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The Concept of Luxury Brands

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The Concept of Luxury Brands TThhee CCoonncceepptt ooff LLuuxxuurryy BBrraannddss Klaus Heine The Taxonomy of Luxury: Definition and Categorization of Luxury Products and Brands Handbook for the Creation of Luxury Products and Brands: The Code of Luxury and the Luxury Marketing-Mix Edition 2, 2012 __________________________________________________________________________________________ Imprint Heine, Klaus (2012) The Concept of Luxury Brands, www.conceptofluxurybrands.com. Edition: 2 ISSN: 2193-1208 Editing & Review: Bartek Goldmann & Kate Vredenburgh Cover page: Kevin Duggan EMLYON Business School, Markets & Innovation department, 23 Avenue Guy de Collongue, 69134 Écully cedex, France, Tel: +33.4.78.33-70.20, Fax: +33.4.78.33-79.26 Technische Universität Berlin, Marketing department, Steinplatz 2, 10623 Berlin, Germany, Tel: +49.30.314-222.66, Fax: +49.30.314-22.664 Copyright by Klaus Heine. All rights reserved. Apart from any fair dealing for the purpose of research or private study, or criticism or review, no part of this publication may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, scanning, or by any information storage or retrieval system, without permission in writing from the author. __________________________________________________________________________________________ Heine – The Concept of Luxury Brands II __________________________________________________________________________________________ Contents Overview A. The Taxonomy of Luxury ........................................................................... 9 A.I. Introduction: Luxury is Anything and Nothing ............................................ 9 A.II. Conceptual Foundations ........................................................................... 15 A.III. Luxonomy: The Definition and Categorization of Luxury ........................ 40 B. Handbook for the Creation of Luxury Products and Brands ...................... 38 B.I. Characteristics of Luxury Products: The Code of Luxury ........................... 72 B.II. The Luxury Marketing-Mix ....................................................................... 81 C. References ............................................................................................... 89 __________________________________________________________________________________________ Heine – The Concept of Luxury Brands III __________________________________________________________________________________________ Contents A. The Taxonomy of Luxury .................................................................................................. 9 A.I. Introduction: Luxury is Anything and Nothing ................................................................ 9 A.II. Conceptual Foundations ................................................................................................ 15 A.II.1. Types of Definitions and Theories of Categorization .............................................. 15 A.II.1.1. Benefits and Limitations of Definitions .......................................................... 15 A.II.1.2. Types of Definitions ........................................................................................ 17 A.II.1.2.1. Intensional vs. Extensional Definitions ................................................. 17 A.II.1.2.2. Real vs. Nominal Definitions ................................................................. 18 A.II.1.2.3. Definition by Reduction Sentences ....................................................... 18 A.II.1.2.4. Operational Definitions ......................................................................... 19 A.II.1.2.5. Evaluation of Nominal Definitions ........................................................ 20 A.II.1.3. Theories of Categorization ............................................................................. 21 A.II.1.3.1. Classical Theory ..................................................................................... 21 A.II.1.3.2. Prototype Theory .................................................................................. 22 A.II.1.3.3. Exemplar Theory ................................................................................... 23 A.II.2. Approach to Conceptualization ............................................................................... 24 A.II.2.1. Semantic Analysis ........................................................................................... 24 A.II.2.2. Dimensional Analysis ...................................................................................... 26 A.II.2.2.1. Overview about the Procedure ............................................................. 26 A.II.2.2.2. Selecting an Adequate Approach to Definition .................................... 27 A.II.2.2.3. Requirements of Luxury Product Characteristics ................................. 30 A.II.2.3. Operationalization: Identification of Luxury Product Characteristics ............ 33 A.II.2.4. Overview about the Complex Definition of Luxury ........................................ 34 A.II.2.5. Constant Review and Evolution ..................................................................... 36 A.III. Luxonomy: The Definition and Categorization of Luxury ............................................. 40 A.III.1. The Basic Definition of Luxury ................................................................................ 41 A.III.1.1. The Necessity-Luxury Continuum .................................................................. 41 A.III.1.2. The Relativity of Luxury .................................................................................. 43 A.III.1.3. General Perspective for the Definition of Luxury .......................................... 45 A.III.2. The Major Understandings of Luxury by Area of Research ..................................... 48 __________________________________________________________________________________________ Heine – The Concept of Luxury Brands IV __________________________________________________________________________________________ A.III.2.1. The Philosophical-sociological Understanding of Luxury: Luxuries ............... 48 A.III.2.2. The Micro-economic Understanding of Luxury: Luxury Goods ..................... 48 A.III.2.3. The Managerial Understanding of Luxury: Luxury Products .......................... 49 A.III.2.3.1. Areas of Research ................................................................................. 49 A.III.2.3.2. Scope of Luxury .................................................................................... 51 A.III.2.3.3. Limiting the Scope of Luxury ................................................................ 52 A.III.3. Luxury Products ....................................................................................................... 55 A.III.3.1. The Definition of Luxury Products .................................................................. 55 A.III.3.2. Categorization of Luxury Product Industries .................................................. 57 A.III.3.3. Types of Luxury Products ............................................................................... 58 A.III.3.3.1. Personal vs. Impersonal Luxury Products ............................................ 58 A.III.3.3.2. Publicly vs. Privately Consumed Luxury Products ................................ 59 A.III.3.3.3. Accessible vs. Exceptional Luxury Products ......................................... 59 A.III.3.3.4. Unique Pieces, Limited Editions, Expanded-diffusion Products .......... 60 A.III.3.3.5. Conspicuous vs. Understated Luxury Products .................................... 60 A.III.4. Luxury Brands .......................................................................................................... 62 A.III.4.1. The Definition of Luxury Brands ..................................................................... 62 A.III.4.2. The Relationships between Luxury Products and Brands .............................. 63 A.III.4.3. Types of Luxury Brands .................................................................................. 64 A.III.4.3.1. Luxury Brands by Luxury Level ............................................................. 64 A.III.4.3.2. Luxury Brands by Awareness ............................................................... 65 A.III.4.3.3. Luxury Brands by Business Volume ...................................................... 67 A.III.4.4. Distinguishing Luxury Products and Brands from similar Concepts .............. 68 A.III.4.4.1. Premium Products and Brands ............................................................ 68 A.III.4.4.2. Masstige Products and Brands ............................................................. 69 A.III.4.4.3. Prestige Products and Brands .............................................................. 70 B. Handbook for the Creation of Luxury Products and Brands......................................... 38 B.I. Characteristics of Luxury Products: The Code of Luxury .............................................. 72 B.I.1. Price ......................................................................................................................... 73 B.I.2. Quality ...................................................................................................................... 74 B.I.2.1. Manufacturing Characteristics ....................................................................... 74 B.I.2.2. Concrete Product Characteristics: Product Attributes ..................................
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