Bvlgari Marketing Strategy & Marketing Mix (4Ps)
Marketing Strategy of Bvlgari analyzes the brand with the marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion). There are several marketing strategies like product innovation, pricing approach, promotion planning etc. These business strategies, based on Bvlgari marketing mix, help the brand succeed in the market.
Bvlgari marketing strategy helps the brand/company to position itself competitively in the market and achieve its business goals & objectives.
Let us start the Bvlgari Marketing Strategy & Mix to understand its product, pricing, advertising & distribution strategies:
In this article:
Bvlgari Product Strategy:
The product strategy and mix in Bvlgari marketing strategy can be explained as follows:
Bvlgari is Italy’s leading luxury jeweller, which is renowned for making luxury watches and accessories. With the expertise in bold and innovative designs combined with large and weighty gold links, the brand’s products enjoy high demand and clientele. Bvlgari has carefully and cautiously expanded into new categories in its marketing mix strategy including leather goods (luxury bags and wallets), accessories, watches, fragrances and skincare. Their watch product line is a great mix catering to people with different preferences. They broadly have high jewellery watches-loaded with gems and diamonds and collection watches- which are more contemporary and modern looking. Few very popular products in the collection watches line include: Bvlgari Bvlgari (the contemporary, cylindrical watch), Diagono (the sporty and free spirited watch), Lvcea (a bracelet style), Serpenti( the classic oval watch resembling a serpent), Octo and Diva’s dream. Women range of watches are extremely appealing, as they combine intricacies of jewellery design with watchmaking. Men range of watches on the other hand have a much stronger and sharper finish whether it be the sporty or the business style. Furthermore, Bvlgari has expanded its business line with Bvlgari Hotels and Resorts. This new venture aims to be the leading luxury hospitality collection in the world. Its aim is to convey the excitement associated with the Bvlgari brand combined with the historic glamour and magnificence of Roman jewellery to the customer.
Image: flickr.com/photos/harry525/
Bvlgari Price/Pricing Strategy:
Below is the pricing strategy in Bvlgari marketing strategy:
Bvlgari is a luxury brand with its products having a premium pricing strategy in its marketing mix.
Being a high end consumer brand in the luxury segment, Bvlgari prices itself a notch higher than other premium brands in the market to demarcate its exclusivity of products. The prices of the fragrances aren’t as high when compared to the competitors, however jewellery and watches are priced at a premium. Price of Bvlgari watches is between $1,500 and $100,000. In sync with the usual practices of luxury watchmakers to launch limited edition series of watches, to heighten the popularity and create a buzz around the launch of a product, Bvlgari is known to launch limited edition watches and prices it at a premium.
Bvlgari Place & Distribution Strategy:
Following is the distribution strategy in the Bvlgari marketing mix:
Bvlgari has a distribution network of more than 300 stores, located in the luxury shopping areas worldwide. The biggest & most extravagant Bvlgari store in the world is in Tokyo. The Bvlgari hotels and resorts properties are located in the most prime luxury neighbourhoods in the city and feature some unique physical characteristics that set it apart.Presently the Bvlgari resorts are located in London, Milan, Bali, Osaka, Beijing and are expected to come up soon in Moscow, Shanghai and Dubai. The Bvlgari website caters to online purchases round the clock, adding an element of convenience to the customer shopping experience.
They have a dedicated customer service which caters to requests and complaints and treats them with utmost priority to provide the customer with an experience like none other.
Bvlgari Promotion & Advertising Strategy:
The promotional and advertising strategy in the Bvlgari marketing strategy is as follows:
Bvlgari is a top of the mind luxury brand with a strong presence worldwide. With more than a hundred years of expertise, Bvlgari has developed a number of masterpieces that inspire creativity for new designs. Bvlgari does not focus on reproducing archival pieces but instead builds upon them with the modern pieces of technology to enhance the comfort of wearing and differentiate itself in the market. Between 2009 and 2011, Bvlgari donated millions of dollars for children welfare, which benefitted more than 300,000 kids, trained 9000+ teachers and provided support to 200 schools. Bvlgari brand has been connected with high –profile celebrities. Some of the best known actresses like Audrey Hepburn, Ava Gardner, etc. have promoted Bvlgari watches as their favourites, making Bvlgari brand equal with fine taste and style. Hence this completes the marketing mix of Bvlgari.
About Bvlgari:
Established as a jewellery shop back in 1884, and known for setting the pace of Italian style in modern day jewellery, Bvlgari is one of the most preferred choices when it comes to luxury today. In the company’s native Italian, the word Bvlgari stands for “Bulgarians” or people of Bulgarian ascent.
Positioning itself as a premium luxury brand, focusing on high quality designs and contemporary materials, Bvlgari items are established as high value collector’s items, as a de facto of standard of the rich and famous with a rich history sprouting from the legacy of jewellery designs and classic masterpieces. Bvlgari’s brand value is high and the elegance quotient of its products top-notch, which make them internationally preferred alongside competitors.
This article has been researched & authored by the Content & Research Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.
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