Luxury Strategy Break the Rules of Marketing to Build Luxury Brands

ISBN-10: 0749464917
ISBN-13: 9780749464912
Edition: 2nd 2012
List price: $34.99 Buy it from $34.10
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Description: The Luxury Strategy is the definitive work on the essence of a luxury brand strategy. It puts an end to the confusion around the term, and explains the fundamental differences between 'premium', 'fashion', and 'luxury' strategies. Based on an  More...

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Book details

List price: $34.99
Edition: 2nd
Copyright year: 2012
Publisher: Kogan Page, Limited
Publication date: 9/3/2012
Binding: Hardcover
Pages: 408
Size: 6.50" wide x 9.50" long x 1.25" tall
Weight: 1.848
Language: English

The Luxury Strategy is the definitive work on the essence of a luxury brand strategy. It puts an end to the confusion around the term, and explains the fundamental differences between 'premium', 'fashion', and 'luxury' strategies. Based on an analysis of the social functions of luxury, of worldwide best practices and on first hand direct experience, it sets out the rules for success, and turns established marketing rules upside down. The Luxury Strategy provides the first rigorous blueprint for the effective management of luxury brands and companies at the highest level, including human resources and financial management. It also unveils the original methods that were used to transform small family businesses such as Ferrari, Cartier, Chanel, Gucci, and Ralph Lauren into profitable global brands.

Jean-Noel Kapferer is an internationally recognized thought leader on brands and brand management. A professor at HEC Paris , he holds a PhD from Northwestern University (USA) and is an active consultant to many European , Asian and American corporations. He is the author of 12 books, including the international best seller New Strategic Brand Management , and Reinventing the Brand, and most recently The Luxury Strategy , all three published by Kogan Page.

Vincent Bastien is one of the most experienced senior managers in the luxury business.   Formerly MD of Louis Vuitton Malletier and CEO of Yves Saint Laurent Parfums, he has held senior posts at some of the world's most respected luxury brands.   He is now Affiliate Professor at HEC Paris, where he teaches Strategy in Luxury.

Introduction
Back to luxury fundamentals
In the beginning there was luxury
A brief history of luxury
The 20th century and the democratization of luxury
Luxury, the individual and society
Positioning of luxury in our present-day society
Money, fashion, art and luxury: boundaries and ambiguities
Luxury: learning from religion and art
The end of a confusion: premium is not luxury
The multiple approaches to the concept of luxury
Denying the specificity of luxury
There is no continuous movement from premium to luxury
It is not easy to exit luxury through a 'downwards' strategy
From where has the current confusion arisen?
Towards a definition of luxury
Exiting the confusion: the case of the car
Relativity of luxury in cars
Is automobile luxury the pursuit of perfection?
Top-of-the-range, upper-premium and luxury cars
The luxury car: creation, mythical models and social prestige
What link does luxury have with technology?
The constituents of the myth of the luxury car
Luxury and expressions of national identity
Beyond the product: services and privileges
The magic of cult objects: licences and boutiques
Anti-laws of marketing
Forget about 'positioning', luxury is not comparative
Does your product have enough flaws?
Do not pander to your customers' wishes
Keep non-enthusiasts out
Do not respond to rising demand
Dominate the client
Make it difficult for clients to buy
Protect clients from non-clients, the big from the small
The role of advertising is not to sell
Communicate to those you are not targeting
The presumed price should always seem higher than the actual price
Luxury sets the price, price does not set luxury
Raise your prices as time goes on in order to increase demand
Keep raising the average price of the product range
Do not sell
Keep stars out of your advertising
Cultivate closeness to the arts for initiates
Do not relocate your factories
Do not hire consultants
Do not test
Do not look for consensus
Do not look after group synergies
Do not look for cost reduction
Just sell marginally on the internet
Facets of luxury today
On the importance of the 'label'
Luxury: the product and the brand
The ingredients of the luxury product: complexity and work
Superlative, never comparative
Luxury and cultural mediation
Luxury and history
Luxury and time
Tradition is not pass�isme
Luxury is made by hand
Real or virtual rarity?
Rarity and sustainability
Luxury and exclusivity
Luxury and fashion: an essential difference
Luxury and art
Luxury and charity
Luxury brands need specific management
Customer attitudes via-�-via luxury
What is the size of the market?
To be rich or to be modern?
Heavy users and day trippers
The four luxury clienteles
A strong axis of segmentation: sensitivity to the product or to the logo?
A second axis of differentiation: authentic does not always mean historical
A third axis of differentiation: disruption or integration?
How countries differ in their attitudes
Why are Western luxury brands globalized?
China today and tomorrow
Why India resists Western luxury
Russia; the psychology of oligarchs
Developing brand equity
There is no luxury without brands
Managing luxury by the brand
Products, experiences and brands
A luxury brand is a real and living person
A luxury brand has roots
A luxury brand must radiate
No life cycle for the luxury brand
A legitimacy created from authority, class and creation, more than from expertise
The financial value of luxury brands
The core of the luxury brand: its identity
Building brand coherence at contact points: central and peripheral identity traits
Two modes of luxury brand building
Building the luxury brand: the dream equation
The luxury brand compass: architecture of product roles
Luxury brand equity in the digital era
Why and how does the digital world challenge luxury?
Managing the dream through communication
Defending the brand against counterfeiting
Counterfeiting as a way to diagnose the health of the strategy of the brand
Always defend your rights and communicate frequently
Luxury brand stretching
Luxury expansion through line extensions and brand extensions
The origins of luxury brand stretching
Luxury stretching: a practice that has changed the sector
Comparing the Italian and French models of extension
Two models for brand stretching: vertical or horizontal?
The pyramid
The galaxy
Success factor of luxury extension
Typology of brand stretchings
Leading a brand stretch
Growth by stretching: the Mont Blanc case
Stretching: preserve coherence, but be creative and unexpected
Maintaining brand identity across sub-brands: the Armani case
Building credentials in a new category: the Chanel case
The risk factors of brand stretching
Controlling the boomerang effect of brand stretching
Qualifying a product or service as luxury
No product without service
The luxury product and the dream
Functionality and dreams do not follow the same economic models
The luxury product is not a perfect product, but a sacred product
Luxury product and competitive universe
Luxury product and time
Occasion of use and perception of value
Lasting a lifetime... and beyond
Prolonging the ecstasy of a privileged moment
Adapting to its time
Structuring the luxury range: how is the range of a luxury brand organized?
Innovating through a new product range
Don't sacrifice the past to the future
A mode of production as a lever of the imaginary
The opposition between luxury and relocation
Licenses signal the departure from luxury
The challenge of luxury services: creating the gap
Pricing luxury
What about price elasticity?
Increase the price to increase demand and recreate the distance
What prince premium?
Fixing the price in luxury
Managing the price over time
No sales in luxury
Price reductions
The price and its communication
The price is not publicly advertised
The price must be sold
Price: the two challenges of the luxury strategy
Distribution and the internet dilemma
Luxury is in the distribution
You sell to someone before you sell something
It is the price, not the product, that is sold to the client
The sales personnel should never earn direct sales commission
Distribution shows that the brand dominates clients, but respects them
Distributing is first of all about communicating
Distribution should not only show off, but enhance the product image
It is distribution's job to communicate the brand's price level
A luxury purchase is a lengthy act
Distribution is luxury's weak link
The choice of a new sales point cannot be delegated
Distribution must manage rarity
Distribution protects you from competition
Luxury and mode of distribution
Luxury and digital distribution (the internet dilemma)
Luxury brands: when, what, and how to sell on the internet
Communicating luxury
You don't communicate to sell
You communicate because you sell
You don't talk about money
You communicate, you don't advertise
No personalities in the advertising
The role of brand ambassadors
Building the social driver of desire
Permanently encourage word of mouth
What balance should there be between local and global communication?
The internet and communication in luxury
The unique codes of luxury communication
Making the brand's visual language denser: the nine signatures of the brand
Making the brand denser through tales, stories and rumours
Adapting the communication register to the type of luxury
The dialectic of the local and the universal
Financial and HR management of a luxury company
Financial issues in luxury companies
Luxury and profitability
Globalizing
Luxury, volume and profitability
Managing the human capital in luxury
Strategic perspectives
Luxury business models
Luxury products with a profitable core trade
What are the pitfalls to avoid in this working model of a luxury product with a profitable core trade?
Luxury products with a too-restricted core range
The perfume business model
The business model of luxury trades with very high overheads
The 'high-tech' business model (highly innovative industry)
Crises and luxury business models
Entering luxury and leaving it
Wanting to be luxury is not enough: the conditions of luxury
Why envisage a luxury strategy?
Start small and become profitable
Once profitable, grow quickly
Acquiring an existing brand
Departing from luxury
The end of a luxury brand
Taking a brand out of the luxury universe
Leveraging the image in a low-cost strategy
Learning from luxury
Luxury concerns all trades
Understand the rules in order to adapt them
How Apple follows a luxury strategy
Luxury according to MINI
Mixed Strategies
Managing a luxury strategy in B to B
Luxury marketing as the future of traditional marketing
What marketing issues of today could luxury marketing help to resolve?
The Lacoste example
Learning from luxury
Luxury and sustainable development: convergences and divergences
Luxury and sustainable development
Adopting the luxury strategy to foster sustainable development
References
Index

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