Luxury Brand In Canada: Marketing And Financial Management

Student’s Name Professor’s Name Course Date Luxury Brand in Canada Introduction The Canadian market recorded a rise in the growth value of goods in the year 2017 which was facilitated by the advanced favorable climatic factors as well as the numerous luxury brands in Canada. The rapid growth implied a luxury market for goods which was aimed towards a luxury increase in the service value. The traders employed efforts to satisfy their consumers through the luxury brands targeting on a significant rise in the luxury spending during the forecast period. The advantage that makes this considerable rise possible is that half of the population in Canada are baby boomers who are the highest consumers of the luxury goods. The baby boomers sacrifice their savings and investments to purchase the luxury products. In the book ‘business essentials Canadian 8th edition’, several topics have been discussed at length concerning the success and failures of business. The paper focuses on two main issues which are, principles of marketing and financial management. Two articles will be used to analyze the business topics of discussion, each representing a theme. Topic One The first topic of discussion is the principles of marketing which covers the essential elements that should be considered in the marketing process. This topic is well elaborated in the magazine, 'principles of marketing,' which was written by Phillip Kotler and Gary Armstrong and published by Pearson on 27th January, the year 2017. Marketing here is defined as the combination of all activities that are involved in preparation for sales.According to the magazine, today’s main challenge in the marketing field is to develop and maintain a flow and interactive communities if customers who are willing to keep a constant flow of the products use by making them part of their lives (Perreault.427). The magazine ‘principles of marketing’ was published with an objective to provide the readers with vital marketing information to establish an innovative framework for customer value. The magazine also focuses on the sustainability of a vibrant market and seeks to come up with measures to curb the existing economic challenges that are deteriorating the market for many products and services. Five essential elements are meant to guide any marketing personnel in the field to achieve an optimum marketing success level. One of these principles is the focus on your clients. It is essential to recognize that a customer should be the most significant priority in your business. This can be achieved by employing efforts to satisfy the client and thinking of the innovative ways to improve the products and services you offer to ensure you maintain old customers and at the same time attract potential customers. The second principle is identifying your target audience for your products and services. Make sure you have a clear understanding of the base of your customers and recognize what type of customers is most appropriate for your goods or services. It is also good to have a look at your competitors for the sake of determining the niches that would bring profits to your business as well as know the ways of making your services unique (Armstrong et al. 68)....