Harnessing Marketing, Sales, and Negotiation Tactics for Success: Bulgari

QHO423 Marketing, Sales and Negotiation skills
Harnessing Marketing, Sales, and Negotiation Tactics for Success: A Case Study of Bulgari
Word Count: 1660 Words
Student ID: XXXXXXX
Introduction
Marketing is the process of developing, delivering, and communicating value to customers, clients, partners, and society at large. Marketing aims to create and maintain customer relationships so that the business can achieve its goals and objectives. Marketing is the bridge between the customer and the business, helping the business to understand and meet the customer's needs (Kim, Park and Shrum, 2022). It is responsible for building a brand, creating demand for products and services, informing customers about the business and its offerings, and driving sales.
Bulgari is an Italian luxury fashion brand with a focus on leather goods, jewelry, watches, fragrances, and accessories. The Bulgari brand is known for its timeless elegance and sophistication, which is reflected in its signature pieces (Hosny, Eladly and Morsy, 2020). Founded in 1884 in Rome, the company is now a global brand with a presence in more than 90 countries. Bulgari has a long-standing tradition of excellence in craftsmanship and design and is committed to offering unique and innovative products to its customers (PELTEKOĞLU, 2019).
The role of marketing in Bulgari is extremely important. Through marketing, Bulgari can communicate its values and unique point of view to its customers and promote its products to a wider audience. Bulgari can also increase its sales and attract more customers through effective marketing. Marketing is also used to support Bulgari's organizational objectives. For example, Bulgari uses marketing to drive innovation and creativity, create brand loyalty, and build customer relationships (Joy et al., 2022). In addition, Bulgari uses marketing to increase its visibility and presence in the market, identify new opportunities, and create a strong customer base.
PESTEL and SWOT Analysis
The term "marketing environment" refers to the outside forces and variables that have an impact on a company's capacity to create and sustain fruitful client connections. They include the forces that shape the marketing environment in terms of economics, politics, society, technology, law, and competition. An analysis method called PESTEL, which stands for Political, Economic, Social, Technological, Environmental, and Legal, is used to find and evaluate the outside elements that can affect a company's success (Kim, Park and Shrum, 2022). It aids in identifying prospective dangers or advantages that could have an impact on a company's operations. Strengths, Weaknesses, Opportunities, and Threats (SWOT) is a strategic planning method used to assess how competitively positioned a company is in its market. It assists in determining the internal and external elements influencing a company's performance. Understanding the marketing environment and creating winning strategies can be accomplished with the help of PESTEL and SWOT analysis.
PESTEL
Political factors have a significant impact on the Bulgari Company. Political factors such as government regulations, taxation policies, trade agreements and tariffs, and labor laws all affect the way the company operates (Sale, 2021). Government regulations can be restrictive, requiring the company to adhere to specific standards and regulations (Hosny, Eladly and Morsy, 2020). Taxation policies can also affect the company's profitability, as higher taxes can reduce profits. Trade agreements and tariffs can also affect the company, as they can make it harder to sell products in specific markets. Finally, labor laws can affect the company's ability to hire and retain employees.
Moreover, economic considerations affect the Bulgari Company. The performance of the company may be impacted by economic variables such as interest rates, inflation, currency rates, and economic growth. While inflation might lessen the company's purchasing power, interest rates can impact the company's ability to borrow money (Naukowe and Szkoły Bankowej, 2018). Exchange rates and economic growth both have an impact on a company's capacity to sell its goods in particular markets and to different degrees.
Social factors can also have an impact on the Bulgari Company. Social factors such as consumer preferences, trends, and demographics can all affect the company's performance. Consumer preferences can affect the types of products the company produces, while trends can affect the demand for the company's products. Demographics can also affect the company's ability to attract and retain customers (Veronica Manlow, 2021).
Technological factors also have an impact on the Bulgari Company. Technological factors such as technological advancements, internet access, and data availability can all affect the company's performance. Technological advances make it easier for the company to produce products, while internet access allows it to reach a wider customer base. The availability of data can also help the company make better decisions (Hosny, Eladly and Morsy, 2020).
Environmental elements could also affect the Bulgari Company. The performance of the company may be impacted by environmental variables such as climate change, sustainability, and environmental restrictions. Resource availability may be impacted by climate change, but a company's capacity to minimize its environmental impact may be impacted by sustainability (Naukowe and Szkoły Bankowej, 2018). Environmental rules may also have an impact on the business's ability to function.
The Bulgari Company is impacted by legal aspects as well. The performance of the business may be impacted by legal considerations including intellectual property, antitrust, and labor legislation. Antitrust rules can affect the firm's capacity to compete in the market, while intellectual property regulations can affect how well the company can protect its products (Veronica Manlow, 2021). The company's capacity to hire and retain personnel may also be impacted by labor restrictions.
PESTEL Analysis

Factor

Impact

Political

* Government regulations (Sale, 2021)
* Taxation policies (Sale, 2021)
* Trade agreements tariffs (Sale, 2021)
* Labor laws (Sale, 2021)

* Government regulations can be restrictive, requiring the company to adhere to certain standards and regulations (Sale, 2021).
* Taxation policies can affect the profitability of the company, as higher taxes can reduce profits (Sale, 2021).
* Trade agreements and tariffs can affect the company, as they can make it harder to sell products in certain markets (Sale, 2021).
* labour laws can affect the company’s ability to hire and retain employees (Sale, 2021).

Economic

* Interest rates (Naukowe and Szkoły Bankowej, 2018).
* Inflation (Naukowe and Szkoły Bankowej, 2018)
* Exchange rates (Naukowe and Szkoły Bankowej, 2018)
* Economic growth (Naukowe and Szkoły Bankowej, 2018)

* Interest rates can affect the company’s ability to borrow money (Naukowe and Szkoły Bankowej, 2018).
* inflation can reduce the company’s purchasing power (Naukowe and Szkoły Bankowej, 2018).
* Exchange rates can affect the company’s ability to sell products in certain markets (Naukowe and Szkoły Bankowej, 2018).
* Economic growth can affect the demand for the company’s products (Naukowe and Szkoły Bankowej, 2018).

Social

* Consumer preferences (Veronica Manlow, 2021)
* Trends (Veronica Manlow, 2021)
* Demographics (Veronica Manlow, 2021)

* Consumer preferences can affect the types of products the company produces (Veronica Manlow, 2021).
* Trends can affect the demand for the company’s products (Veronica Manlow, 2021).
* Demographics can affect the company’s ability to attract and retain customers (Veronica Manlow, 2021).

Technological

* Advancements in technology (Hosny, Eladly and Morsy, 2020).
* Internet access (Hosny, Eladly and Morsy, 2020)
* Availability of data (Hosny, Eladly and Morsy, 2020)

* Advances in technology can make it easier for the company to produce products (Hosny, Eladly and Morsy, 2020).
* Internet access can allow the company to reach a wider customer base (Hosny, Eladly and Morsy, 2020).
* Availability of data can help the company make better decisions (Hosny, Eladly and Morsy, 2020).

Environmental

* Climate change (Naukowe and Szkoły Bankowej, 2018)
* Sustainability (Naukowe and Szkoły Bankowej, 2018)
* Environmental regulations (Naukowe and Szkoły Bankowej, 2018)

* Climate change can affect the availability of resources (Naukowe and Szkoły Bankowej, 2018).
* Sustainability can affect the company’s ability to reduce its environmental impact (Naukowe and Szkoły Bankowej, 2018).
* Environmental regulations can affect the company’s ability to operate (Naukowe and Szkoły Bankowej, 2018).

Legal

* Intellectual property laws (Veronica Manlow, 2021)
* Antitrust laws (Veronica Manlow, 2021)
* Labor laws (Veronica Manlow, 2021)

* Intellectual property laws can affect the company’s ability to protect its products (Veronica Manlow, 2021).
* Antitrust laws can affect the company’s ability to compete in the market (Veronica Manlow, 2021).
* Labour laws can affect the company’s ability to hire and retain employees (Veronica Manlow, 2021).

SWOT Analysis
The strengths of Bulgari are unique and iconic designs, a strong presence in the luxury goods market, brand recognition and loyalty amongst customers, high-quality materials and craftsmanship, and experiential and personalized customer service (Hosny, Eladly and Morsy, 2020). The weaknesses are limited product range, high prices, which could limit customer access, lack of presence in some markets, and lack of online presence. The opportunities are expansion into new markets and countries, leveraging digital platforms to reach new customers, introducing new product lines, and developing new partnerships and collaborations. The threats are increasing competition from other luxury brands, economic fluctuations that could reduce consumer spending, market saturation with luxury goods, and counterfeit products that could damage the brand's reputation.
Strengths
* Unique and iconic designs (Hosny, Eladly and Morsy, 2020).
* Strong presence in the luxury goods market (Hosny, Eladly and Morsy, 2020).
* Brand recognition and loyalty amongst customers (Hosny, Eladly and Morsy, 2020).
* High quality materials and craftsmanship (Hosny, Eladly and Morsy, 2020).
* Experiential and personalized customer service (Hosny, Eladly and Morsy, 2020).

Weaknesses
* Limited product range (Hosny, Eladly and Morsy, 2020).
* High prices, which could limit access to some customers (Hosny, Eladly and Morsy, 2020).
* Lack of presence in some markets (Hosny, Eladly and Morsy, 2020).
* Lack of online presence (Hosny, Eladly and Morsy, 2020).

Opportunities
* Expansion into new markets and countries (Tenuta et al., 2022).
* Leveraging digital platforms to reach new customers (Tenuta et al., 2022).
Introducing new product lines (Tenuta et al., 2022).
Developing new partnerships and collaborations (Tenuta et al., 2022).

Threats
Increasing competition from other luxury brands (Tenuta et al., 2022).
Fluctuations in the economy that could reduce consumer spending (Tenuta et al., 2022).
Market saturation with luxury goods (Tenuta et al., 2022).
Counterfeit products that could damage the brand’s reputation (Tenuta et al., 2022).

SWOT Analysis
Discussion and Analysis of Marketing Mix
The marketing mix is a set of seven interrelated decisions which form the core of any organization's marketing strategy. It is also known as the 7Ps and includes Product, Price, Promotion, Place, People, Process, and Physical Evidence. The marketing mix is a tool used to make decisions and set strategies for achieving marketing objectives (Veronica Manlow, 2021). The product is the first element of the marketing mix. Bulgari has always maintained the highest level of quality in its products. The company uses premium materials, and its products are handmade by experienced artisans. Bulgari also focuses on creating unique designs and craftsmanship that cannot be found anywhere else. This...