- 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.
"A LUXURY BRAND can be defined as a brand that consistently delivers a unique emotional value and possesses the capacity of creating a lifestyle experience through a strong identity, a high level of creativity, and closely controlled quality, quantity, and distribution, all of which justifies asking for a premium price. Now let us examine the definition more closely and dissect its key words for a closer understanding. A closer examination highlights the following terms or notions about luxury brands." It social element is the recognition you receive from sporting a Louis Vuitton purse or a Chanel coat. When people are seen wearing luxury brands, they automatically think highly of you.
- 2. What is the meaning of a lifestyle brand? Why are most luxury brands described as such?
"Brands that successfully identify themselves with a lifestyle and a marketing segment to the point that their name or image is mentally triggered when the segment is mentioned." Luxury brands are lifestyle brands because it pertains to a certain class. Not everyone can afford these brands so when we see a person with these certain brands, we often believe that this person has a lavish lifestyle.
- 3. Explain how luxury brands seem to defy traditional marketing principles.
Luxury brands' advertisements can be seen in top fashion magazines, such as Vogue and Harpers Bazaar, business publications, and airline in-flight magazines. Unconventional locations such as on buses and public transportation can be seen in some markets such as Paris, London, and New York but are otherwise not very common.
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