Uncertainty avoidance: a systemic literature review regarding cultural differences

Abstract

This thesis compared compelling stories within the consumer psychology framework to explore luxury brands' buyer persona. The research question was as follows: "How do compelling stories created by luxury brands affect consumers' brand perceptions, loyalty, status and conspicuous consumption?" In order to find an answer to this question, the effects of luxury brands' compelling stories on consumers were examined, and the brands' marketing strategies, brand value, and their effects on the consumer were analyzed in detail. This study emphasizes the importance of understanding brand perception, loyalty, and the search for status and ostentation to understand luxury consumer psychology. In the thesis, Louis Vuitton was chosen as a case study, and the brand's strategic elements, such as history and heritage, quality, design, and distribution channels, were analyzed. In particular, the way in which the brand creates compelling stories and its impact on consumers through Louis Vuitton's prominent campaigns were evaluated. The study was conducted using qualitative research methods, such as Customer Journey and the 5A, Maslow's Hierarchy of Needs, the EKB Model, and Persona Marketing. Secondary data available in the literature was collected, and the brands' campaigns from past to present were observed. The results show that compelling stories positively affect consumer behavior, supporting brand perception, loyalty, status, and conspicuous consumption. The findings revealed in detail the role of luxury brands' compelling story strategies on consumer psychology, and customer profiles were created to discover Louis Vuitton's buyer personas