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Explain the luxury goods industry

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Branding is one of the most powerful tools an entrepreneur can add to their marketing arsenal. While often overlooked, effective branding can ultimately serve as the added value that will entice consumers to purchase your product over another. However, branding must be used ethically and must not be used as a tool to feed consumers' desires in an exploitative manner. Think of the luxury goods industry. People may often critique luxury branding for feeding on consumers' desires to be seen as affluent while ignoring social welfare issues. Do you agree with this statement?

Reference no: EM133215565

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