Exploring the Taj Mahal: Symbol of Love and Architecture

The Taj Mahal, a UNESCO World Heritage site, stands as a testament to love and exceptional Mughal architecture. Built by Shah Jahan in memory of his wife, it embodies beauty and historical significance. Learn about its unique features, history, and cultural importance.

• Taj Mahal
• UNESCO
• Architecture
• Love
• History

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Uploaded on Mar 04, 2025 | 0 Views

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Presentation Transcript

1. What is Luxury?

2. How do you define luxury?

3. What is luxury? I know it when I see it! I know it when I feel it & experience it!

4. What is Luxury? Based on Our life experiences Our standards Our expectations It s personal

5. Definition Products that represent the top sector in any product market (Mintel, 2011). http://i1-news.softpedia-static.com/images/news2/Hermes-Birkin-Private-Collection-Goes-Up-for-Auction-2.jpg

6. Definition Luxury brands have desirable qualities of being scarce, sophisticated, and in good taste, as well as a dimension of being slightly understated and aristocratic http://www.polyvore.com/cgi/img-thing?.out=jpgsize=ltid=67286732 (Chevalier & Mazzalovo, 2008).

7. Definition The special element of a luxury product, which makes it desired for its own sake rather than any function that it may have (Mintel, 2011). http://talkingwithtami.com/wp-content/uploads/2012/03/122142.jpg

8. What is Haute Couture?

9. How does the marketplace define luxury? Prestige rather than luxury without a history of couture http://images.buy4lesstuxedo.com/RalphLaurenLogo.png http://logosdatabase.com/logoimages/85038087.jpg

10. 8 characteristics of luxury (Fraser, 2014) Exclusive Limited Restrictive Controlled 1. Rarity Quality No concessions Consistent 2. Excellence

11. 8 characteristics of luxury (Fraser, 2014) All luxury products are expensive Intensifies rarity 3. Expensiveness Has a past Immortal Lasting, indelible impression 4. Timelessness

12. 8 characteristics of luxury (Fraser, 2014) No reproductions Cannot be replicated 5. Honest Feels bespoke Knows what customers want before they do 6. Tailored

13. 8 characteristics of luxury (Fraser, 2014) 7. Rational (tactile) Emotional Pleasurable Service Packaging Environment 8. Experience

14. Three tiers of luxury 1. Inaccessible handmade, one-of-a-kind, exclusive models very expensive & very unique 2. Intermediary expensive replicas of inaccessible luxury brands the duplication of a couture design 3. Accessible luxury products manufactured on a larger scale Christian Dior RTW, designer fragrance, or Ferragamo loafers

15. 3 qualities of Luxury products 1. Have strong artistic content 2. 3. High levels of craftsmanship International appeal

16. Artistic content Consumers buy aesthetically pleasing objects, not products Stimulates an emotional connection

17. Craftsmanship Selectively and exclusively selling hand-produced, beautiful, artistic, well-crafted objects (Chevalier & Mazzalovo, 2008).

18. International appeal World-wide exposure Luxury brands absent from international fashion capitals may have less value to some customers Discernible look in all locations (merchandising)

19. Three Differences in luxury & Non- Luxury 1. Company size Does not determine brand awareness Dior sales $1B (approximately) Peugeot sales $73B (approximately) Which has more brand awareness?

20. Three Differences in luxury & Non- Luxury Survive because they are part of a luxury group (LVMH) Luxury brands have a very high break-even High overhead to make a global impression of being powerful & wealthy Fashion shows 2. Financial Most luxury brands lose money

21. Three Differences in luxury & Non- Luxury Very rigid Lead times of 18 months to 2 years 3. Time frames

22. Luxury is changing Exclusivity Quality Refinement Still important The actual worth of the product Being authentic Finding real happiness Current customer concerns

23. Luxury is changing Human History s Law of Accelerating returns Bigger advances Happen faster and faster Technological changes affect societal norms and cultural beliefs Consumer s values & preferences are in flux Globalization Consumer mindset changes Disruptive technology Shankman, 2018

24. Luxury is changing Luxury goods and services are about differentiating myself from others. 2/3 US, UK UAE 90% China 75% Mexico Growth in disposable income around the world Self-actualization Maslow s Hierarchy of Needs ultimate luxury Shankman, 2108

25. Next class discussion~ 1. How are Millennials influencing other generational cohorts? 2. What is the Millennial attitude about luxury? 3. How have Millennials changed the luxury business? 4. How will Gen Z influence other generational cohorts? 5. What is the Gen Z attitude about luxury? 6. How are Millennials and Gen Z different?