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The Production-Service Connection

Luxury, however, is all about being a part of an exclusive club; be that at the high end of its products and pricing or low end entry level products. Consistency is important when luxury brands are playing globally. This was amply illustrated in when Chanel was faced with depreciation of the Euro. This made prices in Europe much more affordable for Chinese consumers, so the company then raised its prices in Europe to reflect the currency fluctuation and discourage people making round trip to Europe to buy en masse.

This was not the only instance of pricing inconsistency. Chanel also found that within the Asian marketplace consumers from mainland China had realized that their domestic pricing was higher than the cost of flying to Hong Kong to make a purchase. But it is not just geography where consistency is needed — the increased importance of digital channels and online availability of products means that attention to luxury brand pricing strategy is needed here too.

Write a marketing plan

The report also said that luxury brands are trying hard to converge their online and in store pricing and to increase the range of products available online. Again, consistency in luxury brand pricing strategy needs to be applied. The price however still needs to be high in comparison to other products so that the core appeal of a luxury, quality product and brand integrity overall is maintained. Bulgari, Zegna and Hermes have significantly increased both median and entry prices.

As a result of this, their products are more accessible to the consumer population. This differs from pure luxury in that the product in question is not exclusive and is available to all consumers.

1. Don’t skip the basics

But the difference lies in that the consumer is buying into the luxury brand. For example, the Chanel and Dior luxury brand pricing strategy with watches being priced similarly to premium Swatch, but the consumer preferring the cachet of the luxury brand. This was not the only instance of pricing inconsistency. Chanel also found that within the Asian marketplace consumers from mainland China had realized that their domestic pricing was higher than the cost of flying to Hong Kong to make a purchase. But it is not just geography where consistency is needed — the increased importance of digital channels and online availability of products means that attention to luxury brand pricing strategy is needed here too.

Go where the growth is

The report also said that luxury brands are trying hard to converge their online and in store pricing and to increase the range of products available online. Again, consistency in luxury brand pricing strategy needs to be applied. The price however still needs to be high in comparison to other products so that the core appeal of a luxury, quality product and brand integrity overall is maintained. Bulgari, Zegna and Hermes have significantly increased both median and entry prices. As a result of this, their products are more accessible to the consumer population.

This differs from pure luxury in that the product in question is not exclusive and is available to all consumers. But the difference lies in that the consumer is buying into the luxury brand. For example, the Chanel and Dior luxury brand pricing strategy with watches being priced similarly to premium Swatch, but the consumer preferring the cachet of the luxury brand.

Be more than a logo

In this case, the product itself is different to the high priced products. But what of diffusion ranges where the product is the same i. Maltz cites Vera Wang as an example of a successful diffusion range where the brand has not been damaged by the provision of a less expensive alternative. Prada was able to successfully market a line of bags made from Nylon rather than leather. Your marketing plan is how you put your marketing strategy into practice.

It should therefore be a practical reflection of your strategy. If you understand the market well, you can probably break it down into different segments - groups of similar customers. For example, you can break the business market down into businesses of the same sector and of a similar size. For each segment, you need to look at what customers want, what you can offer and what the competition is like.

You want to identify segments where you have a competitive advantage.


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At the same time, you should assess whether you can expect high enough sales to make the segment worthwhile. Often, the most promising segments are those where you have existing customers. See what you can do to expand sales to these customers. If you are targeting new customers, you need to be sure that you have the resources to reach them effectively. Once you have decided what your target market is, you also need to decide how you will position yourself in it. For example, you might offer a high quality product at a premium price or a flexible local service.

Some businesses try to build a strong brand and image to help them stand out. Whatever your strategy, you need to differentiate yourself from the competition to encourage customers to choose your business first.


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  8. Once you have decided what your marketing objectives are, and your strategy for meeting them, you need to plan how you will make the strategy a reality. Your marketing plan must do more than just say what you want to happen. It must describe each step required to make sure that it happens. The plan should therefore include a schedule of key tasks.

    This sets out what will be done, and by when. Refer to the schedule as often as possible to avoid losing sight of your objectives under the daily workload. It should also assess what resources you need.


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    For example, you might need to think about what brochures you need, and whether they need to be available for digital distribution by email or from your website. You might also need to look at how much time it takes to sell to customers and whether you have enough salespeople.

    The cost of everything in the plan needs to be included in a budget. If your finances are limited, your plan will need to take that into account. Don't spread your marketing activities too thinly - it is better to pick a handful and make the most of them. You may also want to link your marketing budget to your sales forecast. As well as setting out the schedule, the plan needs to say how it will be controlled.

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    Quality Is More Than Making a Good Product

    You need an individual who takes responsibility for pushing things along. A good schedule and budget should make it easy to monitor progress. When things fall behind schedule, or costs overrun, you need to be ready to do something about it and to adapt your plan accordingly. From time to time, you need to stand back and ask whether the plan is working. What can you learn from your mistakes? How can you use what you know to make a better plan for the future? Make sure you think through each of your objectives logically. For example, you might set a target for the number of new enquiries.

    But if you don't provide the resources and training to turn these enquiries into sales, you will have increased costs without any benefits. Assess the business environment to identify the opportunities and threats that you face. Look for where you can capitalise on your strengths or where you need to overcome a weakness. All parts of your business must work together.