A Study on Luxury Car Branding and Influencer Marketing

Strategies of brand preference are used to measure the impact of marketing on consumers and prospects. Brand preference is correlated with revenue (sales) and company health. Copy testing, brand lift, and brand value leverage brand preference data in marketing. to study luxury car brand preferences in one area. In this MBA project report, we explore relationship between luxury branding and influence on marketing of car brands utilize the social media influence.

Friends and family usually influence luxury car purchases. Respondents said high-end cars should be safer. Brand names also influenced respondents’ car choices. Luxury cars must have comfort, safety, interior design, and outside design. Western Hemisphere developed countries have conducted most luxury brand research. This may result in socioeconomic and cultural models unique to certain nations. The paper proposes a paradigm for emerging countries that are becoming more important due to globalization.

Hypotheses are put to the test with factoring and structural equation modeling. The study found a link between expensive things and how people think. Cognitive traits are the most important, followed by external traits, and then by intrinsic traits. The results show that luxury brand ideas can come from three things: the features of the luxury product, the psychological traits of the consumer, and the way the consumer’s mind reacts to the luxury product.

The findings describe luxury brand architectures and the best brands in connection to symbolic consumption. Managers and branding strategists would want to execute findings in brand situations.

Keywords: Luxurious Cars and brand preference, Luxury Brand, Luxury Product, Brand Personality, Consumer Behavior, Brand Strategy, Social-media influence.

INTRODUCTION

Marketing experts have been studying how people buy expensive brands for a long time. Most of the study has been done in richer countries in the West, and the models may not account for market factors that are different in developing countries that have not yet been studied. Marketers have a hard time understanding how different cultures see brands. Luxury businesses study their current and potential buyers all the time.

Professors of marketing have been studying how people buy expensive brands for a long time. Most of the study has been done in the developed Western countries. So, models might show things about these businesses that haven’t been studied in depth yet, but that are very different in developing countries. Marketers have had a hard time figuring out how different countries see different things.

Luxury Product and Brand Strategy

Luxury goods firms typically study their present and prospective customers. This requires understanding of how consumers feel about the brands they offer and the feelings and emotions that different types of buyers connect with luxury items. Despite serving practical needs, consumers associate luxury with upscale, outstanding taste, exceptional quality, high status, etc. Luxury brands convey social and cultural values to clients via their products and services. It determines their relationship with the brand and their social status.

Brand relationships, including how they are established and how they may be altered by a brand disruption, are becoming more relevant topics. Loyalty ties are more significant than intimate bonds because they help sustain the relationship via proxy quality. Brand loyalty delivers customers value via replacement standards, similar to how loyalty adds value to personal relationships. Given the financial and social rank differences across civilizations, luxury items may be desired for a number of reasons. Thus, the research of consumer luxury brand relationships seeks to understand how luxury brand social media influence interactions affect consumers’ life priorities.

OBJECTIVES

• To conduct research on the Consumer Brand Preference of Luxury Automobiles, with specific focus on the city.
• The purpose of this study is to determine the elements that lead people to purchase luxury brand automobiles.
• To determine whether or not a certain brand name has a greater effect than others within the same price range as automobiles.
• To determine the primary characteristics of a luxury vehicle from the point of view of a customer.

LITERATURE REVIEW

Luxury buyer psychology research. This study seeks to identify the characteristics that motivate people to buy luxury goods, characterize them, and connect them to luxury products’ values. The research will also show how psychology affects luxury goods purchases. Hypotheses and focused groups provided data for the study.

This study supports other research that links luxury goods consumption to social integration, elitist group membership, consumer ethnocentrism, and vanity. A focus group research found that individuals who don’t purchase luxury things do so for practical reasons and think common products are just as excellent. Non-luxury buyers showed this behavior and belief.

Consumers and marketers use more words to describe luxury products than everyday ones. Because abstract product descriptions cost more than concrete ones. Although individuals in many corners of the world acquire luxury products for diverse reasons, they tend to have the same features. This may help place luxury items on a national or regional scale, but it won’t assist define luxury goods globally.

CONCLUSION

Consumer research help companies create marketing strategies that encourage people to purchase their products which helps to utilizing social media influence. A business’s marketing plan’s success depends on customer response. Marketers must study what, where, when, and how customers buy goods and services to find out what makes them pleased.

By understanding the following traits, marketers may predict client responses to different marketing approaches. This information helps firms compete in the market, which improves customer happiness.

Customer satisfaction with retail service should be a means, not an end. Branding strategy should prioritize consumer loyalty. If they exclusively focus on product attributes, they’ll have great brand awareness, but consumers won’t buy more, therefore the firm won’t grow sales.

Relationship between Luxury Branding and influencer Marketing of Luxury Car Brands

So, there needs to be study on this new area to figure out how it can grow by looking at changes and problems. Poor infrastructure, a lack of shopping hubs, high tariffs, a lack of logistical support systems, and strict FDI rules will continue until macro-level solutions are found. In this MBA project report, we try to explore relationship between luxury branding and influence on marketing of car brands. Market players, both now and in the future, will learn how to use different ways to solve problems.

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