Luxury Marketing

Objectives

The course, with a theoretical and practical approach, aims to prepare students to design and develop marketing and corporate communication strategies for brands, companies and services that operate in the luxury and exclusivity segment. The reasons why this segment maintains significant levels of growth will be analyzed and contextualized in the new purchasing and consumption paradigms.

Learning outcomes

-Train future professionals in tools, skills and abilities applied to the luxury sector so that they can develop their future work with autonomy, efficiency and creativity.

The subject pays special attention to the practical field, both from the analysis and execution of projects, to immerse the student in an environment as similar as possible to the professional field.

-Promote the analytical and critical spirit, as well as the commitment to rigor and quality in the work demands

-Generate work formulas that allow searching, selecting, comparing and evaluating information from the environment, knowing and analyzing various sources of information

-Encourage strategic work

Competencies

General skills

• Be able to analyze and summarize.
• Be able to communicate orally and in the languages of the community.
• Be able to organize and plan.
• Be able to use information: seek, analyze, select, organize and exploit information effectively.

Specific skills

• Be able to analyze and understand the operation of the market and its influence on the activities of a company.
• Be able to apply market research theory and instruments to implement business strategies.
• Be able to apply theoretical knowledge, skills and communication tools to create an integrated communication strategy for an organization.
• Be able to devise and implement integrated marketing plans.

Basic skills

• Students can apply their knowledge to their work or vocation in a professional manner and have competencies typically demonstrated through drafting and defending arguments and solving problems in their field of study.
• Students can communicate information, ideas, problems and solutions to both specialists and non-specialists.
• Students have demonstrated knowledge and understanding in a field of study that builds on general secondary education with the support of advanced textbooks and knowledge of the latest advances in this field of study.
• Students have developed the learning skills necessary to undertake further studies with a high degree of independent learning.
• Students have the ability to gather and interpret relevant data (usually within their field of study) in order to make judgments that include reflection on relevant social, scientific and ethical issues.

Core skills

• Be a critical thinker before knowledge in all its dimensions. Show intellectual, cultural and scientific curiosity and a commitment to professional rigor and quality.
• Become the protagonist of one's own learning process in order to achieve personal and professional growth and acquire all-round training for living and learning in a context of respect for linguistic, social, cultural, gender and economic diversity.
• Display professional skills in complex multidisciplinary contexts, working in networked teams, whether face-to-face or online, through use of information and communication technology.
• Exercise active citizenship and individual responsibility with a commitment to the values of democracy, sustainability and universal design, through practice based on learning, service and social inclusion.
• Interact in international and worldwide contexts to identify needs and and new contexts for knowledge transfer to current and emerging fields of professional development, with the ability to adapt to and independently manage professional and research processes.
• Project the values of entrepreneurship and innovation in one's academic and professional career, through contact with a variety of practical contexts and motivation for professional development.
• Use oral, written and audiovisual forms of communication, in one's own language and in foreign languages, with a high standard of use, form and content.

Content

The contents of the subject are as follows:

1.- Basic concepts of marketing and communication and introduction to new communication paradigms

-Brief history of the concept of luxury and its evolution

-Differences between low cost, mass consumption, premium and luxury

- Exclusive luxury and accessible luxury

-Brand Heritage

- Photography of the luxury sector (economic sphere and players)

-Forgery, imitation and copy

2.- How to develop a marketing and communication plan?

-Similarities and differences between a general marketing plan and a specific marketing plan for luxury brands

-Similarities and differences between a general communication plan and a specific communication plan for luxury brands

-The new way of establishing differential values

-Brand positioning

3.- Definition of target audiences? What are they and where to find them?

-Sociodemographic, socioeconomic and psychographic parameters

-The buyer persona in the luxury sector

- Motivation, psychology and neuroscience

- Categorization in the luxury sector

-Wealth levels and benchmarks

-Spain as a host country for luxury tourism

4.- Characteristics of distribution and points of sale

-Selective distribution, exclusive distribution and licensing

-Characteristics of retail

- New forms of marketing

5.- Luxury in the different subsegments of activity

-Fashion and accessories

-Jeweler's

-Perfumery and cosmetics

- Trips

- Gastronomy

- Hospitality

- Sport

- Residential

- Automobile

6.- The traditional sector and digitalization

-New sales channels and the democratization of luxury

- The phygital experience

-NFTs and virtual reality

7.- Advertising and public relations tools applied to the luxury sector

-What disciplines can I use and which ones can't I use?

- Tools aimed at the real client and tools for the aspirational one

-New trends

8.- Luxury as an investment

-Investment firms buy luxury brands

- Some luxury products as a safe haven

- The resale market

- Collecting

9.- Types of prescribers

- Internal prescribers

- Brand Lovers

-Brand ambassadors

-Celebrities

10.- Luxury in the news arena

-News on the economic environment

-News on the cultural-social environment

- Crisis scenarios

11.- The professional environment

-Working at the agency

-Work on the brand

-Working in a media outlet

Evaluation

The evaluation will be carried out as follows:

-50% corresponding to a single theoretical exam

-40% corresponding to a final group project

-10% corresponding to class attendance, participation and delivery of weekly assignments

An average grade will only be given if the theoretical exam and the final project are passed separately with a grade of 5.

The subject allows for retaking any of its parts. There is no grade limit for retaking.

Methodology

This course mainly uses a learning by doing methodology, that is, real learning based on the simulation of professional scenarios. First, students are provided with qualitative theoretical material, they are invited to reflect by providing them with analysis procedures and then real cases are reproduced that they must solve both individually and cooperatively. This course introduces many current topics that make learning more attractive to the student and prepare them for entering the job market.

The class will have two parts: the first is theoretical, although with numerous practical examples, and the second is work in the classroom on projects related to the theory taught in that same session.

Bibliography

Further reading

Teachers will provide complementary bibliography and compulsory reading throughout the course via the Virtual Campus.