Luxury Marketing: SDA Bocconi Asia Center

What exactly the Luxury Marketing is?

In economics, a luxury good (or upmarket good) is a good for which demand increases more than proportionally as income rises, and is a contrast to a “necessity good”, where demand increases proportionally less than income in markeing it. Luxury goods are often used synonymously with superior goods and Veblen goods. Luxury goods are said to have the high-income elasticity of demand: as people become wealthier, they will buy more luxury goods. This also means, however, that should there be a decline in income its demand will drop. Income elasticity of demand is not constant with respect to income and may change sign at different levels of income. That is to say, a luxury good may become a normal good or even an inferior good at different income levels, e.g. a wealthy person stops buying increasing numbers of cars for his or her automobile collection to start collecting airplanes (at such an income level, the luxury car would become an inferior good).

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In today’s competitive market, luxury brands have to connect with customers in more creative ways than ever. With mainstream brands pushing up into the premium category and traditional luxury fashion and accessories brands moving into the mass market. It means that real luxury has to distinguish itself cleverly and distinctively to retain its cachet and mystique.  A luxury brand or prestige brand is a brand for which a majority of its products are luxury goods. It may also include certain brands whose names are associated with luxury, high price, or high quality, though few, if any, of their goods, are currently considered luxury goods. At times, it can be a love-hate relationship on both sides of the spectrum. You can grasp the concept that without your customers, there would be no market interest in your product or service. You diligently work to create valuable experiences for clients when they utilize your product or service. Customers respond by remaining engaged in your company.

Business is constantly evolving and growing to incorporate new ideas, trends, and customers. Expanding your business to include high-end clientele is your next step. Taking this action almost guarantees that you will see sales and profitability growth when you focus on this target market audience. High-end clients have the more disposable income to spend on your products and services. From a business perspective, it makes sense to create a marketing strategy to attract the attention of this market. Here are 10 ways you can turn this potential customer market towards your business.

What is a course in luxury marketing?

A course is a short certification program for those who are interested in continuing their education while working. Courses are often designed to give employees the knowledge and skills they need to advance at work, and as such, they are targeted at certain industries or made to impart necessary work skills. Upon completion, students are awarded a certificate showing that they have mastered the information presented in the course.

Luxury marketing management is an emerging industry that applies the principles of brand management to high-end goods and services. Luxury managers have the task of creating a brand identity for their company that lets potential customers know that their products are worth a higher price tag. Since many luxury goods are status symbols, luxury managers must also cast a wide net, reaching more people than just potential customers while still maintaining the exclusive nature of the products they sell.

One of the major benefits of a course in luxury management is that it allows students to get on the ground floor of an emerging industry. While luxury brands have existed for decades, marketing for these items has changed considerably since the advent of the Internet and social media. It is important for marketers and managers alike to know how to use these tools to get their message out.

The cost of a course in luxury marketing management varies depending on which school you choose to attend. Many top universities around the world offer courses of varying length and intensity, which can also affect the final price tag. Students interested in taking this course should research specific schools to make sure that the program fits their goals.

Managers, marketers and advertising agents involved in the luxury goods industry are some of the main types of employees that can benefit from a course in luxury management. Many luxury management courses are specific to the fashion industry, so those working with high-end fashion should especially consider this course.

Taking a course online may be a great option, as it allows you to do so from the comfort of your home. Search for your program below and contact directly the admission office of the school of your choice by filling in the lead form.

A career scope with SDA Bocconi Asia Center

 What you will learn:

• Understand the operating mechanisms in the various Luxury segments and in the Luxury industry as a whole
• Comprehend corporate and business strategies
• Discover the modern key figures operating in the Luxury industry and develop competencies and skills to access those jobs
• Manage the product portfolio and analyze distributional channels
• Become proficient with communication and image tools and techniques

PROGRAM OUTLINE
A unique opportunity to empower your career in luxury business and learn from two top Business Schools, recognized leaders in luxury education: SDA Bocconi Asia Center and ESSEC Business School.

The necessary luxury for your career development

The Executive Master in Luxury Management (EMiLUX) is a post-experience, modular program, taught over 13 months in Paris, Milano, Dubai, Singapore, and Mumbai. Without having to leave their job, participants will start opening doors they never knew were there, to meet their goals successfully.

EMiLUX aims at training managers and future leaders who want to know the code of this specific industry by providing them with a comprehensive framework of the luxury value-chain. Participants in the program boost their skills and self-confidence, grow fast and become more significant contributors to their companies, as well as stronger and more internationally-oriented business leaders. The Executive Master in Luxury Management is offered in partnership with ESSEC Business School to give you an even bigger range of opportunities, contacts, and experiences.

EMiLUX is the Master for you if

• You want to become an executive in the luxury business with enhanced perspectives
• You want to develop a deeper knowledge of international luxury market codes with a broadened mindset
• You want to make a career switch towards the luxury sector
• You want to experience top-ranked Schools with connections worldwide

What EMiLUX can offer you

A unique opportunity to empower your career in luxury business and learn from two top Business Schools, recognized leaders in luxury education: SDA Bocconi Asia Center and ESSEC Business School.

Benefits of choosing EMiLUX  

Managing luxury Challenges
EMiLUX is designed with the utmost care to transmit to participants skills and abilities allowing for management of challenges between both modern aspirations and timeless aspects; between aesthetics, creativity and processes and business models.
Training future luxury leaders
Live a worldwide experience in Paris, Milano, Dubai, Singapore, and Mumbai to develop global perspectives, a more strategic mindset and a deeper knowledge of international luxury markets.
European Heritage, Asian Insights
With real-life examples, participants will discover careful blending and commitment to both heritage and passion for modernity. Participants will be exposed to the high growth market of Dubai and the lure of the middle-east.
Two-lifetime Alumni networks
EMiLUX participants develop an international professional network second to none – being Alumni from two prestigious international Business Schools, they enhance their worldwide reach.
Experience life in Paris, Milano, Dubai, Singapore, Mumbai 
The program benefits from the academic excellence, the expertise and the applied knowledge of our International Faculty while showing participants completely different and new markets, new business models and new brands emerging from these 5 countries.