About luxury brand Management
What is luxury brand management is a big question that has haunted many people in the past and continues to do so still now. Many believe there cannot be a specific answer to this as it is a variant of branding. This is an enigma that has disturbed people to find a proper definition. Nonetheless we have found an easier way to explain what a luxury brand is in short for everyone to understand it.
Define it
A brand which is a concrete conglomeration of ideas like emblem, logo or name of a company associated with its products and services. In the same way defining luxury brand is no different than this, the only that has to be added is the fact that it is like a ratio between a product’s usefulness and its subtle value. This can be further explained with an example of a Louis Vuitton handbag costing over $1000! Think of a Mercedes or a Bentley which are luxury cars.
More about luxury commodities
Today luxury items are not limited to few brands from a handful of countries only. It has to be stated that several companies have come to the rescue of what is called luxury brands. With countries like China joining the game, things have really shaped up very well for the luxury goods industry. On the other it also has to be added that these days luxury merchandise are not constrained within a few things. One can get a variety products starting from cars, apartments, watches, pens, perfumes, bags to mobile phones! The list is endless and growing every day.
Luxury brand management strategy
In this light of things it has to be cited that managing luxury brands may look like a tedious task to handle for sure. Hence if one wants to know about what is luxury brand management, then the following pointers can give them some idea about it in concise manner:
- Exceptionally creative, innovative and out of the box thinking are qualities that are highly required for managing luxury brandsas it is a demanding task.
- Luxury brands call for a different kind of brand building because of its classy clientele. Special events like fashion shows and many more have to be conducted to showcase products to a sophisticated audience.
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Popular Q&A
What do chinese consumers think about luxury brand? | Yahoo Answers
Whatever non-chinese people think.
What are the best resources to learn about luxury brands and luxury marketing?
Another good resource to consider on the topic is the book Spent: Sex, Evolution and Consumer Behavior by Geoffrey Miller. The book describes how evolution has effected consumer behavior, especially the human desire to purchase luxury goods in order to send out a signal of prosperity.
