Luxury brand management
Counterfeiting is one of the biggest challenges facing the luxury industry today, and it is one of the most pressing issues you need to tackle as the new marketing manager of a luxury firm of your own choice in one of the following industries: – Fashion – Perfumes & cosmetics – Wines & spirits – Watches & jewellery – Leather goods – Hotels & hospitality You are required to report back to the board on how counterfeiting threatens your luxury brand and how it can be addressed through a new digital marketing campaign. The report should include the following sections: 1. Introduction: Set out clearly and logically the aim of the report. [5 marks] 2. Short background of industry and company: Highlight why you chose this company and industry. Use Kapferer and Bastien’s (2009) luxury business model to position your company of choice. [5 marks] 3. Critical review of literature: Critically evaluate and properly reference prominent theories and models on luxury brand concepts, theories, and models, with special focus on managing luxury brands, measuring luxury brand equity, luxury brand elements, luxury brand distribution and pricing, and luxury brand consumers. Make sure an evaluation is carried out rather than a description of the literature. (LO1, LO2, LO3, LO4, LO5) [40 marks] 4. Findings/results: Based on the previous literature review, critically analyse the challenges your luxury brand is facing with regard to counterfeit products, with a focus on the following elements: – Premium/aspirational image – Alignment/consistency of all aspects of the marketing programme – Identify other brand elements as important drivers of brand equity – Identify secondary associations (personalities, events, etc.) as drivers of brand equity – Control of luxury brand distribution – Premium pricing strategy (LO3, LO5) [30 marks] 5. Conclusions/recommendations: Based on your analysis, draw conclusions on how the brand equity of your luxury brand is impacted by counterfeit goods and make recommendations as to how this position might be improved, particularly through digital marketing techniques. (LO3, LO5) [20 marks] Your work should show you are able to critically review the literature on LBM, evaluating rather than describing it. You should use several academic sources and properly reference them. Please read all questions and information provided carefully. Answers should be an appropriate length, keeping in mind the question requirements and total word count allowance. In addition, your assignment should demonstrate the following qualities: A critical appreciation of relevant literature and its use to support your argument, substantiate calculations, and address other aspects of the assignment. Taking ownership of the content, being prepared to debate and argue a personal position, and providing evidence of evaluative skills. A submission made up of extracts from published sources which is descriptive or simply theoretical regurgitation is not acceptable. Your submission must have interpretation and consideration of the challenges and issues of applying theory to practice. Logical flow of ideas and treatment; appropriate selection of real-world factors related to the companies under scrutiny. Evidence of additional personal research, and the ability to analyse material from a variety of appropriate, relevant perspectives. Presentation, structure, appropriateness of methodology, breaking into section headings/subheadings, tidiness. Marks will be awarded for proper referencing and originality of work. Also note that plagiarism is a serious offence and your submission will be electronically checked.