LUXURY VS PREMIUM BRAND - Deepstash
LUXURY VS PREMIUM BRAND

LUXURY VS PREMIUM BRAND

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Luxury Brand

Luxury Brand

Luxury doesn’t meet a need or solve a problem. Luxury consumers aren’t interested in more features giving better value for money.

Luxury consumers are interested in a brand’s heritage, prestige and uniqueness. The identity is important rather than a competitive edge. 

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27 reads

Premium Brand

Premium Brand

Premium brands are the ones that give you the best features at the best value. 

They operate with a close to one ratio of functionality and price. Consumers pay them a high price for their features and quality.

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Price

  • Luxury brands have a high price compared to what they are offering. 
  • Premium brand tries to offer the best value for customers. 

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Features

  • Luxury Brands don’t have to care about features. They can sell shiny rocks at a high cost.
  • Premium brands define the industry benchmarks for quality and quantity of features. 

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Target Audience

  • Luxury is for those who want to feel like they are unique. It isn't for those who are price sensitive.
  • Premium brands are for customers who can pay for the best product in the market.

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Manufacturing

  • Luxury brands rarely go for mass manufacturing. They take pride in using experts to create things and even offer high customizability to their customers. 
  • Premium brands do mass manufacture while carefully maintaining high standards. 

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Masstige Brands

Typical masstige brands are in between luxury and premium. They combine the pride and prestige of luxury with the quality and accessibility of the premium.

Masstige brands include Zara, Coach, Godiva, Starbucks and Victoria's Secret. These brands generate quite a lot of cachet with their consumers while practising as a premium brand.

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CURATED BY

dustinspe

Secretary at a company

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