One of the reasons I love teaching at Chapman University and UC Irvine's Merage School of Business is having the opportunity to inspire just one student to pursue a profession that pays you to connect the dots between business and almost everything imaginable (technology, art, social trends, pop culture, media...). It's a huge investment of time, but this feedback from that "one" student makes it all worthwhile.
I was thinking the other day about the DNA of premium brands . One thing is certain -- it's a relative idea. For example, Hyatt is not a premium brand if you're used to staying at a W or a Ritz Carlton. But if your vacations to date have been holed up in a Holiday Inn, then by all means a stay in a Hyatt is a premium experience. Another thing is certain -- a brand is considered premium only when we believe it is worth the price. And that's where we can dig deeper. Why are we willing to pay more for a product when there are others that provide the same service or function at a lesser price? I have spent a good part of my marketing career developing strategies and ideas for a wide range of premium brands, including American Express, Sony, Callaway Golf, Hilton, Jaguar, Land Rover – even the Toyota Prius. Through these experiences I have come to believe that a premium brand is built upon specific tangible and intangible attributes that give it a sense wort