MBA Luxury Marketing

Luxury marketing is the marketing of luxury goods which are not considered necessary to the consumer, but which make life more pleasant. Designer clothes, luxury cars, and expensive jewelry are just some of the items that qualify. The luxury market is considered different from the traditional consumer market, because luxury buyers make exclusive purchases that the majority of consumers cannot afford. Building and maintaining brand image is the cornerstone of luxury marketing. In order for the luxury buyer to choose a specific business, there must be an element of prestige and exclusivity to being a part of their customer base.