Have you ever thought what makes luxury products so different from others? What does it take to be a luxury brand? What are the motivations for consumers to buy luxury products? How is luxury changing in this modern, post-pandemic world? How do new technologies and growing consumer scrutiny influence the luxury and premium brands?
We will answer those and many other questions during the course of Introduction to Luxury Brand Management. The course is divided into three parts (Introduction to Luxury, Luxury Marketing and Market trends) and includes dozens of real examples from the world of luxury.
First we will understand what luxury is all about, what it can mean and why is it so difficult to define. We will also speak about key players in the luxury sector worth 300 billion dollars to understand better the industry.
In the second part of the course we will look closely at consumers of luxury brands – their purchase behaviour, which dives into how they shop as well as how much they spend and their preferences for certain products, services and brands. We will also define what are the different motivations to buy luxury products.
Than we will move on to marketing mix - 7 elements of a marketing strategy that need to be develop while managing a luxury product/brand/services. We will analyze each of 7 Ps from the perspective of a luxury brand and consumers’ expectations.
In the third part of the course we will deep dive into trends emerging in the luxury sector. We will define where they come from, how they co-exist in the market and what is the response of luxury brands for such changes.
During the course you will also receive recommendations of reading, movies and websites to follow to further broaden your knowledge on the subject after the course.
To keep it short, after completing this course you will understand what the luxury brands are all about and what are the market trends they will need to adapt to in the near future.
Please not that this course is an introductory course, it does not include activities to be done by students.
