Impact of Product Development Strategies: Burberry UK Retail Sector

This presentation delves into the critical role of product development within the premium fashion retail sector, using Burberry UK as a case study. It begins by outlining the significance of product development for business performance, emphasizing its impact on understanding consumer needs and adapting products accordingly. The presentation explores research methodologies, including descriptive research design and thematic analysis, and examines ethical considerations and resource requirements. Key objectives include understanding the significance of product development, reviewing relevant literature, examining Burberry's product development strategies, and evaluating its impact on the retail sector. The presentation highlights the importance of market research and customer preference analysis, as well as the need for continuous product innovation to maintain a competitive edge. Finally, the presentation concludes by emphasizing that product development is very important for the success of any business.

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Christopher Columbus sailed westward and vasco da gama
cruised to country for earn money then business travel has
been integral part of tourism industry(Cave and Brown
2012).
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food and shelter. Main intension of this traveller is to gathered food and traded around the world and gave rise to the barter system (Capacci,
Scorcu and Vici, 2015). 1500 BC is marked as the era when the Europeans visited pyramids and thus developed the tourism for pilgrimage. Early
tourism started with Nomads who
Importance of product development
INTRODUCTION
The presentation will discuss the significance of produce development in the retail sector of premium fashion wear. It will describe the impact of product development on the business performance.
Furthermore, research methodology tools will be discussed in this study. In addition, presentation will focus on examining strategies incorporated in the product development process of Burberry UK
Aim
“To investigate importance of product development and its impact on business in the retail sector of premium
fashion wear. case study of Burberry, UK “.
Objectives
 To understand the significance of product development for business sustenance
 To review the relevant theories and literature on product development from a critical perspective.
 To examine the strategies incorporated in the product development process of Burberry UK
 To evaluate the impact of product development in the retail sector of premium fashion wear.
Research questions
 What is the significance of product development for business sustenance?
 Explain critical reviews of relevant theories and literature on product development?
 Examination of strategies incorporated in the product development process of Burberry UK?
 Explain impact of product development in the retail sector of premium fashion wear?
 Ethical consideration
Researcher will prepare the study in ethical manner, individual will not take any information from
unauthorized side. Scholar will follow ethical guidelines and before studying on the Burberry, individual
will take prior permission from the company. Investigator will fill up the concern form from the authorities
of cited firm in order to prepare the report on the subject matter. The survey respondents would be made to
sign consent letters stating their willingness to participate in the research process so that the researcher
would not have to bear any kind of future allegation of employing forcible means to extract responses or
opinion from the respondents.
Resources required
Researcher will require human resource for collecting the information on importance of product
development. Investigator will require monitory resources so that it can use advance software for data analysis.
Background
Product development is the evolutionary process that is used by entities for meeting
with the needs of consumers and for sustaining in the corporate world for longer
duration. Therefore, companies must engage into the act of researching and developing
existing products so that they can retain the end users in the organization for longer
duration. On the bases of cost, time and quality – companies develop their strategies for
enhancing satisfaction level of clients. Regular developments of products support in
increasing market share of the organizations.
Critical review
 Karniel and Reich, 2011 has stated that it is of paramount importance that the
product must undergo the developmental process so that it can survive in the
fiercely competitive market arena. It is simply for this reason the businesses
worldwide are constantly ideating on the prospect of adoption of strategies that
can develop their existent product base and also help in coming up with new ones
to retain or capture the biggest share in the market competition.
 According to Ryding et al., 2016 initial stages of product development involves
extensive market research and conduct of surveys to understand the preferences of
the customers in the targets segment and also to understand the characteristics of
the similar kinds of products so that elements of distinction can be incorporated in
the product to gain the attention of the customers.
 Methodology: Researcher will take support of descriptive research design which
will help in describing each element effectively. By this way individual will be
able to develop understanding about subject matter. Furthermore, investigator will
take support of inductive approach, with the help of models and theories individual
will be able to conduct study in effective manner.
 Data analysis will be done by using thematic analysis tool. It is great model which
can assist in explaining the detail through charts and graphs
Conclusion
 From the discussion it can be concluded that produce development impacts on the business performance of entity to
great extent.It is the way through which organization can gather in depth information about needs of consumers and can
modify or develops its products as per their requirements.
References
Karniel, A. and Reich, Y. (2011). Managing the dynamics of new product development processes. 1st ed.
London: Springer.
Ryding, D. and et.al., (2016). 21st century luxury fashion retailers' marketing strategies for customer
satisfaction: UK perspective. International Journal of Business and Globalisation, 16(1). pp.79.
Myers, M. D., 2013. Qualitative research in business and management. Sage.
Creswell, J. W., 2013. Research design: Qualitative, quantitative, and mixed methods approaches. Sage
publications.