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Luxury brands flock to suburbs and vacation hot spots where the rich are riding out the pandemic
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Where the rich and famous give their private jets a glow-up
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NEW YORK, June 1, 2021 /PRNewswire/ As consumers flock back in the post-pandemic era, premium and luxury brands are ramping up their marketing and innovation efforts. For many brands, client acquisition, vs. retention, has been the top marketing priority, despite the far less favorable economics. However, as legendary marketing guru Ted Levitt stated simply: No business can function effectively without a clear view of how to get and
hold clients. Peter Drucker, the management guru, contends that because the purpose of a business is first to acquire, and then to retain a client, the business enterprise has two, and only two, basic functions: marketing and innovation. Marketing and innovation produce results; all the rest are costs. Especially with a premium or luxury, good or service, where high-value, high-emotion purchases are involved, the brand should strive to keep a client for life.
Why Gucci Recruited James Corden to Host a Key Comeback Campaign
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