Chapter 11 - Developing and Managing Products

Innovation of a company’s products is the main core to the business’s sustentions. In order to capture consumers’ attention and retain loyalties confidence to the company, it must have a new-product strategy which is a plan that links the new-product development process with marketing procedures. In addition, luxury jewelry marketers are launching their own brand fine jewelry rages and product lines. Therefore, Cartier has come up with new concepts to introduce new product line and implemented product development to consumers.

Cartier’s Love Bracelet is one of the most successful well known product since it was launched more than thirty years ago, it has become the most iconic coveted jewelry designs in the world and the ultimate symbol of love, which attracts worldwide loved couples’ favor. A few years ago, Cartier announced the launch of a new Love Charity bracelet to continue its success and product line. Not only this was a new launch product campaign, but also the reinforcement of the company’s reputation in the global charity. Cartier donated more than $2.24 million to sixteen global charities form the sales of its Love Charity bracelet, and due to the enormous success.

Never stop developing new concepts is part of Cartier’s mission, the consumers of the company are known as wealthy, upper class individuals and they are successful and they desire luxury. Cognitively, jewelry is the symbol of status. Whoever shops in Cartier has already known he or she already has the ability to afore this brand. However, Cartier has discovered a new product line for children and young adults, and this is the New-To-The-World products. A lot of jewelers are subconsciously assumed that luxury pieces are for mature affluent and they have ignored the younger generation in the wealthy world. Cartier’s new line includes Cartier’s signature pieces for children but also add jewelry that hasn’t been seen before. This addition to Cartier will relay a message to the younger generation that if young children can wear Cartier as well, so can someone in their early and late twenties.

Indeed, Cartier is a global jewelry company and their products will be drastically sold throughout Asia, Europe, North American and Africa. The company launches product and holiday specialties into media events, including New York’s Fashion Week, Cartier’s fashion events in Milan and the Cartier museums throughout the world.