4270103
Description
Flashcards by Madeline Briscoe, updated more than 1 year ago
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Created by Madeline Briscoe
almost 9 years ago
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| Question | Answer |
| what are luxury products? | financial terms: can consistently demand a higher price than products with comparable functions and similar quality marketing terms: those that can deliver emotional benefits which are hard to match by comparable products |
| key attributes of luxury brands | -revives a myth (of its brand) built over time, history makes myths -constantly references origins -aims at timelessness -often shows time in craftsmanship |
| how does luxury differ from premium and fashion? (Kapferer triangle) | |
| key components of luxury brands | -product integrity (can't be poor quality/made in questionable way, will undermine story) -culture/history (brand story, longevity, draw on history of co. in marketing) -marketing/endorsements (create mass awareness even among non-users that brand is something special) -value driven emergence (brand decided to be luxury) |
| what are the 3 ways luxury products can be positioned and what types of products fit with each type? | -absolute luxury (elitism, uniqueness, chanel suit) -aspirational luxury (recognition, distinctiveness, chanel bag) -accessable luxury (affordable, membership, status, chanel lipstick) |
| why is it important for co. to have these tiers of product? | -absolute is highest expression of brand, brand pedigree, creates halo effect for entry-level products -entry level allows for a taste of the brand, makes them feel like they've joined the club, then can aspire to accessable, will not likely buy aspirational |
| what are the 4 elements of brand identity? (heine) | -brand attributes (rational): what characteristics does the brand have -brand benefits (rational): functional benefits/psychological benefits -brand symbols (emotional): brand design and symbolism, communicaiton -brand tonality (emotional): brand personality, values, relationships |
| since non-luxury brands offer similar functional benefits, what do luxury brands need to do to differentiate themselves? | -focus on symbolic benefits (often personality traits buyer wishes/does have) people tend to buy luxury products that encaptulate similar personality traits as themselves |
| what are some luxury brand personality traits | Aaker: sincerity, excitement, competence, sohpistication, ruggedness Heine: modernity, eccentricity, opulence (conspicious), elitism, strength |
| what are the 4 elements used to explain luxury consuption? | -financial -functional (usability, quality, uniqueness) -individual (hedonic, materialist) -social (conspicuousness, prestige |
| what are the 8 p's of luxury marketing? | Performance (utilitarian, experiential/emo) Pedigree (needs refreshment, reinvention) Paucity (rarity-natural, tech-driven,tactical) Persona (identity, colours, icons, enviro) Public figures Placement (retail enviro, sales people, associations e.g. tennis, art, motor sport) PR (create buzz) Pricing |
| what are the 5 stages of luxury? | -acquisition+value: luxury demonstrates wealth, define social position -discernment+worth: buy to demonstrate taste, not just 'what' but 'why' -emotion+experience: concerned less w/ brands and more w/ uniqueness -responsibility+awarenessL concerned with brand's values as much as value -intelligence+poeticism: have finances, knowledge to indulge passion |
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