Words of Wisdom:

"bit** is not profane" - Rahul

Strategic Marketing

  • Date Submitted: 03/26/2013 01:53 PM
  • Flesch-Kincaid Score: 56.5 
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There is a market for every product or experience, whether upscale luxury brands or the frugality concept. Frugality is not a new concept; it is just being introduced in a broader arena than before and maybe more in the western world. During the world wars, when resources were scarce, this concept was practice as it boiled down to survival "hanging your hat where you can reach it". Today, it has moved from a survival skillset to a combination of other things, such as life style, environment and responsibility. With all other aspects being incorporated, it is to be economically competent with the components of our needs and wants. We need soap, toothpaste, washing soap and want smart phones, computers, among others things, that is the base of the need or want, however the concept frugality will determine the brand we by acquire, most times it will be generic base on this concept.
The beauty about frugality is, once in constant practice it becomes a secondary reflex, in some culture it is a way of life, e.g. Germany. This do not mean that there is no room for upscale luxury, as humans we crave luxury but often we are not able to pay for it, but the niche market for luxury exist, which includes high quality and cost. Frugality landscape is on the rise, due to changes in our consumption patterns, however the output of upscale brands being introduce and marketed are not on the decline which strengthen the fact that there is a market for every product or experience. Some of these areas are leisure travel, five stars dining, fitness and technology as wealthy consumers will purchase luxury items because of their integrity, enjoyment, value, lifetime guarantee and free alterations or repairs.
If frugality is paving the way? There are hybrids to this concept in order for luxury to compete with itself, prices will differ, and product will take new shape, to standout. Both can exist in the same space but there reference groups will differ and the hybrid is created to capture...


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