THE NATURE OF THE LUXURY BRAND
- Cartier was founded in the year 1846 in Paris by Louis-Francois Cartier.
- Cartier is one of the oldest jewellers in the world, it caters to various royalties in Europe including big celebrities and stars.
- It holds a reputation for branding the finest quality of jewellery and accessories.
- Today, because of its impressive history, the Cartier luxury watch has established for itself a legendary brand image of a true master watchmaker in the whole world (Cartier 2010).
- The brand is proud of its technical excellence and upholds its reputation as a master throughout the world.
- Based on the Cartier brand's history, the nature of this particular luxury brand is "classic" mixed with traditional designs combined with the latest innovative trends in both jewellery and watch making industries (O'Neill media 2006).
- Debouvier, A (2010) shares the same opinion by stating that the nature of Cartier as a Luxury brand is basically a "luxurious", "exquisite", and "one-of-kind" life wherein even an amateur and a not-so-well-known person's image will be uplifted when he or she is seen by people wearing this particular luxury brand.
THE NATURE OF THE BRAND'S TARGET CONSUMERS
- Cartier is a well-known luxury brand and being considered a "luxury brand" by itself, connotes a certain feel of exclusivity, excellent quality, high-level precision and outstanding craftsmanship which makes its target consumers only a small and niche-type of population. (Okonkwo, U 2010)
- Cartier's main target consumers belong to the luxury sector of the market who are individuals classified at the top-end spectrum of wealth and social economic status. These so-called "elites" are known to spend heavily on authentic and famous luxury brands to further enhance their image and position in the society (Okonkwo, U 2010)
- The Cartier brand's target consumers are also known for their "price insensitivity". (Okonkwo, U 2010).
- According to Okonkwo, U (2010) what is interesting about the Cartier brand is its strong brand image which has managed to create the highest form of command and craftsmanship which in the minds of its target consumers, set a strong calling and demand to remain loyal to the brand.
- Although considerably small in terms of numbers, the Cartier brand's target consumers are heavy spenders who, from time to time, update their fashion items for a more innovative and up-to-date look. This target market is also known as the society's trendsetters. (Okonkwo, U 2010)
- In simple terms, Cartier's target market are loyalists, who may be trendsetters in other luxurious items that they buy, but when it comes to Cartier, remains loyal and is not affected by any new trends in the market.
- "Price insensitivity"-Because they have acquired more than enough wealth for their entire lifetime, they choose to lavishly spend it for clothes, accessories, shoes and other luxury items that they do not necessarily need.
- Cartier's brand promise is so strong it can manage to sell an average of 20,000 for a single item in its wide range of product portfolio.
- Another brand promise that sets Cartier apart from other luxury brands is its prestige which comes from its rich heritage and tradition over the years.
- This promise is none other than an outstanding craftsmanship, excellent quality, high-level precision and the unwavering promise of "exclusivity" which the consumers find to be the most attractive traits of the Cartier brand (Okonkwo, U 2010).
- In summary, the main essence of the Cartier luxury brand only revolves around three main aspects of the brand which are the following:
THE BRAND PROMISE
THE BRAND ESSENCE
- Outstanding Craftsmanship and Excellent Quality
- Exclusivity and Prestige
- Heritage and Tradition
THE BRAND PERSONALITY
- "Elegance and Perfection" perfectly captures the very personality of the Cartier luxury brand.
- Since the brand is known for its outstanding craftsmanship, it is considered to be a master led by perfection as its mantra in producing, creating and designing the most impeccable.
- Its classic and traditional design is timeless which defined for itself a very specific niche market of elite loyalists.
"Elegance and Perfection"-Its elegance comes from its prestigious, rich and distinctive history of excellence, catering only to the rich and famous elite characterized by a luxurious and elegant lifestyle.
THE POSITIONING OF THE BRAND
- The Cartier brand is strategically positioned in the market as an authentic luxury brand which are associated with special and distinct brand characteristics such as :
- Premium Pricing Innovation Creativity
- Excellent Quality Craftsmanship
These specific product characteristics, although appearing to be quite elusive, is what actually drives consumers to buy the Cartier brand as they are after a specific benefit which other luxury watch brands like Rolex could not offer (Okonkwo, U 2010).
- Moreover, the Cartier brand was successfully positioned as a luxury brand which offers a luxurious, prestigious and high-esteemed lifestyle for individuals who wear this brand.
- The consumers' reason to believe for this brand positioning is simply the rich heritage and tradition of Cartier being able to sell to the select few elites and members of the aristocracy centuries ago.
- This brand positioning for Cartier was an ideal one simply because it served as a constant reminder to their consumers that buying this watch brand makes them part of the "few and selected chosen ones" who are able to afford such an expensive watch.
- The Cartier brand managed to endure centuries after centuries of selling luxury brands of watches despite consistent threats of fast-increasing competition from other known brands such as Rolex, its closest rival in the watch making industry (Okonkwo, U 2010).
- The brand's jewellery is always finished to a very high standard and has been described as the most beautiful in the world.
- If you are looking for a brand which is prestigious, that must offer a rich heritage, outstanding craftsmanship, excellent quality and contemporary styling; one need not look beyond Cartier.
- There is no doubt that Cartier is the number one brand when it comes to selling the top-quality luxury watches or jewellery (Cartier 2010).
- O'Neill Media 2006, Brand history: Cartier, viewed 08 April 2010
- Debouvier, A 2010, Looking for a Cartier Santos Luxury Wrist Watch at the Best Price?, viewed 08 May 2010
- Okonkwo, U 2010, Redefining the luxury concept, viewed 23 April 2010
- Cartier 2010, Brand luxury watch, viewed 08 May 2010 http://www.cartier.com/en/jeweler-watchmaker/brand-luxury-watch#/en/jeweler-watchmaker/brand-luxury-watch