The Concept Of Luxury: Brand Management

Although there are no proper Egyptian evidence, ancient stories confirm the availability of cinnamon in 2000BC. Cinnamon was valued higher than gold and only used by royals. Cinnamon was used as a perfuming agent in embalming process and as a spice in cooking. The value given by Egyptians to cinnamon is well demonstrated by the story that emperor Nero using year’s stock of cinnamon to burn in the funeral of his second wife Pyre as atonement for his share on her death. Soon after Egyptians, Romans and Greeks fell under the charm of cinnamon.

The colonists participated in smuggling to try to avoid the taxes, and The Sugar Act made legal sugar trade and transport extremely complicated and frustrating, which also made smuggling seem more appealing for the colonists (“The Sugar Act”). This caused the British to crack down on smuggling and enforce the collecting of the taxes, further angering the colonists. This is only one of the many acts that taxed the colonists. Each one angered the colonists more and more, ultimately leading to the Revolutionary War and the liberation of the colonies (Tim George, “The 4 Acts That Lead To The American Revolution”). The Sugar Act had affected the colonies in different ways.

There are people who buy expensive accessories to make themselves feel more valuable. Attire, Club argues, “They [American society] end up being owned by the things they buy” (Attire, Club). Instead of them taking the time to determine the reason behind buying these expensive, but useless items, they think with their emotions. They let their emotions drive their decisions into buying fancy things in order to show themselves off. People are affected mentally because they think buying material items will boost their confidence within themselves, making them feel more comfortable.

Because of the surveillance of consumers by retail anthropologist, they both impact back and forth. In reality, the retail industry improve their business by learning consumers habit or favorite shopping. And consumers feel excited with their rewards, coupon or voucher; even though these are only couple bucks. Thus, the surveillance of consumers by retail anthropologist is the best way improving retail industry, keeping track consumers loyalty, and being used with security purpose. Because of their good purpose; therefore the government should not suspend the using of surveillance of consumers by retail

Customers do not want to switch to purchase different brands, as such they hold some bargaining power to drive the demand. In the luxury industry, it is possible that existing companies or new designers could enter internationally. However, the brand positioning serve as a serious barrier to create awareness due to customer loyalty and acceptability of the brand. In this case, threat of new entrants is relatively low. Luxury products are not easily substitute as it is not an ordinary goods but the threat can derive from imitation.

It is difficult to imagine what it would be like living in media driven world that isn't going at a million miles per second. People often just blame the media and advertisers for tugging people in different directions, telling them who or what they should aspire to be to acquire a luxurious lifestyle. Criticizing advertisers for the scrutiny we face is easier than admitting we all want the gourmet meals and high end vehicles because it makes us feel good about being able to experience a luxurious life. James B. Twitchell's piece "The Allure of Luxury" focuses on how we, the middle class consumers who crave luxury, play along with advertisers and marketers in the chase of a luxurious lifestyle, and how it can be a good thing. His historical

This quote is representative of Thoreau’s beliefs on how money and luxury can ruin a simplistic life or in a more current definition if there is more money and luxury, there will be more problems with living an easy and simplistic life. In this day and age, this quote is slightly controversial in the matters of more luxury being worse on the easiness of life since in this age luxury people have been made to simplify life.

In addition companies need to deliver their products while keeping cost effectiveness in consideration. If they understand the perceived benefits of their target audience and are able to engage with them on a personal level, they can attain customer satisfaction and ultimately can have increased sales. In conclusion, conveying Unique Value proposition clearly to the customers could be a complete win/win for any business. Brand equity Formal Definition: The commercial value that derives from consumer perception of the brand name of a particular product or service, rather than from the product or service itself. Alternative Definition: Brand equity refers to a value premium that a company generates from a product with a recognizable name, when compared to a generic equivalent.

These tools mostly used for spreading the awarenes of the new products, enhancing the recall of the brand but mostly for increasing the number of sales as the company needs profits to survive in the long term. The report have deeply looked at the communication tools in practice when the creative strategy for the new Cadbury product was set. The paper analysed in what situation it is better to use advertising, PR or direct marketing for the Cadbury brand, therefore the advantages and disadvantages of the tools were found. For example, it has been identified that advertising is one of the useful tool for brand promotion because it is able to reach a wider audience within the shortest possible time frame (Egan, 2007. P 194).

The term ‘luxury’ has many meanings and much different type of meanings to different kind of people. The word luxury as to what Google defines is “A state of great comfort or elegance, especially when involving great expense.” “It is a pleasure obtained only rarely or an inessential, desirable item, which is expensive or difficult to obtain.” The synonyms of luxury might be richness, leisure, bliss, delight, comfort, satisfaction and many more but actually it is just a ‘State of Mind’. Luxury is in fact connected with a man’s dreams and experiences that may help him to define what luxury is to him personally. Gabrielle Coco Chanel put it so right, “Luxury is a necessity which starts where necessities end.” She also says " Some people think luxury is the opposite of poverty. It is not.