Contemporary Issues in Luxury Brand Management

Description

This book provides a comprehensive overview of the key themes surrounding luxury brand management and the core issues faced by luxury firms today. The luxury industry has undergone a series of dynamic changes in the past twenty years. Economic trends, digital transformation, and changing consumer habits are creating a new competitive landscape where traditional strategies will not necessarily provide continued growth and profitability. Approaching luxury from a realistic brand management perspective, this book works step-by-step through a typical luxury course structure, covering sustainability, heritage, emerging brands, digital marketing and analytics, curation, intellectual property, and start-ups. Each chapter is illustrated by a relevant international case study and further examples, as well as reflective questions to help gain insight from contemporary practice. With additional PowerPoint slides and a test bank of questions available online, this comprehensive textbook should be core reading for postgraduate students studying luxury brand management or luxury strategy. Cover Endorsement Half Title Series Information Title Page Copyright Page Table of Contents About the Editors Contributors Preface Acknowledgements Section 1 People and History Chapter 1 Luxury Throughout History 1.1 Introduction 1.1.1 The Concept of Luxury 1.2 A Luxury Timeline 1.3 Luxury Brands Today and Historical Inspiration 1.4 Brand Heritage 1.5 The Importance of Heritage for Luxury Brands 1.6 Inspired By Heritage 1.7 Chapter Summary Seminar Exercises Notes References Chapter 2 Luxury Start-Ups 2.1 Introduction 2.2 Start-Ups 2.3 What Is ‘Luxury’? 2.4 The ‘When, Where, What and Why’ of Luxury Start-Ups 2.4.1 ‘When?’ Getting the Timing Right 2.4.2 ‘Where?’ Getting the Right Channel/route to Market 2.4.3 What? The Right Product/service Offering 2.4.4 Why? The Value Created and Captured 2.5 Summary Seminar Exercises References Chapter 3 Contemporary People Issues in Luxury Brand Management 3.1 Introduction 3.1.1 Clarifying the Concept of Luxury in the Marketplace 3.1.2 The Impact of People Factors in the Luxury Brand Arena 3.2 Developing People in the Luxury Brand Sector 3.2.1 The Key Challenges 3.2.2 Some Illustrative Case Examples 3.2.3 Building Or Rebuilding a Luxury Brand Through Your People 3.2.4 The Qualities Needed of a Luxury Brand Employee 3.2.4.1 Attitudes Required of Employees in the Luxury Brand Business Sector 3.2.4.2 Skills Required for the Luxury Brand Employee 3.2.4.3 Knowledge Requirements for the Luxury Brand Employee 3.2.5 Self-Reflection Questions 3.2.6 Typical Methods of Staff Development 3.2.7 Evaluating the Development Spend 3.2.8 Further Self-Reflection Questions for this Section 3.2.9 Seminar/group Activity for this Section 3.3 Management Development in the Luxury Brand Sector 3.3.1 Opportunities for Effective Management 3.3.2 Family Ownership of the Luxury Brand 3.3.3 Widening the ‘Jaws’ in Luxury Brand – a Key Management Task in the Luxury Business 3.3.4 Opportunities for Management Development in the Luxury Sector 3.3.5 Judging Management Performance in the Luxury Sector 3.3.6 The Culture Iceberg in Luxury Brand Businesses 3.3.7 Management Development Tools and Techniques 3.3.8 Utilising Empowerment in a Luxury Brand Business 3.3.9 Self-Reflection Questions 3.3.10 Seminar Activities 3.4 Managing People for Competitive Advantage in Luxury Brands 3.4.1 Resurrecting the Value of Luxury Brand Through People 3.4.2 The Employee Value Proposition (EVP) for a Luxury Brand Business 3.4.3 The Key Pillars of Luxury Brand – a People Perspective 3.4.4 Managing Luxury Brands Strategically 3.4.5 People Issues in the Financial Management of a Luxury Brand 3.4.6 People Issues in Strategic Planning 3.4.7 People Issues in Product Life Cycle Management 3.4.8 Environment, Sustainability, and Governance (ESG) in the Luxury Marketplace 3.4.9 Reflective Questions for this Section 3.4.10 Seminar Work for this Section 3.5 Chapter Summary References Section 2 Luxury Products Chapter 4 Legal Protection for Luxury Goods and the Counterfeiting Challenge 4.1 Introduction 4.2 IPR and Luxury Brands 4.3 Patent 4.4 Copyright 4.5 Design 4.6 Trademarks 4.6.1 Brexit and UK IPR Laws 4.6.2 Counterfeits and Luxury Goods Seminar Exercises References Chapter 5 The Case for the Wine Experience 5.1 Introduction 5.2 The Starting Point 5.3 Bordeaux – the Left Bank 5.3.1 Classification of Red Wines of the Left Bank 5.3.2 The White Wines of the Gironde 5.4 Bordeaux – the Right Bank 5.5 General Process and Storage 5.6 Some of the Great Wines From this Region 5.7 Burgundy 5.8 Champagne 5.9 Can New World Wines Surpass Those of the Old World? 5.10 Investing in Fine Wines 5.11 London International Vintners Exchange (Liv-Ex) 5.12 Fraud and Counterfeit Wines 5.13 Marketing Fine Wines 5.14 Wine Tourism 5.15 Wine Is for Drinking 5.16 Future Concerns 5.17 Summary Seminar Exercises References Chapter 6 Luxury and Sustainability 6.1 Introduction 6.2 A Change in Pace 6.3 The Birth of a Sustainability Culture in the Luxury Context 6.4 The Circular Economy 6.5 Investing in Sustainability Seminar Exercises Notes References Section 3 Digital Business Chapter 7 Social Media Marketing in Luxury Brand Management 7.1 Introduction 7.2 Advertising Advantage and Social Proof 7.3 Influencers and Super-Fans 7.4 Troll Troubles 7.5 Social Conversations, Feedback, and Crowdsourcing 7.6 Pandemic Paradigm Seminar Exercises References Chapter 8 Digital Marketing and Analytics for Luxury Brands 8.1 Introduction 8.2 Digital Marketing for Luxury: the Debate 8.2.1 Trends 8.2.2 Burberry: a Success Story 8.2.3 The Current Situation 8.3 Types of Digital Media Channels 8.3.1 Search Engine Marketing (SEM) 8.3.2 Affiliate Marketing 8.3.3 Social Media Marketing (SMM) 8.3.4 E-Commerce 8.4 Integrated Marketing Communications (IMC) 8.4.1 Evolution of IMC 8.4.2 Purpose of IMC 8.4.3 IMC in Luxury 8.4.4 Steps for IMC 8.5 Chapter Summary Seminar Exercises References Chapter 9 The Future of Commerce With Digital Business 9.1 Introduction 9.2 Emergence of E-Commerce 9.3 Digital Business Models 9.3.1 Defining a Business Model 9.3.2 The Business Model Canvas 9.3.2.1 Customer Segments 9.3.2.2 Value Propositions 9.3.2.3 Distribution Channels 9.3.2.4 Channel Phases 9.3.2.5 Customer Relationships 9.3.2.6 Revenue Streams 9.3.2.7 Key Resources 9.3.2.8 Key Partners 9.3.2.9 Cost Structure 9.3.2.10 Examples of Business Model Innovation 9.4 Emerging Technologies for Competitive Advantage 9.4.1 Smart Cities 9.4.2 Artificial Intelligence (AI) 9.4.3 Robotic Process Automation (RPA) 9.4.4 Blockchain Technology 9.5 Digital Strategy to Help the Business Thrive 9.5.1 What Is ‘Digital Strategy’? 9.5.2 Hierarchy of Strategic Intent 9.5.3 Digital Strategy Application in Modern Business 9.5.4 Building a Digital Strategy 9.5.4.1 The Case of Blockbuster and Netflix 9.5.4.2 The Case of Nokia and Apple 9.6 Securing Your Digital Business in the Cyberworld 9.6.1 The Problem of Information System Security 9.6.2 Security Concerns and Cyber-Attacks On Small Businesses 9.6.3 Information Security Standard 9.7 Chapter Summary Seminar Exercises References Index