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    Shifting business strategies from budget to luxury prioritize affluent consumers through premium products with high quality materials, premium pricing and exclusivity, lifestyle branding and experiential marketing in boutique stores to provide a personalized luxury experience and build a prestigious brand image. Conversely, shifting from luxury to budget focuses on mass market, price sensitive customers with basic, cost-effective products through wide distribution, mass retailers, value promotions and a functional no-frills customer experience to appear budget-friendly and practical.

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    Shifting business strategies from budget to luxury prioritize affluent consumers through premium products with high quality materials, premium pricing and exclusivity, lifestyle branding and experiential marketing in boutique stores to provide a personalized luxury experience and build a prestigious brand image. Conversely, shifting from luxury to budget focuses on mass market, price sensitive customers with basic, cost-effective products through wide distribution, mass retailers, value promotions and a functional no-frills customer experience to appear budget-friendly and practical.

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    4 views1 page

    Text 13

    Uploaded by

    juanevzyl
    Shifting business strategies from budget to luxury prioritize affluent consumers through premium products with high quality materials, premium pricing and exclusivity, lifestyle branding and experiential marketing in boutique stores to provide a personalized luxury experience and build a prestigious brand image. Conversely, shifting from luxury to budget focuses on mass market, price sensitive customers with basic, cost-effective products through wide distribution, mass retailers, value promotions and a functional no-frills customer experience to appear budget-friendly and practical.

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    Below is a brief comparison table outlining the shifting business strategies from

    budget to luxury and from luxury to budget:


    Aspects Shifting from Budget to Luxury Shifting from Luxury to Budget
    Target Market Mass market, price-sensitive Affluent consumers, less price-
    sensitive
    Product Offering Basic features, cost-effective Premium features, high-
    quality materials
    Pricing Strategy Low prices, discounts Premium pricing, exclusivity
    Marketing Approach Value-driven, promotions Lifestyle branding,
    experiential marketing
    Distribution Channels Wide distribution, mass retailers Selective distribution,
    boutiques
    Customer Experience Functional, no-frills Personalized, luxury experience
    Brand Image Budget-friendly, practical Prestigious, aspirational
    These aspects highlight the fundamental differences in strategies between
    transitioning from budget to luxury and from luxury to budget segments.

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