer, distribution strategy and heritage. However, a few studies have examined consumers' attitudes towards luxury brands. Since many European luxury brands have expanded rapidly into the emerging markets of Asia, it is important that these companies understand the determinants of consumers' attitudes toward the luxury brand. The purposes of this study are: (1) to identify the antecedents of attitude toward luxury brands, (2) to examine how consumers' attitudes toward luxury brands impact customer equity, (3) to investigate the effect of consumer' attitudes toward luxury brand products on customer lifetime value, and (4) to determine the impact of customer equity on customer lifetime value in a Korean context. This study presents a review of the relevant literature and conceptual research model and proposes research hypotheses. This research reports data analysis, discusses the results, and suggests managerial implications.
نتیجه گیری انگلیسی
First, according to the research results, the significant relationships between experiential need, fashion involvement, and attitude toward luxury brands imply that the young female Korean consumers express their values through purchasing luxury brands. Young Korean female consumers are willing to try, to experience luxury brands. Under the influence of a globalized consumption ethic created by transnational companies' global marketing efforts, consumers around the world are increasingly sharing the ideal of material lifestyles and valuing well-known brands that symbolize prosperity (Solomon et al., 2004). It implies that Korean young female consumers think that owing luxury products is the best way to show their own style, and they prefer becoming fashionable to being unique. Second, customer equity can be viewed as a tool that can be used to justify the development and implementation of a variety of marketing strategies and as a tool to evaluate marketing decisions (Severt & Palakurthi, 2008). Attitude toward luxury brands positively influences customer equity, and the relationship between attitude toward luxury brands and brand equity is significant. Korean young female consumers have strong brand awareness and focus on product quality. As college students, respondents value price competitiveness and overall fairness due to their relative purchasing power. The relationship between attitude toward luxury brand and value equity was not strong. Most young consumers have a limited history of purchasing luxury brands products, which implies they could not have chances to understand value of luxury brands. Third, relationship equity and brand equity have positive influence on customer lifetime value. Brands are regarded as a vital vehicle for marketing strategies and thus as a legal asset. Brands with favorable image can secure a group of loyal consumers who can generate stable revenues for company (Kang et al., 2007). Marketing managers should emphasize brand equity when introducing their brand into a new market. Investment in advertising and improvement of service in retailing may help to build relationship with consumers in the long term (Ko et al., 2009). Investment in advertising and improvement of service in retailing may help to build relationships with consumers that engender long-term loyalty (Ko et al., 2009). Loyalty program, updating customer's information in real time, acknowledging customer birthdays with gifts, customized service, and special treatments, to name few, can help to build and maintain strong customer relationships. Young consumers are an important consumer market for luxury fashion brands. They try various brands to discover the ones that reflect their image of themselves. Companies which can make a connection with this potentially lucrative market segment may develop lifelong customers. Luxury brand marketers should use effective marketing strategies to improve young consumers' customer equity and customer lifetime value. One strategy for accomplishing this goal is for global luxury marketers to develop bridging lines with fashionable designs and relatively affordable prices to attract young customers with considerably potential purchasing power. Brand serves as a symbolic language that allows consumers to communicate their personality to each other. Therefore, how brand meanings are established and how a firm communicates brand meanings to consumers are important (Kim, Lee, & Lee, 2008). Luxury marketers are making their products more affordable by extending their brands to reach middle-income consumers (Meyers, 2004). Marketing managers should consider brand equity when introducing their brand into a new market. Investment in advertising and improvement of service in retailing may help to build relationship with consumers in the long term (Ko et al., 2009).This study suggests that relationship equity is one of the most influential variables on customer lifetime value, indicating that marketers should aggressively incorporate customer relationship management to tailor their products and services to their most profitable customers.