🥂 The Price of Status
Why do consumers pay $50,000 for a watch that tells the same time as a $50 one? In the luxury market, customers are not buying a product; they are buying a story of heritage and tradition.
Luxury brands rely heavily on scarcity. By producing fewer items than the market demands, they create a sense of exclusivity. Owning these items becomes a status symbol, signaling wealth and taste to others.
True luxury is defined by exceptional craftsmanship. Many high-end brands offer bespoke services, creating custom-made items tailored exactly to the client's wishes. This justifies the premium price tag.
However, companies must fiercely protect their brand equity against cheap counterfeit goods, which dilute the value of the original.
🗝️ 1. The Language of Luxury
Match the **Term** with its **Definition**. Correct pairs will vanish.
🧐 2. Brand Strategy
Select the sophisticated choice.
1. What is "Scarcity" in marketing?
2. What does "Bespoke" mean?
3. Why are counterfeits dangerous to luxury brands?
✍️ 3. The Concierge
Complete the VIP request.
1. We do not sell off-the-shelf suits; every garment is for the client.
2. The brand's 100-year appeals to traditional buyers.
3. Clients are happy to pay a for superior service.
4. Driving a Ferrari is the ultimate of success.
5. The club maintains its by accepting only 5 new members a year.
💎 VIP Collection
You have acquired 10 high-value assets.
- Heritage
- Scarcity
- Exclusivity
- Status Symbol
- Craftsmanship
- Bespoke
- Premium
- Brand Equity
- Counterfeit
- High-end