ABSTRACT
This book has a fundamental premise, the general lessons on marketing and strategy might not be enough to analyze a luxury firm. This chapter explores and justifies this necessity—the potential of current knowledge in strategy and marketing to deal with the most common luxury management problems is limited. It explores the limitations or the need to adjust some assumptions behind the main managerial tools. In this way, the people will argue the necessity of luxury-specific knowledge. The luxury market has grown significantly over the past 40 years, and so it has increased its exposure to media. One fundamental aspect that sets apart the management of luxury firms from other types of firms is the role of creativity. Luxury has been studied frequently through the lenses of marketing or branding. Luxury firms compete in the marketplace. The role of luxury management is to unveil those reasons and help the firm navigate business decision-making’s tricky waters.
