Busn4100 | Business | A Assessment Answers

Write a literature review on theortical concept in the field of conscpicuous consumption that has real world management implications (e.g. customer satisfaction, buying behaviour, customer motivation, experience quality, etc.)

Common themes

In the first article, it has been identified that conspicuous consumption is being influenced by the social and economic status of a person. It has been identified in this article that the depending on the environmental preservation, the social sustainability is being maintained (Kapeller and Schütz 2015). In the case of the second article, the consumer behavior has been considered as the major influential factor in consumption rate. In the article, the impulse buying, materialism and conspicuous characteristics have been correlated with each other. In the third article, different situations have been highlighted in which the needs of customers get changed.  In the fourth article, the important influences of the conspicuous consumption behavior in the different social level have been mentioned. Correia, Kozak and Reis (2016) have focused on the preferences of the Portuguese travelers. Through the article, the social and self-representations have been done in a proper manner. Therefore, in the above four articles, it has been identified that the social status and financial situation have a higher level of impact on the behavioral characteristics of consumption gets influenced.  In the articles, it has been identified that the increasing willingness of the customers towards the luxury products and higher status are simultaneously increased.

Different themes

It is true that all the four articles have established the correlation with social standard and conspicuous consumption; however, there are various dissimilarities. In the first article, the theoretical concepts regarding the profit-led demand and wage-led demand have been introduced. Depending on the customer satisfaction, in this article Correia, Kozak and Reis (2016) used the traditional concept of Veblenian and Bhaduri-Marglin model in case of assuming the consumption concern among the working class. Here the regression between two variables such as working class and profit share has been highlighted.

On the other hand, the theme of the second article is totally different as it has focused on in behavioral traits of the consumers has been highlighted. In such cases depending on the consumers’ behavior, the development of marketing strategies has been done. According to Vohra (2016), the important three components of consumption such as evaluative, emotional and imaginative components have been mentioned. In the third theme, the correlation between CSR and luxury has been pointed out. According to Amatulli et al. (2018), in most of the cases, the consumers ignore the CSR initiatives rather than the other influences. By highlighting the external and internal initiatives of luxury brands, it has been identified that external initiatives are more effective than the internal initiatives. Depending on the collected information from the respondents, the author has highlighted the CSR dimensions. In the fourth paper, it has been mentioned about the important travel pattern of Portuguese travelers. It is different from other articles because in this case the individuals’ perspectives, as well as the important travel experiences, have been highlighted.

Study limitations

Comparing all the articles, it can be said that in these articles the theoretical perspectives, behavioral traits, CSR influences and travel pattern have been mentioned. In the first article, the author has not mentioned about any survey. In this case, maintaining the authenticity of the research project, it will be difficult. On the other hand, in the case of the second article, the research has been done depending on the interviews. In such cases high chances for getting the inappropriate answer increases. In the third article, CSR initiatives have been highlighted. However, there are many other influential factors. In the case of this article, the author has mentioned the luxury companies and their CSR initiatives. If the other organizations had been mentioned in this research, it would have been better for the study. In the fourth article, both the qualitative and quantitative methods have been used. However, it has discussed a specific industry. In the case of global industry, the application will not be applied.

Future directions

After analyzing all the articles, it can be said that in terms of developing effective profit-led demand and wage-led demand models, the first article will help the organizations. In the second article, the important behavioral traits of the customers have been mentioned. These will help the organizations to understand the needs and demands of them. Importance initiatives regarding the effective CSR practices have been mentioned in the third article. This article will help in the case of adapting effective CSR initiatives in an organization. In the fourth article, the tourism industry has been highlighted. In order to understand the behavioral perspective of the tourists, this article will be beneficial. Therefore, it can be said that if the organizations are able to implement the business strategies in an effective manner, the articles will help in terms of developing the business.

Reference

Amatulli, C., De Angelis, M., Korschun, D. and Romani, S., 2018. Consumers' perceptions of luxury brands’ CSR initiatives: An investigation of the role of status and conspicuous consumption. Journal of Cleaner Production, 194, pp.277-287.

Correia, A., Kozak, M. and Reis, H., 2016. Conspicuous consumption of the elite: Social and self-congruity in tourism choices. Journal of Travel Research, 55(6), pp.738-750.

Kapeller, J. and Schütz, B., 2015. Conspicuous consumption, inequality and debt: the nature of consumption?driven profit?led regimes. Metroeconomica, 66(1), pp.51-70.

Vohra, A.V., 2016. Materialism, impulse buying and conspicuous consumption: A qualitative research. Global Business Review, 17(1), pp.51-67.