For THEM desire becomes a reality...

What image of consumer comes to your mind when you think about Bvlgari or Chopard jewelry? 
Probably, you can have such association as shown on the picture below:

Let’s have a look on the overview of the target market of Bvlgari and Chopard jewelry in order to estimate if our association was right or not...

N.B. As Bvlgari and Chopard are direct competitors and they attempt to reach the same target audience in jewelry, the overview of the target market concerns both brands.

STEP 1

Demographic factors

• Gender: Women
• Age: 40-60 (In comparison, wealthy consumers in China are 20 years younger than those in the US, Europe and Japan)
• Geographical location: Mostly from North America, Europe and Asia
• Education level: Well-educated
• High income group of women
• Wealthy international shoppers
• Ultra High Net Worth section (Nearly 90% buy luxury jewelry spending close to $250,000 annually)

STEP 2

Psycho-graphic information

• Lifestyle: Luxurious
• Personality: 'Superior race' that strives for elegance, quality, and exclusivity in all aspects of their lives
• Values: Desire to wear a masterpiece that feels exclusive
• Interests: tennis, spas, international travel, fine dining etc.

STEP 3

The need, want or problem that drives target market

• Consumer’s self-concept: Connoisseur
• Values: Quality and traditions, Brand reputation and craftsmanship, Emotions, Exclusivity and Uniqueness
• Goals: Investment into status statement and future, Demand for expensive products
• Needs: Social and egoistic needs such as prestige and Hedonistic and Materialistic Value) =  Name is money!

STEP 4

In which ways companies communicate with target market

• Social media communications: Millions of consumers discuss luxury brands and products including the wealthy and super-rich
• Website info
• Celebrity endorsements
• Promotional activities: Through national and international film productions
• Advertising: Placed in respectful newspapers and magazines, which tend to be read by a well-educated, middle and upper class group of potential customers

STEP 5

How each company is different from competitor's business?

Exquisite quality of materials used, long-lasting fashionable designs, brand awareness, creativity, craftsmanship, service to the client and customer loyalty are common aspects for both brands

Bvlgari strategy:

•     'Made in Italy quality'
•     Jewelry products come with a lifetime guarantee
•     Creation of capsule collections
•     Feature many celebrities wearing their jewelry
•     Bvlgari retroperspective exhibitions in China

Chopard strategy:

• 'Made in Swiss quality'
•       The “Happy” jewelry collection
•       Dress starlets and film stars with its most expensive jewelry pieces at large events such as the Oscars in Los-Angeles in the US or the Film Festival in Cannes, France

To sum up, I would like say that nowadays both brands try to reach China's new class of wealthy consumers as they are younger (possibility to reach new target group) and their economy is fast-growing. 

But it is important not to forget about the 'classical' Chopard and Bvlgari jewelry consumer. It is also the way how companies see its customer..

SHE is beautiful, gorgeous and elegant...

Perhaps all of us are familiar with a beautiful actress Elizabeth Taylor..Bvlgari is her LOVEMARK...And the only word that Elizabeth knows in Italian is..BVLGARI

Also, in 2013 Chopard compiled a special collection for the film 'Diana', dedicated to Diana the Princess of Wales.

Alina Bieglova

Sources:

1. http://newonlinemarketingtips.com/what-are-bvlgari-known-for.php

2. http://files.investis.com/bulgarigroup/presentations/2010/2010-07-21/db-conf-june10.pdf

3. http://www.europeanfinancialreview.com/?p=7133

4. http://www.halsteadbead.com/Grant/Hints-Tips/Targeting-Customers.aspx

5.http://www.luxuryjewelleryshow.com/RXUK/RXUK_LuxuryJewelleryShow/documents/Fflur%20Roberts.%20Luxury%20Jewellery%20Overview%20of%20Industry%20and%20Consumer%20Trends.pdf?v=635146565164448459

6. http://www.europeanfinancialreview.com/?p=7133

7. http://vanbreda.org/forum/doku.php?id=theory:tiffany_co._vs._bvlgari

8. http://blog.hydeparkjewelers.com/hpj/2013/07/chopard-and-diana/

9. http://luxurysociety.com/articles/2012/10/why-luxury-brands-should-target-the-top-1
10.http://www.pinterest.com/pin/188658671862602687/