Veranstaltungen

Siehe TUMonline
Anmerkung: Maximum number of participants: 40 The attendance at the first lecture is required

First, the seminar starts with a discussion about how the meaning of luxury evolved from the past until now. We will elaborate how luxury differs from other related concepts. Second, we will focus on understanding consumer behavior association with luxury products and brands. In particular, we will identify the underlying drivers of conspicuous consumption (e.g. self-reward, social elevation) and what consumers want to signal through the purchase of luxury products (e.g. status, wealth, power). Third, the seminar will discuss best practices, do’s and don’ts, when it comes to building, managing, and extending luxury brands. Especially, the symbolic power and the identity of luxury brands will be discussed. Last but not least, we will discuss the 4Ps of luxury marketing and how to leverage them to develop an effective marketing strategy.

The final grade is based on group presentations. During the module two presentations have to be held. One short presentation (presenting an article - 20 min) aims to prove if students are able to connect the theoretical material on luxury marketing with empirical results of the contemporary research, if they are able to analyze and present an academic article in a clear and organized way, and if their able to provide a personal interpretation of the article. The second presentation (45 min) assesses if the students understand the main elements of a luxury strategy with a focus on the 4Ps, and if they are able to apply the theoretical learning to a real case by conducting an audit of a luxury brand and by giving recommendations of how to improve the luxury marketing strategy of the assigned brand. They can use the theoretical material (lecturer´s slides) as a support and they have to collect secondary data. This presentation is combined with a written composition that illustrates the results of the audit. The presentations are done by groups of four students. The students will receive an individual grade: the individual contribution will be identified by evaluating a personal recommendation to the luxury brand that each students has to provide as a result of the audit, and by evaluating the individual communication skills.

The aim of this seminar is to help students gain a thorough understanding of luxury brand management and of the specific challenges of marketing luxury products. The seminar consists of three main blocks and uses various teaching methods that should help facilitate students’ learning.
In the first block, the main concepts of luxury marketing are provided. In the second block, students are asked to present new academic articles revolving around luxury marketing. In particular, students are asked to discuss a specific topic, and are encouraged to participate in the discussion topics discussed by their peers. In the third block, students are asked to analyze and discuss the marketing strategy of a luxury brand. This analysis should have a specific focus on the 4 Ps – product, price, promotion, and place.