Chapter 4: Applying AI for Innovation – Luxury Goods Deep Dive
Luxury goods are associated with exclusivity and prestige, which makes product development particularly tough. There's a far smaller, more exclusive market of people to target, and traditional methods of market research, such as focus groups, fall short in luxury markets, which are largely made up of high-net-worth individuals (HNWIs).
Moreover, the value of a luxury goods company comes largely from its brand, so analyzing brand data is of special importance. At the same time, luxury brands naturally have far fewer customers than mass-market brands, which means that getting that data through normal means proves to be a real challenge.
In this chapter, you'll learn about the following ...
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