3Company GoalsTo be a leading fashion label and sell high end products worldwide.To make PRADA products not only a brand but a piece of art.To provide exceptional customer service and cutting edge technology.
4Corporate Values A family company “I love fashion, but I think it should stay in it’s place, not rule your life. It’s a very nice part of your life, but I think it should be fun.”-Miuccia Prada
5Positioning The PRADA brand exhibits: Elegance Chic Prestige Consumers buy PRADA when:New fashion trendsChange of seasonPRADA consumers expect:High QualityClass and wealthLuxuryPrestigeSocial Rank
6PRODUCTMarketing MixThe PRADA line produces high-end ready to wear clothes and accessories for men and women in addition to a range of children’s clothes, fragrances, cosmetics and home products.PRADA also has the Miu Miu line of products that are lower in price and targeted towards a younger demographic.Linea Rossa is PRADA’S sports collection that features tennis shoes.The PRADA brand is in the life cycle stage of maturity.
7PLACE Marketing Mix 250 PRADA stores in 65 countries Flagship stores in New York, Beverly Hills, and TokyoHeadquarters in MilanPRADA also sold in:Online storesBergdorf GoodmanNeiman MarusSaksHallsAnd many other stores around the world
8PLACE Marketing Mix New York PRADA Store Hired Dutch architect Rem Koolhaas to design the 40 million dollar storeThe store was designed to reinvent the retail experience and reinvigorate the PRADA brand“This store is an amazing piece of architecture and definitely has one of the most unique interiors of any store I’ve ever seen. But the layout suffers from it’s architectural innovation.”Customer Review
9PLACE Marketing Mix New York PRADA Store Hired Dutch architect Rem Koolhaas to design the 40 million dollar storeThe store was designed to reinvent the retail experience and reinvigorate the PRADA brand“This store is an amazing piece of architecture and definitely has one of the most unique interiors of any store I’ve ever seen. But the layout suffers from it’s architectural innovation.”Customer Review
11PROMOTION Marketing Mix Fashion Shows Fashion show production has become one of the most persuasive marketing tools used by the fashion industry today.Magazines AdsPRADA Ads are featured in many fashion magazines worldwide including Vogue and Elle.Traveling Art GalleryMiuccia Prada organized a traveling art gallery entitled “Waist Down” to display many of the PRADA skirts she designed.
13PRICE Marketing Mix PRADA has many products with varying price levels Purses: $400- $3,000Shoes: $300- $600Apparel: $200- $1000Sunglasses: $200- $300Fragrance: $50- $150Skin Care: $50- $150
14Approach to Innovation Technology in the storeTI-RFID smart labels set up through out the store to identify merchandise, staff, customers and devices and link individual shoppers with information about their selections before they make a purchase.The smart labels also help sales representatives stay current on the stores inventory and customers previous purchases.The smart labels inside the dressing rooms provide information on the garment through a interactive video touch screen display.
15Approach to Innovation PRADA cell phoneLG and PRADA merged to create a highly sophisticated cell phone that utilizes an extra wide LCD touch screen display.Macromedia FlashDocument ViewerAlso FeaturesMusic PlayerMusic MultitaskingVideo Player
16Smart Label technology in dressing roomPRADA Phone
17SWOT Strengths Weakness Opportunities Threats High prices Brand loyaltyHigh quality productsWeaknessHigh priceAvailability of productsOpportunitiesTo expand the product line by acquiring other labelsThreatsCompetition from other fashion houses
18Questions? What makes PRADA so appealing compared to other brands? Do you think the high price of PRADA products is a strength or a weakness?Why does PRADA make the flagship stores so unique and is this a strength or a weakness?