For example, a competitor that is focused on reaching short-term financial goals might not be willing to spend much money responding to a competitive attack.
How to Write a Summary of an Article? Gucci is founded by Guccio Gucci in in Florence, Italy. The globalization of the fashion environment and boost in the western economies transform Gucci from a small Italian company in to large luxury fashion brand in global level.
In s, Gucci had lost Guccis closest competitor appeal and became a tacky brand and was also in deep financial crisis. And, Frida Giannini the new creative director of Gucci after Tom Ford changed the image of Gucci from sexy to sensuality.
There are two sides to a brand like Gucci: The marketing mix is set of marketing tools that the firm uses to pursue its marketing objectives in the target market. Basically brands use this Guccis closest competitor to attract their target consumer to match their needs and demands.
Out of these 4Ps product is main focused area of marketing mix because the product is combination of tangible and intangible offer that a brand sells to customer to make money. Product addresses the need of consumer. The product has to have the right features like: Mastering Fashion Marketing, Tim Jackson, As mentioned earlier that product is the main element of the marketing mix and in that product category footwear is the main focused area.
They change the way you walk, the way you move. The reason behind choosing this market is that the United Kingdom footwear market, the value of this market is reached a record high of over?
The reasons behind taking only these brands are these four brands are very popular in luxury market all over the world. So, through this table get the basic idea of the product wise comparison in these four brands. All the four brands have almost similar products but the personality is different.
Gucci is much more similar to Prada in terms of brand image and product comparison.
The brand image of Gucci and Prada is very seductive, powerful, accomplished, sexy and chic. Where as Chanel and Louis Vuitton have very smart, classic, sophisticated and mature personality. So, as comparing the brand value and rank of top brands Chanel will be the closest competitor of Gucci.
GucciPrada As, mentioned earlier in the product line Prada is the closest competitor of Gucci. The design of the product is similar, shape of the shoes is also similar, and material they used is also same. The cut detail of the outside counter of the shoes is also similar.
From the top view both the shoes look very similar The stitching detail is similar but Gucci gave dark color piping on the toe cap and gave same color stitching where as Prada gave contrast color stitching detailing which is quite noticeable.
The colors of these shoes are different Gucci used Bordeaux color in suede material which gives very dull look while Prada used same material in Red color which gives very bright and smart look.
Prada also gave a logo on side of the shoe whereas Gucci gave green, red and green color web stripe. The detailing on the tongue of the shoes is also different Gucci gave zig zag look on the edge which gave a rough look though its finished where Prada gave very finished look stitching which give very sophisticated look.
The lining of the both the shoes are also similar in terms of color and leather in sole logo. The color of the sole is also similar but detailing is different Gucci gave their own brand logo detailing on the rubber sole where as Prada used nice detailing on drive sole. Good design and color and with affordable price Prada is better than Gucci in this comparison.
In both the advertising campaign both the brand focused only on the product. In the display Gucci display bags and shoes together. In the display window Gucci only displayed their basic and classic bag and shoes. · Gucci's competitors are Louis Vuitton, Versace, Dolce and Gabbana, Chanel, Hugo Boss, Giorgio Armani, Emporio Armani, Marni, Lanvin, Chloe, Jean Paul Gaultier initiativeblog.com What is the product’s closest brand competitor?
Explain why you chose this brand rather than the competitor’s brand. How did the marketing for the product influence your purchase? A. NSWER. Paper Title: Think for a moment about the last product you purchased.
What was the product? What is the brand name of the product?initiativeblog.com · Hence, Prada is the closest competitor to Gucci by comparing them on brand communication like advertising, philanthropy and an attempt to standout in the terms of store designs.
REFERANCES: Aaker, D. (), Managing Brand Equity, The Free Press, New York, initiativeblog.com://initiativeblog.com Guccis Marketing Strategy.
Print Reference this. Published: 23rd March, Last Edited: 9th May, sophisticated target. Hence, Prada is the closest competitor to Gucci by comparing them on brand communication like advertising, philanthropy and an attempt to standout in the terms of store designs.
Strategic Management > Competitor Analysis. Competitor Analysis. In formulating business strategy, managers must consider the strategies of the firm's competitors. While in highly fragmented commodity industries the moves of any single competitor may be less important, in concentrated industries competitor analysis becomes a vital part of strategic initiativeblog.com Guccis Marketing Strategy Critically contrast the key elements of Gucci's marketing strategy to its closest competitor.
Justify why you have chosen this company as Gucci's closest competitor.