Research On Marketing Strategy Of Luxury Brand B In China

With the continuous progress and development of China’s culture and economy,the luxury market has been rapidly expanding.China has become an indispensable driving force for the growth of luxury consumption in the world.Naturally,the competition in China will be even more intense,and the performance of this market will be important for the brand’s long-term development.How to retain Chinese consumers is an urgent issue for brands.If brands want to share a slice of the Chinese market,they must adapt to the laws of The Chinese market and the characteristics of Chinese consumers.Brand B has been in China for 29 years and has always been one of the most popular brands among Chinese consumers.However,it can be seen from the financial statements in recent years that Brand B’s sales and operating profit have not met expectations,which reflects that the brand’s business model and marketing strategy are in trouble.The marketing strategy that ignores the characteristics of Chinese consumers has gradually shown drawbacks.Different from ordinary brands,luxury brands have many particularities in their marketing strategies.Brand B needs to reorganize its internal and external environment and make targeted changes in marketing strategies to re-mobilize resources and advantages to improve its competitiveness and regain market share.To sum up,this paper takes brand B as the research object and makes relevant discussions on its marketing strategies in the Chinese market.Firstly,the paper introduces the characteristics and trends of the global market,expounds the purpose and significance of this research,and leads to the research methods and content to be used.Then,7Ps marketing theory,STP theory,the PEST,Porter’s five forces analysis model are described in detail,which constitute the theoretical basis and method tools of this paper;Subsequently,analyze and interpret the external environment of The Chinese market and the internal environment of the brand,and through questionnaires,industry reports and case studies,brand B has seven specific marketing problems（such as product lack of competitiveness,inaccurate price positioning,scattered channels need to be integrated,unsatisfactory promotion effects,professional ability needs to be improved,insufficient display of “localized” design,and the service process is not interactive）.On the basis of that,this paper traced back to find out the corresponding reasons of these problems.Through STP theory to sort out the market positioning,and relying on the 7Ps theory to formulate relevant plans for the brand’s marketing in the Chinese market.Finally,in order to carry out related strategies,supplement the corresponding measures to ensure the smooth progress of the strategy.It is hoped that this study will help brand B improve its marketing and at the same time,it can also provide some reference or suggestions for related brand research or peers.