STRATEGIC MARKETING OF LUXURY GOODS

SHE Level 5
SCQF Credit Points 20.00
ECTS Credit Points 10.00
Module Code MMN523658
Module Leader Timothy Jackson
School School of Computing, Engineering and Built Environment
Subject GCU London
Trimesters
  • B (January start)
  • A (September start)

Summary of Content

This module adopts a value-driven perspective in that it explores how the assets of a luxury company can be used to create and deliver value to stakeholders, primarily in this module, these being customers and shareholders. The role and scope of strategic marketing is defined and strategic marketing planning practices explored. In doing so, students are provided with the opportunity to develop a managerial overview of how marketing interacts with the other functional areas of the luxury business. Unique aspects of the luxury business are explored, including significance of the use of branding within the sector, vertical differentiation, vertical distribution, global marketing and the prevalence of luxury conglomerates. Each of these are explored within the context of how marketing value is created, implemented and sustained in line with the luxury organisation's strategic objectives. Particular attention is given providing students with an in-depth understanding of the complex global environment in which the luxury sector operates. In addition, entrepreneurship is explored through the examination of small luxury craft businesses. Further to this, responsible leadership is embedded within the module content through developing students' awareness of ethical and sustainable strategic marketing practices.

Syllabus

-360b7 Definition, structure and scope of the Luxury sector b7 The global context: emerging markets, shifts in luxury consumption b7 Drivers of strategy: luxury business models b7 Market analysis b7 Sources of competitive advantage and competitive positioning with the luxury sector b7 Strategic options and choice b7 Designing strategies for growth b7 Market planning & the planning process b7 Managing and implementing responsible strategies

Learning Outcomes

On successful completion of this module the student should be able to:-1. Have an appreciation of the interplay between a luxury consumer's needs and wants, an oganisation's resources and an understanding of the nature of luxury markets, products and services ?2. Exhibit a critical understanding of marketing theories and frameworks and employ these through practical application ?3. Competently articulate the role of marketing and its strategic significance within the luxury organisation4. Apply the module content in order to design, implement and critically evaluate a marketing plan for a luxury organization.

Teaching / Learning Strategy

1 hour lecturer per week/2 hours seminar per week The module will be delivered via weekly lectures and seminars. Lectures provide the theoretical framework to analyse strategic and strategic marketing within the luxury sector. Lectures are augmented by seminars designed to provide an opportunity to crtically examine material delivered via lectures thereby faciliating the opportunity for students to gain a deepr understanding and contextualise learning. Directed learning is built into the module delivery designed to further enhance student knowledge and provide a richer learning experience. GCU Learn serves as a respository for learning materials including journal articles, on-line videos and selected book chapters. In addition, independent learning provides the opportunity for reflection.

Indicative Reading

Key Text Kapferer J-N and Basten V (2012) The Luxury Strategy, 2nd editon, Kogan Page Recommended Reading Armstrong, G, Kotler, P., Harker, M. and Brennan, R. (2012) Marketng: An Introducton, 2nd European Editon, Essex UK: Pearson Educaton Ltd. Giron M E (2011) Inside Luxury, LID Publishing Hofman J (2012) Global Luxury Trends, Palgrave MacMillan Hofman J (2011) Luxury Strategy in Acton, Palgrave MacMillan Hooley G and Nicolaud B (2011) Marketng Strategy and Compettve Positoning, Prentce Hall Kotler, P., Keller, K., Brady, M., Goodman, M., and Hansen, T. (2012) Marketng Management, 2nd European Editon, Essex UK: Pearson Educaton Ltd. Mcdonald M and Wilson H (20110 Marketng Plans, 7th editon, John Wiley and Son Orville C Walker and John Mullins (2010) Marketng Strategy: A Decision Focused Approach, 7th Ed. McGraw-Hill Tungate, M (2009) Luxury World, Kogan Page, 3rd editon London Journals Journal of Marketng Journal of Marketng Research Journal of Academy of Marketng Science Journal of Marketng Management Journal of Strategic Marketng European Journal of Marketng Harvard Business Review

Transferrable Skills

Written communication Business research and analysis Critical evaluation Creativity Problem solving Independent learning

Module Structure

Activity Total Hours
Seminars (FT) 24.00
Tutorials (FT) 8.00
Lectures (FT) 12.00
Independent Learning (FT) 116.00
Assessment (FT) 40.00

Assessment Methods

Component Duration Weighting Threshold Description
Course Work 01 n/a 100.00 45% Individual Report Learning outcomes 1,2,3,4