Gucci seem to be using all promotional mixes to their advantage and continue to promote the product as awe-inspiring.
The use of advertising, publicity and direct selling are all key to the continued success.
Before any luxury goods item can be sold, the company has to identify with the needs of the consumer first. This remains true for any product as if there is no need for the product, then why purchase it.
Secondly, the life cycle of all products continues to play an important role in the global market.
Branding of the different products is of utmost importance as the brand almost guarantees the retail sales of the specific product. It is irrelevant that the product might be a luxury item or not.
As previously mentioned, all goods are sold according to market demand, and there are certain forces, which need to be taken into account when assessing the demand globally.
1.The Formula for Luxury Good's Marketing.
In 1921 Guccio Gucci opened a small luggage and saddlery company in Florence, selling exclusive leather goods created and produced by the finest Florentine craftsmen.
This formula has held true as the company has kept one distinct and bonafide marketing tool throughout its existence. The term "exclusive".
The company, since it's inception and even after the fact that it has become a public entity, still holds a structuring by function philosophy. The success thereof remains the centralized control of the entire operation from the headquarters in Florence. .
1.1 Motivational Needs.
The Gucci Company relies heavily on the needs of different individuals. Since the Gucci Company is primarily in the marketing of luxury goods, it stands to reason that a key focus area remains that of the so-called "Esteem needs" of the individual.
These needs are reflected in a wide variety of luxury products within the Gucci stable. Luxury goods play heavily on the implication that the individual is a discerning buyer, a cut above the rest, and that using their products makes a statement about who they are and what status they hold in society.
