Analysing the Differences Between Luxury and Premium in Marketing – Case Study: BMW and Rolls-Royce
Wuori, Paula Ellen Maria (2023)
2023
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Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:amk-2023060321009
https://urn.fi/URN:NBN:fi:amk-2023060321009
Tiivistelmä
The purpose of this thesis was to study the difference between luxury and premium, how they are defined, and which strategies are applied to their respective segments. To demonstrate this difference, various definitions of luxury and related strategies were studied, as well as the variables affecting these definitions such as cultural differences.
The chosen research method for this thesis was the analysis of secondary data due to the number of studies that were available. The secondary data for this thesis was conducted from sources such as industry related articles, journals, research papers, literature and related websites.
The findings of this thesis suggest that differentiating between luxury and premium brands or products can be very hard and very often can be interpreted differently, depending on the assessor. There are multiple definitions and strategies available to determine what is luxury and what is premium, but almost all definitions when cross-referenced with existing brands give inconsistent answers and often brands have a plethora of attributes that are luxury, but also many attributes that are premium, or vice versa.
The chosen research method for this thesis was the analysis of secondary data due to the number of studies that were available. The secondary data for this thesis was conducted from sources such as industry related articles, journals, research papers, literature and related websites.
The findings of this thesis suggest that differentiating between luxury and premium brands or products can be very hard and very often can be interpreted differently, depending on the assessor. There are multiple definitions and strategies available to determine what is luxury and what is premium, but almost all definitions when cross-referenced with existing brands give inconsistent answers and often brands have a plethora of attributes that are luxury, but also many attributes that are premium, or vice versa.