Section 1: The world of Luxury

Question 1

11 anti-laws of luxury!

Answer 1

Luxury Brands…

1. Do not care about positioning
2. Do not try to be perfect - a Bugetti car is not the ideal car for everyone
3. Do not adapt the product to client, trends and fast demands - timelessness is key
4. Having too many customers is a bad thing
5. Ignore increased demand - let the clients wait
6. Should not be easy available
7. Price does not make luxury - luxury makes price
8. Never need to convince customers or increase sales - just reinforce brand identity
9. Never talk about price - never compete on price
10. Do not try to hard
11. Never delocalise/outsource to reduce costs

Question 2

The social signifier

Answer 2

Shows that the owner has a prestigious and desirable status.

3 requirements!

1. rare
2. desired
3. advantage of some sort.

Exclusivity is an important aspect of luxury - allowing customers to feel special

Question 3

Largest group of luxury goods?

Answer 3

Luxury cars

Question 4

Languages to speak with producers

Answer 4

Italian, French, English

Question 5

Languages to speak with customers

Answer 5

Italian, French, English, German, Chinese

Question 6

What determines who is a luxury customer?

Answer 6

The frequency of the purchases!

Question 7

HENRY

Answer 7

High earnings, not rich yet