2012 esc pau global dior report vf

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2012 esc pau global dior report vf

  1. 1. Guillaume Galabert Kush Katti Chloé Lebictel Nicolas Pech Aïda Permorady Jessica Sarrade DIOR “THE GOLDEN PLACE ON THE WEB”ESC PAU - MBA 2011-2012 Post Global Marketing Page 1
  2. 2. Content of the case Dior Company was founded in 1946 by fashion designer Christian Dior with the helpof Marcel Boussac investing 60 million. It starts well in the fashion and haute couture.In February 1947, Christian Dior fashion ignites after the war with his first show, the resultof an intensive collaboration with his team. This is the birth of a new woman, a radical design:size arched, chest high, round, narrow shoulders, legs uncovered up to 30 cm above theground. A visionary, he left for the United States to conquer this market booming in 1948, less than ayear after launching its first collection.The world organizes parades around the globe. He is the designer of the stars. In 1957, thehouse provides more than half of the exports of French couture, and Time Magazine devotedto the As. In eleven years, extends its business in fifteen countries and provides employmentfor more than two thousand people.Revenues that have been successful and which are currently the success of Christian Dior arevery characteristic of the mid-luxury bordering on excessive creativity, quality, passion,innovation, culture, concept of dreams and artistic sensibility. This alchemy of the product,combined with sound financial management, allows the fashion house to remain sustainable.Since taking the role of artistic director in 1999, John Galliano has led the brand through ametamorphosis of all kinds. As a result, Dior today is still perceived by consumersas prestigious and glamorous, but with Galliano at the head, the drawings themselves(especially the female division) took a turn for fashion. The new Dior Electric is bright,flashy, colorful and new rich, indulging Galliano flair for resourcefulness and imagination.The brand identity of Dior is showed by its communication. The communication is a showtime and a spectacle. That’s why Dior decided to use celebrities like Charlize Theron, JudeLaw, Marion Cotillard, etc…The aim sentence of Dior is “fashionable and fabulous”.And its just a Woman Dior! Like its models, Dior Men is a completely different experience inthe look and feel. It starts with a short story, the tone of the collection, which showsthe perspective of a man with a broken heart. The main page is a square of blackentertainment on a pristine white background, with flashing images of the latestcreations Dior Men, example with Jude Law and his video on the net.To be aligned with their brand identity, Dior has to work on its positioning. Dior focuses onthe brand of hyper self-centeredness. Dior puts a woman on a pedestal that looks itself (seethe mirror-Dior medallion), which flips his diary, ignorant of the outside world, a woman "Ilove" that adulates itself when its fragrance is preferred.This elitist attitude is quite possible for a luxury brand, in contrast to other sectors that needto focus on humility, when they interact on the net.Even in the movie Lady Dior, the brand takes an oversized product placement: that’s whyMarion Cotillard is used with for example out of her bag a dozen Dior cosmetics.Dior creates his positioning with a new woman, bold and unique.The brand is now a mass of consumers who can identify with many models of women falselyempowered and smart: – Women French touch (Marion Cotillard for Dior Couture) – Glamorous fatal women (Charlize Theron for Dior Cosmetics) – women child (Natalie Portman, Miss Dior Cherie Perfume Christian Dior)ESC PAU - MBA 2011-2012 Post Global Marketing Page 2
  3. 3. All this types of women, models illustrate the Dior Attitude who they are born of womenwithout complex strategic turnaround of the brand in 90 years and more precisely acosmopolitan women. We can see that on the different advertising which does Dior all overthe world with one celebrity Marion Cotillard but in different scenario. Dior us to followthrough these ads and Marion Cotillard Lady Dior saga in major cities worldwide includingLondon, Moscow, Paris, Shanghai, LA, and New York while taking the shape of each of thesewomen of different nationalitiesDior changes completely his strategy to a masstige strategy. The term “masstige” comes fromthe contraction of two words: “mass market” and “prestige”. The masstige, it is the alliance ofa prestigious brand and a brand of mass market. Also, masstige means that the luxury brandmakes accessible the luxury to every people. One of the most famous examples of masstige isthe collection made by Karl Lagerfeld for the brand H&M.Indeed, from 1947 to 2009, Dior’s strategy has changed dramatically: Dior diversifies itsbusiness: the status of haute couture luxury brand, but also as brand Fashion and Beautyupscale (Perfumes Christian Dior) while maintaining its strong roots will luxury. Dior isexpanding its target of women in elite circles to the upper class consumers. Dior is changingits culture to brand: Christian Dior designer cultivates a reserved attitude to clean while theromantic genius John Galliano is a showman who favors dramatic. Accessories and perfumebefore completing the look of a beautiful woman single parent now they different models ofWomen extravagant and shiny. The arrival of the brand John Galliano for Dior Couture evenallows returning to profitability at the turn of the 90s. Sales totaled 765 million Euros in 2008.Dior brand, such as French brands with similar stories and crafts (Chanel, Yves Saint Laurent,Jean-Paul Gautier), used the business model of the pyramid as explained Jean-Noel Kapfererand Vincent Bastien forces in Luxury: the business model of the pyramid. The main riskassociated with this operation is already considered the contamination at the base, for easymoney. At the extreme, as seen for many brands of sewing, there is still a top, embodied in theparade, but there is more room to offer intermediate focus is on the basis of products and easyto sell high margin products, where it is cheapest.The products of the bottom of the pyramid are not responsible enough in quality andcreativity, but enjoy very high margins in excess of 80%, because the value of dreams, whichcontinues for some time, is much higher than the value in use, which becomes almost zerodue to the decline in quality perfumes.The risk of going too masstige for luxury brandDo the digital presence is a risk for luxury brands? The sales via Internet “rocket”, the request for the luxury goods. The question is toknow if the consumers are ready to buy luxury items online, and thus to give up the “prestige”of the purchase in shop. Indeed, at the time of a purchase in shop, customers appreciate thecare of details, the attention and pieces of advices of the salesmen…However, net surfers frequent more and more the sites of luxury to discover the products, andof course prices.Well-known in the United States, the sales of luxury goods online emerge in Europe. Thelarge houses of luxury, couture houses, wonder about the place which Internet in their strategyof distribution must play on the European market.The sales of goods on line is already fixed but it should still develop under the impulse offamous brands leaders such as Dior, Hermès, or Vuitton, which opened their online shop atthe end of 2005 and at the beginning of 2006.ESC PAU - MBA 2011-2012 Post Global Marketing Page 3
  4. 4. Several models of distribution of the luxury products on Internet are possible and are alreadydone. The determining factor lies in the selectivity of the site; the challenge for the largehouses of luxury is to popularize their brand image but not so much. It’s important to find thebalance between the image of the luxury and the novelty of new process, such as the sales online.It is thus a question of determining if it is convenient for the famous brands of luxury tomarket their products on line, while preserving their brand image and by avoiding thecannibalization of their sales in shop.For that, we will study the market of the luxury on line, then the behaviors of purchase of theconsumers; finally, we will study the various strategies set up by the large houses of luxury inorder to market their products on line in a relevant way.The market of the luxury online and the e-commerce (the context) The product purchase of luxury on line is a practice for the consumers; they arefamiliarized with the Internet tools. However, 53% of them are said ready to buy on line aluxury item not requiring a fitting. Internet remains very often information means and asource of inspiration for the consumers, but now can replace the traditional purchase in shop.It’s a reality, the sales of fall have less success than before and people buy more and more oninternet (see figure 1).Evolutions and perspectivesThe worldwide market of the luxury approaches a turnover of 153 billion euros for the year2009. The biggest part of the sales in this sector is realized in Europe. Paris remains still todaythe undeniable capital of the fashion world.A world leader, LOréal, and large houses renowned universally like Chanel, Clarins, Dior,Givenchy, Guerlain, Yves Saint-Laurent make it possible to France to be the worlds leadingexporter of this sector in front of the United States with 30% of the international offer.Started in 2004, the resumption of the market of the luxury was confirmed in 2005. There isan evolution of the behaviors of purchase, and thanks to a certain democratization of theluxury (see figure 2).Furthermore, the sector of the luxury occupies a very important place in Europe, in the UnitedStates and in Asia, where you find consumers very fond of products top-of-the-range (seefigure 3).Moreover, in these geographical sectors of the world, consumers use Internet regularly, andthus represent a formidable opportunity for the houses of luxury which wish to market theirproducts on line.According to a report of the FEVAD (Federation of the companies of distance selling), duringthe 3rd quarter, the whole of the sites of sale on line saw its turnover increasing from 2%compared to the 2nd quarter 2011 and 23% over one year. The progression recorded duringthe last quarters continuous to be doped by the progression of the number of French peoplewho buy on Internet. According to Médiamétrie, the number of cyber-purchasers leaped of 3.2million over one year. Now, France counts 30.4 million purchasers on line.In a general way, the consumer perceives initially the Internet sales like the privilegednetwork of the good deals and the discount. This image of “low cost” is not easily compatiblewith the product sales of luxury on line.And yet, nearly 70% to the consumers of luxury bought or plan to buy luxury goods on line.The generalization of the high-speed Internet, the development of rich interfaces and thevideo make it possible to retranscribe the universe of the purchase in shop, and thus toreassure the customer.Today with Internet, the consumer appropriates the act of purchase: he/she buys where he/shewants and when he/she wants. New service for the consumer, the e-commerce is for thesalesman a major asset of the knowledge of the customer (how to better know his customersESC PAU - MBA 2011-2012 Post Global Marketing Page 4
  5. 5. than by preserving a history of their purchases?). Internet makes it possible to reinforce theproximity between the brand and the customer, and the sector of the luxury cannot be allowedto stand apart from this mode of distribution.At least, people in the world go more and more on social networks. These social networksbecame a huge part of our lives and many people are addicted of if. Facebook, Twitter are themain social networks that people use. And luxury brands cannot ignore this tendency (seefigure 4).Advantages and recommendations Nowadays all the firms are on internet and all company had their names on the mostknown social network. And everybody know that we can read a newspaper on internet so thetrend is that the magazine and the press are going on electronic devices and there is a rise ofthe digital world and the social network so the luxury brand must be part of it. But thechallenge they had is that their image has to be irreproachable like in the stores.Those firms must be more attractive than “basic” firm websites like in the street when we sawa luxury shop we know that it’s a luxury brand because the front row is attractive andbeautiful. Indeed, the interest of a shop is to make discover to the customer the universe of thebrand, universe which seems difficult to retranscribe on a website. The brands must thentranspose the luxurious atmosphere of the physical shops on a virtual site. In the case of Dior,their product are only sold in their shop who are located in the most renowed capital of theworld, and we all know that in those place the access to that shop is very hard because of thetraffic jam and because there are a lot of tourist into the shop and they are always crowed. Allof that conditions are not taken in account with internet because you don’t have to move andso you don’t have to lose one day just for buying some shoes or something else and you canbuy at any time of the day and everywhere in the world and that is very important. Thus,internet makes it possible to mitigate the geographical and temporal difficulties. It’s a hugeadvantage. Internet respects the environment because you don’t have to take the car and movewhen you want buy a product. Luxury brand must be part of it business.Houses of luxury such as Hermès or Dior then created splendid sites, which, thanks to theversions “flash”, bring a luxurious completion. But we can add that the site of Dior is nice ofcourse, but there is no innovation, no game (indeed, to create a game, such as a labyrinth, is away to be different from others competitors for example). Dior has to be more creative,innovative and to change the content of the website.The internet device is very attractive because it’s a free access to the information at any timeand everywhere in the entire world, and now we have some more and more chats who aretalking about all kind of product. For example if you want to buy a Dior bag, before you willgo on internet and tape the name of the product and saw what is said about this product somecustomers who have bought this and talk if it’s a god or bad product in order to have moreinformation than the brand information!Also, internet makes it possible to know better the customers, but also the best way to developcustomer loyalty (thanks to the tools of CRM), and thus to make them personalized offers.Indeed, the brand could follow its customers because when they buy a product on internetthey must tape some personal information about themselves and they can pester them forspecial events (for example for private sales reserved to internet customer).So luxurious brands have:* To think large: beyond the product, all the asides must be perfect: from packaging to thestrength of sale, each element must charm the customer.* To create the addiction: to use the concept of limited series in order to create the desire.* To stimulate the curiosity for the brand.ESC PAU - MBA 2011-2012 Post Global Marketing Page 5
  6. 6. * To create an experience of brand: to give to the customer the impression of a uniqueexperience (innovative site).* To feel privileged: limited series, sales on line for the best customers, so you feel “unique”.* To acquire new customers with the social network because they created an attractive pagewith fans and they refresh the page every day in order to make it very attractive for fans andpotential new customers. But they have to make their image very clean and reflect the imageof the brand by treating well their web image and ad the same services than in a real store.The customers of luxury items are made up of regular visitors who wish to indulge, and whohave the means (money), but also people of average CSP who are ready to spend for a productfrom time to time. Thus, the challenge for the houses of luxury is to satisfy the needs for eachcustomer, while preserving a prestigious brand image.Internet offers opportunity to the brands to be well-known universally, widening theircustomer catchment area, which corresponds to the general tendency of strategy ofglobalization of the brands. To answer the proverb “to think overall, to act locally”, newtechnologies developed because of an increasing demand of the companies.The luxury brands have many advantages: attracting, convincing and establishing customerloyalty on line:• The newsletter, it goal is to communicate information, innovations, events and other currentevents of the brand• The forums, net surfers have the “right” to say what they want, to share the same interest fora brand, and in certain cases to create a dialog between the company and its customers (verynovel)• The plays, which permit to create interactive modules to make react from net surfers on theproduct or the brand• Online competitions, creating a new and dynamic participation of customers anddevelopment of consumer loyalty, playing for the pleasure While permitting to the consumer to go further, a brand of luxury creates an additionaldimension, an added-value around the product by implying the customers more.In spite of its specificities, the sales of luxury goods on line attract the consumers, and therequest increases regularly, more and more. It is important for the sites of the sales of luxurygoods to attract the customer, to encourage them to visit the site, then to win the customers’trust in order to start the act of purchase.The main wait of net surfers concentrates mainly around the act of purchase. Thus, the brandsof luxury have to gain much on Internet. So the digital presence is not a risk for luxurybrands.Maintaining club effect via social media and networksHow digital presence gives more control to the brand? So, as we saw in our first part, we can consider that in fact, going on social media andnetworks, as offering more and more product or services available via internet, has not so badimpact on the image for luxury brand like Dior. And we are going to argue the advantages –and drawbacks – that those canals can bring to our brand answering this short question: Howdigital presence gives more control to the brand? We think that going more and more web 2.0is a good solution for Dior if its aim is to be more international and VIP at the same timeavoiding a problem of “masstigisation”.Customer Relationship Management (CRM) and toolsFirst of all, we have to start with a little review of the tools Dior is using today. Indeed, theyengaged a private company which name is Publicis Dialog Worldwide directed by DavidGompel and Dorathee Corgnault. The employees of Publicis were engaged in order to buildan image of Dior through the internet businesses. For this reason, David Gompel choose,ESC PAU - MBA 2011-2012 Post Global Marketing Page 6
  7. 7. under the authority of Dior, to develop a presence for Dior on Facebook, Twitter, throughdifferent application on the new mobile generation like Iphone, or by creating a YouTubechannel on YouTube. Dior also decided to compile is website with a new one few years ago,and we are going to present all the tools starting with the last one. We can access the Dior website thanks to this link: http://www.dior.com/couture/fr_frselecting our language and by one click on the Enter onglet. When you enter to this websitefor the first time you should imagine that is will be a big experience but in fact you can bedisappointed. The website of Dior is not as good as we’ll imagine or maybe attending for. Itonly shows the different branch of Dior brand: Fashion & Accessories; Fragrance & Beauty;Jewellery & Timepieces or Event by Dior. The website is not an experience by itself and thereis no added value at all. It is just a list of product – beside the fact that the pictures are quitegood- organized by categories and with some other videos presenting them or the companyand more details on the high range of product currently sell by Dior. We can concluderegarding this first tool saying that is not enough for Dior to develop is brand with a so poorwebsite and moreover at a low level in consideration to the high level of this luxury brand. Coming to Facebook and the fan page of Dior, we can see that they have almost 5.7millions of fan that subscribed to them and a large number of “I like” for each new post on thepage. This second tool enable Dior to divulgate all kind of new information around its brandand products. Each time they are going to open a new store every fan, around the world canaccess to this information, and moreover share it to its own community of friends through it.With this possibility of sharing, Dior is able to reach everybody on earth at any time. Andmaybe a person who was not a fan could become a fan of Dior Facebook page if a first-fan ofthe page shared it to her. We think that a Facebook page is a great and powerful tool to reachpeople and share information. They can also deliver new campaign of fragrance, jewelleryand so on thanks to it. An other tool used by the private company is the Twitter account. For this tool theydecide to develop different accounts for different purpose or product. If you are on Twitteryou can see a global account for Dior but also an account for each product. We think that thisseparation is a good way to bring specific flexuous image for Dior and permit to the companyto attract people like with Facebook. With different account, one global and different othersfor branches and products they are able to deliver a message to different targets and on time atthe good person following them. Like on Facebook, and because twitter is the best actual toolfor short messages and gossips on real time with interaction they can built a strong image, orat least make buzz marketing, and a community on internet. Nowadays, Dior has around20.000 followers on its global Twitter account. Thirdly, with the mobile business expanded market, Dior decided to go on theAppStore in order to deliver an Iphone application for the kind of people who wanted to getinformation through this media. If we had only one thing to say about this application itshould be the fact that the application is very low to download and it does not deliver soadded value information to its public. If you check to the Dior application it is only a secondway to deliver the same message they already have on their website. We can access to thevideos from the website, the pictures of the product, and, that’s it. They do not really create anew message of the brand with this application. And they can certainly go ahead deliveringsomething more than just a copy of their website with game applications for example. Finally, they also develop a huge video channel on YouTube: The Official DiorChannel where they have 112 videos with 8500 subscribers and a total of 7.4 millions views.This channel regroups all the videos recorded by Dior on a single account. You can easilyaccess to the products presentations, videos of advices on how to use Dior make-up or to thelatest news for example. We think that this last tool does not have a great impact on the Diorbrand image but we consider it as a supplement in its campaign of communication. Moreover,ESC PAU - MBA 2011-2012 Post Global Marketing Page 7
  8. 8. it is the video what permits Dior to adopt the phenomenon of storytelling. The last campaignfor Lady Dior is a good example. Dior record long ads – indeed, short movies- around a newproduct. We can also refer to the Dior Men Allure fragrance campaign with Jude Law inwhich we saw some product of Dior in only one short-recorded story.Advantages and expectations on social media for Dior We can observe a huge number of advantages and expectations for Dior as regards thedigital strategy and its implementation within the company. We can notice that Dior has morecontrol about the diffusion of information because it is only Dior that creates and implementsinformation about its products, events. Dior has also the control on the diffusion of thePublicis Dialog Worldwide‘s information. Then, Dior has a better reactivity to share news onthe company because with Internet Dior can share a communication simultaneous all aroundthe world; It is very important because when Dior brings out a new product each person hasthe same information, so there is not mistake about the content of the message. A second advantage it is that Dior create a closest and direct relationship withconsumers, buyers, media etc...Indeed, Dior is more accessible for all because before, theDior’s strategy was to implement itself just on the big city but now with the digital strategyDior is everywhere. It is easier for consumer to buy online instead of to take transportation togo on the shop if a person lives far of this big city. It is a saving of time and money forconsumers, so they can spend more money for the Dior product. Nonetheless, consumerscan’t access and buy all the range of products online for example the range of Dior clothing.Moreover, there is a better awareness about Dior’s information, because the company canshare all information on internet and it is less expensive to communicate thanks to internet.Thus, people all around the world can have access at information of their choice. Dior wantsto create a buzz around its brand to be more known because there is no denying that internet isthe better mean of communication nowadays.Dior offers a new experience on the luxury market with this digital strategy because thecompany is the pioneer in web 2.0 in this sector. Dior is the first to experiment and implementthings like application for I-Phone. Thanks to this digital strategy, consumers can have moreexperience to experiment like with games on Facebook or on the I-Phone. It is enough to goon internet to have access at the brand, so it is unusual for consumers, because they havehabits to go on a shop to have access at the Dior’s world. Consumers can customize thisexperience, for example with an I-Phone application that sends a message according thecolours of lipstick of their choice. A consumer can also, via internet, subscribe a demand toreceive newsletters on either beauty product, or Dior couture, or both. An other advantage, Dior offer advices on this collection and products for eachconsumer according the look, or the colours of eyes etc...It is adaptive of each consumer and aconsumer of luxury brand is very tied of this relationship. The consumer feels more importantif he feels exclusive and unique. These advices permit to reduce complains of consumers.Indeed, consumers can explain their recommendations or just their comment on Facebook orTwitter. We show on a study that the majority of comments on Facebook is positive, so thattransmit a positive image and a good communication for others consumers. Dior’s digital strategy allows reaching younger and future consumers becauseFacebook, Twitter is the trend for this age bracket that it is more and more young. Finally, thisstrategy builds loyal consumers and a younger community. Indeed, consumers can follow atevery time and everywhere information which may be of interest. This strategy can makeconsumers more addicted at the brand.ESC PAU - MBA 2011-2012 Post Global Marketing Page 8
  9. 9. Conclusion, critics and perspectives Dior is now able to combine both retail shops and an online community and keep anintegrity brand because Dior is accessible all around the world and share all information aboutits brand.Its own community is not an addiction of individuals but consumers producing content for thebrand because consumers can add comment of added value in each mean of communicationsuch as Facebook, Twitter etc... Nonetheless, Dior has to make some efforts in all the supportsin term of quality, content, and first of all exclusivity. Indeed, in order to keep its luxuryimage, Dior has to ensure that consumers feel unique. Thus, Dior has to create more privateevents or private sales. To remain in harmony with their era, Dior has to create new things, to try new things.But in order to maintain the adequacy with their customers, Dior must keep a certain standing.Thus, even if they use communication strategies close to those of the products of massmarket, the professionals of the luxury use all the means at their disposal. So they appealfamous photographers and artists of their age to work out sophisticated productions.Dior has to develop an accessible luxury and to demystify their image: what is called the“masstige”.The phenomena of diversification and extension of the brands seem to be an obligation forany luxury brands today wishing to develop its turnover, to reach a wider clientele whileincreasing its fame. Numerous sectors in the environment of the luxury are accessible andcould forecast new diversifications. In accordance with the universe of the brand, only a sharpcoherent creative strategy, will enable and long-lasting future.Moreover, Dior has to be careful about their new stylist, Galliano is gone and they have tofind a new charismatic and incredible stylist like John Galliano.ESC PAU - MBA 2011-2012 Post Global Marketing Page 9
  10. 10. AppendicesFigure 1Figure 2Figure 3ESC PAU - MBA 2011-2012 Post Global Marketing Page 10
  11. 11. Figure 4References-« New luxury brand positioning and the emergence of masstige brands” Truong, Yann;McColl, Rod; Kitchen, Philip J. Journal of Brand Management, Mar2009, Vol. 16 Issue 5/6,p375-382- “Is CRM for luxury brands?” Cailleux, Hugues, Mignot, Charles Kapferer, Jean-Noël ;Journal of brand management; Mar2009, Vol. 16 Issue 5/6, p406-412, 7p- “The social network roadmap” Michel Campan, 2010- “Luxury as the Opposite of Vulgarity: A Trio of Perspectives on Luxury Brands”, MignonReyneke chapter 2 LUXURY BRAND VISIBILITY IN SOCIAL MEDIA, 2011- « Dior une place sur la toile » :http://casesinmarketing.blogspot.com/2011/11/dior-une-place-sur-la-toile.- « Etude Luxe : 2011 toujours en croissance mais… »:http://www.fashion-dailynews.com/conjoncture/etude_luxe__2011_toujours_en_croissance_mais_.html- « Armani club of network effect”:http://casesinmarketing.blogspot.com/2011/04/armani-club-of-network-effect.html- Dior & LVMH : The franch business model for fashion & luxury (A digital element):www.eurbanista.com/dior-the-french-business-model-for-fashion-luxury/-« Quand les cosmétiques Dior se repoudrent lenez » :http://www.webandluxe.com/12/2010/quand-les-cosmetiques-dior-se-repoudrent-le-nez/- www.lnt.ma/madame/flashmode-l-ady-dior-14907.html-« FlashMode L.Ady Dior » :http://www.lnt.ma/madame/flashmode-l-ady-dior-14907.htmlESC PAU - MBA 2011-2012 Post Global Marketing Page 11
  12. 12. Useful links - Dior official Website : http://www.dior.com/couture/fr_fr - Official account of Dior on Twitter: https://twitter.com/#!/DIOR - Official Fan Page of Dior on Facebook: http://www.facebook.com/Dior - Publicis Dialog Worldwide: http://www.publicis.com/ - www.buzz2luxe.com - www.strategy.fr - www.wave.wavemetrix.com - www.journaldunet.comESC PAU - MBA 2011-2012 Post Global Marketing Page 12

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