The Concept Of Luxury: Brand Management
“Luxury is the possibility to stay close to your customers, and do things that you know they will love.” - Christian Louboutin
In the present world, the thought of shopping is not only sufficient to just recognize the needs and wants of the consumers and try to gratify them. Modern shoppers purchase luxury products to please themselves or to satisfy psychological needs unlike earlier times where shopping meant purchasing the required goods. They purchase luxury goods to make a statement, to boast their personality or to enhance their self-esteem. Luxury is not a brand or price point but a state of mind. Affluent customers desire to spend their wealth where they receive the maximum profit on the investment or on goods that hold their value
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Brands constitute key resources for generating and sustaining competitive advantage. Brand management is a process for capitalizing and realizing brand value, which leads to transformation in the form of superior market performance. Though the concept of branding defines a brand as a term, name, sign, symbol, design or a combination that identifies the products of a firm from those of competitors, companies spend huge amount of money in making this concept a viable business strategy for the corporation. The investment in building a brand that delivers consistent functional performance and continuity in the brand value promise generates sustainable competitive advantage for the firm. So branding is central to the success of any market driven …show more content…
Customization discriminates luxury brands – and reinforces the craftsmanship, quality and creativity of the brand. For example: Louis Vuitton can involve you in the design procedure of shoes, bags and trunks, as MyMuesli’s premium custom-mixed cereal proposals the choice amid grains, fruits, seeds and nuts. Top marks to Absolut Vodka for employing colour-generating mechanisms to make four million exceptionally projected and individually numbered bottles.
The believed of luxury has fluctuated above time. In Middle Ages, people believed of luxury objects as unnecessary and superfluous. A luxury product should be far extra urbane than the average product utilized to gratify the alike need. At that period, luxury objects were merely targeted at “the happy few” and should give them a method to differentiate themselves from the
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