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University of Arkansas, Fayetteville ScholarWorks@UARK Marketing Undergraduate Honors Theses Marketing 5-2016 Evaluating the Perception of Luxury Brands in Today's Marketplace and the Impact of the Digital Age on these Brands Mary M. Turner University of Arkansas, Fayetteville Follow this and additional works at: http://scholarworks.uark.edu/mktguht Part of the Advertising and Promotion Management Commons, Fashion Business Commons, and the Marketing Commons Recommended Citation Turner, Mary M., "Evaluating the Perception of Luxury Brands in Today's Marketplace and the Impact of the Digital Age on these Brands" (2016). Marketing Undergraduate Honors Theses. 27. http://scholarworks.uark.edu/mktguht/27 This Thesis is brought to you for free and open access by the Marketing at ScholarWorks@UARK. It has been accepted for inclusion in Marketing Undergraduate Honors Theses by an authorized administrator of ScholarWorks@UARK. For more information, please contact [email protected]. 1 EvaluatingthePerceptionofLuxuryBrandsinToday’s MarketplaceandtheImpactoftheDigitalAgeontheseBrands Anhonorsthesissubmittedinpartialfulfillmentoftherequirementsforthedegree BachelorofScienceinBusinessAdministration By MaryMarjorieTurner SamM.WaltonHonorsCollegeofBusiness Fayetteville,Arkansas Marketing,2016 May2016 UniversityofArkansas 2 Abstract “Inspiteoftheglobalrecession,luxuryseemstobeeverywhere.Luxuryisatermthatis routinelyusedinoureverydaylife:apromiseofdecadenceandadreamofanexclusive lifestyle,akeycomponentofmarketingmanagementandataglineincommercialsand advertisingcampaigns…However,whatdoesluxuryreallymean?Theonlyconsensuson themeaningofluxuryisthatthereislittleconsensus”(Hennigsetal.3).Foranindustry thatoncepresenteditselfassoexclusiveanddefinitive,itishardtobelievethereis suchuncertaintyindefiningthismarket.Muchofthisambiguitycanbecontributedto theimpactofglobalizationandconglomerationthatpreviouslyimpactedtheeconomy, aswellastrendsinbrandandproductextensions.Regardlessofhoworwhythis industryevolved,adefinitiveconsensuscanbemadethattheluxurybrandindustryis differentthanitoncewas.However,asonecanimagine,theunderstandingof consumers’perceptionsregardingluxurybrandsiskeyforcreatingappropriate strategies.Consumers’varyingperceptionstowardsluxurybrandscreatesmany questionsinregardstowhattraitortraitsreallydefineabrandas“luxury”.Isitthe price,thequality,thebrand’shistoryorsomeotherindicatorthatidentifiesabrandasa luxuriousonetoconsumers?Furthermore,theretendstobehypocrisyinconsumers’ perceptionstowardsluxurybrands.Inregardstoconsumers’attitudestowardsthe conceptofluxury,TheJournalofBusiness&EconomicsResearchclaims“theyare ambivalentacrossandwithinconsumers,asconsumerbehaviorisinconsistentwithselfreportedattitudes,asconsumerscan’tunderstandtheirowncontradictions” (Stegemann61).Inadditiontomarketers’struggletounderstandwhatconsumers perceiveasaluxurybrand,theimpactoftechnologyandthedigitalagehasonly enhancedthesubjectmatter.Luxurybrandsthatoncepridedthemselvesonpremier customerserviceandprovidingasortof“white–glove”experiencefortheircustomers, mustbeflexibleandacceptingintheirmarketingstrategiesorfacethefearof abandonment.Theconsumeroftoday’sworldnotonlyviewsluxurybrandsdifferently butalsoshopsdifferently.Instantgratificationisaconceptthathasbecomeprevalentin consumersbuyinghabitsandmustbenotedbymarketers.AstheEuropeanFinancial Reviewrecognizes“Luxuryiseverywhere”,andthefactofthematteristhatthese luxurybrandsmustcometotermswithtoday’sworldofE-commerce(Hennigs2).Itis necessarytounderstandhowconsumersviewluxurybrandsaswellastheirroutine purchasehabits,becausetheseperceptionsandpreferenceswillbeessentialin establishingmarketingstrategiesthatensureloyalcustomers. Thishonorsthesisisapprovedforrecommendation. FacultyAdvisor: SecondReader: JohnW.Cole Dr.MollyRapert Instructor AssociateProfessor DepartmentofMarketing DepartmentofMarketing **signature** **signature** 3 Acknowledgements IwishtoacknowledgethefacultyandstaffoftheUniversityofArkansas.Inaddition,I wouldalsoliketogratefullyextendmyappreciationtothefacultyandstaffofthe respectedSamM.WaltonCollegeofBusiness.Itisthroughtheirdedicationand commitmenttoteachingthatIhavebeenabletoexcelacademicallythesepast4years. Inparticular,Iwouldliketoexpressmysinceregratitudetomythesisdirector,John Cole,aswellasmyaccompanyingadvisor,Dr.MollyRapert.Theyhaveofferedtheir valuablesuggestionsandconstructiveguidancethroughoutthisprocess.Notonlyhave theysupportedmeinthisendeavor,butalsotheirleadershipstylesandsincerepassion towardsteachinghaveinfluencedmemorethantheywilleverknow.Theydisplaya truecompassionfortheircareersandtheirapproachablenaturehasimpactedme indefinitely.Iamgenuinelythankfulfortheirsupportandencouragement,andstrongly believethattheyhavecontributedtomysuccessatthisuniversity. 4 Introduction Luxurybrandsundoubtedlyplayapivotalroleintoday’smarketplace,andthe marketingstrategiesforthesebrandsarecontinuouslychangingwiththegrowthof technology.Althoughitisimperativethatthesebrandsareflexibleintheirways,the constantadaptationsbroughtonbythedigitalagehavemanybrandsquestioningthe appropriateapproach.Familynamesandlonghistoriesareassociatedwithmanyof thesebrands,whichhasthemfacingthefearthatevolvingstrategiescouldpossibly degradethevalueoftheirbrandnames.However,thesechangesareinevitabledueto thenatureoftoday’sconsumer.Theconsumeroftoday’sworldisnotthesame consumerthatexistedwhenmanyofthesebrandnamesevolved.This“newconsumer” livesinaworldwhereinformationisaccessiblewiththetouchofabuttonand exceptionalcustomerservicecanhavevariousmeanings.Whenevaluatingthe perceptionofluxurybrandsandtheimpactofthedigitalageonthem,itisnecessaryto examinethetruemeaningofa“luxurybrand”.Theperceptionofluxurybrandswidely variesdependingontherespondentandhasbeenextensivelyresearched. TheJournalofBusiness&EconomicsResearchgoesasfarastosaythat“theconceptof luxuryiscomplex,asitissubjectiveandprimarilybuiltonconsumerperceptions,asthe meaningofluxuryisdeterminedbypersonalandinterpersonalmotives”(Stegemann 59).Therefore,theelusivedefinitionofluxurybrandscreatesaninterestingscenarioto explore;whilesomeconsumersviewtheworldofluxuryproductsasonethatdemands respectforthequality,time,andaestheticsinvolved,othersviewthisworldasexcessive andimplausible.Furthermore,theuncertaintyassociatedwiththedefinitionofaluxury brandscreatesanargumentforhypocrisyandconfusion.Forexample,thegeneral populationmighthearthename“RollsRoyce”or“Gucci”andimmediatelythink negativelyaboutthosebrandsorthepeoplethatwillspendmoneyonthoseproducts, butisthatassumptionfairwhenapproximately“1in4adultAmericansownaniPhone” (Elmer-DeWitt1).Whyisitthatsomebrandsnamesconnatethisnegativeattitudefrom consumersyetowninga$600mobiledeviceiscompletelyjustifiable?Throughample researchanddatacollection,Iwanttodiscoverwhatpeopledefinealuxurybrandas andwhyperceptionsdiffersodrastically.Isitindicatorssuchasthepriceoftheproduct, thehistoryofthebrand,ortheexclusivityofbeingcapabletopurchasetheitemthat leadconsumerstoidentifyabrandasluxurious?Furthermore,Iwanttodiscoverhow technologyande-commercehascreatedadifferenttypeofconsumer,andhow marketersmustbeabletoquicklyadaptinordertoensurefinancialstability.The purposeofmyresearchis(1)tobetterunderstandtheperceptionofluxurybrandsin today’smarketplace,(2)toanalyzetheluxuryconsumeroftoday’sdigitalworldandthe changeinconsumerbehavior,(3)andtoanalyzetheflexibilitythatisimperativefor luxurybrandstoacceptregardingfutureappropriatemarketingstrategies.Thisanalysis canbeusedtorecognizetheoverallroleofluxurybrandsintodays’digitaleraandhow understandingthecurrentconsumerisnecessarytodeterminetheaccuratemarketing strategiesforthesebrands. 5 Theme1:ThePerceptionofLuxuryBrandsinToday’sMarket Uponreviewingcreditedonlinesourcesandpublishedliterature,Icollectedavast amountofinformationfromavarietyofsourcesinordertodetermineluxurybrands overallroleinthemarketplace.Whendoingso,Ideterminedthatitwasalsonecessary toelaborateontheambiguityassociatedwiththeworldofluxurybrandsandthe differentconnotationsassociatedwiththeconcept. Theworldofluxurybrandsisnotsomethingnew;infact,manyluxurybrandshavebeen aroundforover100yearsandembodyFrenchrootsandalonglineoffamilytradition. Theluxuryindustrywasestablished“withitsfocusonartandaesthetics”butdrastically changedduetotheeffectsofglobalizationandmarketconditions(Stegemann59).In ordertocompletelyunderstandtheindustry,thewordluxurymustbeevaluated.“The originoftheworldluxuryisderivedfromtheLatinwords“luxus”and“luxuria”. Accordingtodictionaries,luxurycompareswithextravagance,opulenceandrankness. Thewordluxuryshouldhaveapositivevalueofsplendortoit.However,ittakesonthe negativemeaningofdecadencewhenusedinassociationwith‘private’and‘excess’, andputintoasocialcontext”(Stegemann59).Itisevidentthatpriceandexclusivityare commonlyassociatedwithluxurygoods,whichtendstoresultintheautomaticcreation ofspecificgroups,thosewiththeproductandthosewithout.Itistheneasytoseewhy manyluxurybrandsacquirethisnegativeappearancebyyouraverageconsumerwhois unabletopurchasetheseproducts. However,inmyinitialresearch,Ibegantoquestiononwhatbasisconsumerscriticize certainluxurybrandsandnotothersandnoticedsomehypocrisythroughoutthe differentsources.Idobelievesomeofthisnegativityanduncertaintyresultsfromthe factthat“bytradition,individualsconsumeluxurygoodsbecauseoftheirdesireto differentiatethemselves”(Stegemann60).Inanearliertimeperiod,socialclasseswere separatedanddefinedbywhatluxuryproductstheycouldownorconsume.Yet,Ithink itisimportanttounderstandthat“inthe80s,luxurygoodsthatusedtobelongtothe upperclassbecamevisible,recognizable,andaccessibletothepublic(Stegemann60). Theluxurygoodsindustryhadsignificantgrowthandtheentireclienteleexpanded. Withthisgrowth,the“newconsumersopposedthetraditionalostentatious consumptionofluxurybrands,andweremoreoccasionalandselective,andcarefully evaluatethevalueofabrand”(Stegemann60).Thisnewclienteleandexpansionnot onlychangedtheluxurymarketfromthebusinesssideofthings,butitalsocreated somewhatofa“greyarea”fordefiningluxuryproducts.Manyconsumersseetheluxury marketinsuchanegativelight,butthecontinuousgrowthofthismarketiswherethe focusshouldlie. Itisnodoubtthattheluxurybrandindustryoncerepresentedanexclusiveclientele,but Ithinktheiroverallpresenceintoday’smarketplaceisnoteworthy.Furthermore,I believethatconsumersshouldnotonlyappreciateanygrowththatpositivelyimpacts theeconomy,butIalsobelievetheyshouldevaluatetheirbuyinghabitsbeforemaking 6 negativeassumptionsaboutluxurybrands.OnceagainIwillmakeacasewhereI questionwhyitisacceptableforamaletopurchasea$300signedfootballjersey,buta female’spurchaseofarecognizeddesigner,sayaPradabagisignorant.Isn’tthefemale goingtogetdailyuseoutofthepursebutreallyhowoftencanthemalewherehis footballjersey?Peopleshouldfocustheirattentiononthe“unprecedentedgrowthof theluxurysectorfromavalueofUS$20billionin1985toitscurrent$180billionworth” andwhatthismeansforthefuture(Okonkwo287).Peoplecanholdnegativeopinions aboutluxurybrandsandtheirconsumers,butclearlythisindustryisnotgoinganywhere andisn’tanyeconomicalgrowthapositiveimpact?GranbyMarketingstatesthat “luxurybrandsareknownfortheirquality,serviceandstylewithproducts”but regardlessofthemanytextbookdefinitions,Ifoundmyselfcontinuallyrecognizing uncertaintyamongsourceswhendefiningabrandasluxuriousornot(Granby Marketing).Furthermore,Ibelievethattoproperlymarkettotoday’sconsumer, understandingiftheconsumerperceivesyourproductasluxuriousornotisessential. Withthebeforementioneddiscussionasmotivation,IdecidedthatIwouldconductmy ownresearchandtrytogathercollege-agedstudentsperceptionsonluxurybrands.The college-ageddemographic,mostlyconsistingofmillennials,havenotonlygrownupin thedigitalagewhereinformationisavailablewithinseconds,buttheyarealso approachingthejobworldandholdagreatdealofpurchasingpower. Theme2:TheLuxuryConsumerofToday’sDigitalWorld Whenevaluatingtheroleofluxurybrandsintoday’smarketplace,theimpactofthe digitalageandtechnologyisparamount.ItissafetosaythattechnologyandEcommercehaschangedalmosteverybusinessindustry,buttheeffectoftheseonthe worldofluxurybrandshasbeenveryunique.Consumerbehaviorhaschanged drastically,withtheaverageshopperbecomingmoretechnologicallycapableandtime beingofupmostimportance.McKinseyGroupgoesasfarastosaythat“threeoutof fourluxuryshoppersownasmartphoneandabouthalfownatablet”(Dauriz,Remy, andSandri).However,forthelongesttimeintheworldofluxurybrands,theshopping experiencehasalwaysbeenthekeyinestablishingcustomersatisfactionandretention. “Itusedtobethataluxurybuyingexperienceinvolveddressingupandgoingintoa high-endboutiquetoconsultwithasalespersononwhattobuyandenjoyingaglassof champagnewhileitwasbeingcarefullywrappedupforyou”(Adams).Althoughthis luxurybuyingexperiencehasnotcompletelyvanished,ithasdefinitelyevolvedandis rarelythesinglesourceforthepurchasedecision. Anotherkeyelementtorecognizeintoday’sfast-pacedworldisthat“peoplewithlarge amountsofdisposableincomeoftenhavelowamountsofdisposabletime.Beingable toshopontheirscheduleandontheirterms(possiblyintheirunderwear)[turns]outto bemoreappealingthanhavingtoleaveone’shomeorofficetobuysomething” (Adams).Luxurybrandsoncebuilttheirentiremarketingstrategyonproviding exceptionalcustomerserviceandasuperbshoppingexperience;manytimesthese aspectswereasimportanttoconsumersastheproducttheywereselling.Althoughthe 7 digitalagehasimpactedconsumersineveryindustry,thestrugglearisesbecauseofthe longtraditionofserviceassociatedwiththeluxurymarket.Formanyyears“the pervasivebeliefwasthatluxuryshoppers,withtheirdiscriminatingtasteandpreference forhigh-pricedgoods,wouldn’tbuyexpensivethingsonline;theywouldalwaysoptfor thepersonalizedcustomerserviceandtactileshoppingexperiencethatmonobrand brick-and-mortarstoresprovide”(Dauriz,Remy,andSandri).However,thisbeliefhas changedandtechnologyhasnotonlycreatedanewwaytopurchaseluxurygoodsfor consumers,butithasalsobecomeasignificantsourceofinformationforconsumers. TheMcKinseyCompanyelaboratesonthisbyexplaining,“E-commerceisonlyone aspectofthedigitalopportunity.Ourresearchfoundthat40percentofluxury purchasesareinsomewayinfluencedbyconsumers’digitalexperience-forexample, throughonlineresearchofanitemthatissubsequentlyboughtoffline,orsocial-media “buzz”thatleadstoanin-storepurchase”(Dauriz,Remy,andSandri).Thisstatistic aloneportrayshowtheconsumeroftoday’sworldistechsavvyandinformationdriven andtheprioritiesthatonceweresoimportanttotheluxuryconsumerhaveshifted. Furthermore,animportantaspectoftheluxuryconsumertomentionisthecommon misidentificationthatisassociatedwiththistargetedgroup.Thisphenomenonfurther strengthensmypointabouttheelusivenessofthewordluxuryandshowsthe significanceofunderstandingtheluxuryconsumeroftoday’sworld.GranbyMarketing elaboratesbysaying,“Askalmostanyonetodescribewhattheybelievetobealuxury consumerandtheywillprobablysayamiddle-agedaffluentfemalewithalargenet worth-wrong!Infact,itsthismisidentificationfromluxurybrandsthatcoststhe50%of theirtopcustomersannually”(GranbyMarketing).Manyluxurybrandstargetthis“true luxe”customerwhoonlypurchasesluxurybrandswithoutregardstoprice;“however, therealityis,luxurybrandsarekept-a-floatby‘Momentsofwealth’customerswhosave toaffordspecificitemsand‘dressedforthepart’consumerswhopurchaseluxuryitems tomaintaintheappearanceofsomeonewholivesaluxurylifestylebutcannotbea ‘Trueluxe’consumer(GranbyMarketing).Itisimperativethatluxurybrandsunderstand theircustomerbaseanddonottakeforgrantedthese“momentofwealth”or“dressed forthepart”customers. Inaddition,thetechnologyoftodaymakesitincreasinglyeasyforcompetitionto outperformoneanother.Thisreasoniswhytheserviceofferedbyluxurybrandsisstill extremelyrelevant;thewayexceptionalserviceisprovidedmighthavechanged, nonethelessitisstillofupmostimportance.JazFrederickelaboratesonjusthowthe meaningofservicehasshifted;“Insteadofdrivingtoaphysicalstore,luxuryshoppers enjoytheconvenienceofhavinganitemdeliveredtotheirdoorstepwithinafewshort businessdays.Additionally,purchasingfromauthenticbrandsitesgivesshopperpeace ofmindknowingthey’rebuyinglegitimateitemsfromthebranditselfwithouthavingto worryaboutreceivingcounterfeitgoods.(Frederick).Thisfindingshowstherelevanceof understandingconsumers’perceptionsofwhatqualityserviceisintoday’sage.Inmy ownresearch,Iwanttounderstandthetopservicequalitiesthatconsumer’slookforin e-commercepurchases,andIwanttodiscovertheirroutinepathtopurchase.Ibelieve 8 thatcollege-agedemographicswillproveextremelyrelevant;Granbymarketing strengthensthisbystatingthat“thedigitalizationofluxuryisrapidlyevolvingas millennialsandyoungerconsumerbecomemoreaffluent;andwithmillennials accountingforapredicted30%ofretailsalesin2020.Therefore,thedigitalexperience shouldnotbeover-lookedastheyoungerconsumergroupscontinuetoseek technology-drivenproductsandexperienceswhichrequiresluxuryretailerstodeliver consistent,personalized,high-engagementinteractionsateverytouchpointonthe customerjourney”(GranbyMarketing). Settingthefoundationofmyresearchwithunderstandingtheperceptionofluxury brandsintoday’smarketplaceandcontinuingbylookingathowtechnologyhas impactedtheluxuryconsumerandtheirpathtopurchase,Isoughttounderstandwhat thismeansforcreatingtheappropriatemarketingstrategiesforluxurybrandsinthe future. Theme3:StrategicFlexibilityinMarketingLuxuryBrands Inaccordancetomydelineationofluxurybrand’sstrongpresenceintoday’s marketplaceandthedigitalage’ssignificanteffectsonconsumers,Inowwantto examinewhatthismeansforluxurybrandswhendevisingappropriatemarketing strategiesforthefuture.Aspreviouslymentioned,theluxurybrandmarkethas experiencedremarkablegrowthandresearchersdonotseethegrowthhalting. However,Ifinditinterestingthatmanyluxurybrandsarestillhesitantintheir acceptanceofastrongonlinepresence.PFSWebacknowledges,“eventhoughthe demographicofaffluentfamiliescontinuestogrowworldwide,theworld’stopluxury brandsonlyprovideE-commercesitestoapproximately45%ofleadingmarkets” (Frederick).Thishesitantacceptancecanbeexplainedbythefactthat“somebrands fearthatanonlinestorewouldtarnishtheirexclusivebrandimage,makingthemless “luxurious”toshoppers,orgreatlytakeawayfromin-storesalesandvaluedpersonal service”(Frederick).AlthoughIunderstandthereasoning,itisnowthatImakean argumentthatluxurybrandsmustbeflexibleintheiracceptanceofthedigitalageand understandthattheyarenotonlydealingwithdifferentclientelebutalsotechsavvy consumers.Withoutbeingabletoadjusttotheimpactofthedigitalage,luxurybrands willsuffergreatly.TimAndersonfromTheGuardianstatesitdirectandtothepoint, “Theriseofdigitalmarketingischangingthewayluxurybrandsengagewithcustomers, andtraditionalcompaniesmustembracewhatisnowpossibleintoday’sconnectedand mobileworldorbeleftbehind”(Anderson).TheJournalofBusinessandEconomics explainsthat“Foryearstheluxurygoodsindustryenjoyeditsexclusivepositioninthe marketandafairlystablemarketenvironment.Howeversupplyanddemandpatterns forthemarketforluxurybrandshavechangedconsiderablyduetoincreased competitionandcounterfeitedluxurygoods”(Stegemann59).Asmentionedbythese creditedsources,theexpansionofluxurybrandsintoglobalmarketsandthedigital createdanunavoidablechangeforthisindustry;Ibelievethatacceptanceofthisnew eraiskeyforthelongevityofluxurybrands. 9 Inadditiontopreviouslymentionedfearsregardingreducedserviceandatarnished brandnameuponacceptanceofthedigitalera,discussionhasaroseaboutthe substantialamountofmoneyinvolved.TimAndersonfromTheGuardianelaborateson someofthequestionsthatarosewhenanaudiencewasinvitedtojoinindustryexperts “todebatetherisksandcreativeopportunitiesforluxurybrandsenabledbydigital technology”(Anderson).Anumberofaudiencememberscontinuedtoquestionwhy theyshouldinvestindigitaladvertisingwhenthe“thereturnoninvestment(ROI)isnot asbigwithdigital?”Thepanelrespondedbystating“Youshouldlookatreturnon interactionratherthanreturnoninvestment”.Furthermore,“oneofthebenefitsof digitalmediaisthatitgeneratesdata,enablinganalyticsthatwerepreviously impossible.Itismoremeasurablethananyotherformofmediawedo,anditisnotjust abouthugereachnumbers,itisaboutcreatingengagement,understandingour customers’journeyandthendeliveringrelevantcontentalongtheway”(Anderson). ThisstatementcompletelyconfirmsmystrongfeelingsandpointthatIamtryingto prove.Thereisnothingluxurybrandscandotochangethedigitalworldoftodayor consumersbehaviors;therefore,theymustacceptthenewwaysandfindwhatstrategy worksbestforthem.AlthoughIunderstandthatitisnecessaryforbrandstounderstand thefinancialconsequencesofsuchastrongdigitalpresence,theconsumersthatthey needtofocustheireffortsonarethosewhohavegrownupinthisdigitalera. Furthermore,Ibelievemyresearchwillhelpstrengthenwhatthesecreditedsources havestatedaboutthereturnoninteractionbeingtheimportantelementtofocuson. Surveyresponsesfrommillennialsareidealforensuringtrustworthyanswersregarding shoppinghabitsandmarketingtacticsofthefuture. Furthermore,Iwantedtoextendtherelevanceofthisissuebyprovidingstatisticsand acknowledgingsomebrandsthathavealreadyseenthebenefitsofacceptingthenew digitalways.Avarietyofsourceshavemadeclaimsaboutthevalueofunderstandthe luxurysector,statingcommentssuchas“Inall,mostforecastpointstoagloballuxury megamarketjustwaitingtobetappedinto”and“Digitalspendinginluxuryhasreached historiclevels,thecorequestioniswhetherbrandsaregettingthebestoutofit” (Frederick;Angelic).AlthoughIunderstandluxurybrandsfearsofcompromisingtheir corevalues,Ibelievetheimportantaspectforthesebrandstofocusonisthatthereis hugegrowthintheirindustryandproperlyconnectingwiththeirconsumersisofpivotal importance.AForbesarticledescribesanoteworthyexampleofTheGucci’sbrand understandingandacceptingtheimpactofthedigitalworldontheirclientele.“A feelingofdisgustfellonthefacesofluxurybrandexecutiveswhentheysawtheirgoods soldviaonlineauctionsideeBayorAmazon-arguablytheworld’slargesshoppingmall. Thathoweverwasinthebeginning,andluxurybrandsarefeelingfriendliertoplaceslike eBayandAmazonbecausesalesnumbersprovetheirfearstobewithoutmerit.Gucci forexamplehasmadeAmazon.comtheirofficialauthorizedonlineretailer”(Adams). ThisbrandunderstandsthebenefitsthatAmazoncanprovidetheirshopperssuchas2 dayshippingandaccessibilitytoalltypesofproducts;Guccitookadvantageofthis forumandunderstandsthat“intheendconsumersarelookingforaneasywaytoget thethingstheywant”(Adams).AlthoughGucciunderstandsthebenefitsofusinga 10 third-partyretailer,theluxurybrandexperiencemustberecognizedateverystageof thepurchaseprocess.Granbymarketingclaims“theexpectedandrequiredcustomer serviceismuchhigherfromaluxuryretailer;fromin-storecustomerservicetoafter caresupportluxurybrandsneedtoliveuptoexpectationswhenitcomestocustomer service”(GranbyMarketing).Thisclaimdisplaystheimportanceofhowthedigitalage hascreatedanomnichannelapproachtosales.Whetherthecustomerisbuyingthe Guccipurseinstoreornot,theserviceandexperienceofthepurchasemustbecarried outinallchannels.Regardlessoftheluxuryproductbeingsold,brandsmustrecognize thatstrategychangeisnecessaryforsuccess. Inmyreviewoftheliterature,Idiscussedthevariousviewpointstowardsluxurybrands intoday’smarketplace.Ialsoexpressedtheimpactofthedigitalworldontheluxury brandconsumer,suggestingthatthisconsumerisnotthesameastheconsumerthat existedwhenmanyofthesebrandsoriginated.Icontinuedbyintroducingthe importanceofluxurybrandsinunderstandingthetechsavvyconsumeroftodayand howthesebrands’marketingstrategiesmustevolve.Basedontheinformationgathered andpersonalresponses,Iconductedasurveythatfurtheracknowledgeshow understandingluxurybrandsandtheirconsumersandacceptingthedigitalrevolutionis imperativetocreatingappropriatemarketingstrategies.Furthermore,theresponses fromcollege-agedstudents,mostlymillennials,willprovideinterestinginsightand perhapsrelevantcomparisonsduetotheeffectsofworldeventssuchastheemergence oftechnologyandthegrowthoftheluxurysectoronthisgeneration. ResearchMethods Inpursuanceofsuccessfullyanalyzingtheaforementionedthemes,myresearch incorporatedacomprehensivereviewofsecondaryliteratureaswellasaprimary researchsurvey.Ibeganmyresearchbysearchingforcrediblediscussionregarding perceptionsonluxurybrandsandfoundthatthistopichasbeengreatlydiscussedsince luxurybrandsoriginated.Myresearchrevealedthattherehasalwaysbeenadifference ofopinionamongconsumers’attitudestowardstheluxurymarket,andthateven individuals’psychologicalmotivesplayaroleinthisdiscussion.However,Iwantedto personallydiscoverpeople’sinitialthoughtstowardsthisparticularmarketsegmentin currenttimesandseeiftherewerespecificcharacteristicsaboutproductsandbrands thatmadeconsumersperceivethemeasluxurious.Inregardstomysecondtheme, thereisnodenyingthatconsumerhabitsandshoppingmethodshavedrastically evolvedduetothedigitalworld.Researchexplicitlyrevealedthatthereisnodoubta newconsumerintoday’sworld;however,thesearchforidentifyingluxuryconsumers seemedmoreelusive.Furthermore,seekingtoestablishtheexactwantsandneedsof theseconsumersprovedtobeaninterestingquestion.Idecidedthatsurveyingcollege studentdemographicwouldprovideauniqueperspectiveonperceptionsofluxury brandsandwouldupholdsecondarydataregardingthecurrentshoppinghabits.This particulardemographichasalsogrownupconcurrentwiththeriseoftechnologyaswell 11 astheenormousexpansionoftheluxurymarket.Inadditiontosurveyingthecollege studentdemographic,Ibelieveditwouldbeusefultohaveresultsfromolder demographicsthatwereaccustomedtotraditionalshoppingmethodsandknewaworld withouttechnology.Finally,Iwantedtofurtherexamineandprovetheimperativeness ofluxurybrandsacceptancetowardsthedigitalage,andtheirneedforflexibilitywithin theirmarketingstrategies.Thus,Icreatedasurveytoaddresseachofmythemes; overall,Iwantedmysurveytoanswerifandmorespecificallywhatcertainaspects influencedindividuals’perceptionstowardsluxuryproducts.Furthermore,Ihopedit wouldrevealessentialinformationthatbrandscoulduseinordertocreateappropriate marketingstrategiesthatwouldensuretheirfuturesuccess. Whenanalyzingtheresultsgatheredinmysurvey,theresponsesnotonlyproved beneficialinsupportingmysecondaryresearchbutalsoprovidedinterestingandnew findings.Iorganizedmyprimaryresultsaswellasmysecondaryfindingsinorderto properlysupportmydifferentthemes.Throughthesemethods,Iwilldivulgemy findingsandprovideinsightfulrecommendations. 12 Demographics Chart1 • 91%collegestudents • • • • • Seniors-32% Juniors-22% Sophomores-19% Freshman-21% GradStudent-1% =totalof239respondents • 36%male • 64%female • 91%18-24yearolds • 9%25+yearolds 13 ResearchResults: Theme1Results:ThePerceptionofLuxuryBrandsinToday’sMarket Thereisnodisputebetweenresearchersthattheluxurymarketsectorhasexperienced rapidgrowthsincethe1990s.Thisexpansionhasbeenonsetby“globalization,wealthcreationopportunities,newmarketsegments,digitalcommunications,international travelandcultureconvergence,andhasledtoaseriesofbusinesschallengesthatluxury practitionershaveneverknown”(Okonkwo285).Whenanindustryexperiencessuchan expansion,itisevidentthatnotonlytheclientelebasewillexpand,inthiscaseresulting inlessexclusivity,butalsotheentiremarkets’appearanceisfacedwithopportunitiesto transform.However,whenconductingmysecondaryresearchandevenconversingwith accreditedpeers,Irealizedthereisstillanelusiveunderstandingwhendefiningthis market.Theretendstobeinconsistencyinindividuals’attitudesandfeelingstowards themarket.Inmypersonalresearch,Iwantedtounderstandpeople’sinitialthoughts towardstheluxuryindustryandevaluatetheirfeelingstowardsspecificbrands.When collectingthisdata,Ihopedtogainabetterinsightonindividual’s,particularly millennials,perceptionstowardstheluxurymarketandrecognizespecificconsistencies orinconsistenciesamongrespondentswhenidentifyingaproductasluxurious. (1) Initialresponsesontheterm“luxurybrand” ThefirsttwoquestionsIaskedduringmysurveywereinregardstopeople’sinitial thoughtswhenhearingorseeingtheterm“luxurybrand”.Thefirstquestionasked respondents“What3wordsfirstcometomindwhenyouheartheterm“luxurybrand”? Thesecondquestionwas“what3brandsfirstcometomindwhenyouheartheterm “luxurybrand”?Althoughsimplisticinresponse,Iwantedtogatherageneralconsensus onpeople’sinitialthoughtsanddetermineifthereweresimilaritiesamongrespondents. Ialsowantedtoseeiftherewereanynoteworthyoutliersoruniqueresponsesthat wouldproveworthytomyresearch. 14 MostFrequentResponsesforDescribingLuxuryBrands Chart2 What3wordsfirstcometomindwhen youheartheterm"luxurybrand"? What3brands,irstcometomindwhen youheartheterm"luxurybrand"? 70% 31% 27% 22% 20% 37% 20% 13% Rolex Mercedes Louis Vuitton Chanel Fromtheabovecharts,wecandrawsomekeyconclusions: • Theword“expensive”wasassociatedwithrespondentsinitialthoughtsonthe term“luxurybrand”70%ofthetime • 31%ofrespondentsincludedRolexasoneofthefirst3brandstocometomind whenhearingtheterm“luxurybrand” • 13%ofresponsesincludedtheword“rich”intheiranswerswithregardstothe firstwordstocometomindwhenhearingtheterm“luxurybrand” Althoughnotshownintheabovecharts,otherinterestingtakeawaysweregathered fromthepreviouslymentionedquestions: • Responsessuchas“entitled”,“egotistical”,“modern”,“snob”,“rich”,“new”, “leather”,“silk”,and“cars”wererecordedbyrespondents • TheApplebrandwasmentionedamultitudeoftimeswhenrespondents referredtoluxurybrands Expensive Quality Nice Rich 15 (2) GeneralQualitiesforIdentificationofLuxuryProducts Inordertogainanunderstandingofwhatqualitiesconsumersrecognizewhen distinguishingaproductasa“luxuryitem”ornot,Iaskedacoupleofquestions associatedwithproductfeatures.ThefirstquestionIaskedwasforrespondentsto “pleaserankinorder(1=highest,6=lowest)whichqualitiesyoubelievearethebest indicatorsforidentifyingaproduct/brand/serviceasa“luxurygood”.Thequalitieslisted forthequestionwere:quality,price,historyofbrand,serviceexperience,exclusiveness, anddegreetowhichtheproductiscustomized.Representedbelowareresultsshowing whichproductattributesconsumerslistedasthebestindicatorsforidentification. GeneralQualitiesforIdentificationofLuxuryProducts Pleaserankinorder(1=highest,6=lowest)whichqualitiesyoubelievearethe bestindicatorsforidentifyingaproduct/brand/serviceasa“luxurygood”: Chart3 Quality 44% Price 24% 16% Exclusiveness HistoryofBrand 13% DegreetowhichProductis Customized 5% 3% ServiceExperience 0% 20% 40% 60% 80% 100% KeyPointsofInterest: • 44%ofrespondentsbelievethatqualityisthebestindicatorforidentifyinga product/brand/serviceasa“luxurygood” o Thequalityoftheproductgreatlyexceededallotherattributesasbeing thebestindicatorforidentification • 24%ofrespondentsbelievethatpriceisthebestindicatorforidentifyinga product/brand/serviceasa“luxurygood” • Thefewestamountofrespondents,only3%,believedthattheservice experiencewasthebestindicatorforidentifyingaproduct/brand/serviceasa “luxurygood” 16 ThenextquestionIaskedwasrelatedtothepreviousone,askingrespondents“Are thereindicators,otherthantheoneslistedinthepreviousquestion,thatwouldidentify aproduct/brand/serviceasa“luxurygood”toyou?Ifso,pleasestatethembelow.If not,simplystate“N/A”.Describedbelowaresomeoftheresponsesreceived: “uniqueness…. emotiontowardstheproduct….. theabilityfortheconsumertofeel appearance….locationof purchase-ex.Departmentstore,highendboutique,flagship popularforits category... limitedavailability…minimum store….. rare… locationstogetthem ” at…..rarity…easeofproducing/acquiringproduct (3) ConsiderationsofBrands&PreviousPurchases Forthenextsetofquestions,Iwantedtofirstseehowoftentherespondentsinmy surveyconsideredthemselvesconsumersofluxurybrands.Furthermore,Iwantedto evaluatetheirperceptionsonparticularbrandsandproductsandthenseewhichof thoseproductstheyhavepreviouslypurchased.Mygoalinaskingthesequestionswas toseeifIcouldidentifyhoworwhyconsumersrankcertainproductsasluxuriousand thentrytoevaluatewhetherornottherewereinconsistenciesamongconsumer responses.ThefirstquestionIaskedrespondentsstated,“Pleaseindicatewhichofthe followingyouconsidertobealuxurybrand/product/service(checkallthatapply).The secondquestionstated,“Pleaseindicatewhichofthefollowingyouhavepreviously purchased(checkallthatapply).Belowaregraphsdepicting(1)thepercentageof respondentsthatconsidereachbrandoritemasaluxurybrand,and(2)thepercentage ofrespondentsthathavepurchasedthosesameitems. 17 ConsiderationsofBrands (1)Pleaseindicatewhichofthefollowingyouconsidertobealuxury brand/product/service(checkallthatapply). Chart4 PreviousPurchases (2)Pleaseindicatewhichofthefollowingyouhavepreviouslypurchased(check allthatapply). Chart5 KeyPointsofInterest: • 29%ofrespondentsconsideranAppleiPhonetobealuxuryproduct • 87%ofrespondentshavepreviouslypurchasedanAppleiPhone • Only12%ofrespondentsconsiderStarbuck’scoffeetobealuxuryitem • 89%ofrespondentshavepreviouslypurchasedaStarbuck’scoffee 18 ConclusionsaboutTheme1Results: Basedonmyanalysisofrespondents’initialthoughtstowardstheterm“luxurybrand”,I wasabletoconcludethatthemajority,70%tobeexact,directlyassociatetheword “expensive”withthisphrase.Inregardstothissamequestion,Ifounditinterestingthat the4thmostfrequentwordamongrespondentswas“rich”.Inaddition,condescending wordssuchas“entitled”andegotistical”wererecorded.Ibelievethattheseresponses proveinterestingtomyresearchbecauseitshowshowindividuals’focusimmediately shiftsfromdescribingluxurybrands,andinsteaddescribingpersonalcharacteristics. Moreimportantly,Ithinktheseresponsesshowssomeindicationofwherethe inconsistenciesinattitudesandperceptionsarisewithregardstowardstheluxury market.Itismybeliefthatindividualsoftenincorporatetheirpersonalfeelingstowards individualswhoownluxuryproductswiththeiroverallfeelingstowardstheindustry. Furthermore,inmyanalysisofthebestindicatorsforidentifyingluxuryproducts,I foundsomeinterestingstatistics.44%ofrespondentsbelievethatqualityisthebest indicatorforidentifyingaproduct/brand/serviceasaluxurygood,followedbypriceand thenexclusiveness.Theopen-endedquestionprovedrelevantduetothecontradictions inresponses.Forexample,onerespondentlisted“popularforitscategory”asaword thatwouldidentifyaproduct/brand/serviceasaluxurygood.Yetotherrespondents providedanswersjustoppositethanthat,statingthewords“rare”and“rarity”for appropriateindicators.Thedifferenceinopinionportrayedbytheseremarkssupports mycasefortheuncertaintyassociatedwiththisindustry. Whenevaluatingrespondents’personalconsiderationstowardscertainbrandsand purchasehistory,significantresultsarose.Respondentswereaskediftheyconsidered themselvestobeaconsumerofluxurybrandsorservicesandifsowhatpercentageof thetime.Amongthe239respondents,therewasacombinedaverageof30%ofthe time.Whenaskedaboutspecificbrandsandproducts,only29%ofrespondents consideranAppleiPhonetobealuxuryproduct.However,43%ofpeopleconsiderCole Haanpennyloafersaluxuryitem.ThesestatisticsarewhereIwillprovethathypocrisyis profoundlydisplayedamongconsumers.Asseenearlier,70%ofindividualsimmediately associateexpensivewiththe“luxuryindustry”,sowhyisa$400-$600AppleiPhoneseen aslessluxuriousthana$100pennyloafer?Inthiscase,Ibelieveitisthepopularityof theiPhoneandindividuals’needforacceptanceamongsocietythattakesprecedence overthepriceissue.Anotherexampleprovesrelevantwithregardstoonly12%of consumersconsideringaStarbuck’scoffeetobealuxuryitem,yet93%ofpeople viewingaGuccipurseasluxurious.InnowayamIinferringthataGuccipurseinnota luxuriousitem;however,Ibelieveanexamplescenarioneedstobeconsideredwith regardstolowpercentageofpeoplewhoconsideraStarbuck’scoffeeasaluxuryitem. Forinstance,aconsumerpurchases$5Starbuck’scoffeeeveryday,Monday-Friday, resultinginroughly$25spentweeklyand$100spentmonthly,and$1000+annually.In thistime,thatsameconsumercouldhavepurchasedaGuccipurseforlessthanthey spentoncoffeeandownanitemthatisguaranteedtolastalifetime,incomparisontoa 19 productthatisconsumedinamatterofminutes.However,individuals’needsfor instantgratificationaswellastheirinabilitytoseetheimpactsoftheirdailyspending disguisetheseoccurrences.Alsonoteworthy,89%and87%ofrespondentsanswered thattheyhadpurchasedStarbuck’scoffeeandanAppleiPhone,makingitsafetosay thatalmostalloftherespondentscouldbeidentifiedasconsumersofluxurybrands. Thepreviouslymentionedstatisticsanddescribedscenariosfurtherprovethe inconsistenciesbetweentheperceptionsofluxurybrandsamongconsumers. Theme2Results-TheLuxuryConsumerofToday’sDigitalWorld: Whenevaluatingluxurybrandsintoday’smarketplaceandtheimpactofthedigitalage onthesebrands,theconsumermustbeanalyzed.Regardlessofwhatmarketisbeing evaluated,thereisnoconflictamongresearchersthatthereisinfactanewconsumerto bediscussed.Accordingtoaglobalmanagement-consultingfirm,“Manyluxurybrandsineffortstoengageandinfluencecustomersineverystageofthe“customerdecision journey”arepartneringwithmulti-brandretailersonline”(Dauriz,Remy,andSandri). Theluxuryconsumerthatwasonceeasilyrecognizablebymarketersasonewhowas absorbedwithenjoyingtheentireshoppingexperienceandpremiercustomerservice nolongerexists.Itisevidentthatthedigitalworldcontinuestorapidlyadvanceandis thenquicklyfollowedbychangesinconsumerbehavior.Therefore,thenewconsumer ofthedigitalworldaswellasthenewmeaningoftheluxuryshoppingexperiencemust beunderstood.Forthistheme,Iwantedtoevaluateindividuals,particularlymillennials, routinepathtopurchasestartingwiththeinitialformofadvertisingcontactandthen seeingtheirpreferredresearchtactics.Whencollectingthisdata,Iwantedtogaina baselineunderstandingofwhatkeyfactorsleadtocustomersatisfactionandrecognize whatismostimportantformarketerstounderstandaboutthepresentdayluxury consumer. (1) ImpactofTechnology&SocialMediaonConsumers Inordertoachieveanunderstandingofthestrongpresenceoftechnologyandsocial mediaincurrentconsumers’lives,Iaskedaseriesofdifferentquestions.Ifirstasked respondentsiftheyownedasmartphone,meaningonethattypicallyhasInternet access,andreceived“yes”from100%oftherespondents.Mynextquestionasked consumers(1)“whichofthefollowingsocialnetworkingsitesdoyoucurrentlyhavean accountwith?”Followingthatquestion,Iaskedconsumers(2)howmanytimesperday theyaccessanyoralloftheirsocialmediaaccounts?Thegraphsbelowdepictthe results: 20 ImpactofTechnology&SocialMediaonConsumers (1)Whichofthefollowingsocialnetworkingsitesdoyoucurrentlyhavean accountwith?(Checkallthatapply):***Noneoftheabovewasanoption Chart6 (2)Howmanytimesperdaydoyouaccessanyorallofyoursocialmedia accounts?(24=averageofonceperhour)…ifyoudonotaccessdaily,please choose(N/A). Chart7 18% 30% 0% 1% 0% 0% 8% 8% 2% 2% 4% 0% 1% 2% 8% 1% 3% 2% 3% 4% 4% 6% 3% 2% 4% 1% N/A 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 10% 13% 20% KeyPointsofInterest: • 75%ofallrespondentshaveatleastoneorallofthefollowingaccounts (Facebook,Instagram,Twitter,Snapchat) • Norespondentschosethe“noneoftheabove”optionindicatingthatall239 respondentshaveoneofthesocialmediaaccountslisted 21 • • 18%ofrespondentsindicatedthattheyaccessedanyoralloftheirsocialmedia accountsatleastonceperhour(highestpercentagewas18%) only3%ofparticipantsselectedthattheydonotaccessanyoralloftheirsocial mediaaccountsdaily (2)PathtoPurchaseHabits Afterrecognizingtheoverallpresenceoftechnologyandsocialmediaamong consumers,Iwantedtogatherdataregardingpathtopurchasehabits.Resultsfrommy surveyaswellassecondaryresearchprovedthattechnologyisawayoflifeamong shoppersintoday’sworld,butIwantedtoevaluatehowinfluentialitwasintheoverall purchasepath.ThefirstquestionIposedaskedrespondentstorankfromhighestto lowesttheformofadvertisementthatinfluencedtheirpurchasedecisionsmost frequently.Ithenaskedconsumerstoindicatehowfrequentlytheyencounterthe followingshoppinghabits/activities,rangingfromstronglydisagreetostronglyagree (5),andtherearetwoquestionsassociatedwiththisplatform.Thepiechartdepictsthe advertisingmediumsthatinfluenceconsumerspurchasehabitsmostfrequently.The secondchartdepictstheaverageresponsetoeachstatement. PathtoPurchaseHabits Whatformofadvertisementinfluencesyourpurchasedecisionsmost frequently?(pleaserankfromhighesttolowest…1=highest,7=lowest) Chart8 WordofMouth (friends,peers) 50% SocialMedia (Instagram, Facebook, Pinterest, Snapchat) 34% Radio Commercials 1% Billboards 1% 22 Television Commercials 5% Magazine Advertisements (online) Magazine 6% Advertisements (print) 3% (2)Pleaseindicatehowfrequentlyyouencounterthefollowingshopping habits/activities:(1)stronglydisagree,(2)somewhatdisagree,(3)neitheragree nordisagree,(4)somewhatagree,(5)stronglyagree Chart9 KeyPointsofInterest: • Themajorityofparticipantsagreedthattheywereinfluencedormadeawareby someformofsocialmediaoronlineadvertisementaboutproductsbefore purchasingthem o 79%eithersomewhatagreedorstronglyagreedwiththisstatement • Accordingtothegraph,mostconsumersagreedorstronglyagreedwiththe statement“Whenpurchasingaproduct,IresearchtheproductonlinebeforeI purchaseit”;itreceivedameanresponseof4.06.Tobeexact,acombined82% ofrespondentsagreedorstronglyagreetothisstatementsowecaninferthat morethan¾ofconsumersresearchproductsonlinebeforepurchasing. (3)PreferredShoppingMethods Afterobtainingtheresultsoftheimpactoftechnologyonconsumersaswellrecognizing theadvertisementmediumsthatinfluenceconsumersmostfrequently,Iwantedto focusmorespecificallyonconsumers’preferredshoppingmethods.OnequestionI askedrespondentswas“Whenpurchasingaproductorservice,pleasemovethemarket toindicatehowfrequently(%ofthetime)youusethespecifiedshoppingmethods (0=neverusemethod,100=alwaysusemethod).Theinstoreshoppingmethodreceived anaveragefrequencyof64.8%,whereastheonlineshoppingmethodreceivedan averagefrequencyof43.4%.ThenextquestionIaskedconsumerswaswhetherthey 23 foundtheonlineshoppingexperiencetobemoreconvenientthantraditionalshopping experience?Thepiechartbelowdepictstheresults. PreferredShoppingMethods Doyouconsidertheonlineshoppingexperiencetobemoreconvenientthanthe traditionalshoppingexperience? Chart10 KeyFindings: • Asnotedabove,theinstoreshoppingmethodisusedmorefrequentlythanthe onlineshoppingmethod o However,78.3%ofconsumersconsidertheonlineshoppingexperience tobemoreconvenient ConclusionsaboutTheme2Results: Myoverallmissioninthissectionofmyresearchwastoestablishthepredominant effectoftechnologyonconsumers’everydaylifeandevaluatethecommonshopping habits.Consideringmillennialsholdagreatdealofthefuturepurchasingpower,I believeditwasessentialtoanalyzetheirbehavior.Iultimatelywantedtoidentifythese newconsumers’behaviorbecauseIbelieveitisfundamentalforconstructingaccurate luxurybrandmarketingstrategies.Firstandforemost,Ibelievemysurveyresultsproved pivotalinsupportingthestrongpresenceoftechnologyandsocialmediaintoday’s world.With100%ofrespondentsowningasmartphone,95%havingaFacebook account,and18%ofthosecheckingoneoralloftheirsocialmediaaccountsonceper hour,thesestatisticsleavenoroomtodenythemomentouspresenceofthedigital 24 world.Inmyhopestounderstandthepurchasepathtoconsumers,Ifoundthatwordof mouthinfluencesconsumers50%ofthetimefollowedbysomeformofsocialmedia advertisement34%ofthetime.Theimportantaspecttorealizeaboutthesestatisticsis thatsocialmediaadvertisementoutweighsallotherformsoftraditionaladvertisingby significantfigures.Alsoitisimportanttorealizethatintoday’sdigitalworld,wordof mouthisnotconfinedtojustconversingwithfriendsinperson,ratheritincludes conversingwithfriendsviaFacebook,Instagram,Snapchat,etc.So,itisarguablethat consumerscouldbeinfluencedbyadvertisementsviatechnologyasmuchas84%ofthe time,whichaffirmsmypreviousresults.Italsomustbenotedthat82%ofrespondents saidtheyresearchproductsonlinebeforetheypurchaseit,andanastounding78.3% saidtheyconsidertheonlineshoppingexperiencemoreconvenient.Furthermore,a graphthatwaspreviouslyexplainedinmyTheme1resultsandcanbefoundonpage 16,provedextremelyrelevantforthisanalysis.Whenidentifyinga product/brand/serviceasa“luxurygood”,amere3%believedthattheservice experiencewasthebestindicator.Thisstatisticisshockingforanindustrythatwasat onepointconsumedaroundofferinganexceptionalshoppingexperiencefortheir customers.Ibelievetheresultsrepresentedabovespeakforthemselvesregardingthe newconsumerthathasemergedintoday’sworld. Theme3Results:StrategicFlexibilityinMarketingLuxuryBrands Uponresearchingluxurybrandsstrongpresenceintoday’smarketplaceandprovingthe impactofthedigitalageonconsumers,Iwantedtodiscoverwhatthismeansforthe marketingofluxurybrands.Formanyindustriesitwasevidentthattheymustcreatea strongdigitalpresenceinordertoretaintheircustomerbase,buttheluxuryindustry facedmoreofachallenge.Manybrandsfearedwhatastrongdigitalpresencewoulddo totheirimageandexclusivity,whileothersclaimedthatluxuryconsumerscaredtoo muchaboutengaginginapremiershoppingexperiencetoeverpurchaseproducts online.Whenanalyzingasignificantamountofsecondaryresearch,Ifoundthatmany luxurybrandswerestilluncertainaboutwhatmarketingapproachestotakeinthisera. Throughmyprimaryresearch,Iwantedtoidentifytheimportanceofluxurybrandsin acceptingthechangesinthemarketplaceandproviderelevantstatisticstowhyadigital presenceisnecessaryforprosperity.Thetopicofthenewdigitalconsumerthatwas previouslydiscussedintheme2overlapswiththisthemebecauseitisimperativefor marketerstorealizethisconsumers’presenceinordertoimplementthebestmarketing strategies.Luxurybrandsmustacknowledgethattheirentireindustryhaschangedfrom whatitoncewas,andtheymustfindthebestwaystoaccommodatetheircurrent clientele.Iwantedtocontinuemyresearchbygatheringsomepersonalaspectsfrom respondentsthatIbelievedwouldproverelevantinshowingtheimportanceofadigital presenceforluxurybrands.Whencollectingandanalyzingresults,Isoughtto understandwhattheidealshoppingexperiencewasforconsumersandwhatfactors weresignificantwhenpurchasingluxuryproducts. 25 (1)ConsumerPurchasingDecisions Aspreviouslymentioned,theme2andtheme3areconnectedbecausetheconsumer mustbeunderstoodinordertomarketabrandproperly.However,inanalyzingthe resultsfrommysurvey,IhavebrokendownresponsesinawaythatIfeelbestfitseach theme.Withthatbeingsaid,thenextsetofquestionswillinvolveconsumer-purchasing decisions;however,Ibelievethesequestionsaremoreappropriateforprovingthe flexibilitythatisobligatoryforluxurybrandmarketers.Ibeganbyaskingrespondentsto rankaseriesofstatementsaccordingtohowstronglytheyagreed(5)ordisagreed(1). Thegraphbelowdepictstheresults,displayingthemeanresponsetothe3statements. Consumer-PurchasingDecisions Pleaseindicatehowfrequentlythefollowingshoppinghabits/activities: Stronglydisagree(1),somewhatdisagree(2),neitheragreenordisagree(3), somewhatagree(4),stronglyagree(5) Chart11 KeyFindings: • Themajorityofrespondentsprefertophysicallypurchaseanamebrandproduct instore • Accordingtothegraph,themajorityofrespondents,29.7%tobeexact,disagree withthestatement,Whenpurchasinga“namebrand”productonline,IwillONLY purchaseitfromtheauthorizedwebsite 26 Themajorityofrespondentseitheragreed(36.9%)orstronglyagreed(36.0%) withthestatement,“Whenpurchasinga“namebrand”productonline,Isearch forthebestdealandpurchaseitfromthatsource”.Fromthiswecaninferthat nearly¾ofconsumerssearchforthebestdeal. ThenextquestionIaskedrespondentswastorankthekeyfactorsthatlead/would leadtocustomersatisfactionwhenpurchasingaluxuryproductonline,with 1=highest,4=lowest).Withmytargetagegroupbeingmillennials,agenerationthat hasgrownupwithtechnology,Ifeltthattheirresponseswouldprovebeneficial.The resultsofthisgraphisdepictedbelow: • CustomerSatisfactionFactors Whenpurchasingaluxuryproductonline,pleaserankthekeyfactorsthat lead/wouldleadtocustomersatisfaction(1=highest,4=lowest): Chart12 80% 70% 76% 60% 50% 40% 30% 20% 10% 16% 11% 0% productquality deliversinthecorrect websitefunc]onality ]me/place (ex:easytonavigate website) 5% easyaccessto customerservice KeyFindings: • 76%ofrespondentsplace“productquality”asthenumber1factorfor customersatisfaction • Basedontheresults,only5%ofrespondentsplace“easyaccesstocustomer service”asthenumber1factorforcustomersatisfaction Atthispointofmyresearch,IhadafewotherquestionsthatIbelievecouldprove usefultomyresearch.Firstoff,Iwantedtoknowhowmanyoftherespondents currentlyhadanAmazonaccount,andiftheydid,whetherornottheyhadAmazon Prime.ThelastquestionIposedstated,“Inthefuture,wouldyouconsiderpurchasing eitherofthefollowingproductsonline?”Thefollowinggraphsdisplaytheresults: 27 AmazonAccounts DoyouhaveanAmazonaccount? Chart13a Ifyesisselected!DoyouhaveanAmazonprimeaccount? Chart13b FuturePurchaseBehavior Inthefuture,wouldyouconsiderpurchasingeitherofthefollowingproducts online? Chart14 28 KeyPoints: • 81%ofrespondentscurrentlyhaveanAmazonaccount,and61%ofthose individualshaveanAmazonPrimeaccount • Amere12%ofrespondentswouldconsiderpurchasingaweddingringonlinein thefuture,andonly15%wouldconsiderpurchasinganautomobile • ¾ofrespondentsclaimthattheywouldnotconsiderpurchasingeithera weddingringoranautomobileonlineinthefuture ConclusionsaboutTheme3Results: Thepredominantgoalofthissectionwastogaininsightonwhattheimpactofthe digitalagehasdoneforluxurybrands’marketingstrategies.Asdiscussed,Iknewthe consumerhadevolvedintheirshoppinghabits,butIwantedtoexaminewhatthis meantfromamarketingstandpoint.Ibelievedthattargetingmillennialswouldbe advantageousbecausethisgenerationgrewupinthedigitalworld,buthasalsobeen exposedtothetraditionalluxuryshoppingexperience.Whenanalyzingmysurvey,the responsestothesequestionsprovedveryinteresting.Thequestionsinvolving consumer-purchasingdecisionssuggestedthatthemajorityofrespondentswould prefertophysicalphysicallypurchasealuxuryproductinstore.Anotherkeyfindingwas thatthemajorityofrespondentsdisagreedwiththestatementthataddressedonly purchasingluxurybrandproductsonlinefromtheauthorizedretailer;furthermore, almost75%ofrespondentsagreedorstronglyagreedthattheywouldsearchforthe bestdealonlineandpurchaseitfromthatsource.Statisticsalsoprovedthat76%of respondentsbelievedthatproductqualitywouldbethemostimportantfactorin guaranteeingcustomersatisfactionwhenpurchasingluxuryproductsonline.Themore shockingstatisticfromthisquestionwasthatamere5%ofconsumersselected“easy accesstocustomerservice”asthetopfactor.Thisstatisticprovidesextremelypertinent becauseitrevealsthatwhenpurchasingonline,consumersarenolongerasfocusedon theserviceprovidedbythebrands,ratherthattheyarefocusedonreceivingaproduct worththepricetheyarepayingforit. Iconcludedthisthemewithafewpersonalquestionsfortherespondents.Upon analysis,Ibelievetheresponsessupportmypointabouttheluxurymarketneedingto takeanomni-channelapproach.Aconsiderable81%ofrespondentsstatedthatthey haveanAmazonaccountand61%ofthosehaveAmazonPrimeaccounts.Thesefindings aloneshowthatalmostalloftherespondentshaveboughtorresearchedproducts onlineatsomepoint,andthemajorityofthoseindividualscareaboutfastserviceand freedeliveries,asthosearebenefitsassociatedwithAmazonPrimeaccounts.When askingconsumerswhethertheywouldconsiderpurchasingaweddingringoracar onlineinthefuture,77%respondedbysayingtheywouldpurchaseneither.Ibelieve thesefindingsrevealthatluxurybrandsmustcontinuetoprovideexceptionalcustomer serviceinstores,asmanyconsumersareadamantaboutbuyingcertainproductsthere. Furthermore,Ibelievetheresponsesconfirmedmysecondaryresearchwhichsuggested 29 thatluxurybrands’digitalpresenceisnotjustforthepurposeofsalesanddistribution, ratheritisforinformingandengagingcustomers. Limitations: Onemajorlimitationofthisstudywastheunanticipatedlengthofthesurvey.Therewas afairlysubstantialamountofrespondentswhobeganthesurveybutdidnotcomplete it,whichIbelieveisduetothenumberofquestionsadministered.Inthebrief describingthesurvey,Istatedthatthesurveyshouldonlytake5-10minutes.Ibelieve thatImighthaveunderestimatedthetimeexpectationsofthissurveyduetomy familiaritywiththequestions.Inthefuture,Iwouldperhapsadministerthesurveyto individualswhohadneverseenthequestionsbeforeandseehowlongittakesthemto readthroughthequestionsandformulateresponses.Thismethodwouldthenallowme tobetterinformindividualsaboutthetimeneededtotakethesurveyandhopefully woulddecreasethedropoutrate,allowingformoreauthenticdatatobegathered. Anotherlimitationofthisstudywastheformatofthequestionsadministeredtosurvey respondents.IbelieveIshouldhaveconsideredmorecloselyhowIwouldbeanalyzing thedataandwhatresultsIwouldwanttobedocumentingwithregardstomyresearch. Forinstance,Iaskedmanyquestionsthataskedrespondentstoindicatehowfrequently theyencounteredspecificshoppinghabits,onascaleof1-5with1being“strongly disagree”and5being“stronglyagree”.However,onthisscale,Iincludedaneutral responseof“neitheragreenordisagree”.Uponreexamination,Iwouldhavenot includedthisoptionbecauseitgaveindividualsaquickandeasyoutletanddidnot providethemostaccurateresponses.IbelieveifIwouldhavestructuredthequestions moreprecisely,respondentswouldhavebeenmorespecificintheirresponsesandthe datawouldhavebeenlessobscure.Ibelievethesechangescouldhavememore convincedinmyfindingsaswellasmoreassertiveinmyrecommendations. RecommendationsandConclusions: Initially,Isetouttodiscovertheimpactthatthedigitalagehashadonluxurybrands. Beforeevenbeginningresearch,Iwasawarethattechnologyhadsignificantlyaffected consumer-shoppinghabitsineverymarketplaceandeveryindustry.Beingamillennial myself,Ihavegrownupinaworldwhereinformationisavailablewithinsecondsand technologyisapartofeverydaylife.However,thispointiswhenIbegantowonderjust howmuchtechnologymusthaveimpactedanindustrythatwasbuiltaroundproviding consumerswithalavishshoppingexperienceandofferingexclusiveproducts.OnceI beganresearchingthisspecifictopic,Idiscoveredamultitudeofaspectsaboutthe entireluxuryindustryitself.Ibecameawareoftheconsiderablepresenceoftheluxury marketintheoveralleconomy,andnoticedthatperceptionsvariedgreatlywhen definingthismarket.ItwasatthispointthatIrealizedinordertosuccessfully understandtheimpactofthedigitalageontheluxuryindustry,Imustevaluatethe differentperceptionsassociatedwithluxurybrands.Uponresearchingmore,I 30 recognizedaproblemwithintheluxuryindustrywithbrandsstrugglingtoacceptwhat thedigitalworldmeansfortheirmarketingstrategies.Throughoutmyresearch,I believedthatbyinterpretingconsumers’perceptionsonluxurybrandsandassessing shoppinghabits,Icouldthendeterminewhatthedigitalagereallymeansforthe marketingofthesebrands. Itwasapparentthroughmycompilationofsecondaryresearchaswellasprimary researchthatluxurybrandshavebeenandcontinuetobeperceivedincontrasting ways.Whenconductingmyownresearch,itwasrevealedthatindividualsnotonly perceivethesebrandsdifferently,butthatsomerecognizetheminaverypositive mannerandothersamorecondescendingmanner.Wordssuchas“rich”and “egotistical”wereusedtodescribedluxurybrands.Oneaspectwasagreedupon,and thatwasthatthemajorityofrespondentsassociatedtheword“expensive”when hearingthetermluxurybrand.Themajorityofrespondentsalsoagreedthatqualityis thebestindicatorforidentifyingaluxuryitem.Whenaskinganopen-endedquestionon mysurveyregardingindicatorsforidentifyingluxuryproducts,Ireceivedmany contradictingresponses.Somerespondentsidentifiedluxuryproductsasonesthatare rareandunique,whereasothersidentifiedthemaspopularandknown.Other contradictingresultsemergedwhenrespondentswereaskedtoidentifywhichbrands orproductstheyconsideredtobeluxuryitems.Onlyaslightamountofrespondents identifiedAppleiPhones,aproductrangingfrom$400-$600asluxuryitems,yet70%of respondentsimmediatelyassociatedthetermexpensivewithluxurybrands.Itismy consensusthatthepopularityoftheAppleiPhoneenablesindividualstodisregardthe priceassociatedwiththeitemandthereforenotviewitasaluxuryitemorbrand.The inconsistenciesthatarosewithresponsesfrommysurveyconfirmedmyprevious secondaryresearchabouttheelusivemeaningofluxurybrands.Inconclusion,Ibelieve thatperceptionstowardstheluxurymarketaremoreinfluencedbyindividuals’feelings towardsothersthatconsumetheseproductsratherthantheproductitself.Ialsothink thatthestatisticsprovethatconsumerscontinuetocontradictthemselveswhen identifyingluxurybrands. Mysecondthemedealtwithanalyzingtheluxuryconsumeroftoday’sdigitalworld.Itis apparentthatregardlessofindividuals’ageorgeneration,everyone’sshoppinghabits haveevolvedinsomeway.Formarketersofluxurybrands,itisofextremeimportance thattheconsumeroftoday’sworldisacceptedandtargetedcorrectly.However,in orderforluxurybrandstoproperlymarkettheirbrands,theirconsumersmustbe analyzed.Fortheluxuryindustry,theimpactoftechnologyhasarguablyhadoneofthe greatestimpactsonchangeinconsumerbehaviorduetotheshoppingexperiencebeing suchapivotalpartofthepast.Aspreviouslymentionedintheresultssectionoftheme 2,100%ofrespondentsownamobiledevice,95%haveaFacebookaccount,and97% checkalloroneofthoseaccountsonadailybasis.Thesestatisticsinthemselvesprove theroleoftechnologyinconsumers’currentdailylives.Furthermore,socialmedia provedtobethe2ndlargestadvertisingsourcetorespondentsfallingbehindwordof mouth.Anotherconvincingstatistictotheimpactofthedigitalageisthatcloseto80% 31 ofrespondentsagreedtoresearchingaproductonlinebeforepurchasingit. Furthermore,amajorityofconsumersadmittedthattheybelievetheonlineshopping experiencetobemoreconvenient.Theseresultssuggestthatthecurrentconsumerof todayistech-savvy,influencedbysomeformofdigitaladvertising,andbelievesonline shoppingtobeabeneficialmethod. Theanalysisofthecurrentconsumerinmysecondthemeispivotalinexplainingwhy luxurybrandsmustmakechangesintheirmarketingstrategies.Fortheme3,Iwanted toprovewhyluxurybrandsmustbeflexibleintheirwaysandacceptthechangesthat haveoccurredwithintheindustry.Ibeganthisresearchbyevaluatingconsumer purchasedecisions,anddiscoveredthatthemajorityofrespondentswouldstillprefer topurchasealuxurybrandproductin-store.Furthermore,mysurveyrevealedthatthe majorityofconsumerswouldsearchforthebestdealwhenpurchasinganamebrand productonline,andarenotconcernedwithpurchasingitfromtheauthorizedwebsite. However,whenpurchasingaluxuryproductonline,respondentsdisclosedthatproduct qualityisthekeyfactorforcustomersatisfaction.Otherresultsdivulgedthefactthat 81%ofrespondentscurrentlyhaveanAmazonaccount,andthemajorityofthosehave Amazonprime.ItwasthroughmyanalysisofsecondaryresearchthatIdiscoveredthe importanceofluxurybrand’sacceptancetowardsthedigitalworld;however,itis throughmyprimaryresearchthatIamnowabletoproviderecommendationsforthe marketersofthisindustry. AsIdiscussedthroughoutmyresearch,consumers’perceptionsofluxurybrandsare conflictingandunpredictable.Ibelievetheseinconsistencieshaveexistedsincethe beginningofthisindustryandwillcontinuetoexistforavarietyofreasons. Nonetheless,Ibelievetheimportantaspecttofocusonisthatluxurybrandspresencein today’smarketplacecontinuestoexpand.Itismyrecommendationthatmarketersof theluxuryindustryfirstcomprehendthenewconsumerofthedigitalworld,andthen recognizetheimportanceofacceptingthedigitalways.Ibelievethatluxurybrandscan provetheirvalueandworthinuniquewaysandimplementinganomni-channel marketingstrategyisimportantforsuccess.Forexample,mysurveyindicatedthree importantresultsforthisscenario:First,productqualityisthekeyforcustomer satisfaction.Second,respondentsstatedthattheybelievetheonlineshoppingmethod tobemoreconvenient.Third,theyrespondedbysayingthattheywouldsearchforthe bestdealandorderfromthatsourcewhenpurchasingaluxuryproductonline.One suggestionIwillpresentisthatluxurybrandsuse3rdpartyretailers,muchliketheGucci examplepreviouslydescribed,inordertosatisfycustomers’wantsandneeds.Notonly willtheyprofit,buttheycanalsoprovethemselvesasaluxuriousbrandbygivingthe clientexactlywhattheywantandwhentheywantit.Anotherrecommendationdeals withluxurybrandsthatarehesitantonacceptingadigitalapproachduetothehigh expenseandlowreturnoninvestment.However,Iwanttoproposethefactthatmy surveyrevealedthatamajorityofconsumersaremadeawareofproductsorbrandsby socialmedia,andalsoamajorityofconsumersresearchproductsonlinebeforebuying. 32 Thesestatementsprovethatastrongdigitalpresencecannotbemeasuredjustbysales figuresbutrathershouldbemeasuredbytheinteractionandengagementtheyprovide forconsumers.Intoday’sworlditisnolongerjustaboutprovidingqualityinperson customerservicebutalsoaboutproperlyappealingtotheirconsumersonline.This statementcanbeconfirmedbythemarketingdirectorofJaguarLandRoverLaura Schwabwhenshestates,“Theimplicationformotoringbrandsisthatwinningthat dealershipvisitrequiresengagingfirstwiththecustomeronline,andensuringthat compellingdigitalcontentisavailable”(Anderson).Whetherconsumersaresimplythe targetsofdigitaladvertisementsortheyareavidonlineshoppers,thefactofthematter isthatthedigitalworldofshoppingisheretostayandluxurybrandsneedtowelcome it.InnowayamIsuggestingthateveryluxurybrandfollowtheseexact recommendations,ratherIamimplyingthatthedigitalworld’spresencemustbe acceptedandappropriatemarketingstrategiesmustbeimplementedtoensurelongtermbrandsuccess. 33 Sources Adams,Ariel."LuxuryConsumersValueProducts,NotBuyingExperiences."Forbes. ForbesMagazine,23May2013.Web.25Apr.2016.<http://www.forbes.com/ sites/arieladams/2013/05/23/luxury-consumers-value-products-not-buying- experiences/#353179147a50>. Anderson,Tim."WhatDoestheRiseofDigitalMarketingMeanforLuxuryBrands?"The Guardian.GuardianNewsandMedia,16Feb.2015.Web.25Apr.2016. <http://www.theguardian.com/marketing-luxury-goods-feb15/2015/feb/16/digital-marketing-luxury-brands>. Angelic,Ana."WhyLuxuryBrandsMustEvolveTheirMediaPlanningandBuying Strategy."LuxuryDailyRSS.N.p.,14Mar.2016.Web.25Apr.2016. <http://www.luxurydaily.com/why-luxury-brands-must-evolve-their-media- planning-and-buying-strategy/>. Dauriz, Linda, Nathalie Remy, and Nicola Sandri. Luxury Shopping in the Digital Age. Rep. N.p.: McKinsey, 2014. Web. 25 Apr. 2015. Elmer-DeWitt,Philip."NPD:Betterthan1in4AdultAmericansNowOwnanIPhone." Fortune.N.p.,15Jan.2014.Web.25Apr.2016.<http://fortune.com/2014/01/16 /npd-better-than-1-in-4-adult-americans-now-own-an-iphone/>. Frederick,Jaz."ConsumersDrivingLuxuryECommerceTrends."Weblogpost.PFSweb. N.p.,17Sept.2015.Web.25Apr.2016.<http://www.pfsweb.com/blog/ consumers-driving-luxury-ecommerce-trends/>. Hennigs,Nadine,Klaus-PeterWiedmann,ChristianeKlarmann,andStefanBehrens."The ConceptofLuxury:AGlobalPhenomenonwithLocalImplications|The EuropeanFinancialReview|EmpoweringCommunicationsGlobally."The EuropeanFinancialReview.N.p.,30Aug.2013.Web.25Apr.2016. <http://www.europeanfinancialreview.com/?p=869>. Okonkwo,Uché."GuestEditorial."TheLuxuryBrandStrategyChallenge16.10(2009): 287-89.JournalofBrandManagement.PalgraveMacmillan,7May2009.Web. 25Apr.2016.<http://www.palgravejournals.com/bm/journal/v16/n5/full /bm200853a.html>. Stegemann,Nicole."UniqueBrandExtensionChallengesForLuxuryBrands."Journalof Business&EconomicsResearch(JBER)[Online],4.10(2006):n.pag.Web.25Apr. 2016 34 "TheLuxuryExperience."GranbyMarketing.GranbyMarketingServices,28Apr.2015. Web.25Apr.2016.<http://www.granbymarketing.com/the-luxury-experience2/>. SourcesofIllustrations: http://www.clker.com/cliparts/W/Y/w/s/t/u/man-and-woman-heterosexual-icon-hi.png https://s-media-cacheak0.pinimg.com/736x/33/2b/3f/332b3fe64e5d6d2d9812a09fc0267f2d.jpg http://www.icon2s.com/wp-content/uploads/2013/07/black-white-metro-birthdaycake-icon.png http://images.clipartpanda.com/people-clipart-clip_art_toilet_men.gif 35