1. Brand positioning: Chow Tai Fook, as a Hong Kong brand, has high industry popularity and brand influence, and its positioning is more inclined to the high-end market, while Lao Fengxiang, as a well-known domestic brand, has a long history and its positioning is more inclined to the low-end market.
2. Product quality: Chow Tai Fook has strict requirements on product selection and production technology, and adopts high-quality materials such as diamonds, gold and silver, with exquisite craftsmanship and more personalized and artistic jewelry. Lao Fengxiang, on the other hand, pays attention to traditional crafts and cultural characteristics, and the product quality is also very good, but relatively speaking, he pays more attention to traditional production techniques, and his design may be conservative.
3. Marketing strategy: Chow Tai Fook is innovative and forward-looking in marketing, and constantly tries new marketing methods and channels, such as social media brand promotion, celebrity endorsement and sponsorship activities, so as to increase brand exposure and consumer recognition. However, Lao Fengxiang is relatively conservative in marketing and his marketing strategy is relatively traditional.
Therefore, Chow Tai Fook is more expensive than Lao Fengxiang, on the one hand, because of its high-end brand positioning and strict product quality requirements, on the other hand, because its innovative marketing strategy has increased brand value and market competitiveness.