The Study On The Marketing Mix Strategies Of Burberry Assignment Sample

IntroductionThe Study On The Marketing Mix Strategies Of Burberry

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Marketing supports businesses to connect and reach the target audience and eventually is how a company will grow its business in the long run. So to perform in the market, every business has to develop its marketing strategy to properly manage all the operations. According to Slootweg, andRowson, (2018)marketing Strategy refers to the long-term planning ofbusiness goals that an organization wants to achieve. Develop a marketing strategy, the four elements of the marketing mix play a crucial part that are product, pricing, distribution, and promotion strategies. The topic which is considered in this report is “the study on the marketing mix strategies of Burberry”.

Burberry is taken as a case company in the report to ease the understanding level of the study. The report contains the aims and objectives of this study that is why this topic is going to be discussed and what its purpose is. Next, the introduction of marketing mix strategies is highlighted in the report along with its importance in the Burberry Company. Marketing mix strategy has both positive and negative impacts on the case company are also considered in the report. And at last, the report gives knowledge about the key strategies that can be adopted by the company to overcome the negative effects of the marketing strategies.

Figure 1: Burberry logo

Aims and objectives

• The aim of preparing this report is to deeply analyze the effects of marketing strategies on the business.
• This report is being prepared to know about Burberry's marketing strategies in general.
• The objective of this study is to evaluate Burberry’s applied marketing strategies for the future growth of its business.
• The key strategies are purposively examined in the study to overcome the negative impact on business of Burberry.

Literature Review

Definition

It is essential for every company whether it is big or small, to understand and execute the right marketing mix strategy that can aid them in the sales of the goods they make or sell(as cited by Wichmann, Uppal, Sharma, and Dekimpe, 2022). Burberry was established in 1856 in London, England. It is a British luxury fashion brand that operates across 50 countries in the world(Burberry, 2022). Burberry’s marketing strategy helps its brand position itself competitively in the market and reach its business objectives and goals.

The main four factors of the marketing mix are:

Product- A product defines as a commodity, built or produced to gratify the need and wants of a group or an individual. The product has anassured life-cycle that comprisesthe sales decline phase, a growth phase, and a maturity phase. Marketers need to reinvent thegoods to excite more request once it reachesthe tradesdecline phase.The core products of the case company are perfumes, clothes, sunglasses, beauty, and accessories for kids, men, and women. All these presentsa product strategy in the case company brand’s marketing mix.Burberry vends for other accessories that do not require demanding on such as handbags and are informal to sell. The company has certified its watch market to the Fossil Group that has a slowdown in the market share.

Price-This is a significantelement of a marketing mix explanation. The price of a good is mainly an amount that theclient pays to enjoy it.Altering the value of a product, even a little-bit has a greateffect on the whole marketing strategy as well as really influences the demand and sales of a good in the market. According to Thabit, and Raewf, 2018 effects to keep in mind thoughdetermining the price of a product are,terms of sale, the opponent’s price, discount, customer location, list price, etc.,The case company practices a quality pricing strategy to trade its products.The correct mix of low-cost range and high-end superiorgoods is what the company goalsneed to reach. Identified as a frill brand, Burberry does not compete openly on the price in the marketing-mix with its rivals.The pricing is done on a deeper assessment of the competitor pricing and market demand. Aids of the company’s pricing over its competitors are evaluated thoroughly before planning a price for the product.

Place- Distributionor placement is a key part of a marketing mix strategy. The case company has existed through hundreds ofstores in more than fifty countries. All stores are mostlylocated in vastly populated zonesthat promisecertainincome to an organization.Also, acompany’s stores coming up are further digitally innovative and influenced in terms of the buyer service.At an identical time, the samenumber of persons purchases online forms from burberry.com that creates a huge percentage of traffic. Therefore the delivery channel is efficient and fast. Burberry's e-commerce portal has a complete product line for online shopping.

Promotion-This is a publicizing communication procedurethat aids the business to broadcast the goods and its features to general public(as cited by Erlangga, 2022). It is a supremeluxurious and important element of the marketing mix thataids to grasp the consideration ofclients and motivate them to purchase the product. Most of the marketers use advertisingstrategies to sponsor their products and reach out to the target audience or public. The promotion might containsales promotion, direct marketing, personal branding, advertising, etc.The case company focuses extremely on its marketing events.The ads are selected to be positioned in high-class publications to aim at a particular audience. Burberry practicescampaigns of all types such as billboards, TV, print ads, online ads, etc. in its marketing mix.The company recognized the significance of social media marketing and has existed since then. Burberry also heavily depends on celebrity endorsements for the promotion of its products in the market.

The positive effect

Marketing can subsidize the better world by outlining consumer choices to easetheir healthy lifestyles, by using data analytics for significant social reasons, emerging new business models that restore and regenerate degraded ecologies.Talking about Burberry, the company has good management of marketing strategies following the market trends and competition. With better planning of all four mixes of marketing, the case company generates effective marketing strategies(Puspaningrum, 2020). Effective marketing planning leads a company to achieve its predetermined goals on time along with a large base of customers. The promotional strategy of a company adopts digitalization in time when the world started to purchase goods through online shopping. The well-known brand ambassador hired by Burberry keeps the image and identity of the company in the market along with a better position all over the world. So, for the case company, all four marketing mix elements are helpful to enhance and maintain the company's reputation in the market with good revenue every year.

The negative effect

Marketing can also subsidizes unhealthy and unsustainable behaviors such as proposing fruit-flavored vamping goods to children, using data in methods that disruptcustomer privacy, and insertion profits before the environment and the people(as cited by Morgan, Whitler, Feng, and Chari, 2019). For the company, Burberry ishighly affected by the marketing cost as it has to promote its products approximately all over the world. Marketing needs huge costs to get back good returns for the company. If the company is not able to perform on it’spredefine marketing strategy then it will lead to a huge loss for the case company. Burberry suffers if Cold-calling, such as junk mail, can have an undesirable effect as it has harmful connotations. Unwanted calls are frequently dealt with severely and the company might be at risk of damaging its reputation in the market. Nowadays, rapid changes occur in the marketing activities of the company in the market, so it is difficult for a case company to adopt new marketing strategies one after one in a small period. The late acceptance of trendy marketing strategies will affect the company to suffer losses in comparison to its competitors.

Key strategies to overcome the negative effect

Burberry has to adopt trendy solutions for marketing its brand name and products in its operating countries. The company can beat its competitors by introducing a new marketing strategy while keeping its costs as low as possible so that the company also gets higher profits. As the company is operating in different types of countries in the world then it should perform marketing activities according to the country's culture to attract the general public towards the company's product. Burberry sells its products across the world, so it has to maintain its online website and effective content on different sites from time to time to get better results. The case company should use humble advertisements that will not badly affect the children. According to Huang, and Rust, (2021)the preparation of effective marketing strategies will help the company to overcome the negative impacts of marketing activities in the market by its rivals.

Conclusion

From the above-mentioned points, it is concluded that Burberry has an effective position in its all operating markets in the world. The company also has a variety of products that keep the customers walking toward the company's stores. Burberry uses effective marketing strategies and timely modernizes them to maintain its position in the market. The company uses a premium price policy which mostly attracts high-income individuals to purchase its products. It is also concluded that the company has both positive and negative effects from its marketing strategies on it. It is very significant for the company to upgrade its product quality time to enhance its reachability all over the world. Burberry has lots of competitors but maintenance and trendy marketing policy will lead the company to get more success in its rival's market.

Referencing

• Burberry, 2022. DISCOVER THE STORY OF BURBERRY (online). <https://in.burberry.com/c/our-history/> (accessed on 12 November 2022).
• Erlangga, H. (2022). The Effect of Product Promotion and Innovation Activities on Marketing Performance in Middle Small Micro Enterprises in Cianjur.Budapest International Research and Critics Institute-Journal (BIRCI-Journal,4(1), 528-540.
• Huang, M. H., & Rust, R. T. (2021). A strategic framework for artificial intelligence in marketing.Journal of the Academy of Marketing Science,49(1), 30-50.
• Logos-World, 2022. Burberry Logo (online). <https://logos-world.net/burberry-logo/>(accessed on 12 November 2022).
• Morgan, N. A., Whitler, K. A., Feng, H., & Chari, S. (2019). Research in marketing strategy.Journal of the Academy of Marketing Science,47(1), 4-29.
• Puspaningrum, A. (2020). Market orientation, competitive advantage, and marketing performance of small medium enterprises (SMEs). Journal of Economics, Business, & Accountancy Ventura,23(1), 19-27.
• Slootweg, E., & Rowson, B. (2018). My generation: A review of marketing strategies on different age groups.Research in Hospitality Management,8(2), 85-92.
• Thabit, T., & Raewf, M. (2018). The evaluation of marketing mix elements: A case study.International Journal of Social Sciences & Educational Studies,4(4).
• Wichmann, J. R., Uppal, A., Sharma, A., & Dekimpe, M. G. (2022). A global perspective on the marketing mix across time and space.International Journal of Research in Marketing,39(2), 502-521.