Are Managing a Luxury Brand and a Non Luxury Brand the Same

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INTRODUCTION

Brand is considered to be cultural imagery. The consumption of brands largely depends on the emotions and desires of individuals. Another definition of brand states that they are narratives, and shared by different groups of consumers. Brands also have the power to represent legends. In the contemporary environment of business and trade, the branding of a product or service has become an integral component of business, marketing and the routine life. The customers often closely associate themselves with brands. In the current business and environment, the companies are striving for the increase as well as the maintenance of the values of their brands. It has been observed that the brands now become the wealth generators for many companies. Brands show the pathway to the company to take the competitive advantage. Therefore, it would not be wrong to say that the brand is become the symbol of product which not only identify the product, but it distinguish the personality of individuals (Coats et al, 2000, pp. 304).

Brand has acquired the position of equity, which is known as brand equity. It is argued that brand is the perception of consumers and organisation has to try for increase the worth of organisation by increasing brand equity. It is argued that brand is the acquisition of competitive advantage; therefore organisation has to know how it can be made possible.

Brand is the symbol which consists of name, design and term. Brand generally distinguishes the product from competitors. It is the promise given to the consumers. Brand is tangible feature of product which assists the customer to choose their product. Brand has its own image, and it represents the product. Brand image is the interpretation of brand by experience and perception of a number of people.

LITERATURE REVIEW

There is a substantial market of luxury goods in the United Kingdom. The substantial value of the luxury market is not only in terms of market value but also the rate of growth. During the past few years, the market for luxury brands has experienced an explosive growth. There are diverse factors that have increased the growth rate of luxury brands. The most important of these factors include an increase in the number of individuals who demand luxury brands. The demand and interests of customers in the luxury market is substantial. As a result, manufacturers and marketers have adopted different strategies to provide better customer service. The markers and suppliers of luxury brands have increased the geographical coverage of their products in order to increase customer base (Commuri, 2009, pp. 86).

The interest of media in the market of luxury brands is also an important factor that has increased the growth of the market. There has been an increase in the awareness of customers regarding luxury brands. This factor has also contributed towards an increase in the demand of luxury goods. There are a number of studies that have highlighted the importance of luxury brands ...