Article Review Marketing

Running head: MARKETING 1

Article Review: Marketing

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MARKETING 2

Article Review: Marketing

According to Grewal & Levy (2016), marketing forms a core part of any business, and

successful marketing strategies remain crucial to influencing growth in firm operations or

profitability. Various marketing models have been implemented as either part of a promotional

initiative or a measure to help revamp the business reach within its market. Continuing

competition and changing trends in global trade have informed the diversification of marketing

from the contemporary methods to more sophisticated and customer-centered measures (Grewal

& Levy, 2016). Changes in marketing paradigms as informed either by competition or consumer

preferences play a significant role in the revolutionized product promotion strategies. The paper

reviews the article by Yeoman and McMahon-Beattie that focuses on the future of luxury. In

context, the report highlighted the changing trends of product marketing that firms have adopted

as a measure to handle the different challenges they might experience in reaching their potential

customers.

The article Yeoman & McMahon-Beattie (2018), focused on various attributes of

marketing and how efficient firms could employ their knowledge in such areas to tap market

availability, especially with luxury products. The article explored different regions through the

application of scenario planning as an area where firms could turn to provide them with the

definite clues needed in preparation for the future of luxury products markets. Such scenarios

included trading up to luxury, focusing on the influence of the rich on markets, enrichment, and

experience, craftsmanship and authentication (Yeoman & McMahon-Beattie, 2018). The article

conceptualized the evolution of luxury products focusing significantly on the aspects of pricing

and consumer perception as drivers of the future change witnessed through market dynamics.

Adidas is among the leading luxury brands that have invested immensely in the

production of different wears both sportswear and consumer branded wears including sneakers

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and jackets. Mahdi, Abbas, Mazar, & George (2015) identifies the diversification of Adidas firm

to such line of production opens up the business to different frontiers of competition as well as

scenarios of managerial issues. Scenario-planning, as highlighted in the article by the authors, is

a marketing issue as it aligns businesses within the luxury industry to understanding future

changes and applies the different scenarios as a measure of positioning their products with the

demands and preferences of the customers.

The different planning scenarios have uniquely been crafted as a means of promoting

luxury products since they focus solely on the identification of products and creating the

necessary atmosphere through which consumers can define them without excluding the

contemporary drivers of change. The authors in promoting these different scenarios have

highlighted the need for trading up to luxury. As a leading scenario-planning strategy, trading up

luxury remains vital in discussing how consumers of luxury products with increased capabilities

in purchasing buy their products for experience the trading up of luxury products ensures that the

firm is in a position of negotiating its market position depending on how customers are

responding to such products. Secondly, the trade up of luxury goods helps firms such as Adidas

in mapping out their markets to ensure that they cover appropriate areas (Mahdi, Abbas, Mazar,

& George, 2015). The second scenario-planning strategy involves the focus on behavior through

prestige luxury. The author is discussing the second scenario as a marketing strategy mentions it

in defining the consumers’ behavior and the influence of the rich in luxury markets. Prestige

luxury as a marketing trend analysis helps with the definition of scenarios in the definite

marketing of craftsmanship. The behavior of the mega-rich in product markets is an essential

element in target marketing as it helps unveil how different sections of the market do their

purchasing. Such abilities and behaviors affect other areas including price and demand.

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Enrichment and experimental luxury as discussed in the article focuses intensely on the aspects

of experience rather than materialism. The shift in preference and perception in purchasing of

products without identifying elements of change and positioning of their products in the luxury

market. Such changes have informed the need for the last scene where firms have illustrated the

importance of craftsmanship and product uniqueness with relation to how the market responds to

its branding (Dumitriu, 2012). In context, the craft and originality form the brand marketing

where firms have employed various tactics including celebrity promotion in a move that sees

them standout as leading areas that have premium pricing and other contemporary marketing

conditions.

The factors that have led to such changes in market condition are well illustrated in the

article as drivers. The drivers of change include the democratization of luxury that has made

luxury products becoming more reachable and accessible to the rising middle class especially in

fashion apparel industry. Experience economy acts as the next factor that has defined the

principle of consumerism with the increasing number of customers focused on the move to

accumulating wealth through goods and services (Dumitriu, 2012). The article acts in disputing

the trends through proposing the scenario-planning strategies in addressing such trends. The third

driver is the rising middle classes that seek affluence as such social group remain as the drivers

of modern society.

As a firm dealing in luxury, the article advice on embracing the marketing strategies

discussed in scenario-planning. The article argues that such approaches allow companies to

implement different marketing plans that appropriately address actors within the luxury industry.

Adidas as a company has employed the customer relation strategy by endorsing Kanye West as

brand ambassador for the basis of appeal (Grewal & Levy, 2016). From the various attempts to

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change, Adidas as a firm has handled the marketing issues well and worked towards expanding

its markets globally.

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References

Dumitriu, R. (2012). The Role of Branding In Marketing Strategy. Management & Marketing

Journal, 10(1), 125-132.

Grewal, D., & Levy, M. (2016). Marketing (5 Ed.). McGraw-Hill Education.

Grewal, D., & Levy, M. (2016). Three Stripes: Branding at Adidas. In Marketing (5 Ed.).

McGraw HIll Education.

Mahdi, H. A., Abbas, M., Mazar, T. I., & George, S. A. (2015). A Comparative Analysis of

Strategies and Business Models of Nike, Inc. and Adidas Group with special reference to

Competitive Advantage in the context of a Dynamic and Competitive Environment.

International Journal of Business Management and Economic Research, 6(3), 167-177.

Yeoman, I., & McMahon-Beattie, U (2018). The future of luxury: mega drivers, new faces and

scenarios. Journal of Revenue and Pricing Management, 1-14.

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