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Luxury Product Launch with Luxury Brand Dream Value Strategy
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Transcript of Luxury Product Launch with Luxury Brand Dream Value Strategy
LUXURY PRODUCT LAUNCH WITH LUXURY BRAND DREAM VALUE STRATEGY
Presented by Jing HuangApril. 2012
Introduction The Theory Two Case Studies The Comparison Dream Conclusion
Introduction
Brand Capital Measurement
Brand
Capital
Awareness
Consideration Behaviour
Ability to create
fanatics
Luxury Brands are different
There is no talking of consideration but Dreams, and high consumption destroys the dream
Luxury is access to a DREAM !
The Dimensions of this Dream
The Social Dimension The Sensorial Dimension
A brand dream is the function of the difference between brand awareness and the rate of ownership of the brand.
The Luxury dream is boosted by the distance between those who know and those who can
-------The Luxury Strategy by J.N.Kapferer and V.Bastien
The Theory
How to build a dream for a Luxury brand
First, without awareness there is no dream
Second, If awareness is high, then it is the distance between the number of people who recognize it and the number of wearers of the brand that creates the dream.
Luxury Dream Value Measurement
Dream Value well managed Dream Value poor managed
Purchasers Brand Awareness Purchasers Brand Awareness
The diagram made according to The Four Typical Situations , The Luxury Strategy by J.N.Kapferer and V.Bastien
Question Mark
What methods can be considered as strategies to boost the brand awareness but control the consumption at the same time?
Two Case Studies
Case Study 1 Miss Dior UK LaunchChristian Dior
Miss Dior
Introduction of the product launch through
Marketing 4Ps
The Product The Price The Place The Promotion
The ProductA young and Versatile attitude
Structure bag, Constructed on mould Shoulder carry or across the body thanks to its chain A touch of chic, for day or evening, classic and
contemporary, elegant and feminine yet causal and fun attitude
In Lambskin 135 pieces from the first delivery in U.K.
The Product Name has deliberately taken use of from
Miss Dior Haute Couture dress, 1947
Miss DiorThe first Perfume, 1947
Miss Dior curved-heel pump 2007
The Product shape is similarity with
Chanel classical Flap Bag
Easy Recognised Sharing with existing high profit market e.g. Chanel classical Flap Bag But with Christian Dior own culture story and design details
It has been launched with retail price from £1800 to £2000 July,2011. The price has been increased twice after launching. Now is from £2300 to £ 2600.
The Price
Mid 2011
Late 2011
Early 2012
Mid 2012
Late 2012
0
500
1000
1500
2000
2500
3000Miss Dior Price Trend
Price Min Price Max
The PlaceUK wide distribution
Selfridges, Manchester
Selfridges, Birmingham
Sloane street Bond Street Harrods Selfridges White City Heathrow T5, London
Boutique fit and window display
Compelling window display
Mixing with Iconic bag Lady Dior
The Promotion Aima long-term and ongoing plan
• Raise awareness and desirability
2011
• Further increase desirability
2012 • Promote as an Legitimate Dior bag
2013-2014
Promotion timeline
04/2011: Staff product training
05/2011: Press Release
07/2011:Advertising Campaign
08/2011 :leaflet, Advertising Campaign
09/2011: Vogue fashion night out Miss Dior Events, ELLE, Vogue
10/2011: Vogue, ELLE
11/2011: Miss Dior perfume Couture limited edition
11/2011-12/2011 : ELLE
01/2012 : Mila Kunis as the face of the Miss Dior handbag, DiorMag, ELLE 02/2012: New Leaflet 03/2012: New Miss Dior Perfume launch03/2012-04/2012: ELLE
To Be Continue
2013 to
2014
2011
2012
To reinforce the title of luxury, the
distance of the gap between purchasers and awareness has to be firmed. The concept of dream value could be strategically maintained through Marketing 4Ps.
Marketing 4ps Dream Management Master Table
4PsActivities to
Increase Awareness
Activities to Control
Purchase
Price P
Product P P
Place P P
Promotion P
Miss Dior Current Luxury Dream Model
To raise awarenessPlace: wide distributionPromotion:EventsMagazineinternetSocial networkBrand ambassadorProduct:Name StyleProduct stretching
To control purchasersPrice:Regularly Price IncreaseHigher price of limited editionProduct:Limited editionExotic skin Seasonal editionPlace:Limited distributionfor limited edition
AwarenessPurchasers
In terms of managing dream value, Dior has carried out dual activities to boost awareness and control consumption to maintain the dream gap.
Miss Dior = Well Managed
Following plans to increase awareness further in the future, additional controls need to be added
It can be seen from Miss Dior case study, the awareness and purchase rate are flexibility, the companies need regularly follow up and monitor them so that the strategy could be efficiently adjusted to continuingly maintain the dream value of Luxury.
Question Mark
Luxury Brand always links to uniqueness & exclusivity.
In the luxury product range some products require greater uniqueness:
much more limited availability Less awareness
How can the dream value be managed for these products?
Case Study 2Diorissimo UK LaunchChristian Dior
Diorissimo
The ProductA Dior icon combining obvious elegance
and leather goods ‘know-how’
Timeless day bag Hand or Shoulder carry Elegant day bag In calfskin Only 68 pieces worldwide
from first delivery
The PriceLaunch with retail price from to £2250 to £2750
The price has been increased after March, from £2450 to £3000
Late 2011 Early 20120
500
1000
1500
2000
2500
3000
3500
Price MinPrice Max
Diorissimo Price Trend
The Place No Display in Boutique shop floor 3 boutiques distribution only in UK No Transfer Serving in VIP Salon
The Promotion Staff product and presentation training Personal Phone Calling Personal E-mailing Viewing allowed only from private appointment Presentation only by Leather goods specialist Limited advertising –directed
Diorissimo Luxury Dream Model
Purchasers Awareness
To control purchasersPrice:Regularly Price IncreaseHigher price for limited editionProduct:Limited quantity unique material Exotic skin Place:Restricted display
To raise awarenessPlace: limited distribution worldwidePromotion:Direct promotionVIP eventsProduct:Name Style
Diorissimo also fits well to the dream value management model.
The gap has been maintained with higher exclusivity balanced with lower awareness.
It could be considered as a tactical method when the company re-positions an existing product to rare level.
The Comparison Between Two Cases
Marketing 4ps Dream Value management Comparison Table
Marketing Aspect Miss Dior Diorissmio
Product
High QualityMultiple options/editionsLimited Quantity
High QualityLimited RangeVery Limited Quantity
Price
£1800 to £2000Regular Price IncreasesHigher price for limited edition
£2250 to £2750Regular Price IncreasesHigher price for limited edition
Place
Prominent In-store DisplayAvailable in all storesLimited online availabilityAble to walk-in and purchase
Restricted in-store displayAvailable in flagship storesNo online availabilityAppointment required to purchase
Promotion
Heavily promoted in mainstream fashion mediaShared name with additional products
Limited Promotion targeted to specific customerUnique identity
Both products are well-managed in terms of dream value but differ:
Miss Dior = Higher
profile Diorissimo = Higher Exclusivity
Miss Dior Diorissimo
Level of Awareness
HIGH LOW
Control on Availability HIGH HIGH
Dream conclusion
To maintain the dream value, No matter how much quantity planned for the market, a certain gap need to be maintained between purchase and awareness!
Maintaining different levels of well-managed dream levels allows:
Greater product differentiation (not just style & design but also level of dream)
Possibility to better manage products over its lifecycle
Lady DiorThe most famous iconic Bag travels around the world
Due to Lady Dior successful promotion and incredible sales achievement in recent years, Christian Dior is able to manage without any pressure to reduce the production and restrict the consumption to keep its symbolization for the consistency of the brand.
It is going to be an easy case to maintain the luxury dream value well as long as following the model and Marketing 4Ps Management master table.
Thank you!