Chapter 7- Business Marketing

Versace has clearly evolve into business to business electronic commerce even having social media accounts to connect with alliance organization. 

Versace has a great success with their choice of strategic alliances like their strategic partnership with h&m for the "versace for h&m" which grossed a great amount. 

"Les pettis" for carrying their "young versace". Exposing their collection with the competition fendikids.

Versace derived demand is highly demanded overseas. 

Versace business to business online exchange is available at their website. Versace.com 

Chapter 8- Segmenting and Targeting

Versace target market is middle class young single to older married.

 

Targeting the young single through their new product " Young versace". Targeting married couple with kids clothing and accessories with there infant through 10 years old.

They took a good geographic segment approach to open up the "Young Versace" in India. At the biggest kids clothing store "les pettis". 

Creating the concentrated targeted strategy to evolve the new product     " Young Versace". It's own segment of versace in kids clothing. 

Chapter 11- Developing and Managing Products

Versace's new product is their kids clothing, "Young Versace".



Young versace is a luxury kids line that ranges from infants to 12 year olds. Versace's new product expanded their target market from infants (young versace) to 65 years old ( versace home collection). Also got versace in competition with the other luxury kids clothing like FendiKids, Baby Dior and others for the highest grossing consuming group " Tweens".















Versace tested their "Young Versace" in India. Entering their new product directly into the competition. On march 22, 2013,  entering into a Franchise agreement with Les Petits to sell its range in india. Les Petits is the first multi- brand luxury store for kids' apparel and furniture.

Chapter 16- promotional planning for competitive advantage

Versace is an interpersonal communication company connect ing with customers and potential customers face to face. 

But Versace does communicate in masses. Usually Internet and magazine ads on fashion website and magazines like Vogue and GQ as their channel. They currently don't have a televised commercial in promotion. Honestly has anyone seen a Versace commercial beside the collaboration they had with h&m? 

Versace is currently having promotion of their latest fragrance ".   "that's being promoted by the head fashion  all over Europe because Donatella is busy. Opening their first british designed boutique in Dubai. which also is a new country for Versace.

Chapter 10- product concepts

Versace is a shopping and special product. There are several product lines that creates the width of the product mix.

The product lines are men's and women fashion and accessories, eyewear, young Versace, Versace homes, carnitas accessories, fragrances, fine jewelry and watches with a good amount of depth in each product with price ranges to satisfy any middle class people.

Versace's service mark, the "medusa head" has trademark.

Versace uses persuasive labeling by placing logos on all their packages.

Chapter 18- Sales Promotion and Personal Selling

Versace has a consumer sales promotion targeting the ultimate consumer market. Versace targets their loyal customers , competitor's customer and the brand switchers from the high fashion brands like Chanel, Louis Vuitton and Prada which their current competitors.

Versace's tools of consumer sales promotion 

For the loyal customers, versace send them promo codes for 20- 35% off purchase. Promo codes are online coupons, but can be used in store with a  versace account. Also the loyal customer get personal invitations for before the sales and promotions. And offer loyal customer cardholder of versace shipping promo codes as well.

Versace's main focus is on loyal customers. They're doing a great job because just yesterday versace has made their predicted yearly income of 640 million so early in the year.

Ch. 17 - Advertising and Public Relations

Versace spend less on advertising because there big name in high fashion. Versace made a big impact in the fashion in the last 3 decades that they a lot deeply rooted consumers that spend less advertising and more quality on their products. But they currently getting institutional and product advertising from an Atlanta hip hop artist Trinidad James that's exposing versace to the minorities. Making stylish to the urban communities around the world.
    

Versace's major advertising media is mainly Magazines and the Internet. The Internet is clearly becoming the go to advertising media. So versace has made sure to update there website with latest website engines.

Ch. 15 - Retailing

Versace is an independent retailer brand that has a lot of speciality store all around the world. Their terms of service is high. I had a wonderful experience at their 5th avenue store. 

It was just how they describe it on online. Great service, a sales associate greeting and having shop around the store.

 Versace is also becoming a direct and ecommerce retailing with their online shop.  The iPhone being a popular smartphone and with the apps on smartphones is a go to for retailing to consumers.

Ch. 6 - Consumer Decision Making

Gianni versace said "That is the key of this collection, being yourself. Don't be into trends. Don't make fashion own you, but you decide what you are, what you want to express by the way you dress and the way to live." Also that his brand is stay young and sexy. He would target the internal stimulus of high middle class wives 

Ch. 5 - Developing a Global Vision

Versace started to globally expand in 1984. When started showing his collections all around the world. The collections exposed there brand across the world. Also Versace being the go to designer for a- list celebrities such Elton John and the costume designer for big Hollywood movies like "Judge Dredd " starting Sylvester Stallone. 

        




So in the 1990s , Versace started expanding boutiques all around the world. Versace now has 128 boutiques in 6 out of  the 7 continents in the world, adjusting the prices and promotion for boutiques in different areas. But only having 5 boutiques in their home country of Italy. 

Ch. 4 - The Marketing Environment

The Milan fashion powerhouse Versace is known to target the wealthy. High class citizens from all around the world. 

It's target market is mainly targeting women , men (mainly young adults) and as of now for the spring summer collection of '13 children. 

Creating the children line "Young Versace" will range Versace from infants to 65 years old. 

Which creates opportunity to connect with kids at an young age to become loyal customers in the future. Young versace supplys clothing and others to infants, tweens and teens. That's why the lines has been successful. Targeting the tweens, which is the kids and the parents at the same time. Which is a great alter to versace's marketing mix because kids fashion is becoming  way more popular nowadays. Social networks such as Facebook and Instagram having pages of fashion kids displaying good sense of style and fashion. Versace has open 4 "Young Versace" in Italy. Draw the youngster attention with the vivid and dreamy colors all around the boutique. A

Versace also altered their marketing mix in the jewelry. Manufacturing more branded jewlery with their iconic medusa head logo. Consumers are developing a taste for precious adornment that broadcast brands. According to ken gassman, president of the jewelry industry research institute, " branded jewelry sales will double to 30 percent of the 59.2 billion us fine jewelry market in the next decade". So Versace has a bright future in the jewelry market.

Ch. 3 - Ethics & Social Responsibility

Versace's ethical code is applied to everyone in its company. All staff and those who are indirectly with with them like suppliers and consumers. It's the managements duty to give practical applications to values and principles containing the ethical code. Versace's ethical code is to accept responsibility in relations internally and externally, seek to I force trust within the company and form an united group with great team spirit.

   

Versace is always updating their ethical code in order to adapt to changes in social concerns and of the laws.

Staff qualifications

Employees of versace are key elements of the existence of the business. Dedication and the professionalism of the staff are determining values and conditions in the achievements of management objectives. The managements develop the skills and capacities of each employees so that energy and creativity of each individual is able to excel in performance and achievements of the company objects. Versace's management offers the entire staff equal opportunities for professional growth. Also all versace employees will be required to dress to a professional standard whenever they're working. 

Eco- friendly 

Versace has gone Eco friendly on certain product. Versace Eco clothing is made of natural fabric materials that are non toxic and less polluting in their production. 

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Ch. 2 - Strategic Planning for Competitive Advantage -WI Students Begin Marketing Plan

Versace has recently revealed their spring 2013 collection at fashion week in Milan. 

Versace focused on their strengths at fashion week this spring collection. The production orientated brand continuing to use their bright and stand out colors. Also incorporating their infamous medusa logo more in gold. Gold is the latest fashion trend.

 One of Versace's best strategic planning was in 2011, when versace collaborated with the mass producing mid range retailing company h&m for a fall collection. They had a marketing mix. They had even exchange. H&M got to enhance their brand by having a collection designed by a top high end fashion company,Versace. Versace  received middle class customers. Not just the high class customers they advertise to.

Versace and h&m's four P's- ( product, place, promotion and pricing strategies)

Product-  The product was going to use both of their brands name. The product was a collection designed by Versace and the cloths, cuts and ??? We're from h&m. So the fashion high end looking clothing would be affordable.

Place- The distribution of the product was going to be sold at selected h&m stores. 

Promotion- Donatella Versace introduced her brand collaborating with h&m  at fashion week of 2011. Which was a big surprise because Versace previous denied collaborations with  mass producing company like h&m. Also it was the first it has been. This later on encouraged other high end fashion designers to collaborate with h&m and other mass companies.

Pricing - The pricing would slightly above h&m regular retail prices. Which was great deal getting Versace design clothing for that price.

Another time Versace used strategic planning with one of their SBU "Gianni versace spa". The newly chief executive officer Gina Giacometti ferraris, the former CEO of fashion house jil sander AG closed the 3 boutiques. Due to the environmental scanning of Japan. Japan was no longer one of the top imported of luxury goods anymore. Japan's market for imported goods fell 10% in 2009. From 1.09 trillion to 11.9 billions.

Ch. 1 - Overview of Marketing (Brief History and Mission Statement)

                                                                           The bright colors and loud designs, Versace is world wide known for its clothing being functional and still clearly displaying a fashion forward look. 

                                                       


        Versace spiritually started Gianni Versace's ( founder of versace) at Gianni mother's small tailor shop in Italy. Where Gianni learned to love manufacturing clothes and designs. In 1971, Gianni moved to Milan. There is where he got his big break. He  got to design his own collection for genny, complice and Callaghan. A top fashion house at the time.


 Later on  in 1978, versace opened up his first boutique in Milan's via Della spign with the help of his brother santo versace. Since then the brand versace has been a Italian high-end fashion powerhouse. 

          
Versace became a world wide powerhouse when Donatella versace ( Gianni's younger sister) became the head position of operate and management. Her great public relation skills gave versace the world wide recognition. She was the first person to use celebrities and famous model in their ads. Now she's  currently the head of the versace brand.



                
After the tragic death of her brother Gianni. He was murder in front of his Miami mansion in 1997. Since the brand has expanded beyond just tops and bottoms. They branched off in handbags, belts, fragrances, eye wear, jewelry and shoes. The brand is currently made up of several lines which include versace jeans couture,versace couture, versace home collection and versus and versace collection.