Programme

PGP

Term

IV

Academic Year

2021-22

Course title

Marketing Luxury

Area

Marketing

Credits

0.75

Instructor(s)

Prof. Naveen Amblee

Course Description & Objectives

Introduction: According to a recent report by Bain & Company (2018), the global luxury industry is worth a staggering USD 1.3 trillion annually. Of this, the personal luxury market is worth nearly USD 300 billion, and growing (Bain & Company 2018). A significant portion of the growth in the luxury industry now comes from emerging economies. The luxury market in India is estimated at around USD 30 billion (IBEF 2019). However, many of the goods and services classified as luxury are not true luxury offerings but belong in other categories such as the premium category. This course takes an in-depth look at the luxury industry from a marketing perspective. Objectives: Course participants will learn to differentiate between true luxury offerings versus super premium, and premium offerings. Participants will also learn about the various sectors in the luxury industry (apparel, perfumes, wines, luxury hospitality, watches, jewelry, and more), and explore the critical role of branding. Participants will familiarize themselves with the clientele for luxury offerings, and examine the process of development of new luxury offerings, pricing of these offerings, and suitable business models. Techniques to communicate luxury offerings without the use of traditional promotional techniques will be discussed. The licensing, distribution, and retailing of these offerings will also be covered in this course. Counterfeiting, which is a major problem in the luxury industry, will be explored. Finally, participants will learn about efforts to incorporate ethical and sustainable practices in the luxury industry. Participants will integrate their learning from the course into a group project which is due at the end of the term.

Pedagogy

The pedagogy will involve a mix of lectures (discussion-oriented), cases, and a team project.