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Business

In the News

Prada Changes its Marketing Mix

Jim Riley

28th August 2016

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?

Jim Riley

Jim co-founded tutor2u alongside his twin brother Geoff! Jim is a well-known Business writer and presenter as well as being one of the UK's leading educational technology entrepreneurs.

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