Achieving Business Excellence for Luxury Brands: Strategies and Initiatives

Source Title: International Journal of Business Strategy and Automation (IJBSA)2(4)

ISSN: 2644-2094|EISSN: 2644-2108|EISBN13: 9781799863915|DOI: 10.4018/IJBSA.287108

MLA

Mandal, Pratap Chandra. "Achieving Business Excellence for Luxury Brands: Strategies and Initiatives." IJBSA vol.2, no.4 2021: pp.1-14. http://doi.org/10.4018/IJBSA.287108

APA

Mandal, P. C. (2021). Achieving Business Excellence for Luxury Brands: Strategies and Initiatives. International Journal of Business Strategy and Automation (IJBSA), 2(4), 1-14. http://doi.org/10.4018/IJBSA.287108

Chicago

Mandal, Pratap Chandra. "Achieving Business Excellence for Luxury Brands: Strategies and Initiatives," International Journal of Business Strategy and Automation (IJBSA) 2, no.4: 1-14. http://doi.org/10.4018/IJBSA.287108

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Abstract

Luxury brands possess specific characteristics which are different from that of other brands and require special considerations for marketing and promotion. The target market of luxury brands constitutes of high-end customers who have high aspirations and dreams which they wish to fulfill by possessing luxury products. Marketers of luxury brands require developing and implementing specific strategies for achieving business excellence. Luxury brands should have a strong customer focus and in-depth understanding of customers. Luxury brands require specific pricing, promotion, and distribution strategies. Pricing strategies include charging price premiums and having price-quality inferences. Luxury brands should communicate a unique value proposition and should justify high prices. Proper distribution strategies reflect exclusivity and uniqueness of luxury brands. Adopting and implementing such strategies will help luxury brands to convince their high-end customers, establish the brands, and achieve business excellence.