MBA Luxury Marketing

Luxury marketing is the marketing of luxury goods which are not considered necessary to the consumer, but which make life more pleasant. Designer clothes, luxury cars, and expensive jewelry are just some of the items that qualify. The luxury market is considered different from the traditional consumer market, because luxury buyers make exclusive purchases that the majority of consumers cannot afford. A luxury brand is defined by its distinctive identity and position as an innovator. This sort of company doesn t have to worry about standing out among the competition as much. While Crest and Colgate may be very competitive as brands that manufacture toothpaste, a product of consumer necessity, Tiffany s doesn t have to worry about other jewelers in the same way, because their name lends them credibility as the best in their industry. So naturally, maintaining and promoting this credibility constitutes a specific form of marketing.