Principles of Marketing Assignment - Burberry

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Added on 2020-11-23

Principles of Marketing Assignment - Burberry

Added on 2020-11-23

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PrinciplesofMarketingTable of Contents

Principles of Marketing Assignment - Burberry_1

INTRODUCTION...........................................................................................................................11. Importance of positioning and repositioning..........................................................................12. Demonstration of change in process through positioning map...............................................13. Methods that can be used to achieve repositioning a product.................................................2CONCLUSION................................................................................................................................3REFERENCES................................................................................................................................4.........................................................................................................................................................4

Principles of Marketing Assignment - Burberry_2

INTRODUCTIONMarketing principles are ideas that an organization implement for effective marketingstrategy. These form the basis for all promotional tools and strategies and can be used for goodsor services. Company chosen for this report is Burberry. Further, the report covers importance ofSTP, positioning map and methods used to repositioning the brand. 1. Importance of positioning and repositioningPositioning of a product is done to change the perception of customers in favour of aparticular brand or product. In this, an entity attempts to create image or identity that will berecognised by huge number of people (Hassan and Craft, 2012). Importance could range fromcapturing broader market, easy to manage various changes in market, customers' expectations arefulfilled and satisfaction level gets increased, helps in promoting goodwill, customers becomeloyal and many other benefits. Repositioning refers to making core changes in the existingposition of brand or product. There could be many reasons such as reverse decliningperformance or for changes in business environment. Relevance of it can be to survive incompetition, helps in changing diminishing sales, to target the best audience who will buy theproducts, it help keeping the brand image fresh for a long time and customers trust is built to agood level. The above mentioned strategies, if successful, may impact a business in a significantway. Burberry can sustain for a long run, along with this, customers needs are catered whichcreate a positive market position, performance is improved by focusing on designs and manymore. Further, desired outcomes of positioning or repositioning will help Burberry in retainingits employees, as improved performance raise work-force's morale which ultimately result inhigh level of commitment to the entity. 2. Demonstration of change in process through positioning mapPositioning map is used by companies to draw a comparison of marketing position forits own products or services (Maarit Jalkala and Keränen, 2014). It is also called perpetual maps.This shows the current position in the market in order to enable firm make decisions regardingthe place where it is targetting to see its products. It is based on customers' perception in order toget a competitive position by creating an unique identity. Burberry can use positioning map forexisting handbags and in introducing brands in the luxury segment. Further, its competitors such1

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Principles of Marketing Assignment - Burberry