The Changing Paradigms in Lifestyle Marketing - A Case Study Approach with Reference to Watch Industry

Abstract

Current business houses use the word “Lifestyle marketing” which is like a buzz word used in the selling and marketing in the present century. Lifestyle has a psychological determinant that influences buying behaviour- reflecting an individual’s choice of how to spend money and time and the attitudes and values connected with these behavioural patterns. The success of an organization is directly linked to the level to which the company’s products and marketing strategies, dominantly communication, which reflects the lifestyle of the targeted market. This aids in giving a competitive edge over the other business houses. This in turn generates revenue. The companies are forced to dedicate their marketing strategies towards life style marketing. This paper discusses the role of lifestyle marketing in the current business scenario and the strategies to be adopted by the watch industry to suit each target market and the branding and promotional techniques that influence the branding of various market segments. This will provide insights which are valuable for companies marketing and advertising strategies. As people’s attitudes, interests and opinions regarding products and services change, it is vital for the marketers to continually monitor the changes. The basicobjective of this paper “The changing paradigms in lifestyle marketing – A case study approach with reference to watch industry” aims at understanding the concept of lifestyle marketing and by utilizing this how the brand value can be made more effective be made. A case study approach using a watch sector as an example will be adopted to study this concept for better understanding and implications. The research uses secondary data for the collection of data. Conclusions, based on the outcome, hereby btained were drawn and decisions were taken about the said objectives. The primary purpose of this paper is to stimulate further discussion amongst marketers and to be used in dialogue with stakeholders.