Research of China's Luxury Goods Market- How Chinese Enterprises Get Dissertation

Research of chinas luxury Goods Market- How Chinese Enterprises Get out From Made in China to Create Domestic Luxury brands - Dissertation ExampleRecently, however, with an increased spending power among Chinese consumers along with reduced government restrictions, luxury brands from foreign countries have experienced the pressure of change their commitment to Chinese mainland to maintain competitive advantage and avoid losing to rivals. Luxury is a subjective concept that is constantly developing, hence its varied definitions. Nonetheless, luxury has typically been used to characterize a state of great comfort or a desirable item (Park, Rabolt, and Jeon 2008). Luxury brands signifi fucktly differ from others in much(prenominal) a way that these entail a premium with no clear benefits over their counterparts. However, consumers remain willing to pay for a significant price as such brands exhibit unique attributes in terms of reputation, quality, and recognizability. Luxury brands do not only express high stands of superiority but also run a social code that suggests access to desirability and exclusivity. The luxury market has, thus, gained considerable interest from many due to its representation of a hedonistic and in some manner irrational form of consumption with which individuals purchase goods for the pleasure these provide regardless of financial costs (Phau and Teah 2009). The luxury brands that are in operation within China are mainly from Europe and include a wide range of retail sectors, including jewellery, fashion clothing and accessories, cosmetics, footwear, and automotive. The following sections then focus on the Chinese consumption behavior towards luxury brands, particularly the unique characteristics of Chinese consumers, the strategies for promoting luxury brands in China, as well as the possible challenges that Chinese companies may front in promoting such luxury brands. Product Brand An Overview A brand is considered as a guarantee to the consumer of better quality or performance as compared to a products generic counterpart, in regards to both the physical and technical aspects. When companies market a branded product, their statements ensure qualities that cannot be acquired through using generic or alternative brands. In most cases, brands are illustrated to depict an individuals preferred lifestyle. Product branding caters to products alone, whereas corporate branding is the scheme of utilizing the name of the company to represent a certain product or service (de Chernatony 1999 de Chernatony 2001). Products are manufactured in warehouses and factories, but brands are what consumers are after. Consumers keep back purchases to take hold of a products statement and the distinction of one product from another, as personified through brands. Products can be identical and it can be seen in any shop, but the incorporation of a specific brand gives a product a personal touch that would be severe for competitor s to imitate. Though products can be outdated, brands that are successful are always cherished by its loyal customers. In branding, it is imperative for the presentation and the package to sense of smell its best. It is not necessarily grandeur, but it depends on the statement that the firm wants to communicate about the product. It is important that all the necessary details and information are presented to the hindquarters market (Olins 2000). In the market, there are a lot of products that claim to be the most efficient, ideal, and best to be purchased and used by consumers. Each has its have qualities and features. The most effective way to