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1 What are the defining characteristics of the luxury goods industry in 2013 What is the industry all about todayThe defining characteristics of the luxury goods industry in 2013 are products that are not essential to have but are associated with status Luxury goods today are considered to have a higher quality than other brands Luxury goods will also stand out among the other brands because they are well-known and harder to obtain Most companies in luxury goods use differentiation strategies In comparison to many other industries the luxury goods industry seems to be unique by various meanings All manufacturers that are engaged in the industry follow a clear brand differentiation strategy because of the fact that there are limited possibilities to differentiate the products by various features Luxury goods were only targeted for wealthy consumers because products signified status The luxury good market is continuously growing because of the fact that the wealth increasing not just in the United States but globally Nowadays more and more mid-income households are attracted by the advertisements of luxury goods and therefore wish to own these products as well 2 What is competition like in the luxury goods industry in 2013 What competitive forces seem to have the greatest effect on industry attractiveness What are the competitive weapons that rivals are using to try to outmaneuver one another in the marketplace Is the pace of rivalry quickening and becoming more intense Why or why notCoachs top competitors today are Dooney and Bourke Inc Kate Spade LLC and Michael Kors High profit margins and the enormous potential for growth increase the attractiveness of the industry and consequently enhance the competition among the rivalries Michael Kors bags have decreased in price and differentiated their bags from Coach Michael Kors is one of Coachs biggest competitors Michael Kors annual revenue as of June 2013 is 24 billion and Coach has revenue of 51 billion Coach is still at the top
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