Considering to study Luxury Brand Management in Switzerland? This blog will equip you with all the necessary and basic information about the same!
Due to the emergence of new social media apps and professions that it has given rise to, people are exposed to different places, restaurants, food joints, resorts etc that people could not dreamt visit. It has exposed the world to a variety of hospitality and lifestyle brands thereby giving rise to consumerism and capitalism more than ever. In today’s world full of brands that are floating all around us through various channels, it is important to have a correct brand image and positioning in place. To implement strategies catering to ever-changing trends and liking of consumers and yet not become a run of the mill brand is significant for luxury brands.
Separating themselves from these short-lived trends and maintaining their exclusivity is the constant effort of the Luxury Brands (like Hermès, Cartier, Chanel, Louis Vuitton, and Prada to name a few) .so they are rapidly attempting to create an image of exclusivity and trying to create memorable experiences for their customers.
This has resulted in the commodification of Luxury Brand Management in itself. It has become a highly coveted Hospitality course, but still retains an air of exclusivity to it. This increased importance and emergence of Luxury Brand Management, has opened the doors to a lot of lucrative Brand Management courses and career options.
And what better country to study a Hospitality Course in than the birthplace of Hospitality- Switzerland itself?
What is Luxury Brand Management?
Luxury brand management is the practice of maintaining along with elevating the success and quality of luxury goods. The luxury industry is built on good branding, targeting a highly specific customer base, and ensuring these specific goods’ are continually successful by keeping up with the changing social dynamics.
In short, it is how well you create memorable experiences for the customer. Students pursuing a career in Luxury Brand Management often end up becoming Luxury Brand Managers who are involved in the critical decision making around a brand. They can differentiate between strengths and weaknesses of the products and its promotional strategies.. This helps the brand to develop the product that keeps up with the brand image and values.
The core service attributes of a luxury brand are:
- Authenticity
- Quality/Finniness
- Excellence
- Service Guarantees
- Customer Service
- Customer Success
What does an LBM course teach you?
An MBA in International Luxury Brand Management, intends to create individuals who have the ability to create or enhance an already established brand. Students are taught the cultural foundations of Luxury Consumption and Consumer Behavior, Financial Management and Accounting, Retail Management, Strategic Management, Digital Disruption, Operations Management, and Managerial Accounting etc.
Why Switzerland?
Often considered the birthplace for hospitality because it began seriously catering to tourists in the 18th century; when tourism was in its nascent stage. With the introduction of better transportation and travel roads, the number of hotels accessible increased considerably. By the end of the 19th century Switzerland’s first hotel schools began appearing.
Swiss hospitality is as famed as it is because of the century old history backing it and because of the quality of education that universities worldwide have tried to achieve but have been unsuccessful at emulating.
The Swiss Luxury Brand is also globally recognized- Swiss chocolate, knives, banking system, watches and standard of living all reflect a state of luxury. With many Luxury Brands like Rolex and Lindt originating from Switzerland, the Luxury Brand Management Industry has a lot of potential in the Swiss Economy.
Career prospects:
There was a time when Luxury Brand Management was not an industry as busy as it is now. But with the advent of social media and the world becoming more and more digitized, luxury brands are on the constant lookout for tech savvy management graduates who are ready to apply their skills in maintaining and innovating their brand image that is in line with the contemporary marketing practices.
Let us take a look at some of the popular career choices for LBM students:
1. Luxury Brand Manager
The most popular job that students take after completing a course in Luxury Brand Management is that of a Luxury Brand Manager. A luxury brand manager is responsible for conducting market research for luxury products, overseeing and organising marketing campaigns, product and distribution planning, managing brand budgeting and resources, collaborating with luxury designers, and supervising marketing assignments. Apart from an understanding of luxury brands, a luxury brand manager should be creative, possess leadership skills, dedicated, passionate, innovative, and possess a natural flair for networking.
2. Assistant Brand Manager
Assistant Brand Managers play an integral role in determining how to brand a company and its products and services to make them more appealing to consumers. Generally, Assistant Brand Managers combine their marketing, advertising, and sales skills to boost products and services. Their responsibilities revolve around developing product materials and helping to determine pricing and packaging solutions.
They work closely with senior management, meet up with clients and manage junior marketers. Together with Brand Managers, Assistant Brand Managers act as the point of contact for establishing and executing marketing initiatives for a particular brand.
3. Fashion PR Specialist
Fashion PR is t being the link between the brand and the variety of media outlets. It helps promote the product or service of the brand through different media channels — including broadcast, print, and online based on relationships between the PR personnel and the journalists. . Fashion PR develops close working relationships with editors, producers, reporters, and writers at influential mass media outlets, especially the luxury fashion and lifestyle media universe. These days an increasing amount of fashion PR work focuses on bloggers, YouTube vloggers, and social media stars. PR basically maintains and elevates the brand’s image and increases visibility in the public eye thereby doing soft promotion.
In Conclusion, Luxury Brand Management is an industry that has gained a lot of traction these past few years and is an excellent area to build a career in.
Summary: Considering studying Luxury Brand Management in Switzerland? This blog will equip you with all the necessary and basic information about the same!
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