MASSTIGE MARKETING AND BRAND MANAGEMENT

Abstract

Masstige is defined as a mass produced product that is considered to be prestigious. The word is a combination of two words, mass and prestige, meaning "prestige for the masses''. As income levels rise and high levels of disposable incomes, people develop an appetite and indulgence for luxury goods. Masstige serve as a convenient compromise between mass and class. As has become evident in recent years, several new companies have sprung up on the concept of masstige marketing, in industries such as automobiles to smartphones to fashion. The objective of this research is to understand the concept of masstige marketing and its evolution in shaping brand management through innovative brand positioning. Further, through this research we seek to understand the consumer perceptions on masstige marketing and how brands, both old and new, can benefit by utilizing the same. After the conclusion of my research, it was found that the consumers of masstige brands are typically young, middle income group people that are not overtly price sensitive and wish to be associated with brands that enhance their sense of self-worth and make them feel unique. Creating strong and positive brand experience is the key to a successful masstige marketing strategy. Luxury brands looking to venture into masstige marketing must be careful with their pricing to maintain their prestige and prevent brand dilution, whereas newcomers into this segment must highlight their product’s perceived prestige through superior quality and affordability in order to effectively appeal to the consumer in the mass market.