The compromise effect in our decision making
Most consumers in developed and emerging markets are now facing an interesting choice making dilemma. It’s the dilemma of plenitude. This relates to most purchase decisions which includes a wide spectrum of products and services from buying corn flakes (a fairly low ticket item) to a car (a fairly big ticket item) and even the
- Published in Blog
Thriving on consumer irrationality
It has been well-established in psychology literature that consumers are highly irrational in most of their decision making. Moreover, Daniel Kahneman (the Noble laureate) and Amos Tversky (who would have also won it if he didn’t die in 1996) have shown using various experiments throughout their research career that we as consumers are very poor
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Announcement: 2011 MAG Scholar Conference
For those of you who are researching the Asian economies, this is an interesting chance to participate in the debate. The ‘Marketing in Asia Group’ (MAG) is organizing the 2011 MAG Scholar Conference in Christchurch, New Zealand. MAG consists of more than 400 researchers from all over the world and this conference will be a
- Published in Latest Qs & Reviews
What is luxury?
When joining the ‘luxury society’ group, one of the interesting questions they asked was to provide your own definition of luxury. My response to that was “luxury is a state of mind. It is about how you carry yourself and fulfil yours as well as others desires”. My idea focused on the issue of luxury
- Published in Blog, Luxury marketing
IPL & Youtube: The new strategic online revenue model
In this post, I want to focus on how a completely new and highly strategic internet marketing revenue model has been created by the brains behind Indian Premier League (IPL). Image via Wikipedia Most of the readers of this website I believe are aware what is cricket? It is a game of umpteen nuances and
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The local dimension of luxury
Recently, I was re-reading the book ‘luxury brand management’ wherein the authors – Chevalier and Mazzalovo – suggest three criteria to classify a luxury item: (a) strong artistic content; (b) unique craftsmanship and (c) international reputation. While I agree that the artistic content and craftsmanship is what differentiates most luxury product and brands from non-luxury,
- Published in Blog, Luxury marketing, Podcasts
Massification of Luxury: the Chinese Invasion
Analysts world over have been writing about luxury consumption among the Chinese consumers. Few have also discussed the issues of Chinese luxury brands aimed at global consumers including ‘Shanghai Tang’ and ‘LaVie’. However, there is little discussion on how slowly but steadily Chinese entrepreneurs are acquiring or taking over Western luxury brands. This post is
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Status (luxury) consumption in cross-national context: Managerial implications
In my earlier post ‘Status (luxury) consumption among British and Indian customers’, I discussed the theoretical implications relating to one of my recently published study in the International Marketing Review. In this post, I am going to focus on the managerial implications. Image by minxlj via Flickr To briefly summarise the study, it focused on
- Published in Blog, Luxury marketing, Podcasts