Product & Service Development Report: Versace's Market Strategy

This report examines Versace's product and service development, providing an overview of the company and its products. It explores the product life cycle, product line management decisions, and market opportunities for new products. The report analyzes Versace's proposed marketing strategy, competitive landscape, and financial overview, including capital requirements. It concludes that organizations can maintain a strong market position by updating current offerings with innovative products, supported by effective management strategies. The report references relevant academic sources to support its findings.

Product & Service
Development
(Part-A)

Content
 Introduction
 Overview of Versace & products offered by Versace
 Product life-cycle stage
 Product line management decisions
 Market opportunity for new product & Marketing strategy proposed
 Synopsis of competition in market
 Financial Overview and capital requirement
 Conclusion
 References

Introduction
Businesses in the contemporary competitive marketplace keep on
introducing new or developed products and services so that they can
fulfil the changing needs and wants of customers and continue to
exist in market. With the development of products and services the
company can continue to grow and develop profitably in market
which gives them a competitive advantage over other rivalries.

Introduction of Versace
Versace is an Italian company with its
headquarters in Milan, Italy and it
deals in luxurious fashion products
such as apparels and accessories
which are highly stylish and high in
quality which help in giving its
customers luxurious experience.

Overview of products offered by Versace
The luxury brand of Versace began as a
ready to wear line with leather
accessories which became famous and
one of the most expensive fashion
collections. The company also started
dealing in many subdivision fashion
lines, fragrances and accessories making
the brand as most liked by customers.

Product life-cycle stage
The product life cycle defines
the stages through which a
product passes from its
introduction in the market
to its final decline and
extinction from market.

Continue…
Introduction: At this stage the products and services are introduced in
market for the first time and are made available to customers so that
their new and changing needs can be efficiently met. This stage is
characterised by struggles of gaining recognition in market. The
organic cotton fabric cloths are first introduced by Versace in the
local markets so as to know about the acceptance of customers of
their new product.

Product line management decisions
The product line management decisions are related with addition or
deletion of product from the existing product line. This decision is
made by the product line manager by analysing the product life
cycle stage of a product and taking decisions regarding innovation,
adaption or renovation so that the company can continue to maker
profits in market.

Market opportunity for new product
Market opportunity is the need or requirement of a new product or
service which can be identified by a company so that the products
and services can be offered which can help it in making profits and
gaining a competitive edge in market.

Marketing strategy proposed
Marketing strategy is a plan which is made by company so as to reach
to its potential customers and turning them into real customers so
that the sales of company can increase. The strategy of marketing
can help a company in gaining a competitive advantage in market as
it can increase its sales in market and attract a large number of
customers.

Synopsis of competition in market
The fashion industry is highly
dynamic and competitive in
nature even after being mature
and slow growing which means
that Versace can offer new ways
of attracting customers so that
sales of company can be
increased.

Financial overview
The financial position of Versace in
market is stable as it is able to
generate more than €669 million
annually which makes it one of the
leading fashion brands in market.
The company also continue to
grow in market by introducing new
fashionable cloths.