The paper “ Brand Management in Luxury Brands, Luxury Branding During Recession" is a convincing version of a term paper on marketing. Marketing can be understood to be a social process by virtue of which individuals and groups attain the things that they require or want. This is done through the creation and exchange of products and values with others. (Kotler, 2002) Marketing can be understood to be the analysis, planning, implementation, and control of carefully formulated programs designed to bring about voluntary exchanges of values with target markets for achieving organizational objectives.
The process is heavily reliant on designing the organization’ s offering in terms of the target markets’ needs and desires, and on using effective pricing, communication, and distribution to inform, motivate, and service the markets. Brand management is the best way to create loyal customers who become brand marketers voluntarily later and without cost, the customers stick to a brand because of trust and expectation that they have from the brand (Upshaw, 1995). They know what the brand offers and most people like to stick to what they know.
The unique and the differentiating factors of the website thus need to be highlighted. The name, the logo should be identifiable and clearly distinguishable from the crowd. This would mean that the idea of vacation experience for every need would be the underlying feature of the campaign. What this would do is that it would be in keeping with the broad nature of the market segment that has been targeted. Along with this the facilities and the value-added products that come along with the chain must be put in focus. To the uninitiated, the world of branding in the case of luxury brands could be understood as one that is characterized by great paradoxes.
The world is one, where the models of custom and creativity collide. Where ancient founders and youthful models meet and make magic together. For luxury goods, brand identity is a very important element of the business. In certain ways it can also be a constraint; it is not possible to launch a product that is outside of its sphere of legitimacy. Interestingly enough, the luxury brand sector, with a brand value of nearly € 47 billion ranks only fifth in the 100 most valued brands in the world.
This is, in fact, a smaller amount that the stock market value of the major luxury groups. The trend in the past two years has dominantly been focused on the fact that there is an overarching threat to the survival of luxury brands, given the credit crunch that affects their consumers and suppliers. This threat tends to place in danger the very survival of brands such as Dior, Gucci, Prada, and Este Lauder among others.
The problem, simply places is that in the light of the recession, there is a tendency for people to be sacred of spending-job cuts and reduced incomes add fuel to fire increasing these fears. The focus during a typical recession shift from luxury shopping to basic shopping. A typical Dior or Chanel wearer might, for example, have to settle for a lesser brand because of a problem with the cash flow. There are those that assume that the infected economy tends to have reshaped the purchase pattern of the consumers all over the world relative to all type of inferior or sumptuous goods.
There has been a considerable impact on the lavish consumption by the recent downturn of commerce.