|Traget Group:||Luxury Brand Managers|
|Contribution:||Applied and state of the art knowledge and/or research|
|Long term, profitable marketing strategies for luxury brands in both mature and emerging markets.|
Like for any other product category, the long-term profitable management of luxury goods requires a set of tailored strategies. To be able to identify these strategies, it is important to assess and understand the nature of luxury. The definition of luxury seems to be obvious and easy at first sight as the term is widely used and often directly attributed to "expensive", "prestigious", "rare" or "specially crafted" products. Upon closer inspection, however, difficulties of defining and managing luxury become obvious. High-end, exclusive brands become more and more ubiquitous, easier to buy and therefore easier to consume. Furthermore, international differences in consumers' perception and behaviour are an increasing challenge for marketing managers in order to apply the adequate strategies for profitable, long term success.