Luxury Marketing Final UPDATED ACTUAL Exam Questions and CORRECT Answers
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Course
Luxury Mar
Institution
Luxury Mar
Luxury Marketing Final UPDATED
ACTUAL Exam Questions and CORRECT
Answers
Prof's definition of Luxury - CORRECT ANSWER- 360 degrees of excellence, in the
details especially; doing what you want, when you want, with whom you want
Luxury defined - CORRECT ANSWER- - something that is not essent...
Luxury Marketing Final UPDATED
ACTUAL Exam Questions and CORRECT
Answers
Prof's definition of Luxury - CORRECT ANSWER- ✔✔360 degrees of excellence, in the
details especially; doing what you want, when you want, with whom you want
Luxury defined - CORRECT ANSWER- ✔✔- something that is not essential but provides
pleasure and comfort
- something that is desirable but expensive and/or hard to obtain
- products that are not necessary but which tend to make life more pleasant; they are more
costly and typically bought by people with more disposable income.
6 characteristics of luxury product - CORRECT ANSWER- ✔✔1. High price
2. Quality
3. Aesthetic
4. Rarity
5. Extraordinary-ness
6. Symbolic meaning
What is the total value of the luxury market? - CORRECT ANSWER- ✔✔€1.16 trillion
What 9 types of goods make up the luxury market? - CORRECT ANSWER- ✔✔1. personal
luxury goods (our focus)
2. luxury cars
3. luxury hospitality
4. fine wines and spirits
5. fine food
6. fine art
7. designer furniture
8. private jets and yachts
,9. luxury cruises.
Which 3 types of luxury goods make up the largest % of the luxury sector?
What is their worth? - CORRECT ANSWER- ✔✔1. personal luxury goods (our focus)
2. luxury cars
3. luxury hospitality
€300 Billion (€262B to be more precise)
"The personal luxury goods market size has __________ in the last 20 years." - CORRECT
ANSWER- ✔✔tripled (200% growth rate)
The "star channel" - CORRECT ANSWER- ✔✔Online/digital
Personal luxury goods market is experiencing growth across the world with _________ as a
top performer, the ________ market slightly decelerating, and regaining confidence in the
________ market. - CORRECT ANSWER- ✔✔China, European, American
4 key trends in the personal luxury market (2017) - CORRECT ANSWER- ✔✔1. *Chinese
consumers* (they drove the market)
2. *Online* (millennials love shopping online)
3. *Casual and Streetwear* (e.g. Supreme x LV)
4. Consolidating the *New Normal*
the New Normal - CORRECT ANSWER- ✔✔innovative and expensive strategies to serve
new markets
3 pillars of the New Normal - CORRECT ANSWER- ✔✔1. *Customer* (local and tourist,
Asia, millennials)
2. *Value proposition* (post aspirational, curated, episodic)
3. *Route-to-Customer* (ecosystemic, digital, experiential)
, 3 facts to keep in mind - CORRECT ANSWER- ✔✔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 - CORRECT ANSWER- ✔✔1. Changing demographics
2. Experience seeking
3. Purposeful consumption
"______ years ago, the Chinese market was nearly ___________." - CORRECT ANSWER-
✔✔20, nonexistent
"In 2016: _____% of people buying personal luxury goods are Gen Y. By 2025, this figure is
expected to grow to _____%" - CORRECT ANSWER- ✔✔27%, 40%
What portion of luxury consumers are internet users? - CORRECT ANSWER- ✔✔Between
80%-100% of consumers of all ages
What can the increase in technology use among luxury be called? - CORRECT ANSWER-
✔✔the "millenialization of luxury"
3 core sentiments of young luxury buyers (your value proposition must meet these three
things) - CORRECT ANSWER- ✔✔1. Indulge their desire for uniqueness
2. Reassure their uneasiness
3. Meet their sense of urgency
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