Marketing Strategy of Prada and Marketing Mix
The marketing strategy and marketing mix of Prada covers the 4Ps (Product, Price, Place, and Promotion). These factors help to identify the pricing approach, promotion strategies, product advancement, and other factors. These factors play an important and beneficial role in the success of a business such as Prada. It also helps to set its position in the competitive market. So, Prada can achieve its short and long-term goals without facing trouble. Below, we have covered the 4Ps of the brand:
About Prada:
In 1913, Mario Prada founded the company. Prada is an Italian luxury fashion brand that manufactures clothes, shoes, watches, perfumes, and leather accessories. Currently, the company is famous for making narrow belts and ready-to-wear products. The product portfolio of Prada is very strong and diverse. They are introducing innovation in their offerings with each passing day. The quality and design of the products are very attractive, which is one of the biggest strengths of the brand.
Product Strategy of Prada:
Prada is a posh name in the luxury fashion sector that targets men and women. They offer a wide variety of leather products, ready-to-wear, footwear, fragrances, and eyewear.
Prada also sells feminine products like jewelry, handbags, cosmetics, and much more. They also manufacture apparel for children. In this way, they also cover the younger segment. Their sports and active products are also famous among aficionados. They have successfully partnered with LG Electronics to provide a better shopping experience to customers. This shows the diversity in products. It means their product portfolio is really diverse.
Price Strategy of Prada:
As a luxury fashion brand, the product strategy of Prada is quite different. Most of its offerings are luxurious, so it is obvious that its products will be expensive. Due to high brand awareness and quality, they set expensive price tags for their products. Their prices are very high, from bags to jewelry, clothes, shoes, fragrances, and other products. That’s why the brand only targets upper urban class people, and they are their main customers. They set the price according to the basis of the country. Compared to Louis Vuitton and Gucci, Prada is really an expensive brand. They have successfully managed a high market share.
Place Strategy of Prada:
The company tries to deliver high-quality products to customers that satisfy their needs. For this purpose, they have hired qualified architects and designers. They offer new ideas and innovative designs. Prada has established several Epicentres to give consumers a wonderful experience. They established the first Epicentre in New York.
Moreover, they have flagship stores in various locations of the world. They sell their products through various platforms like the official site, multi-brand sites, online platforms, boutiques, and fashion shows. Their online presence is very strong and allows customers to shop from anywhere in the world. This kind of place strategy gives the brand a competitive edge.
Promotion Strategy of Prada:
The company promotes its products in different ways. They adopt unique and creative ways to advertise the brand in order to increase brand image and customers. Their genius marketing strategy involves every type of promotion, such as social media, online ads, partnerships, collaborations, and much more. This aggressive marketing strategy helps the company to target more customers. They also arrange fashion shows to showcase their products. Famous models, celebrities, and sports stars endorse its products.
You can easily get a complete visual look and details about any product of Prada.
Moreover, fashion magazines are one of the most compelling methods to highlight new offerings. On the other hand, they are taking initiatives to reduce carbon footprint and save nature. With these strategies, they have maintained a strong image across the world.
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