Book Description
The last decade was marked by a tremendous growth in the luxury market, strong buying power, and increased demand in luxury goods. The financial crisis of 2007-2008 did not stop nor affect consumers from purchasing and enjoying luxury products and services. In particular, new money came from the emerging markets. In the time of financial crisis, it is the high-end inconspicuous, and fully priced products that are flying off the shelves (Clifford, 2011). Given its success, the luxury market has become dynamic and competitive. Every luxury brand aims to differentiate itself and stand out from its competitors by strengthening its brand image, sustaining its market position, and penetrating its targeted market segments. In the hospitality industry, luxury hotel chains are part of the luxury market. Hence, they also benefit from the growth of this market and are continuously prospering and expanding globally. Given that the current business environment in the hospitality industry is changing dramatically, luxury hotel chains are facing intense competition, rapid technological advances, and increasing consumer sophistication. Therefore, every luxury hotel chain is striving to keep up and anticipate the changing behavior and expectations of their target consumers, and consequently, earn brand and consumer loyalty. Marketing strategy becomes crucial for hotel practitioners because this important step leads their companies to succeed in terms of building brand awareness, gaining consumer loyalty, attracting investor interest, and generating company revenues.
