What are the key guidelines for managing luxury brands?
What will be an ideal response?
• Maintaining a premium image for luxury brands is crucial; controlling that image is thus a priority.
• Luxury branding typically includes the creation of many intangible brand associations and an aspirational image.
• All aspects of the marketing program for luxury brands must be aligned to ensure high-quality products and services and pleasurable purchase and consumption experiences.
•esides brand names, other brand elements — logos, symbols, packaging, signage — can be important drivers of brand equity for luxury products.
• Secondary associations from linked personalities, events, countries, and other entities can boost luxury-brand equity as well.
• Luxury brands must carefully control distribution via a selective channel strategy.
• Luxury brands must employ a premium pricing strategy, with strong quality cues and few discounts and markdowns.
• Brand architecture for luxury brands must be managed carefully.
• Competition for luxury brands must be defined broadly because it often comes from other categories.
• Luxury brands must legally protect all trademarks and aggressively combat counterfeits.
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Indicate whether the statement is true or false.
Which of the following refers to the sourcing of goods and services from locations around the globe to take advantage of national differences in the cost and quality of factors such as labor, energy, land, and capital?
A. Globalization of markets B. Containerization of production C. Dispersal of production D. Globalization of production E. Industrialization of markets