Luxury Brands

Question 1

What is luxury branding?

Answer 1

Luxury branding is a subjective concept, not just an expensive price the company has to have a prestigious strong brand that has worth

Question 2

What are the key points from Belk’s 1988 extended self paper?

Answer 2

. It’s a known fact in modern society that we define ourselves by the possessions we own

. Materialistic possessions decreases with age but remains high as we use material possession to seek happiness

.The purchasing of possessions provides a sense of past and shows the achievement of where we have come from

Question 3

What are some examples of luxury branding?

Answer 3

. Yummy mummies Australian reality episode showing how whilst pregnant she had obsessed over the brand “Vivenwestwood” and bought all clothes for her child even before it’s born

.Burberry is known for burning unwanted items to prevent them being stolen or sold cheaply so they can retain their spending power

Question 4

What did Kapaferer 2008 have to say on the anti-marketing 8 rules?

Answer 4

Kapaferer argues that luxury brands should be driven by a long term vision and resist client demands that don’t correspond with the company’s vision, Eg BMW refusing to increase legroom space as it would ruin the purity of the cars line. The customer isn’t always right ignore demand stick to vision

1 Forget Positioning 
2 Retain Product Flaws 
3 The customer isn’t always right 
4 Enthusiasts only 
5 Ignore demand 
6 Make it difficult to buy 
7 Advertising should not sell
8 Luxury sets the price

Question 5

What is conspicuous consumption?

Answer 5

This is the practice of purchasing goods or services to display wealth rather than to cover basic needs