Orra Marketing Mix (4Ps) & Marketing Strategy
Marketing strategy of Orra through marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion).
Orra Product Strategy:
Orra is present across three categories of products – diamond, platinum and gold jewellery. It likes to keep its jewellery in its marketing mix product portfolio vibrant by continuously adding new collection to its stock. It has a patented product called the Orra Crown Star which is a 73 facets solitaire, as compared to the regular 57 faceted diamond. The Orra Crown Star is inspired by the 700-year old Belgian legacy of diamond crafting. Going forward, the company has decided to focus on this patented product apart from their regular diamond and platinum jewellery. Orra also tries to make products that can cater and own the consumer for their whole life cycle tapestry. For example, they have the Orra Platinum Couples, which are engagement bands for him and her, career carats for the bridal segment and spiritual themed collections for those consumers who have an inclination towards spirituality.
Image: company website
This concludes the product strategy in Orra marketing mix & strategy.
Orra Price/Pricing Strategy:
Below is the pricing strategy in Orra marketing mix strategy:
Orra is a premium diamond jewellery brand catering to an astute group of consumers. Their products are premium priced and target women in the age group of 25 to 45 years, who have an uncompromising sense of style and aesthetics.
They are conscious of the quality and the value that their money should buy them, which is why they invest their money in branded jewellery products offered by Orra which assures them of fantastic quality. Contrary to the popular belief, Indian women are today wearing more jewellery and have different jewellery for different occasions. The brand is more expensive compared to other jewelers because of the quality products it has to offer. Mr. Jain says that the pricing is comparable with the stated quality which means that all products offer the purity of diamonds that they claim to offer. Orra quotes a fixed price for all its products since its launch and this policy is advantageous for the customers with the relentlessly increasing gold prices. It offers various products with varying prices depending on the occasion.
Orra Place & Distribution Strategy:
Following is the distribution strategy in the Orra marketing mix:
Orra has a total of 30+ stores spread across 20+ cities including Mumbai, Delhi, Hyderabad, Pune, and Bangalore amongst others. Orra stores are present both in high street stores as well as the malls. The high street stores are larger and tend to have a higher value stock. They are largely dependent on the brand pull. The stores in the malls on the other hand are much smaller but they have the advantage of the mall footfall and higher browsing by the customers as well. Now-a-days, as the concept of window shopping, discovery and information gathering has moved online, Orra has made e-commerce an integral part of their business strategy. This enables the customers to enjoy browsing the online interface and gather information about the product before walking in the store to see the final product for themselves and making the purchase. In the future, the Orra company wants to open 8 to 10 new stores in Tier I and Tier II cities. It wants to strengthen its national presence by setting up stores across India.
It wishes to build cluster stores in the markets which have not been tapped as yet.
Orra Promotion & Advertising Strategy:
The promotional and advertising strategy in the Orra marketing mix is as follows:
Orra believes in creating experiential marketing and building trust and a long term relationship with its customers. It uses a 360 degree approach to make its promotion robust. The brand focuses on the new age media approach like social media, brand and marketplace websites. Orra has a strong presence on social media like Facebook, YouTube, Instagram and Twitter. It also provides exclusive offers from time to time to give transactional benefits to the customers. Usually such promotional offers are given during national and regional festivals. Orra company offers flat discounts on the making charges and offers on exchange of gold jewellery, especially during the wedding season. Indians usually tend to invest in gold during weddings as it is looked upon as an emotional investment. For example, it offers an additional 5% value on buying gold jewellery or 10% additional value on buying diamond jewellery. It also offers 50% off on the making charges on 22-K gold jewellery. To compete with other brands, Orra has offered to give free 24-K gold/silver coins on the purchase of diamond, platinum and spiritual jewellery. Hence this completes the Orra marketing mix.
About Orra:
Orra is an Indian jewellery major launched in 2004 and founded by Mr. Vijay Jain. It concentrates on retailing diamond jewellery in a gold dominated market. In 2004, it was reinvented from a family jewellery brand called ‘Inter Gold Gems’ which was mainly known as a gifting brand for small pieces of jewellery. The Orra company wanted to build a diamond centric customer business at a national level.
Along with the addition of people and adapting to newer technology, there was a need for conceptualizing and launching a new brand which gave rise to Orra. It quickly rose to become one of the most trusted diamond brands in the country.
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