GRAFF DIAMONDS

Graff Diamonds In Brazil

Executive Summery

Luxury product's marketing is an entirely a different field. Many factors are there which contributes in the success of a luxury brand. In this report a luxury product was selected for the purpose of geographical diversification. Graff diamond is a well known brand name founded by the Laurence Graff in 1960. This brand is a luxury brand and all of its products are very luxury. Graff has mainly two product i.e. jewellery and watches. The two main division of the company are retailing and procurement & mining. The reason why Brazil is selected for opening a new retail store is that Brazil is a growing economy and country is also expecting a boost in economy as the next upcoming Olympic will be organized. Before opening this new store of Graff Diamond a marketing plan is made which includes the market segmentation, target market, marketing mix, PEST analysis and SWOT analysis. An event is decided to organize for the purpose of launching a new luxury product, as this is a part of the marketing plan. Invitation card for the event is also enclosed. Affiliation and endorsement programs will help in increasing the brand awareness. As this is a luxury product therefore marketing channels will be selected very carefully. Some financial figures of Brazil and Graff Diamond Company are present in the appendix.

Graff Diamond in Sao Paul

Introduction

Luxury brands are those brands which are not considered as the essential part of life. Since this is an open secret that luxury products have very special or an already a segmented market, therefore it is very crucial task to target the top level or top class segment of any society. According to the theory of Maslow's hierarchy of need, the basic need of a human being is food, shelter etc. when this need is fulfilled properly then a person needs security that is out safety need. From this theory it is proved that luxuries are for those who have fulfilled basic need and safety need. Luxury product is fall in that category of product which gives much more value at more cost and this strategy is viable. As we know that a product is always related with the value, if a product is offering you the high value in compassion with its competitors then it may ask a high price for offering high value in its product. By looking at this it is found that there are five viable strategies (Atwal & Williams, 2009, 338-346) .

The definition of luxury product is not certain; many researchers have defined it in a different way. Some says that a luxury product is the one which give a pleasure to have it, some says that it is a product which gives a sense of belonging or pride by having it. A luxury product becomes luxury on several bases; it can be because of uniqueness, because of its design, because of its performance, durability or quality design (Kapferer & Basien, ...