Strategic luxury management : value creation and creativity for competitive advantage / David Millan Planelles.

Format:

Book

Author/Creator:

Planelles, David Millán, 1976- author.

Series:

Mastering Luxury Management

Mastering luxury management

Language:

English

Subjects (All):

Luxury goods industry--Management.

Luxury goods industry.

Physical Description:

1 online resource (263 pages)

Edition:

1st ed.

Place of Publication:

London ; New York, New York : Routledge, [2022]

Summary:

"Strategic Luxury Management is a case-rich and practical overview of how luxury creates value and why some firms are more successful than others. The focus of luxury study has traditionally centred on the clients' drivers of consumption, their perception of the brand and the way to effectively engage with them. Luxury is rarely, however, discussed from a strategic perspective: how luxury managers make complex decisions relative to their competitive environment. The book provides insight into the luxury industry and how companies face market complexity across three key areas. First, the company itself, determining what defines a luxury firm. Second, the book offers a specific framework to assess creativity across management and not simply as an individual talent. Third, the book considers the competitive landscape and the principles that allow companies to compete consistently and meaningfully. Each chapter includes pedagogical features to ensure comprehension, including chapter objectives and self-study questions. With examples and case studies from international firms illustrating each chapter, Strategic Luxury Management is essential reading for postgraduate, MBA and executive education students studying luxury management, luxury brand management, luxury creativity and innovation, and strategic management, as well as reflective practitioners within the luxury industry. Online resources include chapter-by-chapter PowerPoint slides"-- Provided by publisher.

Contents:

Cover

Half Title

Series Page

Title Page

Copyright Page

Dedication

Table of Contents

Introduction

Part 1 The concept of luxury

1 The concept of luxury. Past, present and future

Introduction and objectives

Luxury and mankind. An anthropological perspective

A brief history of luxury

Early civilizations. There has always been luxury

Greece and Rome. Luxury as the enemy of man

Middle Ages and the Renaissance. From the darkness to the light of arts

Eighteenth and nineteenth century. A new luxury paradigm: luxury as an economic factor

The luxury debate

Luxury and art. Appreciation and refinement

Contemporary luxury. The luxury "market"

Lessons from the concept of luxury. What the luxury manager needs to know

Luxury as constant change. The challenge of defining luxury

Luxury as relativity. A mirror of society

Need versus desires, or basic versus sophisticated needs

Luxury as a threat. The negative perceptions

The notion of quantity versus quality

Refinement and appreciation. The link with art

Luxury as a development force before being an industry

Breaking the stereotypes, the road to analysis

Luxury as superficiality

Luxury as unfairness or inequality

Luxury as classic or everlasting

Luxury as craftsmanship means it is opposed to technology

Summary

Self-study questions

Part 2 Principles of luxury value creation. The essence of luxury

2 The need of a managerial approach. Luxury and strategy

Luxury and its managerial challenges

The creativity challenge. The tension between management and creator

The growth challenge. The tension between mass and exclusivity

The change challenge. The time dilemma

The control challenge. The issues to sustain value on creativity-driven firms.

Luxury from the lenses of the consumer: traditional marketing and its limitations

The Classic paradigm

Limitations of the "value driven by consumers" view

Luxury is not a zero-sum game

The luxury paradigm

Traditional competitive strategy and its limitations for luxury

The competitive mindset

The economic logic

The assessment of value

The traditional external analysis

The need of a luxury strategy

Case study. Maggie Henríquez arrives to Krug Champagne

3 The essence of luxury. Unveiling the luxury value creation process

Luxury and value creation. Is luxury valuable?

Type of benefits

The functionality trap

Normal competition

Going beyond normality: excess competition

The essence of luxury. Excess as extraordinariness to ensure luxury competitiveness

Conceiving extraordinariness: luxury as a choice

Achieving extraordinariness: the role of resources and capabilities

The limits of luxury

The role of consistency. The fine line between normality and excess

Managing the "entry- level" category

Case study. Porsche Macan, beyond the limits of luxury?

Part 3 Principles of creativity-driven industries. The nature of luxury

4 The luxury firm and the role of creativity

Why is creativity key for the firm analysis?

A conceptualization of creativity for luxury firms

The concept of creativity

Shapes of creativity: art and fashion

Role of innovation and technology

Role of creators

founders and designers

The assessment of creativity for the luxury firm. Lessons for managers

Embracing creativity requires will and adaptation

Firm creativity has multiple forms beyond design.

Firm creativity is not only about individual talent (Firm versus Creator)

Management and creativity are complementary skills

Classic versus modern style is not a problem

it's a choice

Static versus dynamics companies. That's the problem

Technology is not a conflict with creativity

Case study. Creativity at MB&amp

F (Part 1)

5 Luxury as a creative industry. The creative value system

Why creativity is key (too) for the external analysis?

The creative value system

The firm

The partners

The location

Appreciation and its 3T's

Creative versus non-creative markets. The three types of business environments

Creative market

Traditional markets

Networked market

Case study. Maximilian Büsser and Friends (Part 2)

Part 4 Principles of luxury competition. The means of luxury

6 Principles of business level rivalry. The means of the luxury firm

Business strategy into practice. From formulation to implementation

Diffences across luxury categories

Powerful categories in personal luxury

Differences across business models

Fundamental problems of luxury rivalry. What can go wrong in the market?

Poor strategy formulation

Poor strategy implementation

Poor assessment of threats. Dealing with change

The means of luxury. Principles of luxury rivalry and the 3C's of luxury competition framework

The need for control

The need for consistency

The need for confidence

Lessons from luxury turnarounds and transformations

7 Principles of corporate level rivalry. Diversification and the conglomerate power

The business level and the corporate level of strategy.

A short review of corporate strategy fundamentals

The notion of synergies to approach corporate strategy diversification

Why the analysis of synergies is so complex

The analysis of the diversified firm

Operational-driven approach. Cost side synergies

Value-driven approach. Value side synergies

The analysis of the diversified conglomerate

Operational driven approach. Cost side synergies

From complexity to potential. Creating synergies to achieve corporate success

The limits of potential. Possible does not mean it makes sense

Creating business success from synergies

Case study. LVMH and watchmaking

8 The future of luxury

An observation of change. The luxury that is coming

A note on the post-pandemic luxury

The role of digitalization

The role of corporate social responsibility

Social change. The analysis beyond generational change

Index.

Notes:

Includes index.

Description based on print version record.

ISBN:

1-00-301532-8

1-000-47248-5

1-000-47245-0

1-003-01532-8

9781000472455

9781003015321

OCLC:

1273972894