A Complete Guide To Luxury Brand Management
- 6th Jul 2021
We all know that luxury brands stand out in the market.
Innovation, Quality and Excellence - they deliver on all three fronts, and ergo, have massive customer following.
However, what most of us don’t know is that that’s not all.
Brands could have chunky dollops of all of those three, and still not make it. Or make it, but only halfway. Become known for a little bit, and then be forgotten.
Many luxury brands had the skill, were awesome and yet they have been unable to maintain their luxury brand quotient. Why is that so?
One key phrase: Luxury Brand Management.
The thing that is equally or sometimes even more important than even the brand itself is its correct presentation and positioning in the market.
Managing a luxury brand is an art in itself. Since luxury consumers have ever changing and specific demands, using the same marketing tactics as mass-market products for luxury products cannot prove to be fruitful.
The best luxury brands know this, and this is where luxury brand management comes in.
The ultimate guide to Luxury Brand Management has been put together together to help you understand all the micro details with regards to luxury education. All your questions with regards to luxury brand managment including the following have been covered in this article:
What is luxury brand management?
Luxury brand management (LBM) is a holistic approach towards understanding market dynamics. Using market research to record trends in customer behaviour, and using this information to strategically place, price and promote products in such a way so as to maintain and expand the customer base. Further, taking steps to bring in continuous improvement to the brand and not just meeting, but exceeding customers’ expectations; these are some of the salient features of the process. Therefore, it comes as no surprise that luxury brand management courses are one of the most renowned, respected and sought-after courses in the world.
What does a luxury brand manager do?
A luxury brand manager is in charge of performing market research for luxury items, supervising and organising marketing campaigns, product and distribution planning, budgeting and resource management for the brand, cooperating with luxury designers, and supervising marketing tasks.
What does MBA in luxury brand management comprise of?
The MBA in Luxury Management programme educates students about the fundamental ideas of luxury and exposes them to the contemporary market via industry interaction sessions. It is a one-of-a-kind academic programme that teaches entrepreneurial, management, and marketing skills necessary for success in the luxury business.
What are the jobs after luxury brand management? OR What are the career Prospects in Luxury Brand Management?
Now, LBM might be one degree, but its applications are manifold. Owing to the diverse range of skills that it comes with, there are several different job positions that become available once you have this degree. Among othere these include the following:
Luxury Brand Manager
On a macro level, a brand manager’s role is to formulate an effective marketing/brand strategy for the firm and a brand image that customers can identify with and will be attracted to. On a micro level, he/she has to conduct market research for products/customers, plan advertising campaigns, supervise marketing and production, propose/analyse budgets, etc.
Luxury goods product manager
As the name suggests, this role has got everything to do with the product. Deciding on what kind of products to create based on market research, the product manager basically has to oversee the entire production process- right from assembling to manufacturing to packaging. He/she also has to coordinate with the marketing, sales, quality assurance and product development teams while managing the production process on the factory floors.
Luxury retail buyer
A very popular name in just about every luxury business sector, the PR specialist’s job is to interact with the media and present the business to the public in the best possible light. This particular job requires a lot of tact and diplomacy, as he/she might have to handle any negative media portrayals of the brand. Apart from this, there will also be opportunities to interact with fashion magazines, editors, writers and some of the biggest names in the industry.
Product Marketing Manager
Fashion PR Specialist
Fashion Retail Buyer
Also, the most popular courses are a combination of fashion and LBM, leading us to the next job position- a Fashion Retail Buyer.
A very important role, the fashion retail buyer is responsible for deciding what kind of merchandise the brand should sell and set the right inventory level. Further, he/she also has to keep the brand updated with the latest trends, analyse/predict customer buying patterns and future sales trends, interact/maintain good relations with suppliers, etc.
What is the future of luxury brand management?
Are fashion and luxury brand management connected?
Is luxury brand management a good career option?
What do you study in luxury brand management and what does an LBM course teach you?
The luxury industry is a complex and intricate world. Making it in this market requires more than just a basic understanding of business tactics. An LBM course is a comprehensive guide to decoding the workings of the luxury market. Business technicalities, creativity, out-of-the box thinking, understanding the crucial concept of product pricing, retail management & strategy are some of the fundamental topics that this course covers. Apart from this, LBM also imparts valuable teachings in terms of communication skills, learning to effectively reach out to customers and truly delving into the history of luxury.
The best LBM courses
Obtaining a degree in luxury brand management from a prestigious university can prove to be a very valuable asset to an individual’s portfolio.Some of the best luxury courses offered are in cities like Paris and Milan, which are luxury hubs and are home to the head offices of many fashion giants. New York and London also offer well renowned courses, being the most happening and vibrant cities in the world. Studying in cities that are in proximity to luxury brands can be extremely advantageous, as it might provide great exposure and marvellous opportunities to learn and gain hands-on experience.