Luxury Marketing Final Exam Questions and Answers 100% Solved
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Course
Luxury
Institution
Luxury
Luxury Marketing Final Exam Questions
and Answers 100% Solved
Prof's definition of Luxury - 360 degrees of excellence, in the details
especially; doing what you want, when you want, with whom you want
Luxury defined - - something that is not essential but provides pleasure
and comfort
- somet...
3 facts to keep in mind - ✔✔1. *If you want to be successful*, you have to
*be proactive*. (You can be big and succeed, but you will not be the best.)
2. From one industry to an industry of one. *Each brand has to be
tremendously unique* (look at Gucci)
3. *Next generation is NOW* (keep an eye on Gen Z, capture that market)
3 Important Trends in luxury - ✔✔1. Changing demographics
2. Experience seeking
3. Purposeful consumption
Changing Demographics: 2 New Demographics - ✔✔1. *Chinese
consumer spending*
2. *Young buyers*
"______ years ago, the Chinese market was nearly ___________." -
✔✔20, nonexistent
"In 2016: _____% of people buying personal luxury goods are Gen Y. By
2025, this figure is expected to grow to _____%" - ✔✔27%, 40%
What portion of luxury consumers are internet users? - ✔✔Between 80%-
100% of consumers of all ages
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