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Marketing Strategy Analysis Based on Consumer Psychology-Taking Tiffany as an Example
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Abstract
Tiffany, an iconic American jewelry brand established in 1837, has become emblematic of luxury and sophistication. As the digital age has ushered in new modes of communication, luxury markets face increased competition, necessitating a deep understanding of consumer needs, preferences, and motivations. This paper delves into Tiffany's consumer demographics and psychology, revealing that the majority of its buyers are females aged 25-34. Yet, the over-45 demographic struggles to adapt to Tiffany's online marketing approaches, perhaps due to their unfamiliarity with online luxury shopping. To cater to younger consumers, Tiffany has revamped its marketing strategies, choosing younger brand ambassadors and launching youth-centrism products. Despite the brand's rejuvenation, it maintains its high-end luxury profile, targeting mid to upper-income groups, many of whom prioritize product quality over price. David Dubois's concept of the psychology of luxury consumption highlights the tensions between personal interpretations and societal definitions of luxury. This dynamic is evident in Tiffany's strategic use of narratives and interactive digital campaigns to foster deep consumer connections. To further distinguish itself from competitors, Tiffany emphasizes product craftsmanship and uniqueness. The brand can expand its reach through regionalization, tailoring its marketing strategies to resonate with local cultures and values. Employing consumer psychology insights, such as encouraging customer storytelling and leveraging modern technology for personalized shopping experiences, can further solidify Tiffany's position in the luxury market.
Keywords
Future of luxury brands, Consumer Behavior, Marketing Strategy
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Cite this article
Zhu,L. (2024). Marketing Strategy Analysis Based on Consumer Psychology-Taking Tiffany as an Example . Advances in Economics, Management and Political Sciences,69,271-276.
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