Thought of sharing one of my assignments, actually it was written in haste, cramming due to conflicts with work. Anyway, here is my analysis and comments on marketing mix of luxury watches. (4P's)
Brand Chosen: Bvlgari
Background:
Bvlgari established its first jewellery shop in 1884, known for setting the pace of Italian style in jewellery. Then later on it has branched out into creating luxury watches in 1977. To date, Bvlgari is among the top preferred choices for luxury watches worldwide.
Target Market:
Bvlgari’s brand value is high as they have built a strong name with their elegant watches with contemporary designs. Accesorized with their own Bvlgari jeweller heritage on some of their watches, I believe it’s a plus factor and an eye candy for the women market. Their steel watches are also a favourite among the men. In general, Bvlgari targets people from the extreme high-end market, the watch collector hobbyist, those who appreciates quality and design and can afford a premium cost for a watch.
Product Mix for Watches:
Their watch product line is a good mix for the discerning eye suiting different preferences.
High Jewelry Watches – overloads of gems, mostly the diamonds, and some with red and green gems.
Collections Watches – the more popular ones are the following:
- Bvlgari-Bvlgari (contemporary, cylindrical)
- Assioma/Assioma D (quadrangular, minimalistic)
- Rettangolo (geometrical lines)
- Ergon/Diagono/Calibrio (sporty and free-spirited)
- Cerchi (colored constellation gems)
- Lucea (bracelet style)
- Parenthesi (parenthesi sign and diamonds)
From the descriptions in their website, the categories are clear cut on what to expect and which to choose in accordance to one’s own taste. A prospect buyer would find it easy to spot one.
The watches for women are very appealing, as they were able to combine their jeweller craft into the watch designs, like the bracelet style with dangling hook chains, goes well with elegant formal wear.
The watches for men on the other hand have a strong , unique and clean finish, whether it’s the sporty type or the executive type.
Material wise, they are able to explore steel, rubber, leather straps. It has something to offer for each individual taste.
Price:
Price of Bvlgari watches ranges from a minimum 1,500USD and can go as high as 100,000USD. It’s a usual practice among any luxury products to launch limited edition series, of which people go crazy about having one, Bvlgari included. The price range shoots up high unbounded. An example is their Bvlgari Assioma D Line designer collection which boasts of a hefty 20,000-100,000USD.
Promotion:
Bvlgari’s Website
With the emerging dotcom world, a decent website is a must. A website speaks much of a brand, and an audience can clearly identify what image a certain product is trying to convey. And definitely Bvlgari successfully hits the bull’s eye. Among the five watch websites that I browse through while choosing a brand for this project, Bvlgari is definitely the most appealing. It’s the only site I came across that offers a 360degree view of the watch, the watch rotates slowly and shows you a view from the front, the side, and the back view (what is engraved). And there’s even an icon for you to ‘play’ with the watches, check under the Collections category. You can drag and tilt the watch whichever way you like as if you’re actually holding it, virtually enticing. Each watch model also has a detailed description of the material, the design, what it suits, which gives a very clear understanding of the product. The adornment of the precious gems adds more attraction. It’s more than a watch, it’s an addiction.
There’s one thing I’m curious though, they spelled their website as www.bulgari.com, which is not the spelling of their brand. Though the pronunciation is indeed ‘Bulgari’, I just feel that it’s quite more logical to stick to the correct spelling, rather than create confusion, or maybe their marketing arm has a valid explanation for such.
Whole Bvlgari Product Line
Bvlgari is a brand that carries other products aside from watches, obviously the jewels where it started, then they also have fragrances, bags, ties, eyewears. For people who are die hard Bvlgari fans or those who are particular about consistency, having one Bvlgari product would influence the purchase of the other. Like for example, if I have a Bvlgari necklace, I might as well consider buying a Bvlgari watch, like wearing both to achieve perfect harmony. Thus with Bvlgari having a wide variety of products, it is fairly possible that one product can boost the sales of the other.
Celebrity Endorsers
Popular product endorsers also help in promoting world recognition for a brand like Bvlgari. Below are some articles taken from the internet which further proves the success of Bvlgari in this aspect:
Bvlgari watches have always been associated with celebrities with watch forums discussing which high profile personality is wearing the latest Bvlgari watch. Some of the best known actresses like Audrey Hepburn, Ava Gardner, etc. wore Bvlgari watches as their favorites, making the Bvlgari name synonymous with fine taste and style
One of the most desirable American bachelors and one of the most sexual men on the planet, Ben Affleck chooses the watch that proves to be a combination of elegancy and quality. He wears the steel watch BVLGARI.
Asian endorsers are not left behind. Korean Actress Kim Tae Hee of Love Story in Harvard, also voted to be one of the most beautiful in Korea, was presented with the limited edition Bvlgari Carbon Gold watch during her visit to the new Bulgari store in HK. This watch was also presented to other acting luminaries such as Leonardo Di Caprio, Johnny Depp and Cate Blanchette, as well as other Hollywood celebrities like Martin Scorsese, in honour of their outstanding talent.
Distribution
Bvlgari has strong presence in almost all parts of the world, with boutiques and authorized dealers in 65 countries. Their website bulgari.com also caters for online purchases 24by7, making orders convenient at hand’s reach. A prospect buyer can just put orders online and key in his credit card and shipping details. They also have 24by7 customer service hotline, whether it’s for servicing or for placing orders.
Positioning
Bvlgari has positioned itself to be a premium watch with classy contemporary designs and made of quality materials, a high-valued collector’s item, a de facto standard of the rich and famous, celebrities included. They differentiated themselves as having a strong and rich history sprouting from their jeweller legacy and classic watch design masterpieces, of which commands respect and pricing standard for their watches.
Pictures updated.
P.S. I'm not a big fan of watches, I treat them as necessity rather than a piece of luxury item to flaunt. I dont remember buying watches, most of what I have are just gifts from family or hand-me downs hehe. Don't worry I do appreciate watches as gifts, but oh if it's worth over thousand dollars, hmm maybe cash is good. :p
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