Marketing Essential

This document provides an overview of marketing essentials, including the definition of marketing, the role of marketing in promoting products and services, and the importance of marketing plans and strategies. It also discusses the marketing mix and compares the marketing strategies of Burberry and Michael Kors. The document includes a detailed analysis of the strengths, weaknesses, opportunities, and threats (SWOT) of Burberry and presents a marketing plan for the company. The document is suitable for students studying marketing or anyone interested in learning about marketing essentials.

Marketing Essential

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
Covered in PPT...........................................................................................................................1
TASK 2............................................................................................................................................1
P3 Comparison between the ways of marketing mix that are applied by organisation..............1
TASK 3............................................................................................................................................3
P4 Formulation and evaluation of marketing plan......................................................................3
REFERENCES................................................................................................................................8

INTRODUCTION
The term marketing is explicated as an activity or action that promotes the buying and
selling of company products and services. Marketing aspects includes selling, researching and
understanding about the market environment of business. An effective marketing involves all
actions and activities that draw and maintain organised plans for completing marketing activities
according to decided goals and objectives (Pike, S., 2015). Burberry is selected as an
organisation for this report which operate their business in fashion industry. Leather goods,
footwear, cosmetic and many more products are offered by Burberry among their outlets.
Moreover, this report focus on roles and responsibilities along with their relation with other
organisation departments. Marketing plan as well as marketing mix will also included in this
report to understand market perspective of business.
TASK 1
Covered in PPT.
TASK 2
P3 Comparison between the ways of marketing mix that are applied by organisation
Marketing mix- The term marketing mix refers to the set of action, tactics and strategy
which are implemented by organisation for promoting organisational products and brands. Their
are seven different P exists in market and it is used to manage all functions of organisation
(Simkin, L. and Dibb, S., 2013). Comparison between marketing mix of Burberry and Michael
Kors are mention as follow:
Parameters Burberry Michael Kors
Product Burberry design specialized and
fashionable clothes which are
appreciated at worldwide level. It
is also known for their exquisite
design materials. On the other
side, brand of organisation known
for their water resistant and
breathable fabric. Thus, wide
Michaek Kors is recognise as a
luxury products in footwear,
watches, clothes and other section.
Along with this by demonstrating its
products through annual fashion
show leads organisation to show
their products according to seasonal
trends. In the context of product
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product range and quality leads to
operate business in international
market.
strategy organisation also show it
products to attract more number of
customer's.
Place Burberry exists at more than five
hundred locations which is spread
among fifty country. Along with
this products are sold by engaging
global franchises and branded
stores. It results third party dealer
also improve the work methods to
perform all activities in a
coordinate manner (Blythe, J. and
Martin, J., 2019). Burberry
products are also present at
premium stores. So it is easy for
customers to buy products from
large range.
In the present scenario, Michael
Kores operate their stores at more
than forty locations. Organisation
produce large variety of goods with
company products at all outlets.
This results Michael Kors formulate
and place its products at different
locations. Moreover, with an
appropriate physical distribution it is
also easy for Michael Kors to
distribute products at all locations.
Price All products that are manufactured
by Burberry is implemented with
the luxury. Innovative design is
also included among company
products so it work as an
important aspects to decide the
price of products. In the context of
of Burberry the price of products
is at premium position.
The price strategy that is
implemented by the Michael Kors
relates with competitive price
strategy. Along with this it also
results to reach towards more
number of products. Special
discount with corporate packages
also leads business to minimise cost
of products (Joshi, M., 2012) .
Promotion Promotional activities is an
important part of Burberry.
Aggressive advertisement is an
important aspect of promotion
With the analysis of organisation it
is identify by business that exclusive
focus depends on promotional
activities of company market. Event
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activities. This also refers
marketing department promote all
products with more efficiency.
such as fashion show is one of the
most effective method to promote
company products at a large level.
Packaging Marketing mix also related with
packaging of products. The
development of fifth element
among company product helps to
stand back differ from other
products.
In the context of Michael Kors
unique design packaging is an
important aspect for organisation.
This is also used to manage external
prospects through understanding
company operations.
Positioning Positioning of products relates
with the habit that is used for
analysing the continue perspective
of organisation (Lipsman, A.,
Mudd, G., Rich, M. and Bruich,
S., 2012). In terms of specific
products positioning about
products leads to offer large
variety of products.
Michael Kors define that its
products are offered at a large level.
Position of company products
depends on organisation which
define company products.
Interaction between organisation
and customer's helps to position
each product in accurate manner.
People People with marketing mix refers
to the habit of outside and inside
business as it is responsible for
making effective marketing
strategy. So Burberry recruit
skilled and potential employee's as
workforce is an important asset for
organisation
Training and development is the key
for organisation that is leading
Michael Kors to complete and
manage their work with more
efficiency. It refers that right person
execute plans at right time. It helps
to complete work in an organised
manner.
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TASK 3
P4 Formulation and evaluation of marketing plan
Marketing plan is explicated as an essential aspect or requirement for organisation and it
is used to execute marketing activities as per company products and services (Mihart, 2012). In
context of Burberry marketing plan leads the management to obtain more success in market. This
is also used by organisation to offer product and services as per customer requirements.
Marketing plan for Burberry is as follow:
Overview of organisation
Burberry is recognised as an international UK based organisation and it is used for
providing better products that are good in quality. Clothes, accessories, fashionable item,
watches etc. are produced by Burberry. In the context of this business plan Burberry's define its
products into new sector of watches that refers task are performed by management with the help
of organisation (Fırat, 2013). Moreover, with engagement of effective employee's it is easy for
Burberry to complete their operations according to decided goals and objectives. The marketing
plan for Burberry aspect is mention as follow:
SWOT
Strength
 Iconic fashion- With the history of 156
years it is identified that Burberry is
recognised as a British fashion brand.
So for new designer watches fashion
brand work as a strength for marketing
department.
 Retention and brand recall- TV
advertisement and billboards promote
company brand by advertising
organisation at global level. Moreover,
brand promotion at large level help to
introduce products in an appropriate
manner that improve strength for
Weakness
 High price range- Price of products
suggest desirability and quality. But
due to the high price range of products
it is complex for individual to purchase
company products. So high price range
work as a weak point for organisation.
 Asian market- The significant
proportion of group sales comes from
the market of Asia. Along with this
change in economic and consumer taste
reduce the demand of new products
(Khan and Adil, 2013). So it work as a
weak point for business.
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business at global level.
Opportunities
 Lifestyle change- Demand for
additional accessories is increasing
with rapid speed. This define that
customer's preferences and taste results
towards fulfilment of new products.
 Development in emerging market-
The market for the organisation is
increasing as such Thailand, Turkey,
Mongolia etc. are potential country to
gain success in the market. It also
improve revenue for business.
Threats
 High competition- Local as well as
international organisation all compete
with Burberry so it create challenges
for organisation which work as a threat
for Burberry to retain in competitive
market.
 Copy products- The major issue that
is faced by premium brand define the
offering related with brand copying. It
refers that the major threat relates with
offering local product with brand name
of Burberry.
Objectives
 Aim of organisation is to increase their market share through 20% within a time period of
three months.
 Marketing strategy and performance leads organisation to compare the results of current
company operations with the previous quarter in order to ensure current strategy of
business (Papasolomou and Melanthiou, 2012).
 To place company product at all locations and also to delegate right roles to each
individual for completing work according to company goals.
Marketing strategy of Burberry
 Segmentation- Burberry defined themselves as an iconic brand and it offer company
products for all segment of consumers. Men, Women, Children and youth fashionable
section are the major brand for promoting company products at all existing geographic
position.
 Targeting- Burberry's utilise differentiated target strategy and it is used to set and decide
company targets specifically according to the upper class. The range for this target
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market relates with age group of 20-40 years. This also refer watch is required by all
individuals in their life-style.
 Positioning- Burberry's formulates themselves at the position that demonstrate rich
heritage of the British culture (Baker and Magnini, 2016). It is also used to establish
themselves as a creative brand which leads organisation to inspire and influence brand as
per business perspective. This also understand and demonstrate changing needs to attract
towards new products.
Marketing mix
 Product- With the analysis of new product that is watch it is identified by organisation
that good quality of Burberry's aids to influence customer's for purchase of new products
that boost demand and sale of company products. Moreover, it is favourable for Burberry
as it improve company profits.
 Promotion- Business of Burberry relates with fashion industry so promotion of products
is an important aspect for organisation. This refers that marketing activities leads
organisation to provide their products freely by engaging aggressive promotion method
for new product.
 Price- Price penetration strategy is an effective method to launch and sell company
products among different place of market (Muralidharan and Raval, 2017). Along with
this Burberry management is also focused to decide medium range price for their new
product because it helps to deal with competitive price strategy among organisation.
 Place- Organisation provide products by retail outlets and also by engaging third party so
it is to place company products at different level.
Action plan
Parameters related with Budget- The decided amount to manage and deal with the
manufacturing aspects define the ways which is used to perform products as per decided amount.
In the context of Burberry watch the selected budget for business is 50,000.
Forecast of budget
Cost: Cost for the production of new product is discussed below:
Particulars Amount (€)
Market related activities 11000
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Employee's engagement 10000
Machine and equipments 15000
Raw materials 14000
Total 50000
Controlling
In order to manage and control all activities related with business, authorities of Burberry
decided to measure and evaluate the performance of new product with the method of Benchmark
and Key performance indicator. Along with this management also compare the demand of new
products with the old range of products.
CONCLUSION
From the above report it can be concluded that marketing plays a significant part of an
organisation in achieving their desired goals and objectives by promoting business using various
promotional tools such as TV Advertisement, social media marketing etc. For this, marketing
department requires an adequate support from other departments such as finance, HR etc. in
order to perform its functions more effectively. In the last, by comparison between marketing
mix of two same organisation it is easy to understand work methods of commercialism of
business.
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REFERENCES
Books and Journals
Mihart, C., 2012. Impact of integrated marketing communication on consumer behaviour:
Effects on consumer decision-making process. International Journal of Marketing
Studies. 4(2). p.121.
Fırat, A.F., 2013. Marketing: culture institutionalized. Journal of Macromarketing. 33(1). pp.78-
82.
Khan, M.N. and Adil, M., 2013. Data analysis techniques in service quality literature: Essentials
and advances. Serbian Journal of Management. 8(1). pp.95-112.
Lipsman, A., Mudd, G., Rich, M. and Bruich, S., 2012. The power of “like”: How brands reach
(and influence) fans through social-media marketing. Journal of Advertising research.
52(1). pp.40-52.
Mihart, C., 2012. Impact of integrated marketing communication on consumer behaviour:
Effects on consumer decision-making process. International Journal of Marketing
Studies. 4(2). p.121.
Fırat, A.F., 2013. Marketing: culture institutionalized. Journal of Macromarketing. 33(1). pp.78-
82.
Khan, M.N. and Adil, M., 2013. Data analysis techniques in service quality literature: Essentials
and advances. Serbian Journal of Management. 8(1). pp.95-112.
Papasolomou, I. and Melanthiou, Y., 2012. Social media: Marketing public relations’ new best
friend. Journal of Promotion Management. 18(3). pp.319-328.
Baker, M.A. and Magnini, V.P., 2016. The evolution of services marketing, hospitality
marketing and building the constituency model for hospitality marketing. International
Journal of Contemporary Hospitality Management. 28(8). pp.1510-1534.
Muralidharan, K. and Raval, N., 2017. Six Sigma marketing and productivity improvement. A
Quarterly Journal of the National Productivity Council. 58(1). pp.107-114.
Wirtz, J., Tuzovic, S. and G. Kuppelwieser, V., 2014. The role of marketing in today's
enterprises. Journal of Service Management. 25(2). pp.171-194.
Nicholls and et. al., 2013. Ethics, corporate social responsibility, and sustainability education in
AACSB undergraduate and graduate marketing curricula: A benchmark study. Journal
of Marketing Education. 35(2). pp.129-140.
O Ogunmokun, G. and Hsin Tang, E.C., 2012. The effect of strategic marketing planning
behaviour on the performance of small-to medium-sized firms. International Journal of
Management. 29(1). p.159.
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