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Marketing Essential of Burberry Assignment

   

Added on  2021-02-19

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Marketing Essential
Marketing Essential of Burberry Assignment_1

TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1LO 1.................................................................................................................................................1P1 The key roles and responsibilities of marketing function.......................................................1P2 Roles and responsibilities of marketing in relation with wider organizational structure ......4LO 2.................................................................................................................................................5P3 Comparison of marketing mix of Burberry and Mark and Spencer.......................................5LO 3...............................................................................................................................................10P4 Produce and evaluate marketing plans for Burberry............................................................10CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................15
Marketing Essential of Burberry Assignment_2

INTRODUCTIONThe market essentials help the company to fulfill their aim of creating new potentialcustomers by analyzing the market and making plans with respect to 7 P's. It also includesevaluation of customers need and purchasing power so that company can provide products andservices according to customers expectations. Present study is based on the company Burberrywhich is a UK based company. The study will include the key roles and responsibilities ofmarketing function and also roles and responsibilities of marketing in relation with widerorganizational structure of Burberry. Further study is based on Comparison of marketing mix ofBurberry and Mark and Spencer which also includes evaluation of different marketing plans forBurberry(Drucker, 2018).LO 1P1 The key roles and responsibilities of marketing function1.Marketing research:-This is the most important function of marketing. It begins with analyzing and gatheringinformation which is available in the market. It is important for every company to identify theneeds and the wants of their customer. Burberry identifies the customer's needs and they launchnew designs and ideas timely. Role of marketing in market research are:Better understanding of clients: Market research help the company in betterunderstanding of the market need. Marketing research is very important for multi nationalcompanies like Burberry because the research helps them in understanding the marketand give them competitive edge towards others(Karlsson, 2016).Testing of products: the research function of marketing helps in testing the productsbefore selling it to the ultimate buyers. This will increase the companies' sale in future asthe goods reached to customers are properly checked before using. Any risk related to theproduct is minimized. Burberry checks its products and its finishing before selling it tothe ultimate customer(Bailey and Ingram, 2017).Growth of the firm: Due to continuous market research, a company knows when toincrease its production and when to reduce it. This will reduce the wastage of the goodsand excess of Burberry products won't be available in the market(Kerin and Hartley,2015).1
Marketing Essential of Burberry Assignment_3

2.Marketing planning:-Another function of marketing is planning. Planning means preparing reports of the company,finding total sales and more. The company also plans to increase its turnover, reduce laborturnover, bringing innovation in the company etc.Role of marketing in panning is:-Minimizing future uncertainties: proper planning helped Burberry in increasing its sales.Planning reduces the risk of uncertainties which can be seen in the future. Planning helpsthe company in reaching the position where it wants to reach. The planning of burberrywas future based and it knew what will be the upcoming demands. Improved efficiency: Proper planning increases efficiency of the company and thecompany estimates the future sales and this increases the profit of the company . Maximum satisfaction of customers: By proper planning the company will be able tosatisfy the customer at their maximum and this will enhance the image of the company incustomer's eyes. Burberry has loyal and satisfied customers of its products. After saleservice of Burberry is also good which makes the customer loyal to one brand(Baker,2016).3.Designing and development of product:- The main reason for increase in sales can bedue to product development and innovation. In this competitive world, those companiescan only survive which brings innovation in their products timely. Burberry launchersnew design every month and this has given it a competitive edge over other clothingbrand. Clothing brand is on boom now and demand for new designs is at peak. Anycompany which brings new design is getting high returns for its product. If new productsare sold at reasonable prices then the customers will become loyal to the brand. Loyalcustomers are the main assets of the company. They advertise the company for free andbrings new customers(Daoud, 2016).4.Standardization and Grading:- Standardization is a process which need to be followedby every company. Quality department of the company sets the standards. If the productsmanufactured are below standard then they are rejected by the company and they are not2
Marketing Essential of Burberry Assignment_4

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