The niche luxury industry has
its own distinct characteristics and general brand management rules do not
apply to luxury brands. The niche customer in this segment is not only buying a
product, but he owns a part of the rich culture, pedigree, and heritage associated
with the luxury brands in addition to buying an
experience. Thus Luxury brand management
entails a marketing strategy to create brand awareness, and brand identity that
separates it from the competition enhances as well as strengthens the perceived significance of Luxury products
and/or services in addition to brand loyalty. Furthermore, a luxury brand
manager is also responsible for:
- Building brand visibility. Since this segment of the target audience consumes media differently, the luxury brand manager has to research the target audience, their preferences, consumption habits, etc. and then devise an appropriate media strategy using apt media platforms to communicate the core values that the brand comes to represent.
- Pricing, Distribution and Retail Strategy
- Forecasting of trends
Role of a Luxury Brand
Manager:
· Collaborating with varied teams from diverse departments so as to ensure a delightful and unforgettable experience with products and services while maintaining the brand image.
· Incorporating the market feedback and customer reactions into the product
· Managing the budgets
· Ensuring pre and post product launch hype in the market with necessary POS
· Ensuring that brand communication must spark brand evangelism
Eligibility Criteria:
- Passing of class 12th in any stream from a recognized board
- Graduation in any stream from a recognized university with a minimum of 50% marks.
- A student fulfilling the above two criteria is eligible to give the entrance exam.
- Students scoring the requisite cut off marks in entrance exams are eligible for an interview
- Only on clearing the interview, the students are allowed admission into the college
Skills Required:
- Excellent Networking & Communication Skills
- Leadership skills with problem-solving capabilities
- Team-building skills
- Understanding of the luxury market
- Attention to detail with a capability to perform under pressure
Masters in Luxury
Brand Management
Formasters in luxury brand management, students must identify that college
that offers the following:
- Students gain a broad perspective about global luxury brand management along with global market
- The curriculum must offer a comprehensive understanding of luxury segment including Wine, Watches, Jewellery, Haute Couture, Automobiles, Hospitality, etc., Luxury Marketing & Brand Management, Luxury Retail Operations, and PR and Advertising pertaining to luxury brands etc.
- Students are offered industry exposure through interaction with Global Luxury Industry experts, Alumni Mentoring, National & International Faculties, student exchange programs, participation in live projects, etc.
- Supplementary career support curricula like Operations Management, Digital Marketing, Supply chain management, etc. to enhance the competencies of students
- Placement program that ensures opportunities with companies like Louis Vuitton, Mercedes, Gucci, etc.
Hurry! Or lose out on this great opportunity to get a foothold in
this lucrative industry that is currently in its nascent stages.
read more: online MBA course