FACTORS OF BRAND PREFERENCE

1 Brand preference………………………………………………………………………5 2. 2 Luxury fashion brand…………………………………………………………………. 3 The theoretical model…………………………………………………………………5 2. 1 Advertising/media……………………………. 2 Social comparison……………………………………………………………. quiet shoppers…………………………………………………………. 3 Personal values………………………………………………………………………. 4 Fishbein’s model……………………………………………………………………. MANAGERIAL IMPLICATIONS………………………………………………. 1 Advertising…………………………………………………………………………. From the results, the recommendations on theories and managerial implications are drawn. INTRODUCTION Many customers love luxury brands because they are attached to style and status. Luxury goods are priced highly than any other normal goods which customers can use to derive their utility. In economics, the demand for the luxury goods increases with the increase in the price. Luxury goods preferences are affected by internal and external factors. This topic is important because it explores the relationship between personal and external factors and how they will affect the brand preference. According to Seo and Oliver (2015), luxury brands have outstanding social-cultural and individual meanings which have shaped the culture, social and external trends.

Also, according to the report compiled by D’Arpizio et al. , (2017), there was a growth of 5% of luxury market in 2017. This was facilitated by the sales growth of luxury cars, high-end food and wine, and luxury cruises. Therefore, brand preference is an internal response after interacting with the brand and the customer gets a pleasant experience with the brand. Brand preference can be used as a measure of marketing activities such as advertising, personal selling, product promotions, distribution strategies, customer experience, product development, word of mouth marketing and internet marketing. In addition, it can be used to measure brand performance and strength. It also helps businesses to comprehend customer choice and behavior (Ebrahim et al, 2016). Hence, brand preference shows the loyalty of the customers and good marketing techniques 2.

Online marketing can be done by the use of the company’s website or other websites, web pages, emails and social media platforms such as Facebook, Twitter, LinkedIn, and Snapchat (Dahlén, & Edenius, 2007). Other companies can advertise their product through advertising agencies. However, whichever the company, agency or advertising medium, it must adhere to ethics. Ethical considerations take measures on the effects on the lives of the consumers and the society in general (Hyman et al, 1994). The major aim of advertising is to influence the buyers by persuading them to buy the company’s product. In a study done by Gogey et al (2016), 845 luxury brands of Chinese, French, Indian and Italian customers were assessed in the social media. The study analyzed the impact of social media marketing and the brand preference and customers’ loyalty.

It was found out that social media offers entertainment, interactions, tailor-making and word of mouth advertising. Also, the efforts placed on the social media advertising have a positive influence on brand equity, brand awareness and brand image. In order to increase brand equity to the customers, companies should create ads which recognizes the income level and the social status of the customers. Another study produced mixed results when analyzing the social status of individuals and their preference on luxury products. In India, high status individuals purchase luxury products while in the U. S, low status consumers are willing to buy luxury products (Pino et al, 2017). Social comparison can be viewed from the lens of the expectation of success and the urge to make sacrifices and work hard to achieve high standards.

This is made in reference to other people in the society (Mandel et al, 2006). It portrays a message and creates dialogue with the customers. Therefore, it motivates the customer to desire for the brand and excitement and fun and hence it gives a good experience to the customers (Sturman et al, 2011). Siitonen (2017) added that brand imagery can be explained from the views of the customers. Customers perceive the brand imagery according to their experience with the brand. The brand imagery needs to be protected because customers experiences diverse changes in the marketplace. The study sought to identify whether different customers have different memorable experience on a given product brand. A memorable experience is seen as a feeling or a behavioral response towards the brand’s identity, packaging, communications and the internal and external surrounding.

Satisfaction, trust and loyalty are affected by the user experience (Sahin et al, 2011). The consumers of luxury brands want a customer experience of fun, convenience, elegancy and opulence. In addition, Lettas (2017) recommended that the marketing strategy of luxury brands creates a customer experience through heritage, time, craftsmanship, and prestige and being fashionable. , & Williams, 2009). The study found out that 88% of wealthy consumers give their preferences. Hence, companies develop customer valued and good web experiences in order to promote consumer aspirations. The success of luxury brands in the market has been associated with increase of income and a growing wealthy class in many developing countries. However, consumer aspirations are internally generated (Truong, 2010). According to Keller (2017), companies use popular celebrities and prestigious events to promote their luxury brands.

This has an effect on the brand image. Popularity and influence can be viewed from the lens of the attached popularity the brand has and its target luxury shoppers. Customers will, therefore, aspire to use the product because of its associated popularity in a given class of consumers (Tynan et al, 2010). Porter, & Claycomb (1997) noted that the popularity of a given luxury brand influences the consumer’s perception. Marketing strategies will create the brand image of the luxury brand. The image creates identity, attraction and awareness of the luxury brand. Use of popular celebrities and events will also influence brand image (Hoffmann & Coste-Manière, 2011, p. Kent & Brown (2009) echoed the sentiments and added that the brand image can be shown via luxury flagship.

It is a show case to the brand and promotes its image. The purchasing trends have become unpredictable due to the middle class luxury shoppers who are emerging in the market. Companies are always looking for ways of adapting to these trends in the market and create a favorable customer experience which will translate to brand preference. RECCOMENDATIONS ON THEORIES/MODELS The results of the literature review is intended to help the luxury fashion brand companies on how they are supposed to market and reach a wide audience to buy their brands. Luxury brand preference is affected by many factors. 1 Personal factors vs. 4 Fishbein’s model Fishbein’s model has been used to understand consumer’s beliefs when choosing a given brand.

The beliefs can be different or identical. That is why companies should value their brands based on the integration of these beliefs and design a new luxury brand with combined characteristics and identified unfulfilled needs of what different customers belief in. This will increase brand preference (Hsu & Lu, 2007). MANAGERIAL IMPLICATIONS 4. They should also increase the customer’s engagements e. g. through constant communications in platforms such as Facebook. CONCLUSION The competitive nature of the market environment has prompted the need for the firm to establish trends and factors which promote their product brand preference. This is influenced by the internal and external factors.  Journal of Current Issues & Research in Advertising, 29(1), 33-42. D’Arpizio, C. , Levato,, F. , Kamel, M. , & Montgolfier, J. , Ghoneim, A.

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