The purpose of a luxury goods dissertation is to provide the necessary information required for a student applying for a Master’s degree in Business Administration or some other similar field with a focus on luxury goods. What is considered a luxury? A good question and the answer are complicated. There are several things that are a luxury for different people, some of which may seem obvious to you but others not so easy to figure out.
First, it is difficult to answer the question “what is luxury?” without having an idea of what is considered a luxury to most laymen. The simplest definition is one that is given by marketers: “luxury means being in a position to afford something expensive.” This definition, however, is not a clear cut one. In other words, it is an umbrella phrase that can mean different things to different people.
The next question that must be answered is, what are the common characteristics of luxury goods? Well, for a start luxury goods can include anything that a person would consider to be desirable. A person might, for example, consider clothing, cuisine, travel, wines, cosmetics, etc. In this article we will not discuss the common characteristics of luxury goods but those that pertain specifically to the field of business. For our purposes here, luxury goods are those things that are needed or desired by the majority of people.
Now onto the second part – what are luxury goods for a businessperson? It depends on who you are, really. If you are a person who enjoys doing your own thing, perhaps a hobby, then obviously, luxury goods would not apply to you. Likewise, if you have no particular talent, or you are a person who works very hard at a job, then luxury goods may make sense to you. We will not discuss careers in this article, as that topic is very vast and I doubt that there is a writer who could adequately write about it.
However, let us look at what luxury goods are for a businessperson. Obviously, luxury goods would include such things as travel, clothing, wines, and cosmetics. Now, let us look at business. Now, there are three main factors that determine success in business – knowledge, skill, and talent. Of course, these three factors are not mutually exclusive. You may also add “time,” which can be considered a luxury good as well.
Now, take all of these elements and add them all together, and what do you get? That’s right – you get a person who has all the knowledge, skills, and talent necessary to become the best there is possibly be at whatever they choose to do. Again, we are not talking about careers here, but we are looking at the ability to become the best at whatever a person does.
Now, this is where the real difference in a person who becomes a successful business owner and a person who becomes a successful luxury goods designer is made. The successful business owner will create an environment where success is only realistically possible. This means that every single decision is made with a great deal of thought and consideration. This is where the difference between the two ends is made – the owner who becomes a successful business person is a person who will set goals and then create a plan to reach those goals, while the person who becomes a luxury goods designer is more likely to allow circumstances to be what they are and then allow that to become a reality.
Here’s the bottom line: if you want to make money in the stock market or in any other financial situation, you need to become a master at something. You have to know your stuff. You need to know everything about your subject. You need to know your weaknesses. You have to know everything about your potential customer so that you can address their needs.