1/7/2024 0 Comments Luxe redux![]() Birnbaum (MBA 1974), a private jeweler, would sound this cautionary note: Luxury sounds very intriguing, but you have to be careful. He cites cultural sensitivity the ability to know what consumers will want before they know it themselves as a key attribute for success.įactor in the demands of consistent quality, innovative design, supply logistics, and the need for superior customer service, and its easy to understand why David A. Salmon, a specialist in consumer marketing and retail distribution. ![]() You cant rely on consumer research to the same extent that you can in other markets, says HBS professor emeritus Walter J. ∺s a value proposition, luxury goods are very sensitive to timing and ego.Īdaptation, however, is a risky business. People today are using consumption even more vigorously to assert who they are socially, psychically, and culturally, remarks Koehn. Koehn, a business historian and author of Brand New: How Entrepreneurs Earned Consumers Trust from Wedgwood to Dell. Pressure to innovate is intense, says HBS professor Nancy F. As a result, the markets most recognizable brands have adapted by refreshing their product lines and extending their brand to more affordable items. And consumer preferences are constantly shifting, causing the concept of luxury itself to change over time. Cashing in on the $60 billion global luxury goods market has never been tougher or more rewarding.
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