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The fashion and luxury industries have been well-established for centuries, but the new disruptive digital environment is causing these industries to rethink their business case and adapt their brand offerings for consumers and experiences both online and offline, mixing physical place and digital space: phygital. This exciting new text, the first on this timely subject, written by an expert author explores the current malaise and offers ways forward through a mixture of research and practice-led examples.
Discover the secrets to successful luxury brand management with this bestselling guide written by two of the world's leading experts on luxury branding, Jean-Noël Kapferer and Vincent Bastien, providing a unique blueprint for luxury brands and companies. Having established itself as the definitive work on the essence of a luxury brand strategy, this book defines the differences between premium and luxury brands and products, analyzing the nature of true luxury brands and turning established marketing 'rules' upside-down. Written by two world experts on luxury branding, The Luxury Strategy provides the first rigorous blueprint for the effective management of luxury brands and companies at the highest level. This fully revised second edition of The Luxury Strategy explores the diversity of meanings of 'luxury' across different markets. It rationalizes those business models that have achieved profitability and unveils the original methods that were used to transform small family businesses such as Ferrari, Louis Vuitton, Cartier, Chanel, Armani, Gucci, and Ralph Lauren into profitable global brands. Now with a new section on marketing and selling luxury goods online and the impact of social networks and digital developments, this book has truly cemented its position as the authority on luxury strategy.
This professional book introduces marketing and luxury brand professionals to a new definition of luxury and the art of designing the ultimate luxury experience in both the physical space (e.g., in-store, hotel, restaurant) and the digital space (e.g., social media, website, e-commerce). Specifically, it offers an overview of customer experience issues and explores big five experiential strategies that can be applied by luxury houses in order to provide the best luxury experience to their customers. Themes such as quality of customer luxury experience, immersion and co-production/co-creation in luxury, creation and management, digital and immersive marketing, and innovative market research are also examined. How do consumers define luxury? Is there one luxury or several “luxuries”? What kind of luxury experiences consumers want to live? How can luxury houses design the ultimate luxury experience? More than in any other sector, luxury consumption is a response to a search for emotions, pleasure, uniqueness, consideration and greatest services. The luxury consumer wants to live luxury experiences – not just buy luxury products or services. In this way, this book presents the luxury consumption experience as a combination of symbolic meaning, subconscious processes and nonverbal cues and characterized by fantasies, feelings and fun. Featuring case studies and interviews from international luxury sectors and brand managers such as Burberry, Dior, Porsche, Breitling, St. Regis Hotels & Resorts, and Louis Vuitton, among others, this book offers both a research and management perspective on luxury experience to professionals in the luxury sector (e.g., CEOs, brand managers, marketing and communication professionals), as well as marketing professors, students, and people eager to learn more about how to design the ultimate luxury experience. Praise for The New Luxury Experience “This book provides a holistic perspective on marketing of luxury brands, offering both useful practical advice as well as illustrating important cases.” -- Ravi Dhar, Director, Yale Center for Customer Insights, Yale University “Wided Batat’s book offers a fresh, insightful and comprehensive analysis of the concept of the consumer’s experience with luxury whatever that may be. The Five experiential luxury strategies proposed by Wided highlight that luxury management should go above and beyond the design and branding of luxury goods and services. I also commend the consideration given to the younger generations’ approach to luxury and to corporate social responsibility aspects. Luxury marketers should find this book very useful indeed.” -- Francesca Dall’Olmo Riley, Professor of Brand Management, Kingston Business School, UK
"This book focuses on the conception and marketing of luxury as an experience and explores more integrative and comprehensive approaches to modeling and understanding the consumer-brand relationship with luxury brands and their sustainability in a global and multicultural world"--
Presenting some of the most significant research on the modern understanding of luxury, this edited collection of articles from the Journal of Brand Management explores the complex relationships consumers tie with luxury, and the unique characteristics of luxury brand management. Covering the segmentation of luxury consumers worldwide, the specificity of luxury management, the role of sustainability for luxury brands and major insights from a customer point of view, Advances in Luxury Brand Management is essential reading for upper level students as well as scholars and discerning practitioners.
What does luxury value mean? What constitutes luxury, and what does not? While previous research has focused on luxury as a global business and how companies have generated, communicated and monetized luxury, this book draws on empirical research to examine how consumers understand and interact with it. It identifies the components of luxury value, as seen by consumers, and the most influential factors that shape these perceptions. Drawing on a range of disciplinary approaches, the author investigates how consumer segments differ in their perception of luxury products, and how different generations understand value. A comprehensive overview of consumer perceptions of luxury, this book is a must-read for those students and researchers interested in luxury studies.
A guide to reaching and profiting from China's expanding luxury consumer class China's growing consumer base and expanding economy means more disposable income for more Chinese citizens. The Chinese market for luxury goods is expected to expand from $2 billion this year to nearly $12 billion by 2015. Today's biggest global luxury goods retailers expect China to make up a large and ever growing portion of their customers, and those businesses are responding with new stores and investments in China. Luxury China gives readers–particularly professionals in advertising, marketing, and the luxury brands industry–a deep look into the future of the Chinese luxury goods market and shows them how to tap into China's tremendous market potential.
This book addresses the No 1 challenge of all major luxury brands today: How can these brands pursue their growth yet remain luxury? How do you reconcile growth and rarity? Kapferer on Luxury offers a selection of the most recent and insightful articles and original essays on the luxury growth challenge from Jean-Noël Kapferer, a world-renowned luxury analyst. Each chapter addresses a specific issue relating to the luxury growth challenge such as sustaining the 'luxury dream', adapting the internet to luxury demands, re-widening the gap with premium brands' competition, and the importance of non-delocalization. It also explores in detail facing the demand of the Chinese clients, rising sustainable quality and experiential standards, developing real luxury services and managing luxury brands within groups without diluting their equity and more. As such, Kapferer on Luxury is the perfect and timely resource for luxury executives, communication managers, luxury observers and advanced students willing to deepen their understanding of this major luxury challenge.
This book shows how to build successful luxury brands using the power of sensory science and neuro-physiology. The author introduces – based on inspiring business cases like Tesla, Louis Vuitton, Chanel, Hermès, Moncler, Louboutin, or Sofitel in industries such as Fashion, Automotive or Leisure – groundbreaking scientific methods - like the Derval Color Test® taken by over 10 million people - to predict luxury shoppers’ preferences and purchasing patterns and illustrates common and unique features of successful luxury brands. Through various practical examples and experiments, readers will be able to build, revamp, or expand luxury brands and look at luxury from a new angle.
Selling high-end luxury creations requires a different set of skills than does traditional selling. Clients have high expectations for the service they receive and base their purchasing decisions more on emotion and desire than practical need. Whether you are selling diamond bracelets or sports cars, the key to concluding the sale lies in how well you sell rather than what you sell. In Selling Luxury, Robin Lent and Geneviève Tour explore every component of luxury sales and offer proven, practical strategies for connecting with customers. Rather than sales associates, the luxury market calls for “Sales Ambassadors” who represent the brand with distinction. Sales Ambassadors understand how to connect with customers by discovering their unique motivational desires. This requires a multitude of specialized skills: passion, perseverance, empathy, daring, and curiosity. Through personalized service each and every time, Sales Ambassadors are able to build trust, brand loyalty, and lasting customer relationships. If you want to succeed in the luxury sales universe, Selling Luxury is for you. You’ll pick up the skills and approaches that work everyday in a multitude of situations. You’ll learn how to: Connect emotionally with customers Exceed your customers’ expectations Turn every customer contact into a brand experience Personalize your customer service Learn about customers through observing and discovery Create the desire to purchase Deal positively with customer objections Build a relationship of trust and brand loyalty The universe of luxury is no place for traditional hard-sell tactics. Instead, you have to subtly adapt to your customer in a deeper way. Doing so takes a truly personal touch. Selling Luxury shows you how to develop these skills and make them a key part of your own unique selling style.