This report compares the marketing mix of two companies, highlighting their strengths and weaknesses in reaching customers through various channels. The study focuses on market research, promotional activities, and revenue generation to identify best practices. References from journals and books are included for further reading.
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Table of Contents INTRODUCTION...........................................................................................................................3 ACTIVITY 1....................................................................................................................................3 Explain key roles and responsibilities of marketing function................................................3 Analysis of roles and responsibilities of marketing with respect to marketing environment and their interrelationship with other functional departments......................................................6 Critical assessment of key elements of marketing function and their relationship with other organisational functions..........................................................................................................8 ACTIVITY 2....................................................................................................................................9 Application of marketing mix to achieve business objectives along with comparison with competition.............................................................................................................................9 Tactics applied by Burberry to achieve organisational goals and objectives.......................12 Formulation of basic marketing plan for an organisation....................................................12 CONCLUSION..............................................................................................................................17 REFERENCES..............................................................................................................................18
INTRODUCTION Marketing refers to examination and management of exchange relationships. It is a business process for creation of relationship with customers and fulfilling their requirements. It is the science and art of exploration, creation and delivering value to customers by which wants of target market can be fulfilled with high profit(Akbar and et. al., 2017). It determines unfulfilled wants, desires and needs of customer. Basically it can be defined as aggregation of tasks which are carried out by organisation for exploring, creating and delivering value to customers so that their wants can be satisfied within market. It identify most suitable techniques and methods by which organisation can market their products so that they can attain maximised response from customers. In this report Burberry is taken into account, which is a British luxury fashion house. It is a public limited company which is headquartered in London and was founded in 1856. It mainly focus on products like ready-to-wear outwear, sunglasses, fashion accessories, fragrances, trench-coat (mainly known for them) and cosmetics. It was ranked 73 in Interbrand’s best global brand. This report comprises of various roles and responsibilities of marketing functions, along with their relation in wider aspect. Apart from this, it also contain details about marketing’s roles and responsibilities with respect to marketing environment and assessment of key elements of marketingfunctionsaswellastheirinter-relationwithotherfunctionaldepartmentsof organisation. It also focuses on comparison between marketing mix of different organisations and marketing plan for Burberry for which they can accomplish their organisational objectives. ACTIVITY 1 Explain key roles and responsibilities of marketing function Marketing is one of the most crucial activities which are carried out by organisation. By making use of this, Burberry can have enhanced relationship with their customers. For this it is essential for organisation to have in-depth marketing analysis which will aid them to develop and render their services according to demands of customers. Moreover, it also assist them to produce services through which they can have maximised profits and ensure their sustainability within market for longer time period(Dioko, 2016). Large numbers of marketing concepts are present within market and they must be understood so that knowledge can gain about current and future trends which will prevail within market. Some of them are described below: 4
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Product concept:Preferences of customers in terms of organisation and services which are being offered to customers depends upon quality of services they are being given. For this Burberry must have effective marketing strategies by which they can improvise quality as well as uniqueness of their services which can attract more number of customers. Marketing depends on features which are being provided to customers as they will act as major driving forces(Duffett, 2017). Production concept:It is one of the oldest concepts which emphasised on production of services and products which are offered by organisation. Burberry focused on reducing their production cost so that they can maximise number of sales of their products. Furthermore, it will increase customer’s preferences to opt for services which are being delivered by such organisations. Selling concept:It will emphasise on strategies which are being chosen by organisation for selling of their products and services. It has been observed that companies like Burberry needs to have large scale selling and put more efforts on promotional activities so that they enhance their selling. In this concept focus is on number of sales which have been occurred rather than relationship with customers. Marketing concept:In this customers are major assets and organisations adopt effective strategies by which they can focus on their customer’s needs. In this aspect Burberry has opted for pull strategy so that they can become most preferred brand for customers. They emphasise on providing products which customers needs and fulfil their entire desire. It is essential for Burberry to opt for marketing concept in effective manner so that they can have long lasting success and can also ensure their position within market for longer run. There are certain current and future trends, they are presented below: Current Trends: Social Media:By digital transformation and enhancement in technology, communication by use of different social mediums is mostly opted by people. They include Twitter, Instagram and Facebook. These mediums are used by most of people and organisation also makes use of these platforms for doing marketing of their products(Griffitts, 2016). Burberry has made their strong online presence by which they enhance their position within market. Content Marketing:It is one of the most trending marketing trends. In this organisations engage their customer with services and products which are being offered to them. It also two- 5
way communication among customer and organisation. By this Burberry can identify needs of customers by which they can provide them enhanced services. Furthermore, it creates strong impact on mindset of people as organisation creates influence to opt for their services by carrying out effectual marketing strategies. Burberry uses appropriate content in their marketing activities so that they can attract more number of customers towards them(Groucutt and Hopkins, 2015). Future Trends: Virtual world:With future concern, it is one of the most prominent aspects. By this companiescanprovidetheircustomerswithpersonalisedmarketingbyusageof augmented reality. This will lead to success and this approach is innovative. Moreover, robots can also be used by Burberry for marketing purpose; this will create affirmative impact on their growth rate. Artificial intelligence:Though it is present in current scenario but it is not used widely as still research is going on this. But in future it will be trending and used by most of organisations. By usage of this analysis of data will become more efficient and strategies can be formulated by organisations like Burberry according to that. Marketing roles and responsibilities in wider context with respect to marketing are described below: Formulation of strategies:It one of the most important marketing role. It assists manager of marketing department to set up strategies so that they can effectively showcase their services and products within market. It is essential that marketing strategies must align with other strategies which are created by management of other departments of Burberry. It will assist them to attain standards effectually and attain their organisational objectives. For this various campaigns can be set by Burberry where they can make people aware about services and products which they are offering to them. This will assist them to achieve goals within desired time frame(Hugos, 2018). Market research:Marketing function is responsible for carrying out in-depth research within market so that they can analyse latest trends, taste and market gap. Marketing functions of Burberry carry out this responsibility in appropriate way and also identify opportunities which they can gain market. This will lead to enhancement in brand image of Burberry. This will assist them to develop suitable products according to needs of market and will assist them to remain strong with respect to their competitors. 6
Information system:Burberry operates their services worldwide, therefore it is crucial for them to have perfect information system. Marketing function plays important role as Burberry can exchange information with their other organisations which are present somewhere else(Larson and Draper, 2015). This will lead them to growth but for this it is mandatory that marketing function should provide robust information. Brand management:It is responsibility of marketing function of Burberry to manage their brand and also accumulate brands by which they can remain sustainable within market. For this, they need to have innovative approach and must be open alterations within system as by this their flexibility will be enhanced. Analysis of roles and responsibilities of marketing with respect to marketing environment and their interrelationship with other functional departments It is essential for Burberry to identify marketing roles responsibilities. They are analysed below: Creating strategies:Marketing environment comprises of various factors they includes internal and external. Each factor has their own impact on Burberry. Internal factors include management,employees, customers and stakeholders. External factors comprises of political, economic, social, technological and many others. They create a strong impact on what products are being offered by organisation. By analysing these factors marketing department of Burberry can create strategies which can aid them to remain competitive. Market research:When marketing environment is taken into consideration then internal and external marketing environment is taken into account. This means that these elements must research appropriately as they can create negative impact on organisation. Like if requirements of customers are not met then they will switch to another brand. For this marketing function of Burberry needs to conduct market research in appropriate way by which they can offerings to customers and present them in suitable way(Muller, 2019). Information system:It can be considered as major factor of marketing environment. It associates internal and external marketing environment of Burberry. As by this needs of customers can be analysed and they can be processed by employees. Therefore, it is essential that information should be accurate. By this Burberry can have competitive edge within market. 7
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Marketing is interrelated with other departments of Burberry. These interrelations are described below: Marketing and human resource:HR comprises of all employees or individuals who are part of Burberry and they are responsible for taking organisation towards growth. Human resource department is responsible for managing these resources in appropriate manner sothat productivity oforganisationcanbe maximised(Pappas, 2017). Moreover, marketing needs to make sure that HR functions are carried out in required manner so that performance of employees can be improvised by which they will be able to accomplish requirements of their customers. There exist two way relationships between these departments. As HR function provide them effective workforce which assist them to attain their objectives. Marketingandproduction:Thesetwodepartmentsarelinkedwitheachother. Production department needs to research and develop services as per preferences of customers and trends within market. It is their responsibility to check feasibility of requirements which are being given by marketing team after analysing or conducting market research and they also analyse how long it will take to develop specific product. By conducting market research, marketing function identifies techniques, methods and processes which can be used by production department for manufacturing large quantities of products in effective way. Marketing and Finance:Within Burberry, Finance department isresponsible for maintaining all the incomes which are generated by organisation. Marketing needs budget for carrying out market research and other activities, for this they require suitable budget for communicating and promoting their services within market. Finance department cuts up cost required in every operation(Piñeiro-Otero and Martínez-Rolán, 2016). They work in together in effective manner as by preparing budget beforehand will assist management of Burberry to make finance available at required moment so that their services are not being hampered and are provided at mentioned time. 8
Critical assessment of key elements of marketing function and their relationship with other organisational functions There are different elements of marketing functions which are important for Burberry to identify that marketing of their products within market is carried out in effective manner. Critical evaluation of these elements is mentioned below: Research:It is one of critical aspect of marketing. It assist organisation to collect information related with outside world in terms of their requirements. It is essential for development of services and their marketing(Rancati, Gordini and Capatina, 2016). As withoutmarketingpeoplewillnotbeawareofwhethertheirrequirementsare accomplished by Burberry or not. It will also aid in identification of best business practices which can be opted by organisation. But major challenge which could be faced by them is as outside environment is dynamic and it becomes difficult for an organisation to cope up with altering environment. For this Burberry can have a different department which can check outside environment and formulate policies accordingly so that growth of organisation is not disrupted. Strategy:Information which is collected after market research is evaluated with respect to its relevancy and what opportunities will it provide to organisation. Strategies are formulated by management of Burberry accordingly. This is important as by this organisation can have tactics for carrying out marketing. Marketing strategies may not be aligned with other strategies, to ensure the effectiveness; these strategies must balance each other. Planning:Strategies are formulated, now these must be planned and executed by Burberry. Planning includes sales forecast, finance, distribution and communication with potential or target customers. In this case long term planning will be very risky due to rapidly changing environment. For this Burberry need to have small objectives and plan according to them. It is essential for marketing function to have effective and consistent interrelationship with other departments so that they can function as a single unit(Rowley, 2016). As integration of these functions will make sure that there each step is planned and they have formulated policies simultaneously which will result in enhancement of profitability. It is necessary that Human resource, production and finance department must be connected with marketing department so 9
that they can gain information about customer’s requirement and work accordingly. Whereas HR department must ensure that skilled labour is provided to marketing function and finance department should provide them sufficient amount so that they can carry out their functions effectively(Scarborough, 2016). ACTIVITY 2 Application of marketing mix to achieve business objectives along with comparison with competition. Marketing-mix is the process of the various strategies and plan of actions that a firm uses to promote and advertise their product in the marketplace. This includes the the various areas to focus as part of comprehensive marketing plan. This is made up of 7P's which named as Product, Price, Place, Promotion, Physical evidence, Process, people, etc. This helps the firm to define their tactics and the status of the current product so that they can make the changes according to the change in the market and can be able to compete in the competitive marketplace. To compete with the rivals, Burberry needs to compare their marketing mix with their competitors marketing mix, the main rival of Burberry is named as Christian Dior, which is an European company deal in the same sector as Burberry do, this firm is giving tuff competition to the Burberry in the fashion industry. Below is the difference of marketing mix of both companies - 7P'sBurberryChristian Dior ProductThefirmisdealingwith fashionableandluxurious productsandthisispopular and has thegood reputation because of the design of the fashionableproducttheyare selling to their customers, just like the Tartan pattern design isverypopularandonly createdbythefounderof Burberry. Thisbusinessenterpriseis dealingwiththefashion accessories, skin care products, Fragrances and leather goods, etc.Thisisverypopularin selling the perfume and DO of their firm, example – Poison and Miss Dior are the famous fragrancesforwomen'sand girls, along with this, Higher CaterandJulesarepopular fragrances of men's and Boys. 10
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PriceAs it is known that Burberry is offering all the fashionable and Luxuriousproducts,sothe price of the goods or products arehigherthanthestandard price,asthisisforthe customers who prefer to have thehighqualityproducts rather than price. In context with the Dior, this also have the premium price policyastheyprovidehigh qualityproductswithmore innovationinthem,asby makingthetrustoverthe customers and by having the positive and good relationship with their loyal customers. PlaceThefirmissellingtheir products in all over the world, and having around 500 outlets in the global market. They are having the dealership with the third party and that party help the firm to sell their products by using latest technology and in efficient manner so that the productofBurberrycanbe exploittomoreandmore customers(Wirtzand Lovelock, 2016). Thisfirmishavingmore capability to sell their products aloneintheglobalmarket. They are selling the products inallovertheworldbut having the outlets only in 210 countries, which are named as Beijing,Paris,London,New York, etc. PromotionThe firm is using the method ofadvertisementtopromote their products, they are using thetopclassmagazinesin which the ad of their products areplaced.Alongwiththis they are also using the method of visual media by which they Thisfirmispromotingtheir brand by rewarding their loyal customers by sending them the updates of their products via e- mail. There are some famous personalitieswhohavehelp thefirminpromotingtheir products,theyarenamedas 11
can gain the attention of more customers and cangenerate more revenue. Blake Lively and Ziyi Zhang. ProcessThe firm Burberry is using the online delivery process to gain theattentionofmore customers. They are trying to reach to all their clients so that by the enhancement of sale, theycangeneratemore revenue(Akbarandet.al., 2017). The firm is using the method ofpackagingtograbthe attention of customers. If the outer design is attractive then the customers will seek to buy their products more and more. Diorishavingthewell- designedpackagingsothat theycanattractmore customers. PeopleThe firm is having the trained employees,whicharewell trainedintreatingtheir customers,theyarewell knownaboutthecustomers choice and what product will be suitable for customers, they treat them according to their requirements and wants. The firm is having the workers whoarehighlyskilledin creatinganddevelopingthe uniquedesignandalso adjustableinadoptingthe promotionalactivitieslike social media. Physical EvidenceThe firm Burberry sells their productswithhavingthe unique logo of their company, so that each customers can be easilyabletoidentifythe productofBurberry.Along withthis,thefirmisalso having their own website on The firm has uses the different waysforscreeningthe physical evidence such as their building and layouts. This also determinetheinterestand behaviour of the customers in an positive way(Dioko, 2016). 12
which many individual can see and have a look on the new products of Burberry so that they can be updated about their latest products. Tactics applied by Burberry to achieve organisational goals and objectives. The firm Burberry is dealing and selling their products in all over the world and having their presence in the global market. They all follow and adopt the carious different strategies or plan of actions by which they can be able to attain the desired goals and accomplish the positive outcomes(Duffett, 2017). Among all the strategies one of them is market segmentation by which they can be able to target the requirements and wants of the customers. In this, Burberry will target the adults and youth who are having the interest and are very fond of buying then fashionable products. Below is the process of market segmentation of Burberry - First stage is to identify the needs and demands of the customers, which the firm has targeted such as youth and adults. Positioning the tactics and sets of actions which are formed and enforced. Last stage will the assessment and judgement of the process of market segmentation and getting the feedback or review of the customers. Formulation of basic marketing plan for an organisation. The marketing plan is a type of document which measure and evaluate the all marketing efforts of the firm. This is a type of blueprint that defines that how the company will going to apply their marketing strategy and use the aggregation of resources to attain the desired goals including the targeted sales and the acquisition of customers. Summary of the organisation Burberry In the present report, Burberry is the chosen organisation which is British luxury house company and headquartered in London, England by Thomas Burberry. The firm mainly deal in the ready-made wears, fragrances, goggles or shades,cosmetics and fashionable products, etc. The firm is having the best goodwill in the global market just because of producing the innovative products and always try to bring something new for their customers also by satisfying their needs and demands(Griffitts, 2016). To gain the attention of more customers, the firm has 13
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decided to produce and launch something new, which is a sun skincare cream, which is developed for the customers who are having the problem of sunburn, or getting blackish when they are going anywhere in the noon because of the heat of the sun. This cream will protect their skin from the heat of sun. The pricing strategy of this product is premium as only middle or high- class peoples can be able to buy it as they are the one who can afford the costly fashionable and luxirous products. SWOT analysis of Burberry Strength –This is the largest fashion company in UK which offers and sells the fashionable and luxurious products along with this they are having the large network of wholesale and licensing channels in the global market. Also thefirmishavingtheirpresencebytheir approx 500 outlets in more than 50 countries. In addition with this, they are having around 10,000employeesworkingintheBurberry company(Groucutt and Hopkins, 2015). Opportunities–Thefirmishavingthe opportunity of merging their business with the otherfirm,bywhichtheycanmaketheir fashion company more affordable. Along with this by doing more marketing and advertising, they can enhance their presence in the global market.Globalisationisalsothemajor opportunity for the firm to grow their business at global scale or in international market. Weaknesses–Astheproductsratesof Burberry is very high, not everyone can able to buy their products, this is restricted to the limitedpeoplebywhichtheyarehaving decrement in their market share. Along with this, the firm is also having the drawback of constantfightwiththecheapandlow imitations. Threats –The major threat of Burberry is having many rivals in case of price and in case of their visibility. Also, the firm is having the high cost of their product as compared to their competitorsbywhichtheyarelosingtheir customers. Also this fierce of competition is tends to reduce the market share of Burberry. PEST of Burberry Political Factor-The firm is running its business in many countries and each country is having their own rules and regulation, and it is very difficult for the organisation to understand the laws and legislations of each one and then follow them so that this cannot impact on their profitability and their visibility in the marketplace(Hugos, 2018). As, now the firm is launching its Sun 14
Skincare Cream product in the UK then they have to follow the rules and regulations of that country so that the government of UK can provide them some discount in the tax rates. Economical Factor– This factor is depend upon the economy of the country in which the firm is launching their product, as the economic rate of UK is increasing so this can help the firm Burberry to increase their sale and generate more revenue(Larson and Draper, 2015). Social Factor– This factor is related with the society, as this shows that how much the people are having craze of fashionable products, and how much want to look smart and beautiful. In context with UK, each one of individual are having the interest to look good by utilizing the products of Burberry. Therefore, this cream, will have the positive outcomes in the UK. Technological Factor– The new product of Burberry can enhance the sale of then firm only when the employees of the organisation are fully trained and have the skills of using the high and advanced technology for promoting and advertising their products such as they can advertise their product by using social media, magazines, etc. Marketing objectives for new business plan The organisation must set their objectives before launching their any new products in the market, as this can help the firm to attain the goal in an effective time frame(Wirtz and Lovelock, 2016). The objective of the Burberry new product Sun Skincare cream are as outlined below- Specific– The main purpose of Burberry of launching this product is to gain the attention of more customers so that their sale can be enhanced. Measurable – The target is to increment by 20 % in the existing customers. Attainable– This aim can be attained by giving the proper training and development programme to the employees and by promoting in an effective manner. Relevancy– This launching product can help the firm to gain the large marketing position from its overall competitors. Time period– The time is bound to attain the target within 5 months of launching. STP for business of Burberry Segmentation –The market segmentation is done on the basis of the needs and choice of the customers. The One market segmentation is psychological, in which the individual who want to berelaxandwantedto look and havegoodpersonality(Muller, 2019). The second is demographic Segmentation in which both the male and females uses the fashionable accessories 15
and cosmetics products which make them good looking. This helps the firm ton sustain in the market for long period of time. Targeting– This is refers for targeting the small group of individual among the whole population just to target them for their launching product(Pappas, 2017). Burberry has targeted the youth and adults for their new sun skincare product, so that they can easily gain attention and enhance the sale. Positioning– This is refers to position the business in the market. The firm can enhance their goodwill in the competitive market by launching the Sun Skincare Cream product in the marketplace. The launching product should be well-promoted and should provide the true and accurate information to their users so that they can show their interest in buying that product of Burberry. Marketing mix of the Business Plan The marketing mix is the process of defining the market situations or conditions before launching any new product in the market. The firm is evaluating the marketing mix of the newly launched product of Sun Skincare Cream, which is outlined as below - ProductThe productSun Skincare Cream has many ingredients like turmeric, curd, etc., which save the customers from the heat of sun. The testing is also have been done just to prove that this productwillbebeneficialfortheskinof customers. PriceThe firm has decided to market its price low while launching and when it get successful then enhance their prices as the firm mainly focus on the quality of the product rather than price(Piñeiro-OteroandMartínez-Rolán, 2016). PlaceThis product of Burberry is available at each outlet of the firm as the demand of this product ishighandalsothefirmusestheonline 16
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methodtoprovidetheproducttomore customers(Rancati,GordiniandCapatina, 2016). PromotionThefirmusesadvertisementandmagazine promotionalactivitiesforpromotingthe product as because this savesthe cost and get promoted in an effective way. The firm is also providingtheprofitableofferstotheir customers. ProcessThe firm is using the latest technology to reach theircustomersforpromotingtheirnew product. PeopleThe firm is having highly skilled and talented workerswhocanperformtheirbusiness operationsinaveryauthenticway (Scarborough, 2016). Physical EvidenceThe firm is having very positive environment, fragrances and bright lights by which they can gain the attention of more customers. Implementation plan for the promotional launch For launching any product in the market, this is necessary to prepare the budget which is estimated by the firm, as the amount based on the promotional activities implemented under the marketing Plan, this is stated that there are many promotional activities which the firm can used to promote and launch their new product in the market(Rowley, 2016). There are such promotional channels like online advertising, famous personalities advertisement, magazines, etc., which have the higher rates and consumes too much time. Below is the budget prepared for the newly launched product Sun Skincare Cream, given as below - ParticularsAmount 17
Promotion on social media(20%)30000 In Online Platforms (35%)40000 On magazines(10%)20000 Mouth publicity (10%)10000 CONCLUSION From the above mentioned report, it has been concluded that marketing is defines in the business enterprise just to market their strong position and building the positive relationship with their customers. There are different roles of each department and in which the marketing department is having the lots of duties like to do the market research and get know that what are theb requirement of the customers, along with this they have to perform various probational activities, etc., this increase the sale of the firm and generate more revenue. The above report has covered the comparison of marketing mix of both the companies to get know that which one is better in the market and the firm should update their customers with accurate information about their products so that the users can able to buy it and this can enhance the profitability of the firm. 18
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