Posted: August 24th, 2022

. Explain your reasoning in detail. Discuss the luxury dynamics between rarity, availability, and accessibility. What are some ways these elements are used as business strategies by luxury manager

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Luxury Brand Management Midterm Exam: Please reference material covered in sessions 1 through 5. It will be attached. Answer 5 questions
Each question is worth 20 points.
Each answer should be at a minimum of 2 paragraphs. Explain your reasoning in detail. Directions:
Please be sure to read and answer each question in its entirety
Answers will be graded on your ability to demonstrate your understanding of the topics by using the material covered in class, your reading, and outside research.
If outside research is used, please paraphrase in your own words, and avoid using direct quotes. But try to mostly base your answers on material from the class attached. Outside research must be properly referenced
Questions: Each answer should be at a minimum of 2 paragraphs. Explain your reasoning in detail. Discuss the luxury dynamics between rarity, availability, and accessibility. What are some ways these elements are used as business strategies by luxury managers? At least one example for each. (Brand Management Strategies Chapter 2)
Discuss the roles of heritage and craftsmanship in luxury brand strategies; how are they related to the business objective of creating “symbolic consumption” of the luxury experience? (Brand Management Strategies Chapter 2)
Outline 3 major luxury segmentation models. Why are there different concepts which frame them and how might they complement each other in a brand management strategy? (Session 3 PPT)
Discuss the significance of experiential branding as it relates brand loyalty using examples (at least two). Describe one way to measure brand loyalty. (Session 3 PPT).
Discuss the various complexities of pricing a luxury product and commonly used pricing strategies. What are some assumptions of the brand and its objectives that can be made simply by price? (Pricing Strategy pdf, How Do You Know if the Price is Right pdf)
The paper should be 4-5 pages.

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