Question

How do mass market brands compare to luxury brands in terms of brand value, product, pricing, promotions and location choices?

Answer 1

Answer:

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Luxury Brands and Mass consumer brands, how they are different in terms of their brand identity, positioning, attributes, target market, and brand building process.

We can not apply the same marketing techniques for Luxury Brands that are practiced for the mass brands.

Let’s start by defining the difference:

Consumer packaged goods (CPG) brands or Mass Brands or even with premium the way you look at them. Its brand, consumer, category, and then the market. Mass Brands are created in order to sell more products with all the basic concepts (i.e.) product, pricing, channels, segments, advertising, and promotions,

Luxury Brands are all about their brand universe, they have outsized their aura. They have rich brand heritage because there is always a story of their founder, an inspiration, their visual keys and language is very different from the mass brands, luxury and lifestyle brands are created around lifestyle. They are like lifestyle codes, so you want to identify with a specific type of lifestyle in that sense the brand universe is paramount. The consumer focus is the key.

The affluent buyers, Luxury shoppers their disposable income are very high and plasticity is relatively high. They are not going to be suffered by the economic ups and downs, Luxury consumers are always going to be buying irrespective of the economic condition, so for the luxury brands competition is less based on product and more on service, convenience, and seamlessness. Its like white gloves services, The butler service you provide in a sense the luxury brands have more opportunity to be innovative and at the same time, they are more pulling back than mass brands.

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