In conventional economics, prices have been regarded as only cost, the acknowledgment that a price provides information to the consumer about the good. It is basically one of the non-product characteristic of the associations of brand. It can also be regarded as an important association in the configuration of brand perceptions specifically considering to value and popularity and is basically a reason due to which customer frequently section their understanding of a market. Products of high quality wrapped in a fancy packaging with exclusive store locations and high retail margins along with the advertising campaigns, and brand names are all the reasons of the higher prices of luxury goods. Large investments are made by companies on these factors
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However, it has to be acknowledged that the amount of significance of these elements can differ from brand to brand and also market to market (Luxurydaily).
1. Performance
It considers the deliverance of greater experience of a luxury brand at a product level and at an practical level. Basically at a product level, it must conform to the functional and effective characteristic along with the delivery of its physical practical characteristics. A luxury brand must also work at a practical level i.e. the brand’s emotional value which the customers buy should be ahead of what the product is likely to represent.
For further instance, Rolex is regarded as a sign of valor and as a symbol of love and beauty Tiffany & Co. is considered.
2. Pedigree
Several luxury brands possess quite a well-off pedigree and some extraordinary record which turn them into an indivisible part of the brand’s charisma. This charisma is actually built around the outstanding legendary originating character of the past which creates an essential part of the story of the brand and its …show more content…
Public figures can distance from movie stars to musicians, from sports persons to royal families and also the designer themselves. But due to celebrity supports are not much longer exclusive to the luxury space and much used across many categories, they take a dissimilar meaning for luxury brand endorsement.
There is a separate difference in the way role of celebrity is designed, executed and used. Further than the customary advertising mainly print media tools of advertising are used such as dressing the celebrities for the walk down on the red carpet, invites to special events etc. This strategy goes for removing the selling appearance and still endorsing the product by making it look like an element of celebrity’s life. This positively affects the consumer’s behavior, brand value and
However, it has to be acknowledged that the amount of significance of these elements can differ from brand to brand and also market to market (Luxurydaily).
1. Performance
It considers the deliverance of greater experience of a luxury brand at a product level and at an practical level. Basically at a product level, it must conform to the functional and effective characteristic along with the delivery of its physical practical characteristics. A luxury brand must also work at a practical level i.e. the brand’s emotional value which the customers buy should be ahead of what the product is likely to represent.
For further instance, Rolex is regarded as a sign of valor and as a symbol of love and beauty Tiffany & Co. is considered.
2. Pedigree
Several luxury brands possess quite a well-off pedigree and some extraordinary record which turn them into an indivisible part of the brand’s charisma. This charisma is actually built around the outstanding legendary originating character of the past which creates an essential part of the story of the brand and its …show more content…
Public figures can distance from movie stars to musicians, from sports persons to royal families and also the designer themselves. But due to celebrity supports are not much longer exclusive to the luxury space and much used across many categories, they take a dissimilar meaning for luxury brand endorsement.
There is a separate difference in the way role of celebrity is designed, executed and used. Further than the customary advertising mainly print media tools of advertising are used such as dressing the celebrities for the walk down on the red carpet, invites to special events etc. This strategy goes for removing the selling appearance and still endorsing the product by making it look like an element of celebrity’s life. This positively affects the consumer’s behavior, brand value and