Week 4 EOC: Discussion Questions

1.              Explain the social element of luxury brands, and explore how this concept relates to some of the challenges facing luxury brands, such as counterfeiting and parallel markets

Luxury brands are meant to be for people who want to feel satisfied, or someone that feels established so that they can feel important or good about themselves. That’s why most people who can’t afford the luxury brands grab brands from different vendors in order to look like they bought it from the store, or maybe they get some sort of knockoff.

2.              What is the meaning of a lifestyle brand? Why are most luxury brands described as such?

Lifestyle brands are brands that fit your lifestyle. It’s basically a definition all on it own. An example of this would be, if you go out nightly and spend money like crazy on food, clothes, and other materialistic things, and then of course you would choose a brand that would fit that specific type of lifestyle. Luxury brands are describes as such because it only caters to a specific market or specific people who shop for luxury.

3.              Explain how luxury brands seem to defy traditional marketing principles

Luxury brands mostly sell themselves, in terms of people who actually shop at those brands. It only caters to a specific niche market. When a luxury brand becomes exposed to that certain consumer, it tends to spread the word around, therefore setting the basis for a luxury brand.