If you’re interested in exploring the luxury sector, train for luxury management at university. How does luxury management differ from traditional management? It is more difficult to grasp, but it is enough to adapt the techniques implemented to the requirements of the consumers.
How to define management?
Management, as we understand it, is the set of means used to lead a company, a team or an organization. It aims to achieve specific objectives by using the human and material resources available. This type of management requires continuous and relevant monitoring of the actions carried out to ensure its effectiveness.
Luxury management follows a similar organizational principle, but the objectives to be achieved are exclusively related to the creation and development of a brand. This type of management belongs to the luxury sector. The techniques used are more flexible and must be adapted to the real needs of luxury consumers. In the luxury industry, management is more complicated than in other industries, as purchasing is generally irrational in this sector.
What are the particularities of luxury management?
The management of luxury is always to be adapted to the codes of luxury, that is to say to the requirements of quality pre-established in the sector. It groups together several professions, each belonging to an exceptional field. Each luxury company then carries out its specific activities, with the aim of making a place for itself in a prestigious sector. The fashion, jewelry, gastronomy and automotive sectors are among the most representative of the luxury world.
The actions carried out in luxury management are focused on convincing communication strategies to seduce targets. These actions can also be promotional operations to target the emotional side of luxury consumers. Now, luxury management is using technology and green concepts to make the brand appeal to the public.
The products offered must meet a high level of excellence. And the representatives of the brand in question must be very well known and particularly talented to ensure the growth of this brand.
Why is luxury management different from management in other industries?
Management is generally based on the administration of techniques for making and selling useful, practical and sustainable products or services. For luxury management, the approach is more focused on the aesthetics of the product. From this point of view, the management implemented in other industries prioritizes the quantity and the technical advantages of the products offered. As for the luxury industry, the quality and aesthetic assets of the creations should be highlighted.
With classical management, manufacturing and sales processes must be adapted to logical requirements. On the other hand, in the luxury sector, it is necessary to anticipate the buying motivations of consumers. These are often instinctive and sometimes unpredictable. It is then necessary to seek to know the sector in which you work, by analyzing the market and following the trend.
This is the way to get an idea of what luxury consumers expect from a brand. In short, classical management is easier to understand, and is similar to the management of various operations. The luxury sector requires specific skills to advance and develop a brand. You have to explore and understand the world of luxury to succeed in reaching your targets.
The management of luxury is then similar to a high level marketing. On the other hand, in other industries, management precepts are more precise. However, in the luxury sector, the principles to follow are flexible and evolving. The most important thing is to understand our customers.
What training allows you to discover luxury management at the IUM?
Luxury is best learned in the classroom, and if you’re interested in exploring the industry further, join the International University of Monaco (IUM). This prestigious institution offers an MSc in Luxury Management program that opens up many career opportunities.
This program includes courses, internships and study trips, and puts you in touch with the major players in the luxury industry, partners of the University. You will also develop an applied project that ensures your integration into the professional world.
The traditional start of the school year at IUM is in September, but you can also choose to start the school year in January. With the MSc in Luxury Management program, you will acquire useful knowledge about the codes and management of luxury. Your training will introduce you to the dynamics and potential opportunities of this thriving industry.
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