consumer behaviour - margiela
TRANSCRIPT
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Consumer Behaviour
Group projectConsumer of luxury goods
A
08/06/2011
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11 Martin Margiela: A discrete but renown fashion designer
MMM
Jewels
Ready to wearFlagrance
• First collection in 1988
• A brand that makes nomarketing. No one eversees Martin Margiela, the MMM wear
Haute couture
Flagrancesees Martin Margiela, thefounder
• Minimalist spirit: from the creations to the corners
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22 A quick overview of their creations
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Theoretical modelB
Consumer of luxury goods
08/06/2011
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33 Consumption drivers – Individual dimension
HedonismUniqueness
“Indicator of the exceptionalexclusivity and scarcity of aluxury product or service”
E.g. Limited edition
è Differentiation è Feel privileged
“Capacity of a luxury product tosatisfy an emotional desire forsensory gratification”
E.g. Advertising based on sensorypleasure
è Excitement of buyingExcitement of buyingèPleasure of consuming
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44 Consumption drivers – Financial dimension
PriceFinancial indicator of the value (quality, exclusivity…) of a luxury product
E.g. Hublot “One million Big Bang” watch
è Level of prestigeèExternal « objective » indicator
Materialism
Capacity of a luxury product to satisfy a need for possession
E.g. Vast range of products within a collection
è Need for possessingèPossession as a signal of status
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55 Consumption drivers – Social dimension
PrestigeSymbolic sign of membership to a reference group provided by the possession of a luxury product
E.g. Owning a Sunseeker boat
è Status affirmationè Bandwagon effect
ConspicuousnessIndicator of elitism and wealth linked to the possession of a luxury product
E.g. High visibility of the brand and its logo
è Influence of reference groupsèSocial luxury value perception
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66 Consumption drivers – Functional dimension
Quality
“Superior performance of a luxury product or service”
E.g. Handmade luxury products
è Brand reputationè‘Sine qua non’ attribute?
Usability“Superior functional values of a luxury product or service”
E.g. Highly equipped car
èConsumer’s needs èProduct’s properties
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77 Prism
Price
MaterialismUniqueness
Hedonism
Individual dimension Financial dimension
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Conspicuousness
PrestigeQuality
Usability
Functional dimension Social dimension
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88 Consumer profiles
Price
MaterialismUniqueness
Hedonism
Individual dimension Financial dimension
Connoisseur New Rich
08/06/2011
Conspicuousness
PrestigeQuality
Usability
Functional dimension Social dimension
Expert Snob
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MethodologyC
Consumer of luxury goods
08/06/2011
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99 First Steps : developing the research
Defining the aim of the study
èIdentify MMM’s consumersèEstablish their profileèUnderstand their reasons for buyingèDefine their relationship to the brand
Inside Maison Martin Margiela
Group interview with 2 employees ofMMM Paris (PR and marketingassistants).
Defining the brand identity and theconsumer’s profile.
Helped us to build the “lifestyle” partof our questionnaire
Inside Maison Martin Margiela
Group interview with 2 employees ofMMM Paris (PR and marketingassistants).
Defining the brand identity and theconsumer’s profile.
Helped us to build the “lifestyle” partof our questionnaire
Elaborating the researchSecondary Research : no use of pre-existing dataPrimary Research : exploratory / descriptive research
Thus the elaboration of a survey.
•1st round of testing : friends and family•2nd round of testing : teacher’s feedback
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1010 Advanced Steps : implementing the research methodsCollecting the data throughthe online surveyGoogle Survey- Possibility of integrating scale
questions- Results provided with graphs- Quick and free- Limits in the formulation of the
questions
Administrating the questionnaire to the right sample
Convenience sampling : ESCP Students, family and friends- ESCP students : general income above average / social status and
interest in fashion / future potential consumers of luxury goods- Family and friends : social background / center of interest
Judgmental sampling : acquaintances who would know the brand or be familiar with the luxury goods in general. In the end, this sample provided most of the answers we collected.
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1111 Final Steps: delivering the study
Interpreting the results through rigorous analysis to deliver the final report
Collecting the answers
Spreadsheet provided by Google Survey with the results listed
deliver the final report
08/06/2011
Final step of the methodologyCore interest of the Group Project
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Results analysisD
Consumer of luxury goods
08/06/2011
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1212 Our survey in numbers
67 persons answered our survey
76%respondents who knew
35 of our respondents bought a luxury product during the last 12 months
29 respondents knew MMM
76%respondents who knew Margiela consider themselves as fans
MMM consumers bought an average of 1.6 products, whereas theaverage of luxury products bought by the average respondent was 1.2
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1313 Luxury goods consumer
Hedonism
MaterialismUniqueness
Price
Conspicousness
Prestige
Quality
Usability
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1414 Maison Martin Margiela consumer
Hedonism
MaterialismUniqueness
Price
Conspicousness
Prestige
Quality
Usability
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1515 Typical luxury goods consumer
Hedonism
MaterialismUniqueness
Price
Conspicousness
Prestige
Quality
Usability
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1616 Qualitative analysis
Respondents, who knew Maison Martin Margiela have following characteristics:
- They are fashion connoisseurs, 79% of respondents said they have a strong interest in fashion
- They are interested in arts and the creative sector as a - They are interested in arts and the creative sector as a whole, 83% reported they keep informed about new trends appearing in arts
- They are not sensible to advertising, 69% said advertising had no impact on their buying decisions
- They prefer traditional retail channels, only 17% reported they would buy an MMM product on the internet
- Brand identity is very important to them, 52% reported brand identity is as important to them as the product itself
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1717 Word clouds
Our respondents perceive Maison Martin Margiela as:
They don’t perceive it as:
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1818 Competition analysis
Most of the respondents who knew Maison Martin Margiela, also knew the following brands
18
27
20
25
30
9
12 12
18
0
5
10
15
20
Rick Owens Raf Simons Ann Demeulmester
Dries Van Noten Jil Sander
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Managerialrecommendations
E
Consumer of luxury goods
08/06/2011
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1919 Current situation
Diesel Group
MMMA shift in decision making
08/06/2011
The acquisition of MMM by the Diesel Group has lead to various changes in management style:
- Martin Margiela, creator of the brand retired, leaving MMM in the hands of the new investor – This resulted in an increased focus on economical performance
- Diesel decided to implement a strategy aiming at increasing customer awareness. The first step was to launch a perfume in collaboration with l'Oreal, that would address a broad audience
- Diesel also recognised the need to target specific customer segments. An example is the campaign against AIDS, MMM launched in 2003
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2020 Awareness
Awareness
Awareness is low: although we targeted our
respondents, only 43% knew MMM
Awareness is difficult to raise as 69% of MMM consumers said
not to be
Low awareness can be considered a strength of the company: words
like “mysterious”
08/06/2011
not to be sensitive to advertising
“mysterious”and
“independent” are associated to
MMM
Our research showed that the competitor with the highest consumer awareness was Jil Sander. MMM could pursue a similar strategy:
- Hire a young, creative and trendy designer (Raf Simons)- Increase Co-branding efforts, in order to avoid damaging the MMM brand while improving perception among the broad public (example of J+)
- Sponsor “edgy” personalities in the sector of arts to take advantage of the interest of the target group in the this domain
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2121 Loyalty and quality
• Consumers’ loyalty is good, with an excellent brand image: compared to the average luxury goods consumer, MMM consumer buy more products
• 76% of those who knew the brand considered themselves as fans
How to make it even better?
•Creating a community of consumers. Buying MMM is a privilege, and •Creating a community of consumers. Buying MMM is a privilege, and customers have to feel it. Creating a blog commenting on latest trend could be well inspired
•Therefore, MMM should advertize more how much they focus on quality (our research showed that MMM consumers value quality as much as uniqueness and hedonism)
üUse of noble fabric: mostly organic üMade in France and ItalyüExperience in fashion
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2222 Distribution & targeting
• The distribution strategy of Maison Martin Margiela is currently focused on its stores. Moreover, an e-boutique was just launched allowing customers to buy products online
• Our research has shown that customers associate MMM with a certain “shopping experience”. Hence, only 17% would buy MMM Hence, only 17% would buy MMM online
Our recommendation
• Our survey showed that it is essential to customers to experience the MMM atmosphere. As stores are still very scarce and their success is based on their exclusiveness, a solution would be to create small buying universes that could be integrated in different environments:- Art fairs- Pop-up stores- Galleries
• Internet is still an area, where MMM has to improve. A website that would be more user friendly could certainly increase the interest of its costumers
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LimitationsB11
Consumer of luxury goods
08/06/2011
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2323 Limitations and difficulties
• The BrandMaison Martin Margiela appeals to real fashion connoisseurs, which significantly increases the difficulty to gather relevant answer from part of the sample. • The SampleESCP students in spite of their income and social status do not constitute the core audience for luxury goods. Few are those who can actually afford to buy those products on a regular basis. As a result, we had to share the survey with a very large number of As a result, we had to share the survey with a very large number of contacts in order to obtain our results. • The QuestionnaireThe online survey presents strong limits (depth of the analysis, low response rates, no follow-up). • The TimeDue to schedule conflicts and lack of organization, we did not have enough time to conduct field studies that would have helped us obtain more diversified results.