LUXURY TECHNOLOGIES AS A TOOL TO BOOST THE COMPETITIVENESS OF ENTREPRENEURIAL BUSINESS

Abstract

The article seeks to explore the specifics of premium brands and current trends in business entrepreneurship. Managing modern Luxury business, in other words, fashion industry, and in particular designer brands as its key asset is an independent scientific and applied research issue which has gained increasing importance over the last decades. The economic crisis spurred by the COVID-2019 pandemic has become a profound turmoil for the global economy. However, according to the results of modern research studies, this situation has contributed to creating favourable environment for bringing business to a qualitatively new level which resulted in the first place in shifting much of creative business processes to a virtual domain, thus transforming fashion business into online business models. The research hypothesis is represented by the statement that a thoroughly developed and implemented marketing strategy based on Luxury technologies, as well as doing entrepreneurship-driven business including strategic marketing positioning, will facilitate a significant increase in the company market share and profits along with finding pathways to outperform the competitors, including big international market players. The purpose of this study is to substantiate the variability of making use of Luxury technology as a promising tool to boost the competitiveness of entrepreneurial ventures. The methodological framework of the research covers a branding theory – to identify the most appropriate methods to build Luxury brands, strategic marketing tools – to develop a business strategy to promote Luxury brands, portfolio and matrix approaches – to justify the positioning of Luxury brands. In addition, the study offers a matrix approach to managing designer brands, together with suggesting a better understanding of the role of a designer brand portfolio concept as the most effective business model in the area of Luxury sector management. It is argued that application of Luxury technology will help to enhance the designer brand management paradigm in both local and the global Luxury markets.