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Yuliya Suleymanova

Yuliya Suleymanova

Edited by Victoria Stowe

The world is changing rapidly influenced by the emerging markets. Yet, the largest market in the world, the U.S. market, is still considered most desirable for international business development and entrepreneurship. Lately, a younger group of customers has emerged displaying a set of new developmental traits attributed to the feeling of entitlement. This cluster of millennials demands instant gratification of their achievements defined as 'generational' behavioral trait typically attributed to those born between the 1980s and the early 2000s.

Consistent and constant monitoring of a luxury brand equity is a salient priority for marketers. Marketing Science Institute defines brand equity as "the set of associations and behaviors on part of the brand's customers, channel members, and Parent Corporation that permits the brand to earn greater volume or greater margins than it could without the brand name and that gives the brand a strong, sustainable, and differentiated advantage over competitors (Çerri,  2012). Positive consumer associates and behaviors toward a luxury brand can be achieved through effective application of social media or/and advertising.

What is luxury? Can a fashion luxury brand influence consumer decision-making process in choosing a brand? Why a brand image congruency is vital for a brand successful longevity on a luxury fashion market?  These questions I will attempt to research in this paper, or at least try to evoke some rational assumptions on these salient questions for marketers in the fashion brand management field.

“Human needs or, in this case, consumer needs are the basis of all modern marketing. Needs are the essence of the marketing concept” (Schiffman, 2008). Maslow’s hierarchy of needs is a well-known theory in psychology which can help marketers to understand the consumer needs better. So, what are Maslow’s hierarchy of needs?  Abraham Maslow suggested in his 1943 paper “A Theory of human Motivation”, a triangular diagram showing the hierarchy of needs is divided into five levels: “At the bottom are the basic needs for food, water and air. Then, above them is the need for safety, security and protection. After theses needs have been met, an individual has a need for love, affection and friendship. When these have been satisfied an individual may seek status and self-respect and, finally, at the top of the pyramid is the need for self-actualization or self-fulfillment” (Schiffman, 2008).  Though this explanation we can see that only when the lowest needs are satisfied, people will focus on the higher needs. Differences in need priorities can influence consumer behavior in difference ways. Though Maslow’s hierarchy of needs we can see that when one level is fulfilled, people naturally moves to the next.

Edited by Victoria Stowe

There are numerous instances of companies that have failed or ignored the proper implementation of global marketing research resulting in their inability to successfully launch a product or service into the global market.