Consider the question of what the unique value propositions that luxury brands can deliver are, and how to deliver them.
The word “luxury” has been used to describe highly desirable but exclusive goods and services. Traditionally, the purchase and possession of these goods or services is an ultimate sign of personal success and fulfillment of individual dreams. However, it is also perceived as the inappropriate display of financial excesses and disparities.
With the democratization and globalization of luxury brands, increasingly, luxury brands are purchased and consumed to satisfy the emotional and hedonic needs. At the same time, all contemporary brands intend to provide emotional value and experiential benefit to individuals.
Furthermore, luxury brands used to rely on exclusive and personal services to distinguish themselves from non-luxury brands, However, with the rise of digital channel and social media, luxury brands have to adapt to the omnichannel shopping behaviour of the new generation consumers. As a result, the line between luxury brands and non-luxury brands are blurring.
Against the above background, this module addresses the important question of what are the unique value propositions that luxury brands can deliver and how to deliver them.
This module aims to:
- Develop specific skills and knowledge sets appropriate for what is regarded as a distinct industry and product field
- Challenge your existing conceptions of luxury marketing to address the changing needs of the luxury consumer and to communicate the value propositions to a diverse range of consumers in the global market
- Encourage students to apply advanced techniques and concepts from the luxury marketing to solve real business problems in the luxury sector and critically assess the relevance and applicability of those techniques to other sectors.