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Traditionally, the legitimacy of luxury goods entails finesse of craftsmanship and use of finest materials. The vivid example of such a concept is demonstrated by the House of Hermès, an ultra luxury brand founded in France in 1837 specializing in complete lines of leather goods, silk, home, bed and bath linens, furniture, silverware, crystal, porcelain, office accessories, and baby gifts. But their iconic status has been developed around handbags hand-crafted by skilled artisans using same ancient traditions of saddle-making for centuries. 

Edited by Victoria Stowe

The world is changing rapidly influenced by the emerging markets. Yet, the largest market in the world, the U.S. market, is still considered most desirable for international business development and entrepreneurship. Lately, a younger group of customers has emerged displaying a set of new developmental traits attributed to the feeling of entitlement. This cluster of millennials demands instant gratification of their achievements defined as 'generational' behavioral trait typically attributed to those born between the 1980s and the early 2000s.

Written by Sara SonnenUP Global
Answer Provided by Yuliya Suleymanova, Founder of SULÉY Group

How Do I Create a Brand Identity? SULÉY Group is not just another marketing or creative agency. We are a team of researchers specializing on a deep study of consumer behaviors and the relations between consumers and brands.  The easiest and understandable way for consumers to relate to brands is to associate brands with human characteristics. That way consumers build a solid emotional association on what a brand means to them, how it makes them feel, what other people may think of them wearing, eating, driving a brand.

Consistent and constant monitoring of a luxury brand equity is a salient priority for marketers. Marketing Science Institute defines brand equity as "the set of associations and behaviors on part of the brand's customers, channel members, and Parent Corporation that permits the brand to earn greater volume or greater margins than it could without the brand name and that gives the brand a strong, sustainable, and differentiated advantage over competitors (Çerri,  2012). Positive consumer associates and behaviors toward a luxury brand can be achieved through effective application of social media or/and advertising.

“Human needs or, in this case, consumer needs are the basis of all modern marketing. Needs are the essence of the marketing concept” (Schiffman, 2008). Maslow’s hierarchy of needs is a well-known theory in psychology which can help marketers to understand the consumer needs better. So, what are Maslow’s hierarchy of needs?  Abraham Maslow suggested in his 1943 paper “A Theory of human Motivation”, a triangular diagram showing the hierarchy of needs is divided into five levels: “At the bottom are the basic needs for food, water and air. Then, above them is the need for safety, security and protection. After theses needs have been met, an individual has a need for love, affection and friendship. When these have been satisfied an individual may seek status and self-respect and, finally, at the top of the pyramid is the need for self-actualization or self-fulfillment” (Schiffman, 2008).  Though this explanation we can see that only when the lowest needs are satisfied, people will focus on the higher needs. Differences in need priorities can influence consumer behavior in difference ways. Though Maslow’s hierarchy of needs we can see that when one level is fulfilled, people naturally moves to the next.