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분야
docI. Introduction
1. Luxury Market
2. What is Brand for in Premium Market?
3. Who is in the Market?
3.1. LOUIS VUITTON
3.2. HERMES
3.3. GUCCI
3.4. CARTIER
3.5. CHANEL
3.6. ARMANI
3.7. FENDI
3.8. PRADA
II. Prada
1. Overall Introduction
1.1. History
1.2. Prada’s unique design
1.3. Prada’s quality
2. Prada in Korean market
2.1. Brand Promotion
2.2. Financial structure
2.3. Prada phone’s release and its success
III. USB Memory Stick
1. USB Market
2. Problems in the Market
IV. Brand Line Extension Strategy
1. Product
1.1. Product Performance
1.2. Limited edition
1.3. Customized concept
1.4. Design
1.5. Warranty
1.6. Product line extension
2. Price
2.1. Prada Accessory line price
2.2. Other company’s USB price
2.3. USB Substitution products (Cuffs) price
2.4. Estimated PRADA USB Price
3. Promotion
3.1. Existing Customers
3.2. Potential Customers
4. Place
4.1. Department Stores
4.2. Duty free shops.
4.3. Direct sales stores (Road shops)
5. Special Project - PRADA USB Project
5.1. PRADA USB Webpage Project
I. Introduction
1. Luxury Market
In 2008, the Korean economy was greatly affected from the financial crisis of USA. As exports decreased and foreign trades deteriorated, corporation investments and productions decreased which led to downsizing. Furthermore, this led to lack of demand which deteriorated markets. This finally led to sales decrease which crumbled down companies leading to decrease in exports again. This vicious circle continued to tear the Korean market down. A marketing research done by Nielsen Company (Large marketing research company of USA) showed that Korea’s consumption point (36) ranked the lowest in World’s 52 main economic countries.
However, although employment rates decreased and financial problems aggravated, Korean luxury goods market (Myungpoom in Korean) increased 12% in sales and has shown constant 10% market improvements since 1996 each year. In 2007, the Korean luxury goods market totaled 3 trillion won, ranking 3rd in Asian market (following Japan and Hong Kong) and occupying 2% of world economy. Korea’s luxury goods market is composed of department stores, brand outlets, and duty-free shops occupying 2 trillion won and foreign visitors occupying the other trillion won. Also, rapid increases in online malls and outlets are being observed.
Until late 1990, luxury goods consumers aged 40~50 in average. However, recent studies showed main luxury goods consumers were in the 30’s, consuming 36.7% of the total market. The 40’s consumed 25.8% and 50’s consumed 21.9%. Moreover, in 2007 women’s luxury goods sales increased by 8% whilst men’s luxury goods sales increased by 10%. This showed that there is a new trend of men consuming luxury goods even more in Korea.
Ranking of luxury brands
Brand Rank Brand Rank
Hermes 4rd ( World ) Channel 2~3rd( Asia )
Louis Vuitton 2nd~3rd( Asia ) Gucci 2rd( Asia )
Cartier 5th( World ),3rd Bvlgari 5th(World), 3rd( Asia )
Tiffany 3rd( Asia ) Dior 3rd
Ferragamo 3rd( World ) Prada 3rd(Asia)
From the consistent success in luxury goods, the luxury good market of Korea has grown to exceed Asia and be ranked among top luxury good consumption country in the world.
2. What is Brand for in Premium Market?
In the mass market, price and quality are the most important factors. However, in the luxury goods market, consumers are not as sensitive to price and do not feel much difference in quality among the luxury goods. This shows how highly standardized the luxury market is. Hence, in the luxury goods market, the biggest competition factor is the brand image. This can be easily understood from looking at the process of how a new brand or a new product is produced.
Let’s take the vehicle industry as an example. In 1989, Toyota motors concluded that they could not enter the premium market through their brand image of high performance via price. The premium market consisting of Mercedes Benz, Rolls Royce, and Ferrari, required high performance, outstanding service, and foremost, a strong brand name. Hence, Toyota motors used a new brand name ‘Lexus’ for their new product (LS400). The LS400 greatly succeed, recording amazing sales of 60,000 and led to Toyota motors including a 20% premium price to their future cars. Moreover, from developing a premium brand (Lexus), Toyota pushed aside the big 3 competitors in the US market and ranked 1st among vehicle industries worldwide. Until 1989, Japanese vehicles were already being considered ‘good for money’ and had a highly trustable image around the world. However, with the new LS400, it successfully entered the Luxury vehicle’s market and strengthened its brand image as a luxury car around the world.
This can also be seen in the Fashion Premium brand. High quality is considered basic need and only brands with a long history were able to enter the luxury goods market. An image and the history of a luxury brand became the core of the brand and only when this core is recognized by the consumer, it represented a demand for the product. Hence, the recognition that a consumer has towards a brand becomes a core value that the brand must deliver to the consumer.
3. Who is in the Market?
3.1. LOUIS VUITTON
- Brand value: 25.7trillion won
- LVMH’s main brand, Louis Vuitton, has shown consistent growth in the market. It is especially loved in Korea and Japan.
- Imagery
• The highest fashion brand which has become a symbol representing high social class. It has consumers that show frantic obsession towards the brand.
• Although it has many loyal customers, the high price and scarcity led to lack of friendliness.
• It leads the fashion trend of the high class and has deep tradition as a trend leader.
3.2. HERMES
