Keeping Luxury Inaccessible
AbstractThis paper sets out to explain and decipher luxury and especially inaccessible luxury with the intent to provide enterprises three new analytical tools to ensure they stay ‘in front of the pack’. The paper starts by assessing what luxury was and is today and how and why it has evolved so far. It looks at Mass and Intermediate luxuries and then discusses three models to assess also Inaccessible luxury. The three models specifically developed by the authors are: 1. The Tangibility of Luxury, 2. The Spectrum of Luxury and 3. Brand Identity of Luxury. It will be shown that a luxury product can indeed migrate towards intermediate and mass luxuries when its traits become tangible and when rarity turns into abundance and luxury becomes accessible. The authors promote the idea that this process can be controlled by the enterprise or industry providing the brand, product traits and distribution are managed accordingly. The authors also examine the particular linkage between rational and emotional value through the brand and map the degree of luxury of a brand by assessing what actually differentiates the luxury products from the rest. This is not done in the traditional way of assessing the marketing mix (4P, 6P or 7p etc.) or examining the key features of the product but by building and managing a more integrated and knowledgeable approach, supported by the proposed models. Although the paper makes strong reference to luxury fashion, the comments, concepts and counselling provided are applicable also to luxury yachts, sports cars, real estate, banking etc.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 11373.
Date of creation: 28 Oct 2008
Date of revision:
Luxury; Inaccessibility; Fashion; Spectrum; Tangibility;
Find related papers by JEL classification:
- M31 - Business Administration and Business Economics; Marketing; Accounting - - Marketing and Advertising - - - Marketing
- A1 - General Economics and Teaching - - General Economics
This paper has been announced in the following NEP Reports:
- NEP-ALL-2008-11-25 (All new papers)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- David Ward & Dario Secondi, 2005. "Virtual Branding: Turning a stone into a Jewel," General Economics and Teaching 0507001, EconWPA.
- Iain Davies & Zoe Lee & Ine Ahonkhai, 2012. "Do Consumers Care About Ethical-Luxury?," Journal of Business Ethics, Springer, vol. 106(1), pages 37-51, March.
- Raluca CIORNEA & Marius D. POP & Mihai F. BACILA & Alexandra M. DRULE TIRCA, 2012. "Was Luxury Little Researched? An Exploration Of Studies And Research Trends In The Area Of Marketing Of Luxury Goods, Before 2005," Management and Marketing Journal, University of Craiova, Faculty of Economics and Business Administration, vol. 0(2), pages 325-340, November.
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