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Marketing presentation - Prada Bag
Transcript of Marketing presentation - Prada Bag
Some of Prada's competitors include companies such as Louis Vuitton, Hermes and Gucci (Business of luxury,
Prada losing grounds to competitors Vuitton, Hermes and Gucci
2010), all producing high quality and reasonably expensive bags as does Prada.
Prada must position its value proposition as superior to those of competing companies in order to gain competitive advantage and retain market share (Armstrong et al. 2012, p. 78).
Prada wants to retain its exclusive and luxury brand image and doesn't want to compete on price but instead aims to compete on quality, prestige and the shopping experience.
Universal Prada Tote Bag
A marketing strategy is the marketing logic a company employs to reach their goals of profitable relationships and customer value (Armstrong et al. 2012, chapter 2, pp. 54-60). Prada's target market is affluent customers i.e one being the Glamazons. Prada must develop a marketing strategy consisting of a marketing mix for the reinvented Prada Tote. It must aim to satisfy and delight customers, fufilling their needs and wants and creating long and profitable customer relationships.
Are one of the actors that affect the company’s ability to create and deliver value addressing the customer’s needs. The company, Prada works closely with their suppliers in order to provide and produce quality handbags for customer’s satisfaction and delight.
Prada’s goal is to deliver products that will satisfy customer’s needs and wants and to build a strong customer relationship in order to gain customer’s loyalty, good word of mouth and future sales (Armstrong et al. 2012, pp. 76 - 79).
The Tote is elegant and sophisticated, made of Ostrich Leather. Features include; double handle, gold-plated hardware, metal lettered logo and Nappa leather lining (Prada,
. The bag measures 35.5 cm (L), 27 cm (H), 17.5 cm (W). We have added a long, adjustable leather shoulder strap and extended these measurements for more ease carrying textbooks. It's appropriate for university, it's stylish and made with genuine materials to ensure good quality and endurance. It comes in many colours and we added midnight and cream to expand the range. We have renamed the bag the ‘Universal Prada Tote’.
Prada promotes the new product through integrated communications strategies;
Advertising; Fashion shows, a marketing tool used by many in the fashion industry, magazine ads in fashion magazines which are read worldwide such as Vogue and online (Slideshare,
Prada marketing strategy 2012)
. As well as personal selling with in store and online assistance. Word of mouth, in conversations, blogs, on social networking sites and forums and also celebrity endorsement (Armstrong et al. 2012 ch 10, pp. 58 - 60, 354).
Our product is placed in exclusive Prada stores and also in Bergdorf Goodman, Neiman Marus, Halls and online (Mindtools,
The marketing mix and 4 Ps, 2014)
. When our customers buy this bag they are not only buying a product, but also the prestige and experience that comes with the purchase. We have a lot of competitors offering high-end bags but we ensure our customers are 100% satisfied. We aim to ensure the Glamazons regularly visit our exclusive stores by locating them in areas they are familiar with.
The price increased to $9,720, from $9600 (Prada,
justified by the added benefits. Our brand has high quality and brand value allowing our products to be more expensive (a.k.a prestige pricing and price skimming). We also did not want to decrease market share from our other products in the line by making it cheaper i.e cannibalism (Armstrong et al. 2012 chapter 9, pp. 299 -300). Loyal customers can purchase the bag upfront instead of waiting and receive a Prada gift bag with university supplies; leather notebook, engraved pen,makeup and skincare samples from Channel, Dior and Estee Lauder.
Molitorisz, S 2010, 'Tribes of the Sydney',
The Sydney Morning Herald,
7 January 2010, <https://vuws.uws.edu.au/bbcswebdav/pid-994281-dt-content-rid-12755132_1/courses/200083_2014_aut/Tribes%20of%20the%20Sydney%202010%281%29.pdf >
Armstrong, G, Adam, S, Denize, S, Kotler, P 2012,
Principles of marketing
, 5th edn, Pearson Australia, French Forest, NSW
2014, viewed 20 April 2014,
The marketing mix and 4 Ps
2014 , viewed 21 April 2014, http://www.mindtools.com/pages/article/newSTR_94.htm
Prada marketing strategy
2012, viewed 21 April 2014,
Business of luxury,
Prada losing grounds to competitors Vuitton, Hermes and Gucci
2010, viewed 3 May 2014, http://www.cpp-luxury.com/prada-losing-grounds-to-competitors-vuitton-hermes-and-gucci/
A Glamazon can be defined as a young person who attends high end universities, such as the University of Sydney, lives in the North Shore or Eastern Suburbs areas and wears designer labels (Molitorisz, S 2010). The designer clothes that are purchased are usually with their parents money. These Glamazons can also be referred to as 'divas' or 'preppies'.
Glamazons dress as though everyday they are stepping out on to a fashion catwalk, with their collared shirts and high-waisted shorts (Molitorisz, S 2010). The Glamazons are also one of the most materialistic tribes in Sydney and are major consumers in the luxury market.
Influences on tribes behaviour
Media; The media is always influencing the way people should look and what they wear, so this a major influence on Glamazons as they are regularly checking social media and magazines for gossip and fashion.
Celebrities; Glamazons are always trying to keep up with the latest trends, including what celebs are wearing and what products and brands they endorse (Molitorisz, S 2010).
Peer pressure; Glamazons are heavily influenced by what people around them say, act and wear.
Social networking; Glamazons love to stay in touch with all things social, so they are constantly influenced by images and comments on Instagram, Twitter, Facebook etc.
The factors that influence this Prada bag are;
Production of handbag;
Technology such as robotics and machinery allow manufacturers to produce the Prada handbag quickly, at an efficient rate and also with consistent results.
Advertising allows businesses more opportunities to promote their product through social media, media, television, magazines etc (Armstrong et al. 2012, Chapter 3, pp. 92 - 93)
If resources are scarce the government may restrict the amount of resources which are being used in the production of the handbag, such as prohibiting the use of animal skins.
Businesses may have to take into consideration legislation such as; fair trading, fair competition, environmental protection, ethical issues (truth in advertising) and consumer privacy (Armstrong et al. 2012, Chapter 3, pp. 93 - 97).
During an economic boom, many people’s income grows as the economy is growing. As more people are receiving more money, groups such as the Glamazons are encouraged to spend more on the latest trends i.e Universal Prada Tote as either them or their parents have more income to spend.
In a recession the poor get poorer and the rich get richer. This will mean that the Glamazons have more income compared to the less affluent and hence, are able to purchase the new Prada handbag (Armstrong et al. 2012, Chapter 3, pp. 87 -88.
Females are the key target market, as the product is a handbag. However, males are always welcome to purchase.
Eastern suburbs and North Shore area, University of Sydney.
Between the ages of 17 – 25 (university students).
Any race, as long as they live in the North Shore/Eastern Suburbs.
An occupation with a high salary or affluent parents income, due to the area (Armstrong et al. 2012, Chapter 3, pp. 80 - 88)
By Jasmin Jones (18014046), Samantha Cupitt (18005455), Lorie Keith Merin (17859295) & Rukshan Weerasinghe (18021572).
Tutorial class; Campbelltown, Monday, 3:00pm.