Any particular brand can become a luxury brand. The key is to create a hype but also to retain exclusive. But how can you stay a luxury brand in this time of age?
Luxury brands had a hard time facing the credit crunch, they had to lower their prices, but not too low, in order to keep their credibility and stay exclusive. Many people have lost a lot of money, and so they were forced to buy inferior or sumptuous goods instead of their usual luxurious products.
The managers of the luxury brands had to work out a new brand strategy. It's important that the strategy is flexible enough to easily adept with changes in economy but also be strong enough to compete with the risks that these brands have. Brand management is clearly an important subject of healty luxury brand. The managers should be aware of the value of their products, so they can have better customer relations. They also have to understand the changes in customer psychology and their shopping habits, in order to create a good marketing strategy.
Jana Vastenavondt
http://ezinearticles.com/?luxury-Brands-and-Their-Sustainability&id=5150002
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