Premium Brands - answer✔- Stand at the highest end of the spectrum of mass market brands
- Characterized by elements of craftsmanship and are not completely handmade or artisan in
nature.
- Live in the middle of luxury brands and mass basic retailers
Characteristics of Premium Brand - answer✔- aspirational
- Emotional factor of luxury brands . not built on exclusivity
- Better quality benefits and functionality. Higher level of invitation but with better quality
- Not promoted as elite
- Product centered
- Requires more marketing and beginning research to understand customer motivation and
buying behavior
- -negative tag of democratization (making it accessible to everyone) of luxury
- Customer is is price and economic sensitive
Emotional Branding - answer✔-aspirational. Trying to improve appearance of their life
-Highest end of mass-market
Star Brands - answer✔- Need to possess 4 characteristics (timelessness, modernity, fast growth,
high profitability
star designers - answer✔- Star designers change companies
- Luxury designers became stars themselves: Define the brand itself (strong brand personality)
How is Premium different from Mass and Luxury - answer✔- Not built of exclusivity
- Just under luxury
Premium Price - answer✔- Higher end of of the mass market
- Still lower than luxury brands
- Face the challenge of limited ability to reduce pricing without highly eroding their margins
- Have little opportunity to manipulate prices. slimmer margins and can't do a ton of
discounting,
Categories of premium product - answer✔Super Premiums
Old luxury brand extension
Masstige Brands
Super-premiums - answer✔- products that are priced at or near the top of their category & at a
considerable premium to conventional offerings
old luxury brand extensions - answer✔- Lower priced versions created by the company
themselves.
Masstige Brands - answer✔- Not at the top or don't relate to each other
- Have a sweet spot between "mass and class"
- Downward brand extension
- Lower price point, quality
- Bottom of preim category. Just before mass market.
Brand Communication - answer✔-(similar to luxury) focus on high ad expenditure in magazine
and editorial coverage
-celeb endorsements, prestige retail locations
-Ron Schuller
-transforming brands (in particular the presentation focused on Benjamin Moore, a paint
company. Looked like he talked a lot about color too)
- Co-Branding
-Limited collaborations: Example-> Designer only
-Not distribution
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