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

Study the Cultural Value and Marketing Strategy of Luxury Brands -Taking Chanel as an Example

Yiran Liu * 1
1 BeijingDongzhimen Highschool

* Author to whom correspondence should be addressed.

Advances in Economics, Management and Political Sciences, Vol. 58, 58-64
Published 20 November 2023. © 20 November 2023 The Author(s). Published by EWA Publishing
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.
Citation Yiran Liu. Study the Cultural Value and Marketing Strategy of Luxury Brands -Taking Chanel as an Example. AEMPS (2023) Vol. 58: 58-64.

Abstract

"Fashion changes, but style endures." - Coco Chanel. Chanel is an extraordinary luxury brand with a rich history. Throughout its evolution, the brand has exhibited traits of uniqueness, inclusivity, and human touch, resulting in the creation of iconic products that embody the brand's culture and allure. This article delves into Chanel's diverse product lines and provides illustrative analyses of select products to illuminate their significance. Notably, the N5 series serves as a prime exemplar. Moreover, this paper adopts a customer-centric approach to delineate the consumer demographics that resonate with Chanel's offerings, aiming to fathom their underlying desires and preferences. The analysis delves beyond the surface to uncover the profound needs and desires of the customers, fostering a deeper connection between the brand and its clientele. Furthermore, a comprehensive evaluation of Chanel's online and offline marketing strategies is undertaken, uncovering both strengths and weaknesses. By identifying the areas that require enhancement, this research aims to provide actionable solutions to fortify the brand's marketing endeavors. In this context, the strategies can be optimized to adapt to the challenges posed by the global epidemic scenario. In light of the prevailing global circumstances, these insights and strategic recommendations are poised to empower Chanel to navigate the ever-evolving luxury market effectively. By embracing its heritage while adapting to contemporary dynamics, Chanel can reinforce its position as a symbol of enduring style, resonating with both existing and new generations of fashion enthusiasts.

Keywords

Chanel, luxury brand, marketing strategy, digital power

References

1. Aaker, D. (2009). Managing Brand Equity: Capitalizing on the Value of a Brand Name. New York, NY: Free Press [u.a.].

2. Tynan, C., McKechnie, S. and Chhuon, C. (2010). Co-creating value for luxury brands. Journal of Business Research, 63(11), pp.1156-1163.

3. Atwal, G. and Williams, A. (2009), "Luxury brand marketing: the experience is everything", Journal of Brand Management, Vol. 16 Nos 5/6, pp. 338-346.

4. https://www.researchgate.net/publication/319960093_The_Specificity_of_Luxury_Management_Turning_Marketing_Upside_Down

5. https://www.forbes.com/powerful-brands/list/#tab:rank_search:chanel

6. Beverland M, Beverland M. The Authenticity of Stories[J]. Building Brand Authenticity: 7 Habits of Iconic Brands, 2009: 29-61.

7. Wilson, F. (2010). Coco Chanel: The Legend and the Life by Justine Picardie: review. [online] Telegraph.co.uk. Available at:https://www.telegraph.co.uk/culture/books/bookreviews/8034462/Coco-Chanel-The-Legend-and-the-Life-by-Justine-Picardie-review.html [Accessed 17 Apr. 2018].

8. Chesters, A. (2012). A brief history of Chanel. [online] the Guardian. Available at: https://www.theguardian.com/fashion/fashion-blog/2012/feb/20/brief-history-of-chanel [Accessed 13 Apr. 2018].

9. Michel Chevalier, Gerald Mazzalovo https://books.google.com/books/about/Luxury_Brand_Management.html?id=FODGSK7kObIC

10. Luxury Fashion Branding: Trends, Tactics, Techniques by U. Okonkwo (2007-05-03)

11. Vigneron F., Johnson L. W. (1999). A review and a conceptual framework of prestige seeking consumer behaviour. Acad Market Sci Rev 1999; 1:1–15.

12. Amatulli, C. and Guido, G. (2012). Externalized vs. internalized consumption of luxury goods: propositions and implications for luxury retail marketing. The International Review of Retail, Distribution and Consumer Research, 22(2), pp.189-207.

13. Seymour, A. (2016). Cartier and Chanel have greatest brand recognition in lucrative Chinese market – WatchPro. [online] Watchpro.com. Available at: http://www.watchpro.com/cartier-and-chanel-have-greatest-brand-recognition-in-lucrative-chinese-market/ [Accessed 19 Apr. 2018].

Data Availability

The datasets used and/or analyzed during the current study will be available from the authors upon reasonable request.

This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License. Authors who publish this series agree to the following terms:

1. Authors retain copyright and grant the series right of first publication with the work simultaneously licensed under a Creative Commons Attribution License that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this series.

2. Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the series's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this series.

3. Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See Open Access Instruction).

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

Copyright © 2023 EWA Publishing. Unless Otherwise Stated