Open AccessSpecific Features of Luxury Products Branding
Author(s) -
Aleksandra Krajnović,
Jurica Bosna,
Sara Grubišić
Publication year - 2021
Publication title -
elektronički zbornik radova veleučilišta u šibeniku/zbornik radova veleučilišta u šibeniku
Language(s) - English
Resource type - Journals
eISSN - 1846-6699
pISSN - 1846-6656
DOI - 10.51650/ezrvs.15.3-4.3
Subject(s) - business , marketing , balance (ability) , key (lock) , brand management , competitive advantage , fast moving consumer goods , marketing strategy , work (physics) , brand strategy , advertising , marketing mix , corporate branding , marketing management , engineering , medicine , mechanical engineering , physical medicine and rehabilitation , ecology , biology
In this modern world characterized byrapid change, the role of marketing is increasingly important. Developing abrand is one way in which a competitive advantage can be achieved. The workdefines the concept of luxury through the prism of marketing, shows thespecifics of marketing in the luxury products market and the key factors thatinfluence the demand for luxury products. The paper found that the key tosuccess is to effectively create a market strategy whose main goal is to createa strong and emotional long-term relationship between the brand and theconsumer. Also, the new trend of "abundant rarity" has led companiesin the luxury goods sector to strive to strike an optimal balance betweenexclusivity and affordability.