1. Explain the social element of luxury brands, and explore
how this concept relates to some of the challenges facing luxury brands, such
as counterfeiting and parallel markets.
“Luxurybrands have been described as brands that no one really needs, but everyonedesires.” It becomes a product that in social society it adds a
personality of a trait. The luxury brands come with a high price but are often
only exclusive. Stars are the main reason why many people seek these luxury
brands because they want to imitate and feel like that person. Counterfeiting
is a hard thing when it comes to luxury brands because many people can imitate
it and call it the actual product. In New York Kate Spade faced that problem
when her products were counterfeited and sold at a cheap price right in front
of her office.
2. What is the meaning of a lifestyle brand? Why are most
luxury brands described as such?
The lifestyle brand is usually a picture of a certain
lifestyle. This can include being in a luxurious beach with a lavish outfit or
a rock punk scene in New York. It offers the consumer a story and provides a
satisfactions towards the consumer. Not everyone can afford these brands as
they are high in price.“A LIFESTYLE BRAND successfully identifies itself with alifestyle and a marketing segment to the point that its name or image ismentally triggered when the segment is mentioned”
3. Explain how luxury brands seem to defy traditional
marketing principles
“Traditionally, luxury brands possessed a level ofarrogance, and designers were meant to dictate trends, not follow them”.
Marketing strategies are usually meant to increase profit and the margin of the
company. For luxury brand it is only to make an exclusive product to provide to
the consumer since it is high in price and it does not need to improve profit.
The luxury brand sell themselves rather than trying to advertise like usual
brands.
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