In the News
Prada Changes its Marketing Mix
A topical example here of a necessary change in the marketing mix to support a new marketing strategy.
The BBC reports that Prada wants to target a younger audience and connect with them online rather than continue with a strategy of open physical stores.
So Prada management have been "reviewing prices, product variety and online marketing to appeal to more customers".
Prada's global sales have stalled at around €3.1bn in each of the last three financial years and most recently have fallen by 15% in the last six months. This has been partly due to a downturn in demand from China and Italy.
Rival luxury brand Burberry has successfully repositioned itself with a lower-priced product range to appeal to new customers.
Can Prada do the same?