Advances in Economics, Management and Political Sciences
- The Open Access Proceedings Series for Conferences
Proceedings of the 2nd International Conference on Financial Technology and Business Analysis
Series Vol. 58 , 20 November 2023
Open
Access | Article
Research on Pricing and Marketing Strategy of Luxury Market Based on 4P Theory - Taking Hermès as an Example
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Abstract
This paper embarks on an insightful exploration of pricing and marketing strategies in the luxury market, with Hermès serving as a compelling case study. The objective here is to extract valuable insights from Hermès' strategies, which can serve as a reference point for elevating the luxury quotient of other brands. To achieve this, the study leverages the renowned 4P theory to dissect Hermès' approach comprehensively. Firstly, the paper delves into the captivating enigma of why Hermès commands such premium prices. Unpacking the factors that underpin Hermès' ability to maintain its high price point is crucial in understanding its exceptional positioning in the luxury market. Equally compelling is the inquiry into the sources of its formidable brand loyalty and impeccable brand image. Moreover, this research scrutinizes the competitive landscape within the luxury marketing sphere by drawing insightful comparisons between Hermès and another industry heavyweight, Louis Vuitton. Lastly, the study engages in a discussion regarding the key success factors that have propelled Hermès to its prestigious standing. Simultaneously, it also addresses the challenges that the brand faces, recognizing that even a stalwart like Hermès encounters hurdles in the ever-evolving luxury market landscape. In sum, this paper not only provides an in-depth analysis of Hermès' pricing and marketing strategies but also offers a broader perspective on the dynamics of the luxury market. By distilling the essence of Hermès' success and acknowledging its challenges, this research seeks to inspire and guide other luxury brands in their pursuit of even greater opulence and distinction.
Keywords
Hermès, luxury management, social status, high price, exclusivity
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- Volume Title
- Proceedings of the 2nd International Conference on Financial Technology and Business Analysis
- ISBN (Print)
- 978-1-83558-207-7
- ISBN (Online)
- 978-1-83558-208-4
- Published Date
- 20 November 2023
- Series
- Advances in Economics, Management and Political Sciences
- ISSN (Print)
- 2754-1169
- ISSN (Online)
- 2754-1177
- DOI
- Copyright
- 20 November 2023
- Open Access
- This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited