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Sure, here's a brief table outlining the different aspects of shifting business strategies from budget to luxury and luxury to budget:
| Aspect | Budget to Luxury | Luxury to Budget |
|-----------------------|---------------------------------|-------------------------------|
| Target Market | Mass market, price-sensitive | Affluent, quality-conscious |
| Product Offering | Basic features, affordability | Premium features, exclusivity |
| Pricing Strategy | Low prices, discounts | High prices, premium pricing |
| Marketing Approach | Value-focused, promotions | Prestige, exclusivity |
| Distribution Channels | Wide distribution, mass retail | Selective distribution, luxury boutiques |
| Brand Image | Economy, practicality | Prestige, luxury |
| Customer Service | Basic service, minimal extras | Personalized, exceptional service |
| Competition | High competition, price wars | Limited competition, brand differentiation |
| Profit Margin | Lower margins, higher volume | Higher margins, lower volume |
These aspects highlight the key differences between shifting from a budget to luxury business strategy and vice versa.
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