Luxury BusinessLaajuus (1 cr)

Learning objectives

After successful completion of the course, the student is able to:
1. outline luxury as a business, encompassing its core principles and values
2. describe the key factors forming the luxury market dynamics
3. name the key forces for change affecting the future of the luxury industry
4. understand different types of business models specific to the luxury industry
5. outline the employee perspective and required competences within the luxury business

Contents

1. Definition of luxury business
2. Global luxury market, volume and characteristics
3. Relevance of the business models shaping the luxury industry today
4. Driving forces and trends shaping the future of luxury industry
5. Employee skills and competences within the luxury business
6. Leadership and top talents in the luxury field

Starting level and linkage with other courses

No pre-requirements. The course is linked with following courses: 1. Evolving concept of Luxury 2. Luxury consumers and consumption behavior 3. Luxury Business 4. Sustainable Luxury 5. Consumer trends in the Luxury industry

Implementation methods, demonstration and Work&Study

Non stop, self -paced online studies on Moodle platform. Individual learning tests.

Assessment criteria, approved/failed

When the implementation type of the course is CONTACT, ONLINE or BLENDED it is required that the student is present during those teaching hours that are marked in the study schedule. If you are absent more than 25 %, your grade will be lowered by one. If you are absent more than 50 %, the course is failed.

Approved: The student demonstrates a clear understanding of luxury business, successfully distinguishing between material and service-based luxury industries. The student can name both local and global factors impacting the evolution of the luxury industry. The student effectively describes the volume of the luxury business and identifies its target markets. The student exhibits an ability to compare different types of luxury business models. The student understands the importance of the human aspect within the luxury industry and identifies the essential skills and competencies required for a career in luxury business.
Failed: The student demonstrates a deficiency in defining luxury business. The student cannot name the global forces influencing the luxury business sector. The student fails to recognize the economic importance of the luxury business volume. The student encounters challenges in comprehending the diverse range of business models specific to the luxury industry. The student cannot define the skill set and competencies necessary for success in the luxury business. A more precise and comprehensive understanding of luxury as a business concept is necessary.

Learning materials

Digital material provided on the Moodle platform