On the one hand, a person’s willingness to pay (WTP) for a product is an indication of the financial value they attach to the product at that point in time (Werternbroch and Skiera, 2002). The WTP for one or more unit is therefore a financial measure of the benefits the extra unit gives them.
On the other hand, the minimum compensation a person is willing to accept (WTA) in exchange for giving up some good or service, is the minimum sum that the person is willing to accept to forgot a prospective gain. It is usually elicited from stated or revealed preference experiments.
WTP related to the psychology approach to pay a premium price for a specific brand product which fashion bloggers present. Also the consumer’s willingness to pay depends on the evaluating role of fashion bloggers on the product value. Consumers based their purchasing processes on the assessment of Country of Origin, Country Image and Brand Image expressed by a directly proportional relationship with the purchasing power but also set their purchasing process with the fashion bloggers county of origin the good image they have and how meritorious they are.
The gap between willingness-to-pay (WTP) and willingness-to-accept (WTA) benefit values typifies situations in which reference points–and direction of movement from reference points–are consequential. Viscusi et al. (1987) found a substantial WTA-WTP difference for valuations of consumer product risks. Costs are increasing while risks are decreasing for WTP while costs are decreasing and risks increasing for WTA.
3.6 Purchase Intention and blogs
Purchase intention is a consumer’s objective intention toward a product (Fishbein & Ajzen, 1975). Spears and Singh (2004) define purchase intention as a consumer’s conscious plan or intention to make an effort to purchase a product. In addition, online purchase intention focuses on whether consumers are willing and intending to buy a certain product via online transaction platforms (Pavlou, 2003). The big question is if blogs can contribute to the purchase intention. When products recommended in blog posts or have high brand awareness consumers have highly positive attitudes toward them , the result is to improve purchase intention(Long Chuan,Wen-Pin,Hsiu-Hua,2014). Online communities are a social space wherein relationships and ties are formed among the members and a common set of values and norms are established and shared. Some studies have shown the positive impact of consumers attitude toward these social spaces on purchase intention, a report published by Jupiter BuzzLogic in 2008 has also confirmed that everything consumers read on blogs influence their purchase decision. It is important to mention that needed consumers to be willing to believe the content of the post and then they will be more likely to purchase . In that way there is a higher purchase intention regarding these products (which are part of the content of the blog).
Moreover there are some factors which influence the purchase intention except from blogs :
1.what consumers want to buy
2.when consumers want to buy
3.why consumers want to buy
4.where consumers buy
5.how often want to buy
6.how consumers evaluate the need and the product which capture the need
3.7 Celebrity Endorsement
It is a phenomenon. It has been started centuries ago . Specially in fashion sector celebrities are highly valuable. Marilyn Monroe decelerated that she was wearing only Chanel No. 5 to sleep , she was an icon and she has enormous influence to the consumers. There are many ways in which celebrities are used to endorse brands : television advertising, print media advertising ,fashion shows. Furthermore photographs of celebrities in their every day life using “the product”, naming products after celebrities or they are the co-creators ,co-designers.
According to statistic researches the number of celebrity advertisements has doubled in the past ten years and the same research has shown an increase in the use of celebrities in the brand message generally. But now there is an important question.Why celebrity endorsement is so important about modern brands ? Firstly endorsement by celebrities helps to position and re-position existing brands . At the same time promote the brand’s appeal and create brand awareness. But sometimes there are negative effects . Celebrities and their personal circumstances may have negative impact to the brand ,they may disappear from the spotlight or thy may decide to change their image. It is possible stop thinking like before ,then the brand stop meet their expectations.
From the past to 2018 celebrity endorsement is a strategy with great importance in the fashion sector. It is an effective marketing tool and offers brand awareness loyalty and value.
3.8 Brand Ambassador
Brand ambassadors are people who give to a product “a real face” they are the integral part of the brand persona. More specific they are strong personalities or symbolic figures who are connected with a brand . They are permanent for a brand and have long term relationship with it. They represent every part of the brands in their public life but also in their personal life and they are expected faces at all public events involving the brand or the other. Also brand ambassadors are part of the celebrity endorsement. Karl Lagerfeld is one of the most well known brand ambassadors ,currently represents Chanel and Fendi, Donatella represents Versace and Tom Ford represented Gucci. Moreover we can call brand ambassadors like ‘muses’ of the brand. Their fashion vision can help fresh ideas and the general inspiration regarding the products. Brand ambassadors build trust and give online and off line reputation.
Key characteristics of brand ambassador :
· Knowledge of marketing . Digital marketing and the use of social media are the main part.
· High quality online present. A well established network and high standards.
· The skill to create powerful relationships. Loyal relation with the customers , deep connection and authenticity.
· Leadership skills.
· Product knowledge.
· Drive new customers.
Sometimes if you have taste to spare and the right opinion of everything, people just start to pay attention. They listen to what you have to say and watch to see what you do until suddenly you’re a celebrity.