Luxury Marketing Final ACTUAL Exam Questions and CORRECT Answers
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Luxury Marketing Final ACTUAL Exam
Questions and CORRECT Answers
luxury has to do with - CORRECT ANSWER- - social stratification
-the option of practical and utility waste
-decisions relating to the distribution of wealth
two fundamental sociological trump cards - CORRECT ANSWER- - female
e...
Luxury Marketing Final ACTUAL Exam
Questions and CORRECT Answers
luxury has to do with - CORRECT ANSWER- ✔✔- social stratification
-the option of practical and utility waste
-decisions relating to the distribution of wealth
two fundamental sociological trump cards - CORRECT ANSWER- ✔✔- female
emancipation
-world peace
drivers of change - CORRECT ANSWER- ✔✔1. democratization
2. increase in spending power
3. globalization
4. communications
democratization - CORRECT ANSWER- ✔✔-implies everyone has access to the world of
luxury, does not necessarily entail its vulgarization (that is the individual things loss of value)
-implies historical social stratification is gradually disappearing
-democratization means luxury is no longer the result of social stratification, it is the driver of
social stratification
increase in spending power - CORRECT ANSWER- ✔✔-means increased availability of
money and time
-surplus of above is spent on one activity usually to the detriment of the other activities
-Shift to consumption-based economies from savings-based
-upper middle class
globalization - CORRECT ANSWER- ✔✔-offers accessibility to completely new products,
cultures, -emotions, and desires
-open up new markets
,-leads to a leveling out of all cultures (a perfectly global society would have one language
and one religion)
-luxury products are rooted in a culture (when u buy chinese silk you buy a little piece of
china)
-a luxury brand should not yield to the temptation of dislocation
-a luxury product produced in diff country for cost reasons means this product no longer has
high enough quality or creativity to justify a price level that would allow them to continue to
be produced in their root culture
communications - CORRECT ANSWER- ✔✔-everyone can vicariously live the high life
-Development of global mass media
non return effect - CORRECT ANSWER- ✔✔once people have tasted luxury it is very
difficult to turn away from it
key social function of luxury - CORRECT ANSWER- ✔✔luxury is access to pleasure, if
clients were only interested in luxury for symbol they would drift from one symbol to another
luxury brand relies on - CORRECT ANSWER- ✔✔as large as possible a core of faithful
clients
to have luxury product or service be financial success it MUST possess - CORRECT
ANSWER- ✔✔1) a social aspect -- luxury as a social statement in relation to other products
or services i.e. brand status
-Luxury as a social statement in relation to other people and other products and services -
connecting luxury, brand status
-"The DNA of luxury is the symbolic desire to belong to a superior class (defined by the
individual)
-"Luxury for others"
2) a personal aspect -- luxury as an individual pleasure
-Luxury as an individual pleasure (cocooning luxury, customer experience, aesthetics,
multisensory, quality attitudes)
-Based on hedonic motivation more than utilitarian
-"Luxury for oneself"
, cocooning - CORRECT ANSWER- ✔✔retreating into environment of luxury
hedonic motivation - CORRECT ANSWER- ✔✔trying to appease ones desires, believe in the
highest level quality natural to who they are as people
a luxury that is not ethical ceases to be a luxury - CORRECT ANSWER- ✔✔the purpose of
luxury is to contribute to social peace and universal happiness
the aim of positive luxury is - CORRECT ANSWER- ✔✔-to elevate somebody socially by
raising one's own esteem in the yes of others and not by crushing them
-to make one happier
luxury and time - CORRECT ANSWER- ✔✔-to enjoy luxury you have to devote time to it
and luxury is an opportunity to enjoy some free time
-luxury should not be a slave of time but stand aloof from time
- a luxury item is both timeless and of the here and now
a luxury products is... - CORRECT ANSWER- ✔✔hand made and sold by one individual to
another
luxury and money - CORRECT ANSWER- ✔✔-Luxury is not only money, and money in
itself is not luxury.
-Money fuels the luxury engine but is not the engine; the engine is the recreation of vertical
hierarchy / social stratification
-Luxury converts the raw material that is money into a culturally sophisticated product that is
social stratification
-Price on its own does not make something a luxury.
luxury and fashion - CORRECT ANSWER- ✔✔luxury - create social stratification
fashion - recreating the rhythm of the season and a social differentiation
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