The history of Baccarat dates back over 240 years to 1764, when King Louis XV granted permission to make the town of Baccarat a center for glassware. Founded as a lead crystal company, Baccarat has produced crystal tableware commissioned by royal families around the world for years. Today, Baccarat is home to 500 craftsmen, 39 whom are the “Best Craftsmen of France,” the highest honor for excellence given by the President of France. Baccarat offers a broad product range including stemware, barware, lighting, jewelry, handbags and watches. Baccarat is distributed internationally in free-standing boutiques and high-end department stores.
Case Study Concept
Baccarat has traditionally been a strong player in the crystal tabletop market and has developed a reputation for high quality and craftsmanship. The company has launched a line of jewelry in recent years and is looking to increase awareness of these products and make them desirable to the young, fashionable and affluent customer. The Baccarat jewelry collection evokes a sense of desire, passion and intrigue.
Design, Business and Marketing Plan Solution
Baccarat management assigned the students with the task of creating a communication strategy to promote Baccarat jewelry in North America. The overall goal was to create maximum buzz about the product with a minimal budget of one million dollars. The students craft a conceptual theme to communicate the value of Baccarat jewelry to the new wealth. The message focused on Baccarat’s ability to play with light, the superior quality of Baccarat craftsmanship and the enchanting nature of the jewelry. Specifically, the students selected a theme titled “Born of Fire,” emphasizing how fire is both the original source of light and integral to the jewelry making process. The mystical element of fire conveys passion, desire, and magic, as well as the craftsmanship of Baccarat jewelry.
The students were also asked to then develop an implementation strategy that would communicate this message in the most effective manner and increase the desirability of Baccarat jewelry. This implementation focused on strategic events, the Internet and an original concept nine muses who embody the spirit of Baccarat jewelry. One big event is the “Born of Fire” party which will take place in central park and showcase actual fire floating on water and a large crystal fire illuminated to appear like a real fire. This event will communicate the idea that the enchanting and exquisite light that emanates from a piece of Baccarat jewelry transforms the woman who wears it. These pieces are objects to be desired.
The Baccarat Project Team
Jessica Betts, Columbia Business School
Sara Jackson, Columbia Business School
Stephanie Martin, Columbia Business School
Alex Perros, Columbia Business School
Rena Rubin, Columbia Business School