The 4P'S Marketing Strategy, PRADA Brand Promotional Mix

  • Product
  • Place
  • Price
  • Promotion 
Product
  • What does the customer want from the product?
  • What needs does this satisfy?
  • What features does it have to meet these needs?
  • How and where will the customer use this?
  • How does the customer use it?
  • What sizes and colours and so on, should it be?
  • What is it to be called?
  • How will it be branded?
  • How is it different to competitors? 
Place
  • Where do buyers look for your product or service?
  • How can you access the right distribution channels?
  • What do your competitors do, and how can you learn from that and/or differentiate?
  • Primary research? Questions?
Price
  • What is the value of the product or service to the buyer?
  • Are there established price points for products or services in this area?
  • Is the customer price sensitive? Will a small decrease in the price gain you extra market share? Or gain you extra profit margin?
  • What discounts should be offered to trade customers, or to other specific segments of your market?
  • How will your price compare with your competitors?
  • How does this price compare to the collaborator?
Promotion
  • Where and when can you get across your marketing messages to your target market?
  • Will you reach your audience by advertising in the press, or TV, or Radio, or on billboards? By using direct marketing mailshot? Through PR? Internet?
  • When is the best time promote? Is there seasonality in the market? Any wider environmental issues that suggest or dictate the timing of your market launch, or the timing of subsequent promotions?
  • How do your competitors do their promotions? And how does that influence your choice of promotional activity? Do they post stories on Instagram everyday? Is it interactive? Highlights? Time of day? Algorithms? TikTok?



Social Media and influencer Marketing
  • Increase brand awareness
  • Drive traffic to your website
  • Generate new leads
  • Grow revenue (by increasing signups or sales)
  • Boost brand engagement
  • Build a community around your business
  • Provide social customer service
  • Increase mentions in the press 
  • Listen to conversations about your brand
Brands are...
  • Creating appropriate, authentic content which connects with target consumers
  • Compete against each other in a growing and crowded market
  • Becoming aware of their consumers needs and desires
Brands use Social Media to...
  • Establish a cross-platform presence
  • Create shareable content
  • Gather feedback/insights
  • Build 'loyal' customers bases
  • Build brand credibility
  • Directly sell products
  • Use 'Influencer Marketing'
Pros
  • Easily target a larger/international audience
  • Easy to measure interaction and engagement
  • Consumers choose how they want to receive their marketed content
  • Good for brand development 
  • Benefits its 'collaborators/influencers'
  • Can be cost effective with a better Return on investment.
Cons
  • Crowded platforms/industry

Pros of Micro Influence: 
  • Higher engagements rates - lower costs
  • Loyal Following
Cons of micro-influencers:
  • Lower reach 
  • less brand lift
  • More work
How brands measure sales from influencer marketing ...
  • Affiliate Links
  • Promo codes
  • Measurable insights


PRADA Brand Promotional Mix

Product: Clothing, shoes, accessories, jewellery, eyewear, and perfumes are just a few of the items available from Prada for men and women. They have a classy, sleek style with a splash of colour that appeals to people of all ages. Their apparel sizes span from XS to XL, demonstrating the brand's desire to be accessible to all.

Price: Even though Prada is considered high-end, products such as fragrances and perhaps accessories, are accessible to the ‘ordinary’ consumer. The goods might cost anything between £50-£2,000. Hermes, Armani, Gucci, and Chanel are some of Prada’s competitors. 

Bags are the most popular item from Prada, ranging from £690- £2,900. Whereas, for e.g., Chanel bags range from £2,000- £8,000 
(according to their websites). 


Place: Prada is originally based in Milan, Italy. Stores are based in Europe, Africa, North and South America. In 2020, they operated 633 owned stores and 26 franchised stores worldwide. Due to Covid-19, a sixth of their shops were closed, however, as time went on, e-commerce grew by 100% or more compared with a year earlier. Online sales now account for 7% of retail revenues. This shows that consumers don't mind shopping online or retail.
  • Originally based in Milan, Italy. 
  • Other stores based in Europe, Africa, North and South America.
  • In 2020, Prada operated 633 owned stores and 26 franchised stores worldwide.

Promotion: Prada places a strong emphasis on innovation and originality, which they demonstrate through new designs, partnerships with other businesses, and the use of influencers/celebrities to raise brand awareness. The most intriguing collaboration was with an AI fictitious girl named Lil Miquela, who was featured on Prada's official Instagram page with her GIFs promoting their 'Fall 18 Show.' Prada is adept at making commercials from any public medium, including magazines, television, and social media. Colour, music, movement, or simply a 2D picture are all common features.




IMAGES USED (also saved on laptop)

PRADA. Candy Night EDP 80 ml [Image]. Retrieved 29 October 2021, from https://www.prada.com/gb/en/women/fragrances/prada_candy/products.Candy_Night_EDP_80_ml.1A1106_2HDU_F0Z99_P_ML080.html.

PRADA. Prada Symbole sunglasses [Image]. Retrieved 29 October 2021, from https://www.prada.com/gb/en/women/sunglasses/geometrical/products.Prada_Symbole_sunglasses.SPR16W_E1AB_F05D1_C_053.html.

Browns. (2021). PRADA Black Identity Leather Shoulder Bag [Image]. Retrieved 29 October 2021, from https://www.brownsfashion.com/uk/shopping/prada-black-identity-leather-shoulder-bag-16054271.

Prada Group. (2019). “DOUBLE EXPOSURE” , PRADA SPRING/SUMMER 2019 WOMENSWEAR AND MENSWEAR ADVERTISING CAMPAIGN [Image]. Retrieved 29 October 2021, from https://www.pradagroup.com/en/news-media/news-section/double-exposure-womenswear-menswear-advertising-campaign-19.html.

PRADA GETS ITS FLOWERS FOR RESORT 2020 CAMPAIGN. Fashion Gone Rogue. (2019). Retrieved 29 October 2021, from https://www.fashiongonerogue.com/prada-resort-2020-campaign/.

PRADA. Drill hat [Image]. Retrieved 29 October 2021, from https://www.prada.com/gb/en/men/accessories/hats_and_gloves/products.Drill_hat.2HC250_2DXI_F0002.html.

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