Marketing strategies of luxury goods
Journal Title: Zarządzanie i Finanse - Year 2012, Vol 10, Issue 2
Abstract
Both global and Polish luxury goods market are developing dynamically. Over the past 15 years has doubled its value. Estimates of the luxury goods market are characterized by a large discrepancies, due to differences in the definition of luxury goods and the use of different methods of measuring the value of this market. It is extremely difficult to create an unambiguous, comprehensive definition of luxury, due to individual and very subjective connotation of this term. Definitions of luxury goods appearing in the literature are based on many aspects of this concept. Among the most frequently mentioned characteristics of luxury goods should be indicated: high quality, prestige, high price, strong brand associated with an exclusive lifestyle, design at the highest level. The specificity of luxury goods affects on decisions taken in the marketing activities of enterprises operating in the goods market in this category. Luxury goods marketing is even being called paradoxical. Among the elements of the luxury goods marketing strategy there should be mentioned: high price, high cost, craftsmanship, limited distribution, low promotional activity, advertising with no sophisticated copy strategy. According to the principles described above, to achieve success on the luxury goods market it is necessary to do exactly the opposite of what was taught in traditional marketing lessons. The product must be known and be visible but it should also appear expensive and slightly out of reach. Customers must go out of their way to find it. This is a “niche” marketing approach that can only work when the brand has a strong identity and a reason for being.
Authors and Affiliations
Wioleta Dryl
Keywords
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