Please complete the following questions after you read the journal article “Beyond Rarity” by Kapferer. On the first day of class, your write up will need to upload your review to Moodle, and you will be asked to take a short quiz about your reading. IMPORTANT NOTE: Read the last two requests you will need to bring and be prepared for the first day of class.
The purpose of this journal article is to look at how luxury is a growing sector worldwide. This creates a major managerial challenge: How can luxury brands prevent becoming a victim of their success? Once objective rarity is lost, what other levers still sustain desire for these luxury brands, nurture their dream and, thus, prevent the dilution of desirability created by their growing penetration and sales?
The author, Jean-Noël Kapferer, have identified how, beyond mere physical rarity and very high quality, eight experiential and perceptual levers fuel luxury desirability through two structural paths: selection and seduction.
1. How does luxury create value? Share two examples and how you measure the value of the brand. (500 words)
2. What is the dilemma of ever-growing luxury brands? How does this influence the “abundant rarity” strategies? Share two examples and how this has helped or hurt the brand and how you measured this. (500 words)
3. Profiling the brand experience: What are the key factors and what brand do you think uses these factors? (500 words)
4. What makes luxury desirable? (500 words)
5. Research Jean-Noël Kapferer, the author of this paper and write a brief bio about him. I had the pleasure of working with him in July in Paris and look forward to sharing with you what I discovered. (250 words)
FIRST DAY OF CLASS PLEASE
HAVE THE FOLLOWING
Share to the class your position on where you think luxury stands today and the challenges luxury brands may have in the next five years.
Bring to class the first night (this counts as participation points):
Print out one image of a luxury brand, product or service you can share with the class and why you think this is luxury
- Specialist watch media is threatened with extinction says one of the world’s largest playersURLaBlogtoWatch founder Ariel Adams writes: In the late 19th century, Mark Twain is famously reported to have quipped, “News of my death has been greatly exaggerated,” after it was published in a paper that he died while traveling in London. It seems that the vitality of wristwatch media is similarly endangered. But is it dead, or just dying? Or is its demise, like Twain’s, being exaggerated? In short, from my perspective as a publisher in this space, the slow demise of wristwatch media is not only real, it has also not been emphasized nearly enough.
- A BLOG TO WATCHURLaBlogtoWatch is the face of wrist-watch enthusiast publications on the internet. Since 2007, aBlogtoWatch has been educating and connecting watch lovers and buyers with the most interesting and novel watches of our times.
A trade publication as well as a consumer resource, aBlogtoWatch, prides itself on connecting a diverse cross-section of society from all regions of the globe. Together the aBlogtoWatch audience community members join their unique tastes, cultures, backgrounds, preferences, lifestyles, and histories from all walks of life with an appreciation of the wearable tool machines we call watches.
The people who make aBlogtoWatch possible each agree that watches are a bastion of intellectual interest, status validation, artistic beauty, and fashionable self-expression. There is no one reason why people like watches, with manifests itself in the beautiful reality that such a diverse variety of watches exist. aBlogtoWatch serves to help identify and celebrate the best of them, while showcasing the latest watches coming to marketing from big name brands, to boutique one-person operations.
The ‘Luxury Brand Marketing’ course will examine marketing strategies across multiple brand sector with an emphasis on digital marketing, globalization, and innovation. Throughout the course, we will explore what drives the new luxury business models, the global market, and marketing intelligence. Through case studies, research, and guest lecturers, we will analyze the essence of luxury branding, distribution systems, and the critical role of brand image in the digital age. Through this course, students will learn how luxury brands develop, secure, and maintain their desirable reputations. Students will gain insights and critical skills to make decisions about strategic business and how to approach luxury marketing from a global perspective.
• Rethinking Luxury: How to Market Exclusive Products in an Ever-Changing Environment. Wittig, Martin C.; Sommerrock, Fabian; Beil, Phillip; Albers, Markus (2015). Published by Lid Publishing Inc. ISBN-13: 978-1907794568
• Kapferer on Luxury: How Luxury Brands Can Grow Yet Remain Rare. Kapferer, Jean-
Noël (2015). Publisher Kogan Page. ISBN-13: 978-07494-7436-2
Luxury Brand Marketing 001 SPRING 2021
Course Key Learning Goals
- Understanding history of heritage luxury brands their global reach
- Explore the present and past consumer perception of the luxury market
- Develop the skill sets necessary to execute marketing strategies for the luxury market
- Analyze and understand the elements in the luxury culture
- Understanding the luxury sectors and the power of leveraging of heritage brands
- An understanding of the luxury segment of the market as it applies to a variety of
Major Topics (Relationship to Course Objectives)
1. To introduce tools and skills sets to market proficiently in the premium and luxury market sectors.
- To introduce luxury brand equity through useful frameworks and quantitativeresearch: developing, growing globally.
- To give participants critical skill sets for evaluating new luxury marketing models.
- To acquaint participants with and help them to understand analytical approach to marketing
decisions in the luxury sector.
Alignment with BBA Program Goals
This course is designed to support the following program learning goals:
- Communication skills
- Ethical perspectives in professional decision-making
- Global awareness
This is a seminar course. Class discussions and active participation are designed to develop the critical thinking, communication and managerial skills necessary to successfully run a luxury brand. Class outline includes: oral presentations, case analysis, group activities, professional collaborations with luxury marketing researchers and industry professionals.