CSFRST 2300 EXAM 3 STUDY
GUIDE
Premium Brands - Answer - Stand at the highest end of the spectrum of mass market
brands
- Characterized by elements of craftsmanship and are not completely handmade or
artisan in nature.
- Live in the middle of luxury brands and mass basic retailers
Characteristics of Premium Brand - Answer - aspirational
- Emotional factor of luxury brands . not built on exclusivity
- Better quality benefits and functionality. Higher level of invitation but with better
quality
- Not promoted as elite
- Product centered
- Requires more marketing and beginning research to understand customer motivation
and buying behavior
- -negative tag of democratization (making it accessible to everyone) of luxury
- Customer is is price and economic sensitive
Emotional Branding - Answer -aspirational. Trying to improve appearance of their life
-Highest end of mass-market
Star Brands - Answer - Need to possess 4 characteristics (timelessness, modernity, fast
growth, high profitability
star designers - Answer - Star designers change companies
- Luxury designers became stars themselves: Define the brand itself (strong brand
personality)
How is Premium different from Mass and Luxury - Answer - Not built of exclusivity
- Just under luxury
- Better functionality/quality than Mass
Premium Price - Answer - Higher end of of the mass market
, - Still lower than luxury brands
- Face the challenge of limited ability to reduce pricing without highly eroding their
margins
- Have little opportunity to manipulate prices. slimmer margins and can't do a ton of
discounting,
Categories of premium product - Answer Super Premiums
Old luxury brand extension
Masstige Brands
Super-premiums - Answer - products that are priced at or near the top of their category
& at a considerable premium to conventional offerings
old luxury brand extensions - Answer - Lower priced versions created by the company
themselves.
Masstige Brands - Answer - Not at the top or don't relate to each other
- Have a sweet spot between "mass and class"
- Downward brand extension
- Lower price point, quality
- Bottom of preim category. Just before mass market.
Brand Communication - Answer -(similar to luxury) focus on high ad expenditure in
magazine and editorial coverage
-celeb endorsements, prestige retail locations
-Ron Schuller
-transforming brands (in particular the presentation focused on Benjamin Moore, a
paint company. Looked like he talked a lot about color too)
- Co-Branding
-Limited collaborations: Example-> Designer only
-Not distribution
-Examples: Louis Vuitton & Marc Jacobs
Louis Vuitton & Supreme
Retail Brands: Service side of fashion - Answer Three Major Components:
GUIDE
Premium Brands - Answer - Stand at the highest end of the spectrum of mass market
brands
- Characterized by elements of craftsmanship and are not completely handmade or
artisan in nature.
- Live in the middle of luxury brands and mass basic retailers
Characteristics of Premium Brand - Answer - aspirational
- Emotional factor of luxury brands . not built on exclusivity
- Better quality benefits and functionality. Higher level of invitation but with better
quality
- Not promoted as elite
- Product centered
- Requires more marketing and beginning research to understand customer motivation
and buying behavior
- -negative tag of democratization (making it accessible to everyone) of luxury
- Customer is is price and economic sensitive
Emotional Branding - Answer -aspirational. Trying to improve appearance of their life
-Highest end of mass-market
Star Brands - Answer - Need to possess 4 characteristics (timelessness, modernity, fast
growth, high profitability
star designers - Answer - Star designers change companies
- Luxury designers became stars themselves: Define the brand itself (strong brand
personality)
How is Premium different from Mass and Luxury - Answer - Not built of exclusivity
- Just under luxury
- Better functionality/quality than Mass
Premium Price - Answer - Higher end of of the mass market
, - Still lower than luxury brands
- Face the challenge of limited ability to reduce pricing without highly eroding their
margins
- Have little opportunity to manipulate prices. slimmer margins and can't do a ton of
discounting,
Categories of premium product - Answer Super Premiums
Old luxury brand extension
Masstige Brands
Super-premiums - Answer - products that are priced at or near the top of their category
& at a considerable premium to conventional offerings
old luxury brand extensions - Answer - Lower priced versions created by the company
themselves.
Masstige Brands - Answer - Not at the top or don't relate to each other
- Have a sweet spot between "mass and class"
- Downward brand extension
- Lower price point, quality
- Bottom of preim category. Just before mass market.
Brand Communication - Answer -(similar to luxury) focus on high ad expenditure in
magazine and editorial coverage
-celeb endorsements, prestige retail locations
-Ron Schuller
-transforming brands (in particular the presentation focused on Benjamin Moore, a
paint company. Looked like he talked a lot about color too)
- Co-Branding
-Limited collaborations: Example-> Designer only
-Not distribution
-Examples: Louis Vuitton & Marc Jacobs
Louis Vuitton & Supreme
Retail Brands: Service side of fashion - Answer Three Major Components:
