This blog will discuss MBA in Luxury Brand Management, its scope and career path.
Luxury Brand Management is one of the most prolific, vibrant and dynamic career opportunities in the world, the luxury sector offers several promising job roles. The best thing about pursuing a career in luxury brand management is that one can choose from various kinds of roles based on his/ her interests and expertise in Luxury business. Opting for a switch in between careers is a feasible phenomenon too.
MBA in Luxury Brand Management has developed a popular demand, as the landscape of the luxury industry itself has changed in recent years. New brands are employing creative advertising and promotional campaigns that challenge the situation of established names.
Big brands too are innovating and exploring new markets beyond their traditional domains. Simultaneously, an ever-increasing number of individuals around the globe are getting inspired by famous luxury brands.
This has created greater demand for luxury products & services, and B-schools around the world are offering interested professionals the chance to be a part of this enthusing industry through the MBA in Luxury Brand Management.
Big emerging markets are the new edges to grow in the industry, and young aspiring managers should find plenty of exciting opportunities all over the world. Business Development, Communications, and Marketing are the top functional areas within which big brands are looking at MBA graduates.
Luxury Brand Management – Benefits
Luxury brand managers are in high demand in the present scenario, there is an immense possibility of earning high salaries. The competition will be less and there will be more monetary benefits in comparison to other industries.
Luxury brands are always trying to expand their market around the globe. A career in Luxury Brand Management can give great openings and one could travel across the globe to learn and explore new ventures of the luxury industry and explore big opportunities.
It’s a unique field and the eccentricity of the Luxury Brand Management course allows to exercise some amount of creative freedom and tap into his/ her creative instincts. As a luxury brand manager, it becomes an individual’s responsibility to provide the clients with a one of a kind experiences that encourages them to purchase the product/ service or to come back to the brand.
MBA in Luxury Brand Management – Purpose
No student pursues a course without a purpose. There may be numerous reasons for taking up a particular course. Before jumping into the job opportunities after MBA and career prospects, it is important to analyze and understand the purpose of pursuing this course.
As per the latest scenario, many students prefer MBA course to acquire the skills necessary to start a business/ seed a start-up/ turn into an entrepreneur.
Luxury Brand Management – ScopeLuxury Brand Manager
The luxury brand manager is responsible for creating marketing and brand strategy for the luxury brand. It also includes building a brand image that is recognizable and connects with its audience. In this role, one has to conduct market research, manage and organize promotional campaigns, analyze marketing budgets, collaborate with other brand designers and supervise the execution.
Fashion Retail Buyer
A fashion retail professional is in control in deciding the type of merchandise a fashion brand sells. One needs to consider many things, such as whether the right merchandise is available in the store or if there are ample items of product to fulfil customer needs. One needs to analyze buying and sales patterns, predict future sales trends, manage and plan stocks, and interact with suppliers whilst maintaining a healthy business relationship with them.
Fashion PR Specialist
The role of PR specialist differs from industry to industry. A PR professional has to maintain relationships with the media to ensure that the brand image is projected appropriately. It also includes meeting with fashion magazine editors and writers as well as handling any possible negative media portrayals of the brand.
Product Development Manager
Product development planning and execution is a crucial role in luxury management. A Product Manager with his/her skills can help the brand by managing development and production process. Being a product marketing professional, he/she has to do market research and surveys to evaluate consumer demands.
Luxury Brand Manager – Skills
The luxury industry is one of the most demanding careers and it expects professionals to have a range of skill sets and abilities. The professionals in the luxury industry go through proper training and are well acquainted with the ways of how a luxury brand works.
A good luxury brand manager has a deep understanding of the brand and the target group to attract potential customers. He/she needs to make and maintain customer relationship at par. Alongside enthusiasm for the brand, one should be passionate about the work that he/she does as a luxury brand manager. He/she can motivate others to perform and get involved.
Attention to Complex Details
A focused approach is necessary for luxury brand management because the industry can sometimes get overwhelming. The approach should also be kept simple so that sanity is maintained in the complex and competitive world of luxury.
In-depth knowledge and passion for luxury
Brand managers need to stay updated in a world where people are always online and updated with what's hot and trendy. One has to stay informed about the latest happenings around and modify your strategy whenever necessary. Take advantage of digital as a marketing tool for your luxury brand.
Excellent Communication Skills
Impeccable communication skills are a must for a luxury brand manager. As he/she works for the big brands, good communications skills are vital for him/her not only in getting a job but also in getting admission in B-schools.
A successful manager is one with strong leadership skills. Effective leaders are strong communicators with the ability to speak effectively and persuasively. As luxury brand management is about building a relationship with your consumer, communication plays a very important role. Great leaders have a vision and know-how to execute it.
If the luxury industry excites someone, then luxury management is the right choice of career for him/her. A pioneer institution can assist them to achieve their goals of landing a dream job.
MBA in Luxury Brand Management – Best Platform to Pursue
Luxury Connect Business School has been carefully designed keeping in mind the standards and gaps prevalent in the industry. Taking a step further, the school has collaborated with international universities to provide a global perspective to the students. LCBS provides customized programs to focus education and training in areas like Brand Management, Retail Services and Skills, Customer Relationship Management and more
LCBS targets to secure the Luxury Segment by offering specialized luxury education and re-skilling programs via Executive as well as student education tracks. Global best practices and content formations by world-renowned schools like SDA Bocconi; Italy's premier fashion and design school - Accademia Del Lusso; Monaco's premier university - International University of Monaco; Jean Claude Roustant: the LVMH veteran, coupled with our extensive experience on the Indian landscape will help bridge the rising gap of skilled talent.
Come and Experience Internationally attuned, Luxury Education in India.