Prada Brand Management - Assignment Example

?Question Fashion with luxury and elegance, feel them cool with Prada effect” Kate Jones | VOGUE Magazine VOGUE -Prada brand, created to showcase elegance and gatsby is known for its sophisticated innovation and excellent product detailing. It showcases the actual innovation in fashion, making it potential to create competitive advantage that has become a reality through effective creation of a superb brand standing in the fashion industry. This brand is synonymous to competitive advantage in fashion, emphasising highly differentiated offerings way beyond other fashion brands and trends. As the leading force in fashion, Prada is also able to promote enviable reputation for luxury, elegance with ready-to-wear offerings, and a feel of what may go beyond what is expected. Not only that. This brand is also a picture of elegant, fresh, and innovative fashion design - the ultimate proof why it is cool to have it. This brand never stops to produce fashionable designs that in reality may just come and go, depreciate and then would surface once again from time to time. As detailed from its actual output, with Prada there is a need for the combination of creativity, innovation, fashion and fresh idea of what prestige is all about. This shows the target market niche how Prada seeks to be differentiated. The brand believes that there could be no limit to a man’s imagination, leading to the emancipation of actual product that suits to the need to be updated with the latest trends in fashion designs. Now that exactly what makes this brand cool. For Prada, variety is necessary, but the bottom line of it comes with the idea of culture of fashion, creativity, prestige and innovation. Combining these ideas produces a cool fashion with luxury and elegance, exactly what Prada has done for years. The brand is indeed a cut above the other in its niche for specialty fashion designing because of its ability to create a unique proposition that is integrated into its actual product proposition statement and brand essence. Prada aims to target international, modern and sophisticated customers, who look after of stylistic innovations and highest quality of craftsmanship. Based on this corporate objective, the brand provides the need to acquire latest styles and trends for innovation and unparalleled craftsmanship, which sum up its prevailing brand positioning statement below. “The Prada brand targets an international customer base that is modern, sophisticated, attuned to stylistic innovations, and expects craftsmanship of the highest quality.” Prada also expresses the fundamental idea of exclusivity as it promotes the benefits of redefining the norms and styles and unparalleled craftsmanship. These promote essential values that are actually unique to Prada, making it remarkably cool from the subjective standpoint of someone else. What might have made Prada one of the coolest brands in Europe is its ability to produce something essential that is new at the right time, exactly when there are prevailing needs for it. Something cool from this point of view is the ability to create latest and fresh innovation that has yet to explore the prevailing market needs. Prada is good at doing this stuff and which is a vital activity that it masters through time. Prada may exactly be the coolest brand in the fashion industry today, but that never stops then to grow more from there. The brand has now become one the respected brands and benchmark for fashion around the world. Why wait for long? Try Prada today, for your need of a cool fashion with edge and a touch of luxury and elegance. *Refer to Appendix 1 , 2 and 3 for analysis of brand proposition and brand essence Question 2 Being able to tap high calibrated celebrities to promote personal endorsement of a product is a common business strategy today to increase the linked demand for a certain product or service offerings (Phillips et al., 2011; Ilicic and Webster, 2011). This kind of activity in product promotion tries to showcase the actual capacity of the chosen celebrity to convince the target market through the associated influence (Dahlen et al., 2010; Wei and Lu, 2013). We observe most of celebrity endorsers appear on TV programs trying to send a special message to everyone concerning a product or service offering. Celebrity endorsement, as associated with PR activity has been for a while and it has now become a customary activity involved in the actual marketing strategy concerning on how to ensure maximum reach of target customers or potential users of the product or service offerings (Morris and Goldsworthy, 2011; Summers and Morgan, 2008; Moloney, 2006). One could actually deduce the point that there is something important about celebrity endorsement and its effectiveness especially if we based it on the following common observations. Most companies try to use celebrity endorsers who are popular and known in a specific field. In some cases, the actual product endorsement may take place as a special product inclusion strategy in a movie film. We observed this case through the special inclusion of Prada brand in the movie film, “The Devil Wears Prada.” From the title itself of this movie film, there is already a significant hint of product promotional scheme. Not only that, those artists involved in this movie film are famous in their field, with potential touch and feel to influence the market. For this matter, it has become clear to us that celebrity endorsement in brand communication would require a combined function of popularity and influence. Thus, the next point would be is that celebrity endorsement is linked to showcasing the actual personality and credential of the chosen celebrity into the involved product or service. For instance, we noticed that products associated with sports are endorsed commonly by sport celebrities who are making a remarkable name in their field or industry. For this reason, we also noticed that most celebrity endorsers for Prada are high and top calibrated personalities in the movie industry. As showcased on the actual site of Prada (Prada, 2013), Leonardo Dicaprio and other elegant artists are remarkable features wearing fabulous garments, bringing a special message especially to those who know how these actors performed before the camera. Prada makes it to the point of ensuring consistent appeal for its elegance when it chooses Meryl Streep to help the promotion of its brand. In fact, in the actual movie film, there is a message that Prada brand is linked to luxury that is oozing with elegance. The entire personality of the brand was carried out by the chosen celebrity, increasing the chance of the brand to finally make a significant image from the point of view of potential and target customers. However, this may have little impact at all if brand like Prada would have never used celebrities that are popular and influential at some certain level. In most cases, as stated in the above case, giving significant consideration of the actual character and level of popularity of the celebrities is a significant package on the actual potential to influence. In addition, celebrity endorsement might be so effective that this has become a relevant trending especially in the business of influencing people. As one may have noticed it, many products or services are actually endorsed by renowned and popular celebrities. If celebrity endorsement may not be that effective, then companies carrying out specific product brands and services, as their way to increase potential sales, must have not relied any longer on celebrity endorsement. However, this is not that actual case, product endorsement has become so customary in brand communication, by which in most of the time, celebrity’s character and actual potential as stated earlier are important ways to feature and promote the brand image. If this is not effective, then we must no longer seeing celebrities telling us some important message on a significant brand. It has been noticed that common to the above cases, we depict the actual message of how celebrity endorsers would be able to influence the target audience. In fact, companies usually pay huge salaries for famous athletes, television stars and movie actors just to influence consumers’ attitudes and behaviours (Shimp, 2010; Karder et al., 2010). Companies are looking forward to important attributes that celebrity endorsers must possess to create effective influence to the target audience. This is a relevant management concern which depicts the essential role of PR activity (Shimp, 2010). To optimise this, advertisers and companies are looking forward to the attributes of their chosen endorsers. Credibility and attractiveness based on research are two essential attributes of effective product celebrity endorsers (Shimp, 2010). The reason why companies would want to ensure credibility and attractiveness is that these two attributes are important moving forces that would make influencing the target audience easy. The audience are most likely to believe in someone who is credible enough and even has potential driving force to attract them to pay attention to something. In this case, many companies find the essential point of using celebrity endorsers in order to effectively influence their target customers. Ryan Gosling, 33 years old, could be a future perfect fit for Prada. He is a Canadian actor, director, writer and musician. His achievements would carry it all to make him credible aside from how he manages to carry himself in the public. This actor could be a figure of classic elegance, aside from his credibility and attractiveness to promote Prada. As already stated, classic elegance is the fundamental feature of Prada since its inception. According to study, aside from physical attractiveness and credibility, the endorser’s similarity to the target audience is another essential component of effective product endorsement in order to guarantee positive response and eventually, influence (Shimp, 2010, p.251). The existence of this influence is actually the beginning of the creation of relationship primarily between the customer and the product which is originally sparked by the endorsers’ similarity with their endorsements. Gosling therefore is a perfect match because his personality would somehow mirror the probable audience in the market niche. Gosling’s endorsement would be a remarkable twist for Prada as this would mark the ability to take dominion in the market among elegant men, the counterpart of women looking for a flair of elegance, quality and luxury. This would make sense because Prada is trying to win its market with substantial emotional appeal particularly on how it aims to achieve the unexpected, creating a substantial market for fashion for men. Question 4 As we have already discussed, Prada brand could be a perfect depiction of luxury. There are criteria of an effective brand mark or logo, and in the case of Prada, it should establish its proposition and associated identity like luxury. Thus it is important to consider that brand marks have remarkable history and potential inspiration why they end up that way. As shown in Appendix 3, the simple yet meaningful brand mark of Prada (literally its logo) speaks of a highly inspired meaning or values that depict the actual potential of the product brand as unique in line with its identity in the market. The logo is just a simple written name of the brand with no added other relevant graphics like what we usually see to some other product brand logos. There is an actual story behind this, and one could only depict the relevant points by taking into account how the product positioned itself in the market directly to its target audience. The brand mark of Prada is an image of unique style and quality. The entire word ‘PRADA’ could only just be written as ordinary word, but the relevant style we obviously see in every letter brings us simple message about the product’s actual attributes, as shown in Appendix 3. For instance, the difference we see from the letter ‘R’ in the word PRADA compared to the most common style, use and form of this letter we see around is a hint of unique style and quality. Indeed, this depicts how Prada tries to position itself as having the glare of luxurious style and unparalleled quality. The reason why PRADA has become associated with quality just as how the actual result of the study Huddlers (2012) investigated would want to imply is linked to its actual point of creating highly differentiated offering that no other brands could emulate. Concerning this point, we might say that the brand logo itself is a depiction of competitive advantage as it is something that only the Prada brand possesses. For as long as no other potential key players could totally emulate this style, Prada would remain to enjoy sustainable competitive advantage. This level of advantage only exist if there are no other strategic inputs coming from other players that would totally emulate the strategic inputs of the leading brand that currently produces an advantage (Fahy, 2002; Hitt and Ireland, 2008; Lamb et al., 2008). In other words, Prada and its logo speaks completely of more than just the expressive and impressive dimensions of the actual product and its actual image (Hudders, 2012; Dunne et al., 201; Oswald, 2012; Cato, 2010), but including the relevant general management activities associated with the promotion of this brand as unique and one of a kind in the industry. Considering this point, the brand logo has become successful in captivating the attention of the target market. Thus, the next time a potential customer would see the brand logo, the associated quality, attributes and value of the product would automatically link to it. In fact, brand style and logo could depict the company’s actual identity (Schultz et al., 2005). Prada has therefore become so successful in creating a perfect image of its product even if by just seeing its actual brand logo. For this matter, seeing the brand logo would either promote the idea of expressive, impressive dimensions, and the actual image that would potentially motivate consumers to purchase the product lines of Prada. In totality, Prada and its logo are successful in depicting the brand’s actual proposition. Black is beautiful, and it is ingenious, with a strong feel of elegance (Ambrose and Harris, 2011). The logo of Prada enjoys this important identity and there could be no other reason why all the letters are black. Black has meaning and it therefore exemplifies elegance. However, aside from this, the letter ‘R’ of Prada if it has to be closely scrutinized forms a diamond at the bottom right. Diamond could be a special figure of luxury because of its expensive detail and high market value. This figure without question, truly mirror the essence of Prada as a brand and as consumer product linked to accessible fashion trends and detailing. Question 5 Prada’s webpage is a mark of effective design manifestation. This webpage actually promotes the expression of the brand’s proposition and values. In today’s age of modern technology in which marketers might find significant advantage of marketing activity online, creating a webpage that could help customers establish more meaningful understanding of the brand or product, and even receive the associated value is another important strategic input for effective market entry. From the standpoint of an online marketer, this could not only generate high market share, but one fundamental point is to convey substantial message in order to produce clear brand proposition at some point. Currently, when one goes to Prada’s webpage, there’s a feature presentation of a movie film that showcases various fashion designs elegantly carried out by chosen actors as they act as if these are all essential components of their lifestyle. Once again, Prada has made a remarkable marketing strategy on this, as it makes it important to integrate the idea of design into a movie film that tries to depict the life of its target audience. This idea is a remarkable depiction of design, which is unique to Prada’s Webpage. This is how exactly the brand would generate potential meaning, value and eventually potential understanding from the point of view of its target audience. The good thing about this actual design for the marketing strategy of Prada’s brand is the expression of the entire concept, all from the point of view of customers. The entire concept or design expresses the idea of core benefit proposition (CBP). This takes place when there is a highlight of key differentiating benefits of the actual product or brand to its target customers (Wang, 1997). In the case of Prada’s webpage, there is an exact depiction of this as the target audience would directly be redirected to a video showcasing the importance of design to their actual way of life. It is something that entices them to participate and even look for more information in order to find the answer to their relevant needs. As a result, this could lead them to stay a little longer on the website in order to search for more other relevant information. Communication has therefore become a fundamental component leading to the success of Prada’s webpage and its design. Communication on the internet may not be the same in the actual world. In a fast pace world where everybody seems to be in a hurry from day to day, browsing through the web may take time that at some point may not be of higher priority. In other words, marketers must ensure providing essential force that would help attract the audience to drop a little more time just to pay attention to the other relevant information or ideas. What Prada has just essentially executed on its webpage design is a communication design that at some point may be considered a form of strategic input in order to catch the attention of the customers and provide them the brand’s proposition and other relevant and essential benefits. Communication is very critical today especially that everyone seems to find most of them in various media. At some point, people may be overloaded with information. Unfortunately, to successfully promote a product or brand would require effective conveying of information (Mullin et al., 2007). To convey the information, there is a need to find the right design or venue for it. Creating a webpage just like in the case of Prada is a common approach today. However, almost everybody seems to be doing it and so finding for a way to make a difference is another essential idea of great consideration. Since Prada is a mark of unique style, design and idea, the actual webpage of this brand also depicts these relevant attributes. Appendices Appendix 1: Prada: Suns and Satellites Model Appendix 2: Prada: Positioning Statement Brand Positioning What makes Prada different from its competitors is its ability to combine together its culture and tradition, sophisticated style and high quality, and innovation to promote the setting of new trends in the fashion industry. This is clear from the actual management statement of Prada as stated on the company website. “We believe the Prada brand represents the best of Italian culture and tradition, sophisticated style and uncompromising quality, and as one of the most innovative fashion brands we are capable of re-defining “the norm” and setting new trends” (Prada, 2013). Brand Positioning Statement For international, modern and sophisticated customers, who look after stylistic innovations and highest quality of craftsmanship, Prada brand provides the need to acquire latest styles and trends for innovation and unparalleled craftsmanship. This therefore sums up the prevailing brand positioning statement of Prada. “The Prada brand targets an international customer base that is modern, sophisticated, attuned to stylistic innovations, and expects craftsmanship of the highest quality” (Prada, 2013). Brand Essence What makes Prada more competitive is its ability to interpret the prevailing market needs while showcasing the following important components. Appendix 3: Prada Logo References Ambrose, G., and Harris, P. (2011) Packaging the brand: Exploring the relationship between packaging design and brand identity. Lausanne: AVA Publishing. Cato, M. (2010) Go logo! A Handbook to the art of global branding: 12 keys to creating successful global brands. Mason, OH: Rockport Publishers. Dahlen, M., Lange, F., and Smith, T. (2010) Marketing communications: A brand narrative approach. West Sussex: John Wiley & Sons. Dunne, P. M., Lusch, R. F., and Carver, J. R. (2011) Retailing. 7th ed. Mason, OH: Cengage Learning. Fahy, J. (2002) A resource-based analysis of sustainable competitive advantage in a global environment. International Business Review. 11(1): 57-77. Hoskisson, R. E. (2008) Competing for advantage. 2nd ed. Mason, OH: Cengage Learning. Hudders, L. (2012). Why the devil wears Prada: Consumers’ purchase motives for luxuries. Journal of Brand Management. 19(9): 609-622. Ilicic, J., and Webster, C. M. (2011) Effects of multiple endorsements and consumer-celebrity attachment on attitude and purchase intention. Australian Marketing Journal (AMJ). 19(4): 230-237. Kardes, F., Cronley, M. L., Cline, T. W. (2010) Consumer behavior. Mason, OH: Cengage Learning. Lamb, C. W., Hair, J. F., and MacDaniel, C. D. (2008) Marketing. 10th ed. Mason, OH: Cengage Learning. Moloney, K. (2006) Rethinking public relations: PR propaganda and democracy. 2nd ed. New York, NY: Routledge. Morris, T., and Goldsworthy, S. (2011). PR today: The Authoritative guide to public relations. New York, NY: Palgrave Macmillan. Mullin, B. J., Hardy, S., and Sutton, W. A. (2007) Sport marketing. Stanningley: Human Kinetics. Oswald, L. R. (2012) Marketing semiotics: Signs, strategies and brand value. Oxford, NY: Oxford University Press. Phillips, H. L., Phillips, H. R., and Bostian, P. (2011) The purposeful argument: A practical guide. Boston, MA: Cengage Learning. Prada (2013) Prada Group: Prada. Available from http://www.pradagroup.com/en/brands/prada [Accessed: 13 May 2013]. Prada (2013) Company Website. Available from http://www.prada.com/en/company-info?cc=AP [Accessed: 13 May 2013]. Schultz, M., Yun, M. A., and Csaba, F. F. (2005) Corporate branding: purpose, people, process; towards the second wave of corporate branding. Copenhagen: Copenhagen Business School Press DK. Shimp, T. A. (2010) Advertising, promotion, and other aspects of integrated marketing communications. 8th ed. Mason, OH: Cengage Learning. Summers, J., and Morgan, M. J. (2008) More than just the media: Considering the role of public relations in the creation of sporting celebrity and the management of fan expectations. Public Relations Review. 34(2): 176-182. Wang, B. (1997) Integrated product, process and enterprise design. Cambridge: Springer. Wei, P. S., and Lu, H. P. (2013) An examination of the celebrity endorsements and online customer reviews influence female consumers’ shopping behavior. Computers in Human Behavior. 29(1): 193-201. Read More