What is Luxury Brand Management?
Luxury brand management is related to the perception of a specific brand among consumers on the market. It broadly includes the”link” between a new and the customers: including the product quality to the brand loyalty exhibited towards the brand. From the luxury products section that the”story” behind the product is of at least as much importance to the viewers as the product itself.
Thus a normal luxury brand adds value into their lineup of goods
One of the chief principles of luxury brand management can be found in the separation of customers and non-clients — creating a no-go zone through high prices or exclusivity.
Paradoxically, a luxury brand must be understood by all but consumed by a chosen few. In case a luxury brand is possessed by too many”non-clients”, it starts to lose its meaning and the initial target audience stands to receive alienated.
The term luxury comes from the Latin word’lux’ meaning mild. Luxurious is meant to stand out, as evidenced by the distinct brand logos and outlets which
LThey have got an income elasticity of demand greater than 1, so people buy more of them because their income increases (contrasted with demand goods which people purchase in virtually the exact same amount regardless of a change in earnings amounts ).
Luxury brands also concentrate on customization as their differentiation factor, especially in comparison to the largely homogenous mass produced products.
Why is Luxury Brand Management in demand?
The luxury brand direction industry promises good growth, fueled by the increase in disposable income across major geographies. The amount of billionaires per capita in a nation is a rough measure to estimate the level of nation’s opulence.
In Asia, there was a steady gain in the proportion of mid-high and high-income earners. From jewelry to designer dresses and even premium yachts — you may be quite sure that there’s an effective branding strategy for all these offerings.
The rising clientele of the wealthy coupled with the increase in paths for indulgence has led to a proportionate rise in careers associated with luxury brand direction.
What is the extent of Luxury Brand Management?
In 2014, the global luxury market surpassed $1 trillion. In the past 20 years alone, the market associated with luxury goods has grown three-fold (both statistics based from Bain Worldwide Luxury Goods report, 2014).
A specialty in luxury brand management enables a candidate to understand consumer behavior along with a deeper comprehension of the target audience combination. Additionally, it aids in gaining essential skills related to product development, sourcing, supply, pricing, and merchandising. Additionally, it often involves crafting media communication: crafting marketing and content that accurately reflects key elements of the brand.
In case you’ve got a keen eye for details, appreciate being updated with the latest fashion trends, good in project management, and revel in communication, this could be that the “custom-made career” for youpersonally.
Apart from the US, European nations with rich history linked to luxury brands such as specialty in luxury management are the two primary options at the graduate level.
MBA v/s MS: Luxury Brand Management
MBA with a specialty in Luxury Management has a broader scope and is a great choice fOn the other hand, an MS is considerably more concentrated, and also a candidate who is determined on a particular career within the domain can extract much more value from a dedicated master’s in general.
But some leading luxury companies prefer homegrown candidates and don’t even place much premium on advanced degree holders. So it is a great