Luxury Brand Management
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LUXURY BRAND MANAGEMENT
Brand management is the process of identifying the core value of a particular brand and reflecting the core value among the targeted customers. In modern terms, a brand could be corporate, product, service, or person. Brand management builds brand credibility and credible brands only can build brand loyalty, bounce back from circumstantial crisis, and can benefit from price-sensitive customers.
The primary focus of luxury brand management is to continue creating memorable experiences. Various organizations are in search of graduates that possess innovation and creativity along with the skills in media, product design, brand experience, and service development.
Brand management uses an array of marketing tools and techniques in order to increase the perceived value of a product. Based on the aims of the established marketing strategy, brand management enables the price of products to grow and builds loyal customers through positive associations and images or a strong awareness of the brand.
BRAND MANAGEMENT PROFESSIONALS
- Luxury brand managers are responsible for overseeing the whole creative process either for one single product or a group of services and products.
- They are aware of the product placement, and they know the role they have in the market.
- They also analyze the brand's relationship with the customer.
- Tasks of a manager of a luxury brand also include attracting and retaining consumers and improving the organizational and practical management of the brand.
EDUCATIONAL REQUIREMENT
- Bachelor’s Degree: in marketing, advertising, business or a related major.
- Some universities do prefer candidates who have some prior professional experience but it is not mandatory at all.
POPULAR PROGRAMS
- NYU Stern School of Business, New York University
- ESSEC Business School, Cergy-Pontoise, France
- London Business School (LBS), London, United Kingdom
- HEC Paris, Jouy-en-Josas, France
- Columbia Business School (CBS), Columbia University
- Bologna Business School (BBS), Bologna, Italy
- INSEAD - Europe Campus, Fontainebleau, France
- SDA Bocconi School of Management, Milan, Italy
- International University of Monaco (IUM), Monaco, Monaco 13
- SKEMA Business School, Euralille, France
CAREER OPPORTUNITIES
Just until a few years ago, luxury brand management was such a sector that didn't exist at all, at least not so apparently. However, today, there are exciting career opportunities for those holding a degree in this field. The best way to describe such management is by defining it as such an interdisciplinary subject which makes use of time-tested management practices to organizations and businesses offering premium services.
The most common job that people with a degree in luxury brand management take is that of a luxury manager. He or she is responsible for conducting market research for all the target products, while also overseeing and organizing advertising campaigns.
Other jobs that people can take with a degree in luxury brand management include:
- product managers
- branding and marketing consultants
- marketing managers
- communication and PR manager
SKILL SET REQUIRED
The most important skills a brand manager should bring to a team.
- An Advanced Ability to Communicate.
- A Knack for Creativity.
- Quantitative Reasoning.
- The Capacity to Read Trends.
- The Ability to Adapt.
AVERAGE EMOLUMENTS
As per the Zippia.com, the Brand Manager professionals earn a decent living and grow very fast. Their average earning is approximately $50,000 PA (at entry level) to $ 170,000/- PA (at mid-levels)
THE WAY AHEAD...
Thrilled... & Excited, but don’t know where to start.