Ethics of Luxury Brand PlanPresentation Transcript
ETHICSOFLUXURY SARAH BALTA BRAND PLAN
MISSION STATEMENT To change the role ethics plays in luxury. Identifying the spectrum of luxury and the role it plays for various audiences. This leads to a better understanding of how to reinvent the relationship between ethics, luxury and inconspicuous consumption.
GOALS To gain a deeper understanding of the luxury pyramid and apply it to current trends in luxury management. To foresee the effects of inconspicuous consumption on luxury. Reinvent the role of ethics for inconspicuous consumption. Reintroduce creativity, unique work and materialized perfection back to brands seeking to recapture luxury status.
OBJECTIVES Join IABC by end of November Join LinkedIn and connect with professionals by end of November Post a new blog entry once a week in relation to the ethics of luxury Follow 300 people on Twitter by end of December Pick a focus in the luxury market by end of December
KEY MESSAGES The luxury Pyramid is a representative business model for the luxury market. Ethics in luxury find representation at the top of the pyramid where the creator’s idea is at its purest form and creativity is stressed throughout its work. Mass consumption of the brand accounts for the largest segment of the pyramid. The brand represents prestige but is void of creativity and pure luxury. Inconspicuous consumption has detached ethics from luxury.
SWOT ANALYSIS Strengths Rather than sacrifice reputation and lowering prices, luxury brands remove themselves from unresponsive markets to maintain brand reputation and luxury status. Weaknesses “There is a strong danger that brand extensions will show little of the creativity of the brand itself: they will merely exploit its name.” Jimmy Choo for H&M Opportunities Supporting social issues that relate to the brand is a tactic that successfully strengthens a luxury’s brand and reputation. Threats “Reality consumes dreams: the more we buy a luxury brand, the less we dream of it. Hence the more a luxury brand gets purchased , the more its aura needs to be permanently recreated.” The Anti-laws of Luxury Marketing #14- Mercedes from now on will be the maker of regular and premium automobiles, and the luxury range now goes under the Maybach brand, no longer Mercedes.
CHANNELS Twitter- A reliable source for linking and networking with individuals who are established in the field of luxury brand management. Connects me to the thought processes of luxury creators. LinkedIn- A professional platform where networking with other PR professionals in luxury brand management can expand my knowledge and influence. Provides examples of how to manage brands professionally by learning from others. Brandchannel- An online exchange about branding. Provides analysis of brand management of various companies. Google Alerts- Getting Alerts about “Ethics of Luxury” and “Luxury” broadens my scope of information and develops a deeper understanding of how to manage luxury brands.
STRATEGIES Speak to professors and mentors who are IABC members to increase success in locating professionals globally working in luxury brand management Reconnect with PR professionals I met during Fashion Week 2009 Create a new blog strictly for the ethics of luxury Find who key professionals in luxury brand management are following and follow those individuals Acquire knowledge through research on my particular focus in the luxury market
TACTICS Speak to Jennifer Leonard and mentors who are IABC members to be most effective in finding and contacting professionals globally within luxury brand management Contact team supervisor Sonja from Fashion Week 2009 to advise me on professionals to add to my LinkedIn network Establish a following on my blog designed for the ethics of luxury Engage in retweeting with a few key professionals on Twitter who are influential in luxury brand management Find the greatest potential for reinventing ethics back into luxury within my focus
MENTORS Charlotte Wolters- independent PR freelance writer. I have worked with Charlotte since 2007 on various PR projects Michael Cayley- Social media expert and leader in personal brand development