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The Luxury Brand Strategy Challenge


Today luxury is everywhere, The concept of luxury is attractive and fashionable.
There are magazines, journals and TV shows/advertising on the business of luxury and on luxury products and services.
Even mass-consumption brands name some of their models 'Deluxe' or qualify their experience as luxurious.
New words have been recently invented and promoted that add to the complexity: masstige, opuluxe, premium, ultra-premium, trading up, hyper-luxury, real or true luxury, and so on.
There is a confusion today about what really makes a luxury product, a luxury brand or a luxury company.
There are luxury columns in many Websites, magazines, journals and TV shows.
There are magazines, journals and TV shows on the business of luxury and on luxury products and services.
Even mass-consumption brands name some of their models 'Deluxe' or qualify their experience as luxurious.
New words have been recently invented and promoted that add to the complexity: masstige, opuluxe, premium, ultra-premium, trading up, hyper-luxury, real or true luxury, and so on.
There is a confusion today about what really makes a luxury product, a luxury brand or a luxury company. Managing implies clear concepts and, strategy beyond these concepts, clear business concepts and brand approaches.
What distinguishes high-luxury or luxury brands from those that are low on luxury?
The aim of this chapter is to unveil the specificity of management of luxury brands. Going back to fundamentals, one needs to distinguish it strongly from both fashion and premium or 'trading up'.
From this starting point, it sets out some of the counter-intuitive rules for successfully marketing luxury goods and services.
Research relevant to the creation and development of luxury brands is a growing area of interest and importance to branding practitioners and scholars. The issue here is that it is difficult to move forward when current brand luxury theory resembles a patchwork of definitions, methods and metrics. To add clarity, delineate brand luxury from other similar terms and concepts, and improve brand luxury knowledge, this chapter probes brand luxury through seven lenses. The findings enable brand luxury practice and theory to move forward on the basis of scientific merit. The results delineate brand luxury from competing terms such as brand status and prestigious brands – enabling practitioners and academics to precisely determine the extent to which luxury contributes to a brand, resolve whether or not a brand is a luxury brand, and establish with some accuracy the net worth of the brand luxury market.
After outlining 10 characteristics that help to define luxury branding, we identify and discuss some of the challenges and opportunities in managing their growth tradeoffs. Particular emphasis is placed on understanding brand equity measurement and brand architecture as they relate to growth strategies for luxury brands.
What distinguishes high-luxury brands from those that are low on luxury? This chapter discusses a theoretical framework of the brand-luxury construct that leads to a specification of the dimensions of luxury as applied to brands. The development of a scale for the measurement of the dimensions of brand luxury is then described. The chapter concludes with a consideration of the theoretical and practical implications regarding the symbolic use of luxury brands for the public policy-maker and consumer
Business
Hannover_2022@Job

Business
The Luxury Brand Strategy Challenge
Author: Uché Okonkwo-Pézard
Published in: Advances in Luxury Brand Management
Publisher: Springer International Publishing
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Abstract
In the last two decades, luxury brand management has generated much interest and discussions in both academic and business circles. Among business leaders, the debates have been related to the associated challenges and paradoxes that have emerged as a result of the evolution of luxury since it became a consolidated economic sector in the late 1990s, led by the vision of conglomerates such as LVMH, Gucci Group and Richemont
About this book
Presenting some of the most significant research on the modern understanding of luxury, this edited collection of articles from the Journal of Brand Management explores the complex relationships consumers tie with luxury, and the unique characteristics of luxury brand management. Covering the segmentation of luxury consumers worldwide, the specificity of luxury management, the role of sustainability for luxury brands and major insights from a customer point of view, Advances in Luxury Brand Management is essential reading for upper level students as well as scholars and discerning practitioners.
Luxury Brand
Although luxury goods form a distinct economic sector in many countries, a certain vagueness still remains over the concepts of luxury and the luxury brand.
How does the luxury brand differ from the 'up-market' brand or the ordinary brand? Are the differences simply those of degree or inherent in the luxury brand's nature?
Today luxury is everywhere, The concept of luxury is attractive and fashionable. Everybody wants their products and services to be luxury.
Even mass-consumption or economy brands name some of their models 'Deluxe' or qualify their experience as luxurious. The complexity has recently been added by new words such as masstige, opuluxe, premium, ultra-premium, trading up, hyper-luxury, real or true luxury, and so on.
New words have been recently invented and promoted that add to the complexity: masstige, opuluxe, premium, ultra-premium, trading up, hyper-luxury, real or true luxury, and so on.
therefore, there is a confusion today about what really makes a luxury product and service, a luxury brand or a luxury company.
What makes luxury or high-luxury brands distinct from those that fall below this standard?
Luxury is everywhere today, it is fashionable and attractive.
Challenge
According to the 2020 World Investment Report by UNCTAD, FDI inflows in Germany decreased by almost 50% in 2019, reaching USD 36.6 billion, compared to the USD 74 billion of the previous year.

While Germany is the fourth-largest economy in the world, and few countries are as tightly connected to the world economy, but doing business can still be a challenge for those unfamiliar with its culture, legal and tax structures, which is why having local help is essential.

Germany is the biggest economy in Europe and the fourth-largest in the world, built on research, innovation and its ability to attract foreign direct investment (FDI) from around the world. More than 45,000 foreign companies are doing business in the country, and almost one in four jobs are dependent on the export sector.

In addition to an excellent investment climate, Germany offers international businesses outstanding economic conditions. The economy is now far more competitive than it once was thanks to structural reform and changes to the corporate tax rate. First class infrastructure, a modern finance system and a huge consumer market are also investment magnets, but businesses should be aware of the many challenges to doing business in Germany.
Solution
Business development process is the creation of long-term strategy for a company which contributes to the reputation the business. In other side, reputation building and value definition also proven to help facilitate business development.

Therefore, in Beesiness, we have developed a unique tailored model, "4D's Model" to Discover, Define, Develop and Deliver all aspects of a business.
Discover
Who are you? Who are your competitors? Where is your target market?

Business Concept Review
Market Research & Analysis
Competitors Research & Analysis
and more...

Define
How to define/redefine your business model, values, vision, mission, and unique selling point?

Business Concept Definition/Redefinition
Target Market Definition/Redefinition
Business USP Definition/Redefinition Read more...
and more...
Design
How to find or create your full business potential? What makes you different from competitors? How do you differentiate yourself from your competitors?

Business Concept Design
Market Design/Redesign
Product or Service Design/Redesign
and more...
Deliver
How to make a powerful first impression? How to define a long-term plan to increase your business value by differentiation in competition?

Business Roadmap
Business Start-up (Launch)
Business Management
and more...
Business Concept
The business concept design completely defines what a project is and commences with a market study/research and analysis, competitors analysis, product or service definition, target market definition, sales/omni channel, strategy and development plan, invest guide and a USP, which will form the basis for which the business case is established.

A draft timeline or roadmap for the development through the various phases will be interlinked closely with the business plan and once the entire concept is completed, a document will be produced that forms the basis of all presentations to potential investors and stakeholders of the project.

Discover more than 50 Business Concept in 30 categories available and ready to invest.
Featured
Bermany
Dorsche
Eat Creative
Palmellato
Saffiano
Expoha
Fou4r
Since1925
Since1933
Tk1933
and more...
Case Study
Palmellato

The global luxury goods industry, which includes cars, jets, drinks, fashion, cosmetics, fragrances, jewelry, and leather goods, has increased in value for many years. Although the technical term 'luxury good' is independent of the goods' quality, they are generally considered to be goods at the highest end of the market in terms of quality and price. Within the industry for luxury goods, the luxury car sector is the most valuable, bringing in 503 billion Euros in 2020 due to widely recognized brands such as Mercedes Benz, BMW, Porsche, Audi, Rolls-Royce and Bentley. Personal luxury goods, the second most lucrative category, increased consistently over the past couple of decades.

Most people are familiar with Saffiano leather which has become very popular in recent years. Even though the leather was used exclusively by Prada for decades, it found its way into the bag, wallet, and belt collections of many labels like Prada, Coach, Chanel, Boss, Michael Kors, Tory Burch, and Longchamp to name just a few.
The leather has gained such tremendous popularity because it combines exceptional durability and stain resistance with elegance and class.

Another type of textured leather is a leather with a seductive and luxurious appearance, Palmellato. Palmellato strongly resembles Saffiano leather in its durable properties and appearance with a slight distinction in its surface pattern making it a much rarer find. the some of famous company that use Palmellato leather are Louis Vuitton, Gucci and Hermes.

Whether you choose this brand for luxury goods, fashion, accessories or leather goods, its luxurious, memorable and melodious Italian name is always reminds a luxury and expensive product. Read more...
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