Marketing and Management of Luxury Markets
( #LuxuryIncubator )
The Luxury Incubator project was delivered for MBA students at the Chapman Graduate School of Business at Florida International University.
The Luxury Incubator - MBA Project is designed to develop an understanding of the principles and practices that contribute to the global success of luxury brands. The industry of luxury brands is defined by a complex and unique approach to its business practices. The project is designed to examine the markets of luxury products and services and their development from local to global brands. The project shows how psychology, business practices, and innovation play a vital role in creating a luxury brand culture and lifestyle. The project examines the management and marketing techniques unique to the luxury industry by analyzing the market's leading players. This project teaches how to understand the value of finding exclusivity and distinguishing the brand's quality and creativity. It provides a comprehensive understanding of what it takes to run a successful luxury brand that shapes industry trends.
The project is based on Ohri Luxury Index ( #OhriLuxuryIndex ) developed in 2020 by Deepak Ohri (All Rights Reserved).
Analyze and assess the marketing strategies of the luxury brands
Compare and contrast management of entry into the luxury market
Evaluate the role of luxury brands
Highlight the potential strengths and weaknesses of luxury brands
Examine the importance and challenges of customer acquisition, customer retention, and the role of the customer experience
Recognize trends and developments in the global distribution of luxury goods
Define characteristics of luxury customers and luxury guest experience
Identify value perception in luxury goods
Examine recent developments of global luxury markets
Examine management of the luxury market
Study of luxury markets in the US. Comparative case of luxury markets in three sectors: hospitality, retail, and real estate.
Residency: March 26 - April 2 (New York City, Los Angeles, Beverly Hils, Newport, Laguna Beach, Costa Mesa).
Wilshire Beverly Hills
Rose Cafe and Bakery
South Coast Plaza
Bacio di Latte
Bear Flag Fish Company
Students completed a hands-on project in groups examining, analyzing, and comparing the design and management of the luxury market and brands in three main sectors: design, hotel/hospitality, and retail industry.