see attachment Discussion 2 In an initial (substantial) post based on the readings (Chapters 20 and 21) and the live/Teams lecture (March 26) assigned in Module 2 (and your own reflections), Do you think that it was appropriate for the U.S. to become an “International Police Power” to stop “chronic wrongdoing,” as Theodore Roosevelt wanted? Should […]
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Discussion 2
In an initial (substantial) post based on the readings (Chapters 20 and 21) and the live/Teams
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- 4 Campari Group Chosen strategies The strategic recommendation for Campari Group’s growth, which involves the utilization of Courvoisier’s brand reputation and market potential in its entirety, should not be overlooked. The chosen strategies include reutilization of products, market expansion, and product innovation. Initially, the brand has to make a comeback and become a synonym for wealth and finesse. Such cooperation could be achieved through smart partnerships with top-notch fashion houses, high-end hotels, and VIP events to add to the status of the brand and attract family-income consumers. Also, Campari Group must put some money into experiential marketing efforts like immersive experiences and teacher tours of the Maison Courvoisier to raise consumer engagement and enhance brand loyalty. Through the reinvention of Courvoisier’s image and by improving its level of perceived value, Campari Group could capture greater market share in the expanding super premium cognac category, resulting in increased revenues. Moreover, the Group must give more attention to the brand’s presence in key emerging markets, emphasizing the Asia Pacific region most significantly. Growth in disposable incomes and a desire for premium products in countries such as China show that premium drink brands have outstanding market potential (Donze & Katsumata, 2020). Campari Group would be better off investing in localized marketing tactics that match the preferences and cultural specificity of these countries, establishing good distribution channels, and making important strategic deals with local retailers and opinion leaders. The rationale for chosen strategies Brand revitalization is a significant aspect. Campari Group’s brand potential can be explored and utilized, and the legacy of the Courvoisier can be reclaimed and made exciting to affluent consumers who are in search of brands that represent sophistication and elegance. That is achievable by figuring out an elaborate marketing strategy and customers will be made to distinguish the higher quality, intricacy, and uniqueness of Courvoisier from the rest of the competitors. Strategic alliances with luxury brands like fashion houses and upscale hotel chains can further become powerful marketing tools to push Courvoisier’s brand image forward and establish greater perceived value among the customers with the most refined tastes. Even though the company can get more revenues by introducing experiential marketing activities that include interactive tastings and branded events, these will provide more benefits for further establishing better connections with consumers for brand loyalty as well as word of mouth (Pinheiro, 2021). Through the renewal of Courvoisier’s brand identity and its positioning as a luxury item, Campari Group might be able to stand out in the highly competitive cognac market and initiate the premiumization process. As a result, other brands might have to step aside and the company might achieve increased market share and revenue growth. Furthermore, the growth in the market share of Courvoisier in the emerging markets of the Asia Pacific region, particularly in countries like China and Japan, will be another vital avenue of growth for the business considering the anticipated rise in people’s income which will likely translate to increasing demands for luxurious goods. Contentment in a thoughtfully designed media mix via regions such as China and India, the Campari Group can acquire a large consumer population who are curious and willing to try and experience luxury products and lifestyles. Localized marketing strategies of Campari Group that address the different market segments, which are characterized by diverse cultural aspects and consumption habits, allow the company to engage with the consumers and the creation of a powerful brand. Creating distribution channels and collaboration with local distributors and influencers helps brand penetration by offering a potential outlet for brand sales and visibility (Huang et al., 2023). In addition, Courvoisier can have regional variants or limited editions that are aligned with customers’ local preferences as another method of growth. It also becomes another aspect of brand communication that makes the brand more of interest to the consumers. One of the major elements in Campari Group’s development plan is product innovation which is even more vital considering the circumstances of Courvoisier’s acquisition, as it allows the company to meet the demands of these changing consumers and to remain ahead of the pack in the booming spirits sector. Courvoisier’s rich historical background and skillfulness can be used by the Campari Group to come up with new versions including limited editions and modern expressions that will attract consumers who are keen to experience the unique premium option. By always experimenting with the components that make cognac, the techniques of aging, and the methods of production, Campari Group indeed succeeds in its goal of getting Courvoisier the prominent position it deserves and of attracting aficionados and connoisseurs from all over the world. The tie-up with the world master blenders, top distillers, and the experts in the industry allows Campari Group to move the frontiers of cognac manufacturing and release new products that will be affordable to the majority of consumers. Moreover, the product’s novelty is a tool to retain customers who are interested in new sustainability or ethical trends. The implementation of sustainability initiatives within the production process such as environmentally friendly packaging and working with responsible suppliers will help companies to link their brand worth to the modern ethics of today’s customers and thus attract socially responsible consumers (Muchenje et al., 2023). In addition to this, the R&D spending helps the Campari Group to foresee future trends as well as to make decisions early, this makes Courvoisier remain a bit relevant and competitive in a world where other brands are trying to secure the same market. The collaborative effect of tradition and innovation when made synergistic can help the Campari Group re-image Courvoisier brand perception and lead to consumers’ engagement consequently ensuring the company’s long-term growth. References Donzé, P. Y., & Katsumata, S. (2022). High-end luxury wine demand and income inequality. International Journal of Wine Business Research, 34(1), 112-132. Huang, C. I., Huang, Y. F., Do, M. H., & Nguyen, T. L. H. (2023). Sustainable Competitive Advantage for Multi-Unit Franchising: From the Taiwanese Franchise Market Perspectives. Sustainability, 15(21), 15508. Muchenje, C., Tapera, M. C., Katsvairo, H. T., & Mugoni, E. (2023). Green Marketing Strategies and Consumer Behavior: Insights for Achieving Sustainable Marketing Success. In Sustainable Marketing, Branding, and Reputation Management: Strategies for a Greener Future (pp. 465-484). IGI Global. Pinheiro, R. M. F. (2021). The influence of Experiential Marketing on tourist satisfaction, purchase, repurchase, and loyalty: the case of Madeira Island (Doctoral dissertation, ISCTE-Instituto Universitario de Lisboa (Portugal)).