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Luxury Marketing Final Exam Questions and Answers 100% Solved | Rated A+

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Luxury Marketing Final Exam Questions and Answers 100% Solved | Rated A+ luxury has to do with - - social stratification -the option of practical and utility waste -decisions relating to the distribution of wealth two fundamental sociological trump cards - - female emancipation -world peace ...

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  • 22 oktober 2024
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©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.

Luxury Marketing Final Exam Questions

and Answers 100% Solved | Rated A+


luxury has to do with - ✔✔- social stratification

-the option of practical and utility waste

-decisions relating to the distribution of wealth

two fundamental sociological trump cards - ✔✔- female emancipation

-world peace

drivers of change - ✔✔1. democratization

2. increase in spending power

3. globalization

4. communications

democratization - ✔✔-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

,©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.

-democratization means luxury is no longer the result of social stratification,

it is the driver of social stratification

increase in spending power - ✔✔-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 - ✔✔-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

,©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.

communications - ✔✔-everyone can vicariously live the high life

-Development of global mass media

non return effect - ✔✔once people have tasted luxury it is very difficult to

turn away from it

key social function of luxury - ✔✔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 - ✔✔as large as possible a core of faithful clients

to have luxury product or service be financial success it MUST possess -

✔✔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

, ©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.

-Luxury as an individual pleasure (cocooning luxury, customer experience,

aesthetics, multisensory, quality attitudes)

-Based on hedonic motivation more than utilitarian

-"Luxury for oneself"

cocooning - ✔✔retreating into environment of luxury

hedonic motivation - ✔✔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 - ✔✔the purpose of luxury

is to contribute to social peace and universal happiness

the aim of positive luxury is - ✔✔-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 - ✔✔-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... - ✔✔hand made and sold by one individual to

another

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