Pricing strategies and the impact of corporate social responsibility on products from luxury industry

Darina Saxunova and Michael Max Konrad
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Darina Saxunova: Comenius University Bratislava, Slovakia
Michael Max Konrad: Comenius University Bratislava, Slovakia

in ABEM Conference Proceedings from Academy of Business and Emerging Markets (ABEM), Canada, currently edited by Satyendra Singh

Abstract: Merchandise companies optimize their plans to keep sufficiently rich margins and comply with stringent environmental regulations. The challenging markets, innovative forms of competition, and growing 'war' for attracting talent require merchandise companies of luxurious goods to stay alert and updated to face the contemporary waves of the economic environment, especially stressing the rise of global inflation. The effects of inflation cannot be generalized. We examine if the price for producers is created in a way that considers the CSR perspective and if this can appeal differently to a different consumer segment of luxurious products. The price elasticity of luxury goods is minimal, and if it changes, it goes up, never down, or rarely down. Will we observe that phenomenon in the near future? Are there any factors that could influence that? Will the power of corporate social responsibility play any role? Therefore, the paper focuses on pricing strategies, which are the research subject of this scientific study. The main objective is to investigate the profit margin development in a selected industry of luxurious products over twenty years since 2005. Moreover, we examine the factors influencing pricing strategies in this sector. Results achieved are critically analyzed and compared, and conclusions are presented and discussed

Keywords: Pricing; strategies; corporate; social; responsibility; CSR; products; luxury (search for similar items in EconPapers)
Date: 2024
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