8p's of Luxury Branding

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THE 8 P’S OF LUXURY BRANDING – PILLARS OF A LUXURY BRAND Performance: Refers to the delivery of superior experience of a luxury brand at two levels – product level & experiential level. At a product level, it must satisfy the functional and utilitarian characteristic as well as deliver on its practical physical attributes – a recipe of quality or design excellence ingredients like creativity, exclusivity, craftsmanship, precision, materials, high quality & innovation. The luxury brand must perform at the experiential level as well; that is the emotional value of the luxury brand the consumers buy . Luxury isn’t just about the ‘thing’ anymore; it is about the special experience people feel in buying and using or enjoying that ‘thing’. Paucity: Over revelation and distribution of luxury brand causes dilution of luxury character, hence many brands try to maintain the perception that the goods are scarce. (Burberry diluted its brand image in the UK in the early 2000 by over-licensing its brand, thus reducing its image from a brand whose products were consumed only by the elite. Gucci, now largely sold in directly-owned stores, following a nearly crippling attempt to widely license their brand in the 1970s and 1980s).Broadly, there’s natural paucity (actual scarcity) & technology-driven paucity. Natural paucity is generally as a consequence of scarce ingredients (platinum, diamonds, etc.) and/or those goods that require exceptional human expertise (e.g. handcrafted quality) that constraint mass production. Technology-driven paucity is as a corollary of conception-time involved in continuous innovation and research-&-development process. Beyond these brands employ promotional strategies like limited editions, special series, etc. Another deviation to this strategy is customization &/or individual craftsmanship of luxury good. Persona: The persona of a luxury brand is largely a consequence of distinctive projection and coherence of the application.The visual brand...
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