Luxury Fashion Brand Comparison

Introduction

In this report I have discussed marketing tools and theories to understand Market Segmentation while making comparative analysis between two large fashion brands- Dior and Prada. Both of these brands belong to the luxury fashion category. Dior and Prada are globally renowned fashion brands in the fashion industry that majorly deals with the high end customer end. PESTEL, 7Ps, and STP model have been used in this study for better articulation of gained information.

Discussion

I have performed secondary research and secondary resources like official websites, journals, and reports have been used in this study. These resources have been packed with efficient and valid information. To conduct this research, several marketing theories and tools have been applied. Thus I have to study PESTEL framework, 7Ps, and Segmentation-Targeting-Positioning model in detail. In the group assignment, we had to make a presentation. In that group-based assessment, I had to present Market Segmentation between these two brands along with other theories. I could have done it another way if I had presented more data-driven information, charts and figures, then this report would become more interesting. These two fashion brands have endeavoured into luxurious men’s, women’s, and kid’s fashion. Apart from garments and apparel, these brands have undertaken fragrance, skin-care, shoes, bags to personal hygiene under one roof.

PESTEL framework

To analyse the external environment of a business, validation of external element are essential. To perform the study, PESTEL is an essential strategic tool (SHTAL et al. 2018).

Segmentation-Targeting-Positioning model

In general, Segmentation, Targeting, and Positioning are considered as fundamental steps for entering a new market or targeting the existing customers with new products (Market Segmentation in the Fashion Industry | 440 Industries, 2020). I come to know that Demographic, Psychographic, Geographic, and Behavioural are the major types of segmentation. Both of these brands belong to luxury fashion and ethnicity as well as quality standards of these products, have made the prices quite higher than other fashion brands.

7Ps

Product, Place, Price, Promotion, people, Processes, and Physical evidences are those seven metrics of 7Ps model. This marketing mix aids to comprehend that both of these fashion brands have become popular name among other fashion brands with its innovative product designs, fabric materials, resourceful professionals, networking across the globe, and mostly legacy of over 70 years in the fashion world (Zhuangbin and Haixia, 2019). Adoption of new cutting edge technology in its framework has helped these brands to do better sales and marketing of products. Christian Dior started this company it France and Prada opened its outlet in Italy (Al Amin and Islam, 2017). Demographical positioning has been helpful to both brands (SHTAL et al, 2018).

Conclusion

After studying the overall scenario and practicing comparative analysis between these eminent luxury fashion brands Prada and Dior, I have understood that strategic marketing framework have aided them to hold its brand value. Product quality, long legacy in luxury fashion, and innovativeness have made both these brands competent with each other. I interpret that Prada and Dior products project similar images to the consumer mind.

References

Al Amin, M. and Islam, M., 2017. Factors leading to Market Segmentation of fashion house business based on customer behavior: Evidence from Bangladeshi Fashion Industry. International Journal of Business and Technopreneurship, 7(3), pp.251-272.

SHTAL, T.V., BURIAK, M.M., AMIRBEKULY, Y., UKUBASSOVA, G.S., KASKIN, T.T. and TOIBOLDINOVA, Z.G., 2018. Methods of analysis of the external environment of business activities. Revista ESPACIOS, 39(12).

Zhuangbin, P. and Haixia, Z., 2019. Research on the Communication Effectiveness of Weibo for Luxury Brand: Take the Dior and Gucci Official Weibo Accounts as Example. Advertising Panorama, (3), p.5.