Volvo is a Swedish luxury vehicles brand, founded in the s. They have a history of marketing their vehicles with a premium safety message underpinning their enviable brand position. But their innovative drive for introducing active and passive safety features over the decades — like the child safety seat in the early seventies and the integration of airbags including being the first to introduce side impact airbags — continues to this day. The luxury heritage of Volvo is interwoven with their reputation for safety. The two are inextricably linked and form one of the most potent brand pillars in the automotive industry. That they wish to protect this hard-earned position is completely understandable.
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Luxury brand management has been around for as long as the fashion industry, but the profession has only significantly grown in popularity in the last few decades. In order to appeal to the targeted clientele, high-end merchandise needs brand managers to make strategic moves for promotion and branding. As such, luxury brand management is a driving force in the success of the fashion industry. All brands, big or small, have brand managers in place to market the luxury products for the public.
Luxury management is just like any other business-oriented profession, except that it deals only in luxury goods, and how to market and manage those specific brands to fit with that unique type of consumer. The main sectors of this profession consists of business, marketing, finance, advertisement, management, and most notably, fashion. Programs that specialize in luxury management are constructed to provide a platform for exploring the market of global, luxury goods. Students are taught to understand the uniqueness of managing luxury organizations in the forms of retail studies, luxury branding in marketing and management, marketing strategies, global branding, and finance and wealth management courses. In fashion concentrating students, they learn the ins-and-outs of the fashion business and establish unique strategies that help grow those enterprises.
Luxury brand management relates to the perception of a particular brand among consumers in the market. Thus a typical luxury brand adds value to their line of products by offering a compelling and often creative narrative to their target audience while trying to establish a tribe of faithful believers. One of the main principles of luxury brand management lies in the separation of clients and non-clients — creating a no-go zone through high prices or exclusivity. Ironically, a luxury brand must be known by all but consumed by a selected few.