Marketing In the News- Katherine R

The article I have chosen to speak on is on luxury brands and how they struggle to market by making the mistake of spending more on the way they market than anything else. I myself have grown up loving to see all sorts of new fashion but when I see all of these luxury items I see how they are marketed so effortlessly yet I don’t know how the company makes it look like this. This may be a way of influencing very well since so many people want these things yet only most rich people can afford them. If everyone wants something, so should you, right???.... Although it may seem like luxury brands have done their job right by marketing in certain ways, it is not always the case. That is because in this article it clearly speaks on all the money brands spend in order to be well known. This could have been a good use of their money but if items don’t sell, then it was really all for nothing and millions of dollars gone to waste. A great way that luxury brands see a way of promoting is paying millions of dollars to very well known models and celebrities. Their job is to promote that item to then be seen by many since they are so famous and have many potential buyers. Our brains can play so many tricks on us and it has been seen that people want those items because they want to look like the model or be recognized like them. That then leads to people spending a lot of money on these products that the brand produces. The problem seen here is that some luxury stores these days are not as recognized. Their way of promotion is not working anymore and it has been a struggle for them to find new ways to show off their new products. This is a terrible issue for these brands because it explains in the article how if their items aren’t sold a lot of times they can’t even go on sale since they are luxury and they want to maintain the reputation of “only rich people can have this” mentality. If you saw just anyone with a Gucci purse, the brand itself would be considered “luxury” or “high end” any longer. This is the reason why these luxury brands can’t even try to find easier ways to make that money back. It just isn’t possible since they are the ones who are promoting having so much money to make and afford these high end products. A recent company who is struggling with this issue is actually “Gucci”. This brand had its good selling years back in 2016-2018. Now it has died down and even celebrities and models have moved on from shopping at that store because it just isn’t “trending” any more. Fashion moves with time and the luxury management must keep up in order to continue being successful as always. My career aspirations are to work within this field and it is very interesting to see how fast and challenging it can be to promote such a well known brand with a very specific target market. This is becoming a bigger and bigger issue and something I would do in order to start reducing this issue is starts promoting to a different target market. I don't think lowering the prices would help but if these items were changed in style and started to be promoting to older people that are financially stable and can afford more expensive things. I would start by slowly adding promotions on Facebook or Instagram since both social media platforms are used daily by many adults. Seeing how that takes off I believe could start to help.

How this relates to what we are currently speaking on this week is how companies want to have that customer interaction in order for the customer to feel welcomed and want to continue buying there. It is all about how it is promoted and how it is seen in the end.

Article Reference: https://www.wsj.com/articles/luxury-brands-spend-more-on-marketing-defying-economic-uncertainty-11663188879

Article Brand Mention: https://www.tesla.com/about