Growth Trade-off Variables in Luxury Brand Management
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The first national meeting of textile and clothing professors took place in Madison, Wisconsin in June 1959. With a mission to advance excellence in education, scholarship and innovation, and their global applications, the International Textile and Apparel Association (ITAA) is a professional and educational association of scholars, educators, and students in the textile, apparel, and merchandising disciplines in higher education.
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Abstract
According to brand management expert Kevin Keller (2009), “the most fundamental challenge of marketing and brand management for all brands including luxury brands is how to reconcile or address the many potential trade-offs that exist in making marketing decisions” (p. 293). Three notable trade-offs in the luxury goods industry are (a) classic vs. contemporary image, (b) exclusivity vs. accessibility, and (c) retention vs. acquisition. These are all interrelated and pose a dilemma for luxury marketers in that strategies emphasizing heritage, exclusivity, and retention are not useful in managing contemporariness, accessibility, and acquisition.