Luxury fashion theory, culture, and brand marketing strategy

Eunju Ko, Arch G. Woodside

Research output: Chapter in Book/Report/Conference proceedingChapter

Abstract

This article describes the core tenets of fashion marketing theory (FMT) from the perspective of economic psychology. The study here is unique and valuable in proposing empirically testable hypotheses that follow from FMT and in describing evidence from available literature testing these hypotheses. The core tenets reflect the view that impactful fashion marketing moderates the relationships among price and consumer demand for the firm's offering (i.e., brand) by psychological customer segments, and subsequently firm profitability. Relating to fashion marketing, ''psychology'' in ''economic psychology'' includes the influences of chronic desire for conspicuous consumption (CC) and desire for rarity as relative human conditions, that is, humans vary in these desires; consumers relatively very high versus very low in these desires are more prone to enact conspicuous choices whatever the price level of the object or service. Consequently, different pricing points (decisions) that maximize profitability vary considerably for product designs which are positioned high in CC and rarity directed to customers very high in chronic desire for CC and rarity versus product designs which are positioned low in CC and rarity directed to customers very low in chronic desire for CC and rarity.

Original languageEnglish
Title of host publicationLuxury Fashion and Culture
EditorsEunju Ko, Arch Woodside
Pages1-14
Number of pages14
DOIs
Publication statusPublished - 2013 Sep 27

Publication series

NameAdvances in Culture, Tourism and Hospitality Research
Volume7
ISSN (Print)1871-3173

Fingerprint

luxury
rarity
marketing
psychology
marketing theory
customer
product design
profitability
firm
price level
hypothesis testing
economics
pricing
consumption
Marketing strategy
Luxury
Conspicuous consumption
Fashion marketing
demand
evidence

All Science Journal Classification (ASJC) codes

  • Social Sciences (miscellaneous)
  • Tourism, Leisure and Hospitality Management

Cite this

Ko, E., & Woodside, A. G. (2013). Luxury fashion theory, culture, and brand marketing strategy. In E. Ko, & A. Woodside (Eds.), Luxury Fashion and Culture (pp. 1-14). [17083036] (Advances in Culture, Tourism and Hospitality Research; Vol. 7). https://doi.org/10.1108/S1871-3173(2013)0000007004
Ko, Eunju ; Woodside, Arch G. / Luxury fashion theory, culture, and brand marketing strategy. Luxury Fashion and Culture. editor / Eunju Ko ; Arch Woodside. 2013. pp. 1-14 (Advances in Culture, Tourism and Hospitality Research).
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Ko, E & Woodside, AG 2013, Luxury fashion theory, culture, and brand marketing strategy. in E Ko & A Woodside (eds), Luxury Fashion and Culture., 17083036, Advances in Culture, Tourism and Hospitality Research, vol. 7, pp. 1-14. https://doi.org/10.1108/S1871-3173(2013)0000007004

Luxury fashion theory, culture, and brand marketing strategy. / Ko, Eunju; Woodside, Arch G.

Luxury Fashion and Culture. ed. / Eunju Ko; Arch Woodside. 2013. p. 1-14 17083036 (Advances in Culture, Tourism and Hospitality Research; Vol. 7).

Research output: Chapter in Book/Report/Conference proceedingChapter

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Ko E, Woodside AG. Luxury fashion theory, culture, and brand marketing strategy. In Ko E, Woodside A, editors, Luxury Fashion and Culture. 2013. p. 1-14. 17083036. (Advances in Culture, Tourism and Hospitality Research). https://doi.org/10.1108/S1871-3173(2013)0000007004