"Price is not"

"Luxury goods markets are extraordinarily attractive because they combine high growth and high profitability.
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On the other hand, loss of exclusivity poses a threat. Luxury goods are by their very nature elitist. Exclusivity plays a key role. Growth strategies and expansion plans which dilute a brand’s exclusivity must be avoided. ... Watering down the brand is extremely dangerous for luxury products. The expansion may pay off in the short run, but long term it can lead to the trivialization of the brand.
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premium products are by no means limited to prestigious consumer products. There are also many premium offerings in B2B industries.
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For a premium price position, the quality, competence, or uniqueness of the supplier is at the forefront of the customer’s interest. Price is not. The cost differences between competing offers are typically smaller than the differences in the perceived value and the resulting willingness to pay. The latter is systematically exploited through the premium price.
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the competitive advantage derived from any given innovation is only temporary, so premium suppliers face constant pressure to innovate. Some brands stress this emphasis on constant innovation in their advertising claim.
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innovation isn’t the only successful premium strategy—a company can also focus on remaining true to what has worked well.
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Premium products also require a level of service which is both comprehensive and of a similar quality as the product itself. To deliver this, companies require highly qualified “employees both internally and at its sales and distribution partners.
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The comparatively high price is an integral feature of a premium product. The price cannot become a ping-pong ball for discount actions, special offers, or similar price-driven measures. Premium suppliers must place a high value on continuity, price discipline, and price maintenance. Wendelin Wiedeking, the former CEO of Porsche, explains: “Our policy is to keep our prices stable, in order to protect our brand and avoid a decline in the residual value for used Porsches. If demand falls, we cut our production, not our prices.” The current marketing decision-makers at Porsche, Bernhard Meier and Kjell Gruner, have a clear philosophy on this point: “We always want to sell one vehicle fewer than the market can absorb, in order to remain true to our brand promise of high exclusivity and high retained value. We are not volume driven, but rather obligated to an enduring business”.
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This policy works well for several reasons:
Sharp variations in price are not compatible with the sustained high-value image of a premium product.
Temporary price reductions will frustrate or anger customers who purchased the product at its normal (high) price.
For durable goods, price actions can jeopardize prices for used products. The residual value is an important purchase criterion for these kinds of products. A decline in residual value can diminish willingness to pay for new products.”

Trechos retirados de  “Price Management” de Hermann Simon.