Luxury Marketing

What it is about

You will learn how luxury concepts have developed historically, what distinguishes luxury from related concepts, and how consumers perceive and use luxury products to convey status or other signals. You will also learn how luxury brands can be strategically built, maintained, and expanded, and how the classic 4Ps (Product, Price, Promotion, Place) can be used for effective Luxury Marketing.

What you will be able to do

Understand the fundamental elements and specific challenges of Luxury Marketing
Support theoretical concepts with empirical findings
Analyze scientific articles
Critically review scientific articles
Present scientific articles
Conduct an audit of a luxury brand
Provide concrete recommendations to improve the Luxury-Marketing strategy
Improve communication skills

What the module consists of

VorlesungDelivery of the theoretical foundations of Luxury Marketing
StudierendenpräsentationenDiscussion and presentation of empirical articles in the group
Brand Audit ProjektApplication of the theory to a real luxury brand case with a focus on the 4Ps

Teaching method

VorlesungDelivery of the theoretical foundations
Gruppenpräsentationen wissenschaftlicher ArtikelDevelopment and discussion of empirical findings
Gruppenprojekt (Brand Audit)Practical application of the theory to an assigned luxury brand; use of theoretical materials and secondary data

What you should already know

Assessment

PresentationGroup workWritten submissionIndividual assessment

The final grade consists of two group presentations and accompanying written work. 1) Short group presentation (~20 min, 20% of the grade) plus an individual written assignment on a scientific article (max. 500 words, 10% of the grade). 2) Second group presentation (~30 min, 70% of the grade) on the Brand Audit as well as a written report documenting the audit results (max. 40 pages). Groups consist of four students each; individual assessment is based on consideration of personal contributions (interpretation of an article, personal analysis of an aspect of the Brand Audit, individual recommendation, presentation skills).

Reading list

Han, Y. J.; Nunes, J. C.; Drèze, X. - Signaling status with luxury goods: The role of brand prominence
Wang, Y.; Griskevicius, V. - Conspicuous consumption, relationships, and rivals: Women's luxury products as signals to other women
Bellezza, S.; Gino, F.; Keinan, A. - The red sneakers effect: Inferring status and competence from signals of nonconformity
Mandel, N.; Petrova, P. K.; Cialdini, R. B. - Images of success and the preference for luxury brands
Rucker, D. D.; Galinsky, A. D. - Desire to acquire: Powerlessness and compensatory consumption
Griskevicius, V.; Tybur, J. M.; Van den Bergh, B. - Going green to be seen: status, reputation, and conspicuous conservation
Hagtvedt, H.; Patrick, V. M. - Art and the brand: The role of visual art in enhancing brand extendibility
Hagtvedt, H.; Patrick, V. M. - The broad embrace of luxury: Hedonic potential as a driver of brand extendibility
Fuchs, C.; Prandelli, E.; Schreier, M.; Dahl, D. W. - All that is users might not be gold: How labeling products as user designed backfires in the context of luxury fashion brands
Wilcox, K.; Kim, H. M.; Sen, S. - Why do consumers buy counterfeit luxury brands?
Willems, K.; Janssens, W.; Swinnen, G.; Brengman, M.; Streukens, S.; Vancauteren, M. - From Armani to Zara: Impression formation based on fashion store patronage
Ward, M. K.; Dahl, D. W. - Should the Devil Sell Prada? Retail Rejection Increases Aspiring Consumers' Desire for the Brand

Filters

Luxury Marketing

What it is about

What you will be able to do

What the module consists of

Teaching method

Module ratings

Rate this module