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Mintel Fashion Accessories Report in UK

   

Added on  2020-12-09

8 Pages1380 Words60 Views
MINTEL FASHIONACCESSORIESREPORT

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1TASK 2............................................................................................................................................2TASK 3............................................................................................................................................3

INTRODUCTIONThe concept of brand positioning and repositioning is an important one indicating theeffect it has on the business if done successfully as well as implications thereof, if failed. Thisreport aims to provide the importance, relevance, strategic implications in regards to Burberrywhich is looking for a repositioning of its Bags and other categories to a higher luxury segment.TASK 1As per the case scenario given, Burberry has intended to go more up-market. This meansthat the company wants to focus more on the niche market segments that include an array ofsmall but affluent customers. As per MINTEL, increase in tourism to UK have boosted therevenue generated by luxury brand in 2016 and the first quarter (Q1) of 2017. Initially, Burberryfocused on outdoor attire. It also includes accessories that contribute to the 37% of total grouprevenue. Sales for this segment increased by 10% during the Q1 of 2017. Category of Bags isconsidered to be the one with the highest growth potential. This category has become the centralfocus of Burberry so much so that the management wants to reposition this accessory segmenttowards the luxury sector through extension of price architecture and scale-down of sales tolower-end retailers and wholesalers (Chegini, Molan and Kashanifar, 2016). In addition to this,the company plans on developing new luxury leather goods and accessories for the niche market.As evidenced by Mulberry, Burberry aims to not extend its price architecture too an extremeextent so much so that the company struggles to recover its costs and break-even. This indicates that positioning and repositioning strategies adopted by marketers areimportant as they may result in complete collapse of existing as well potential markets for thebusiness. Essentially, Positioning is the process of strategically placing their product offerings intarget markets or segments so that they are able to effectively communicate its attributes to thecustomers based on their preferences, needs, tastes and incomes (Hennigs and et.al., 2013). Onthe other hand, brand repositioning, as the name suggests, is concerned with shifting the productoffering from one position to another in the target market. This is an important strategy adoptedby marketers that indicates the concerns of how the business perceives its current performanceand brand. This is an important step for marketers since repositioning a product in the marketwould mean altering its position in the minds of existing and potential customers too. It can have1

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