What are the factors that are key for establishing product differentiation in the new post-recession consumer...

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What are the factors that are key for establishing productdifferentiation in the new post-recession consumer environmentespecially as it relates to economic indicators? What is a luxurygood and should marketers of luxury goods abandon their efforts toestablish premium pricing? How do changes in societal attitudestoward companies and products affect the way marketers of consumergoods think about the customer value chain? Provide examples ofcompanies that have changed their approach to marketing in responseto a shift in consumers’ value in changing economic times.

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What are the factors that are key for establishing product differentiation in the new postrecession consumer environment especially as it relates to economic indicators Ans We can anticipate the behaviour of consumer postrecession by understanding three things i how previous downturns have altered consumer psychology and activity ii how this recession have affected as compare to previous ones iii and the journey consumers have taken to the present Besides making the product survive in the market product differentiation is important However the factors that are key for establishing product differentiation i Price ii Features iii Performance Quality iv Marketing v Availability vi Reliability vii Looks viii Channel of distribution ix Durability x After Sales services What is a luxury good and should marketers of luxury goods abandon their efforts to establish premium pricing Ans Luxury goods are sensitive to changes in consumer income because they have a high income elasticity of demand This means that the demand for these products fluctuates directly with the level of consumer income Luxury goods also called superior goods are products with a demand that is directly related to consumer income exponentially You sell one thing to the king but everyone in court need to have a lesser Luxury customers always need a See Answer

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