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Trading Up (Revised Edition): Why Consumers Want New Luxury Goods . . . and How Companiescreate Them

By: Michael Silverstein Neil Fiske
Binding: Hardcover
Publisher: Portfolio
ISBN: 1591840805
ISBN-13: 9781591840800
Released: 29 Dec 2004
RRP: £26.95
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Customer Reviews

New Criteria for Self-Definition - By: Robert Morris, 23 Sep 2005
In the original & now in this revised edition, Silverstein & Fiske brilliantly examine "New Luxury": a rapidly developing socio-economic trend as America's middle-market consumers are trading up to "products & services which possess higher levels of quality, taste, & [key word] aspiration than [other] goods in the [same] category but are not so expensive as to be out of reach...[trading up to products & services which] sell at much higher prices than conventional goods & in much higher volumes than traditional luxury goods and, as a result, have soared into previously uncharted territory high above the familiar price-volume demand curve." The significance of this paradigm shift has profound implications for literallly anyone who competes each day for consumers' attention, consideration, & (most important of alll) business.

Think about it. How to explain the spectacular success of diverse companies such as Starbucks, Martha Stewart Living Omnimedia, Lexus & BMW, Williams-Sonoma & Bed, Bath & Beyond, Restoration Hardware, Victoria's Secret, Prada, Coach, Panera Bread, & Calllaway? Granted, most consumers cannot afford to purchase everything from companies such as these but an astonishing number of consumers are not only willing but eager to pay a premium for at least a few of the products offered.

Why? Silverstein & Fiske offer several reasons. New Luxury merchants never underestimate their customer; they shatter the price-volume demand curve; they create a ladder of genuine benefits (i.e. technical, functional, & emotional benefits); they escalate innovation, elevate quality, & deliver a flawless experience; they extend the price range & positioning of the brand; they customize the customer's value chain to deliver on the benefit ladder; they use influence marketing to "seed" success through brand apostles (i.e. "evangelism"); & finallly, they continuallly attack the category like an outsider. What Silverstein & Fiske offer is this volume is a rigorous analysis of those companies which continue to be most successful in the New Luxury economy. They also explain in detail precisely HOW they achieve such success.