Okonkwo Prelims

uses the product portfolio of Jimmy Choo, which is a mono-product (leather-

goods) brand to illustrate the relationship between the product length, prod-

uct breadth and product depth.

An additional approach to the assessment of luxury products according to

their categories and functions is through dividing them into groups and sub-

groups, as shown in the following section.

Major product groups

The following are examples of goods that can be found in the major product

groups:

1 Leather goods: bags, shoes, belts, small leather-goods, luggage and acces-

sories.

2 Apparel: haute couture, prêt-à-porter, sportswear.

3 Eyewear: sunglasses and prescription glasses.

4 Timepieces.

5 Jewellery.

6 Children’s clothing and accessories.

7 Animal accessories.

8 Furniture & home decoration.

9 Services: hotels, cafes, clubs.

Sub-product groups

The products below are examples of goods that can be found in the sub-prod-

uct categories among the major product groups:

1 Bags: day bags, shoulder bags, clutches, evening bags, bridal bags, sports

bags, briefcases, and so on.

2 Shoes: evening shoes, day shoes, sandals, and so on.

3 Accessories: hairpieces, key rings, mobile phone straps, iPod cases,

animal accessories, and so on.

In order to effectively manage luxury products, it is also important to catego-

rize them according to the commercial role they play for the companies that

own the brands. This can be done using the well-known product management

model developed by the Boston Consulting Group, known popularly as the

BCG Matrix. This model aids in product portfolio planning and management.

The BCG Matrix features a cube that comprises a four-boxed dimension of

products that are labelled: Dogs, Cash Cows, Stars and Problem Child. These

are further measured against two major market elements: Relative Market

Share and Market Growth Potential.

Dogsare products with a small share of a slow-growth market. Products in

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luxury fashion branding