It has carefully curated products that cater to the needs of its niche segment of upper-class society; its safe to assume that the price ranges are extremely high. In this article, we will critically analyze the Marketing Strategy of PRADA in UK. Let us now know in detail about the 7Ps of the marketing mix and how Prada uses it to its benefit to promote its products in the market. , to give its customers some unique Prada experience. BluCactus marketing agency, based in Dallas, TX, seeks to strengthen your image as a brand and take it to the next level. According to their 2020 annual report, Prada Group lost around 25% in revenues and in total net sales compared with the previous year. Prada has a high brand value and hence has adopted a premium pricing policy for its customers. He has been a guest speaker at prominent colleges in India including IIMs[Read full bio], Your email address will not be published. Personality? The major fashion capital is home to the oldest Italian shopping gallery, the Galleria Vittorio Emanuele II, where Mario Prada opened his first boutique of the eponymous fashion house in 1913. Accessories still represent a high share of the total product line among luxury houses. Let us start the Prada Marketing Strategy & Mix to understand its product, pricing, advertising & distribution strategies: The product strategy and mix in Prada marketing strategy can be explained as follows: Prada is known for its sophisticated, luxury products available for men and women in all target segments. Despite the assortment share is their lowest sales sector, we can still highlight that footwear is a well-performing category. As a part of its promotional strategy, Miuccia Prada conducted an art gallery tour for its brand Mui Mui where it targeted its younger customers and created an awareness about clothing lines amongst them. It makes use of an interactive app to take users in a digital journey to a virtual reality Prada world. For its accessories, it was given to the Council of Fashion Designers of America award in the year 1993. In Q3 of this year, Prada added customer care to enable sales agents to provide their customers with the highest-quality, most complete digital sales experience available today. The development of Prada Marketing Strategy requires identifying segmentation basis to understand the specific buying behaviour of customers. This is because customers looking for luxury items often prefer to touch the product they want to buy before taking it home. Brands like Prada also use digital marketing to reach their target audience. As a result, Prada was cautious in its online strategy in China, rather than joining platforms such as Burberry, Dior, Coach, and Louis Vuitton, which were widely used by luxury brands. In addition, Prada Symbols, a limited-time store, opened in Beijing SKP. Use the form below! For this reason, luxury fashion couldnt fall behind. To grab customers' attention and make a secure place in the competitive market there is no other option rather than marketing . Since its beginnings in Milan, Prada has focused heavily on leather goods mainly bags and purses. Brand awareness and Brand perception influence your profit and even the stock price (Colladon et al. New Feature requestAPI accessAffiliate Partner (35% commision)AI-powered consumer insightsHelp Center, This website uses cookies to improve the experience of our visitors.
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