Experience shows that customers expect to pay more for a branded product than for an unbranded products.
Branding helps both organisations advertise really easily as they are both recognised worldwide with a good status
Ans off
This helps them to see what’s new in the market and they will try to produce a better product than their competitors and stay in the market.
More than any other globally recognised luxury-goods company, Prada has preferred to experiment and renew, to push at the boundaries of fashion and anything else it touches, from fragrance to yachts.
Strengths
- High prices
- Brand loyalty
- High quality products
Weakness
- High prices
- Availability of their products
Prada can have more options for diversification than Santander as Prada can produce different products with different designs etc. Santander would only be able to come up with different services which are more likely to be similar to its competitors.
Customer Relationship Management
It is generally accepted that is costs between 5 and 7 times more to win new customers rather than keeping old ones.
Santander acquires customers by their advertisements. They will try to the best of their ability to show what they have to offer their customers and what benefits they will get once they open a bank account with them. “Special Offer! £100 cashback and 5% AER (fixed) when you switch using our dedicated Switching Service and pay at least £1,000 into your new account each month.”
For Santander to retain its customers, they will need their customers to have trust in them and for them to extend they should encourage customers to put in more money and they will earn something back.
In order for Santander to deliver more value to customers, it has set up an extensive training program to support staff and equip their employees with the skills they need to submit with their front-desk roles.
Prada acquires customers by advertising on the high streets. They will try to make their advertisements eye catching and very attractive to get you to find out more about the product and maybe visiting one of their stores to check the new product they have launched out.
For Prada to retain its customers, it would want their customers to have trust in what they make and to do this they will try to achieve it by proving it through their products.
Prada consumers expect:
- High Quality
- Class and wealth
- Luxury
- Prestige
- Social Rank
D1: I will be evaluating the effectiveness of the 3 marketing techniques for Prada with my opinion on how I think they are effective.
Branding
Branding is very effective for Prada as it has helped it reach the top of the luxury brands market. Its company goals are, ‘to be a leading fashion label and sell high end products worldwide’ and ‘to make Prada products not only a brand but a piece of art.’
Prada has been a leading luxury brand for several decades and consistently offers some of the finest designer handbags and designer accessories. No matter what type of luxury products you're searching for, you will find what you're looking for in the Prada collection.
Ans off
Having Ans off lets them look closer at their company and their competitors and see what’s new in the market by also looking at customer needs. After gathering all the information needed it then helps them set targets on what to achieve and how to produce a better product. It will have to look at the current market, product development, new market and then diversification.
Customer Relationship Management
Prada’s opportunities are to expand the product line by acquiring other labels. The expansion will get the company more customers and that means more profit. Prada gets more customers through their products when they are meeting customer needs. By doing this, they will keep their existing customers as well as, gain new customers.
Prada are now personalising customer experience at New York Epicenter store using Texas Instruments Radio Frequency Identification RFid. it identifies products, devices and staff. The technology creates a all-in-one shopping experience designed to enhance customer relationships. This is helping Prada to have better communication skills with its customers.
