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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From the methods listed below, the best method for building brand awareness is:
A) consumer promotions B) advertising C) trade promotions D) personal selling
In which of the following ways are personality and integrity tests similar?
a. They are most often used as an alternative to background checks. b. They often punish members of protected classes. c. They can cause disparate racial discrimination. d. They can illicit intentionally false but socially desirable answers.
Which of the following evaluation methods ignores the time value of money?
A) The accounting rate-of-return and discounted cash flow methods B) The net present value and discounted cash flow methods C) The payback period and net present value methods D) The accounting rate-of-return and payback period methods
The omission known as change blindness occurs when ________.
A. a decision maker wants to bring about a change on a whim B. decision makers fail to notice gradual changes over time C. a sudden change is overlooked by decision makers D. decision makers are adamant on maintaining status quo due to a fear of change