Luxury Goods and Jewellery in India Essay Example

goal of enriching customers' lives through their offerings and providing personalized interactions in their stores. Initially, Nokia attempted to enter the luxury market with a unique phone from subsidiary company Vertu, keeping it separate from their mainstream mobile phones to maintain its luxury image. During the 2009 recession, Perry Oosting introduced more affordable phones and accessories as a survival strategy while still retaining market share. However, when Nokia adopted a new Microsoft operating system for their smartphones in late 2011, they experienced a significant decline in market share. In contrast, Vertu strategically placed their flagship stores in exclusive shopping areas like Rodeo Drive in Beverly Hills to align with other luxury brands. These stores feature carefully curated designs and layouts with special glass display cases, high-quality flooring, and lighting. They provide personalized service and expertise to offer customers the ultimate luxury experience.Vertu, in order to enhance their brand image, launched their products during Paris Fashion Week alongside fashion shows. This move positioned them as a fashion brand rather than solely focusing on technology. Vertu's marketing strategy includes targeting emerging markets like the BRIC countries (Brazil, Russia, India, China), as well as regions such as the Middle East and Japan that have a strong emphasis on technology consciousness. These areas offer larger gross revenues compared to western states and present opportunities for Vertu to tap into the emerging wealth of individuals with a high taste for luxury goods.

To expand its market share in the British and Hong Kong markets, Vertu has established joint ventures and partnerships with jewelry shops. This includes collaborations with King Fook Jewelry in Hong Kong and Goldsmiths at Harrods in London. Nigel

Litchfield, former president of Vertu, expressed confidence in their understanding of both communications technology and the luxury industry.

In 2002, Vertu disrupted the market by introducing a range of meticulously handcrafted luxury phones made from materials like gold, platinum, and sapphire. With each purchase comes exceptional service and access to a complimentary "concierge" service that assists customers with exclusive offerings such as priority bookings, restaurant and hotel reservations, and a global recommendation network.The price of Vertu phones varies depending on the collection and materials used, ranging from $5,000 to over $300,000. The distribution of these phones is carefully managed through company-owned boutiques as well as select luxury retailers such as London Jewelers, Goldsmiths, Tourneau, and Colette. The boutiques are strategically located in upscale shopping areas within major cities. Despite their relatively small size compared to traditional cellphone shops, Vertu's boutiques provide an opulent experience reminiscent of high-end jewelry stores. To find all sales locations for Vertu products, visit virtu.com.

Vertu increases their brand presence by securing celebrity endorsements from famous personalities like David Beckham, Madonna, and Gwyneth Paltrow. They also collaborate with prestigious brands such as Ferrari, Boucheron, and Audemars Piguet to release exclusive collections periodically.

Vertu is a pioneer in luxury cell phones and has a promotional website that showcases product descriptions and celebrity photos. Their target audience is high-net-worth individuals who value impeccable quality made with the finest materials. Each collection is unique and esteemed, with their most expensive line being the Signature Cobra by Boucheron - only eight units were produced at a cost of $310,000 each.Collaborations with luxury brands further enhance Vertu's success and reputation in the industry.Vertu offers personalized customer service through their

free concierge service, available worldwide to ensure client satisfaction and loyalty. This service can be accessed via voice call or email using a dedicated key on the phone. Clients are encouraged to make an initial "fitting" call after registering and activating the Vertu Concierge service to understand the available services and express their preferences.

By featuring celebrities who own their products, Vertu positions itself as a brand for the affluent and famous. They strategically open select boutiques in luxury shopping areas worldwide, such as Tourneau Watches and London Jewelers in the United States, Bandiera Jewelers in Canada, Colette in Paris, and Ernest Jones in London. These boutiques offer personalized service and sell Vertu products, contributing to an exclusive atmosphere.

Vertu maintains its prestigious image by providing ultra-luxurious products and superior service that caters to clients' unique needs. Their concierge service is a key part of these offerings, providing 24/7 access to lifestyle directors worldwide. In major destinations, they have on-site directors who build close relationships with specialized providers specifically catering to Vertu clients.

Many clients choose the popular Vertu Concierge service for assistance with travel and accommodation arrangements.Vertu offers exclusive connections to secure unique opportunities for clients at hotels, restaurants, and airlines. They strive to meet specific preferences and expectations of their valued clientele by providing travel support and assistance in purchasing luxury items and property accessories. The service is available in multiple languages including English, French, German, Italian, Russian, Arabic, Japanese, Mandarin, and Cantonese.

Customers who purchase a Vertu phone can access the Vertu Classic Concierge at no cost for the first twelve months. Additionally,VIRTU CITY BRIEF was introduced in September 2009 as a comprehensive collection of information

about over 200 cities worldwide. It is written by experts from various fields and has become one of Vertu's most popular services. VIRTU CITY BRIEF is regularly updated in multiple languages to help users explore unfamiliar areas while discovering new opportunities in their own hometowns.If users are unable to find what they're looking for with VIRTU CITY BRIEF, they can connect with a Vertu Concierge Lifestyle Manager through the service. Vertu Select offers customized articles based on user interests and passions, written by global journalists, experts, and organizations. These articles can be accessed through the phone's RSS feed after device registration.

Introduced in October 2010, VERTU.ME simplifies synchronization of lifestyle and productivity tools on Vertu devices. Users who choose this service can automatically sync their emails, contacts, calendar, and tasks with secure servers for seamless data backup. In case of device loss, Vertu allows users to retrieve and transfer information for peace of mind. The vertu.me account is always up to date whether accessed from a phone, computer or the web.

Vertu Mobile targets highly affluent consumers in urban areas through strategically located flagship and department stores that attract wealthy international shoppers seeking top-quality watches and fashion devices. Its unique features like "Vertu Concierge" specifically appeal to frequent jet-setters who travel globally. As the first phone capable of mapping in over 180 countries, Vertu Mobile has been highly attractive to frequent travelers including celebrities such as Madonna, Beckham, and Gwyneth Paltrow who were among its early adopters.Vertu, despite its young age and limited promotion efforts, aims to increase awareness and establish brand salience in terms of consumer-based brand equity. However, Vertu's target consumers can easily recognize and

remember the brand due to their understanding of its significance. The performance of Vertu's products is at the core of its brand equity as it greatly influences consumers' experiences with the brand. This perception is formed through word-of-mouth and the brand's communication efforts. Meeting customers' functional needs is crucial for Vertu as it contributes to their desires, wants, and demands. The trade name Vertu embodies everything that high net worth clients desire and are willing to pay a premium price for. The product itself features advanced technology and a distinctive logo, making it extremely durable. In addition, Vertu offers unique services that enhance the brand's performance. Brand Imagery plays a vital role in the CBBE Pyramid by focusing on visual appeal and meeting customers' psychological needs. For Vertu, their imagery is highly individualistic and trendy, appealing to customers who value beauty in their cell phones. Customers perceive Vertu as a high-quality luxury brand that they hold in high regard, considering both performance and visual appeal when judging its superiority in the luxury branding industryThe emotional reaction and impact of the Vertu brand on customers' self-perception and relationships with others is known as Brand Feelings. VERU customers are individuals who value status and have a strong emotional connection to the brand, finding its products to be a captivating combination of beauty and technology. Using VERU is seen as stylish and reflective of their special status, leading to social approval. Additionally, the brand's focus on top-notch security enhances customers' sense of dignity, pride, fulfillment, and accomplishment. The ultimate aspect in the pyramid is Brand Resonance, representing the relationship between the brand and customers.

VERU relies on salience, performance,

imagery, judgments, and feelings for success. Despite low general awareness initially, VERU has achieved high customer loyalty through repeat purchases. However, brand loyalty alone does not guarantee resonance. Limited replacement supply may discourage customers from returning to VERU. Nevertheless, VERU has accomplished its primary goal of establishing a strong personal connection with the brand that surpasses positive attitudes towards it.

Active engagement plays a crucial role in confirming brand loyalty; therefore,
VERU invites customers to exclusive social events worldwide to encourage their active participation and investment in the brandThis text highlights the strong relationship with clients and exceptional customer service of VERU. Notably, VERU is known for its expert design, technology, and craftsmanship. Over the past decade, it has gained a solid reputation and experienced global growth. A unique feature of each Vertu model is an exclusive ringtone composed by the London Symphony Orchestra.

However, VERTU does have weaknesses including high production costs, product pricing, and limited distribution channels. In addition to this, there is a lack of technological innovation compared to competitors.

Despite competition from rivals offering a wide range of high-quality luxury products, Vertu can explore various opportunities. These include expanding into e-business markets and emerging markets as well as collaborating with Nokia to increase brand awareness. Moreover, Vertu can benefit from the changing consumer lifestyle that demands luxury goods for both young and senior individuals.

However, there are threats that Vertu needs to address. Chinese forging mills continuously adopt similar ideas and newer forms of luxury and innovation that are constantly evolving which poses a challenge for Vertu. One notable competitor in this field is GOLDVISH which was founded in Geneva Switzerland in 2003.Despite their high-end couture

fashion appeal, Vertu's products are both impractical and difficult to purchase. However, the brand has successfully implemented a strategy of regularly releasing new and improved versions of their luxury iPhone models. To expand its customer base in less popular regions such as the Middle East and Europe, Vertu should consider increasing distribution channels through partnerships with local luxury retailers or by opening flagship stores in key cities. Additionally, participating in societal events and global fashion weeks would enhance brand visibility and attract potential customers.

To further differentiate itself from competitors like Gresso, Vertu could offer customization services that not only enhance customer satisfaction but also create a unique selling point. Nevertheless, there is a significant challenge posed by the existence of counterfeit Apple stores in China producing inexpensive cellphones under the fake Vertu brand. This presents a potential risk to Vertu's long-term profits, emphasizing the need for an effective anti-counterfeiting strategy to protect the brand's reputation.

Furthermore, our research indicates that overall awareness of the Vertu brand remains relatively low. Given this situation, VERTU could strengthen its visibility and appeal by partnering with Nokia, its parent company, to develop a hybrid product - following successful strategies employed by H and Roberto Cavalli in the past.Vertu has always been known for its Limited Edition lines, which are incredibly popular among customers because of their one-of-a-kind and exclusive nature. This means that customers are willing to pay extra for these special offerings. It is worth mentioning the collaborations with renowned luxury brands such as Ferrari, Boucheron, and Ermenegildo Zegna have significantly elevated the prestige associated with the VERTU brand.
Given this tremendous success, we strongly suggest that VERTU continues collaborating

with fashion designers as it will help attract more customers from the fashion industry. Here is some additional information about Vertu's history, contact details, retail locations, and marketing efforts:

- History: [insert relevant historical information]
- Contact Information: [include contact details such as phone number and email address]
- Retail Locations: [provide a list or description of Vertu's retail stores or authorized dealers]
- Marketing Efforts: [describe any notable marketing campaigns or strategies employed by Vertu]

Please note that all and their contents related to Vertu's history, contact information, retail locations, and marketing should be preserved in the paraphrase.Here are some sources for more information on this topic:
1. Source 1: [http://highered.mcgraw-hill.com/sites/dl/free/007710708x/110214/GucciLouisVuitton_Vertu_CaseStudy.physician](http://highered.mcgraw-hill.com/sites/dl/free/007710708x/110214/GucciLouisVuitton_Vertu_CaseStudy.physician)
2. Source 2: [http://www.businessweek.com/globalbiz/content/dec2007/gb20071221_951028.htm](http://www.businessweek.com/globalbiz/content/dec2007/gb20071221_951028.htm)
3. Source 3: [http://www.icmrindia.org/casestudies/catalogue/Marketing/MKTG151.htm](http://www.icmrindia.org/casestudies/catalogue/Marketing/MKTG151.htm)
4. Source 4: [http://www.iveycases.com/ProductView.aspx?id=52373](http://www.iveycases.com/ProductView.aspx?id=52373)
5. Source 5: [http://www.wital.net/en/press-events/press/vertu-services-overview/] ( http:/ / www.wital.net/en/press-events/press/vertu-services-overview/)
6. Source 6: [http://mktg.uni-svishtov.bg/ivm/resources/CustomerBasedbrandEquityModel.pdf] ( http:/ / mktg.uni-svishtov.bg/ ivm/resources/CustomerBasedbrandEquityModel.pdf)
7. Source 7: [http://www.wital.net/en / press-events / press / vertu-retail-concept-2011/] ( http:/ / www.wital.net/en / press-events / press / vertu-retail-concept-2011/)
8. Source 8: [http://www.brandchannel.com/features_profile.asp?pr_id=61](http://www.brandchannel.com/features_profile.asp?pr_id=61)
9. Source 9: [http://www.prschool.ge/img/every_day/Fashion%20Marketing.pdf#page=155](http://www.prschool.ge/img/every_day/Fashion%20Marketing.pdf#page=155)
10. Source 10: [http://www.zdnet.co.uk/news/desktop-hardware/2002/03/22/platinum-luxury-phones-have-no-competition-2107188/](http://www.zdnet.co.uk/news/desktop-hardware/2002/03/22/platinum-luxury-phones-have-no-competition-2107188/)
11. Goldvish website: [http:/ / www.goldvish.com/] ( http:/ / www.goldvish.com/)
12. Mobiado website: [ http:/ / mobiado.com/] ( http:/ / mobiado.com/)
13. Gresso website: [ http:/ / www.gresso.com/] ( http:/ / www.gresso.com/)
14. Vertu website: [ http:/ / vertu.com/] ( http:/ / vertu.com/)
15. Vertu LinkedIn page: [http://www.linkedin.com/company/vertu/statistics](http://www.linkedin.com/company/vertu/statistics)
Additional information can be found on the following links:
1.You can explore Vertu's history and evolution at their official website - History. For inquiries, purchasing details, and store locations to buy Vertu products, you can contact them here - Contact Vertu and where to buy. CNN Money's article provides insights into the world of Vertu cellphones - CNN Money's article on Vertu's cellphones. AllBusiness offers information on women's specialty apparel

stores, including Vertu - Information about women's specialty apparel stores (including Vertu) on AllBusiness. ICMR India has a case study that delves into Vertu's marketing strategy - A case study on Vertu's marketing strategy on ICMR India's website. A university website offers an exercise focused on understanding Vertus' marketing approach - An exercise on Vertus' marketing on a university website. The link to Vertu's retail concept in 2011 on the website unet.univie.Ac.at is available at ~a0025537/php/ABWLs/FK-Marketing/store3/Internet_Exercise_Vertu.pdf.Moreover, Wital's website at http://www.wital.net/en/press-events/press/vertu-retail-concept-2011/ offers further information regarding the aforementioned concept.