The Winning Formula for Planning an Event - Essay Example

?The Winning Formula for Planning an Event Executive Summary The report intends to determine the appropriate ways through which one of the globally leading fashion products based companies’ i.e. Burberry can launch a new range of women’s handbags in the market. Based on its market credibility, the company is required to follow specific strategies for the purpose of launching the new product and expanding its product range. For this purpose, the company is required to organise a particular event focusing on a suitable venue and appropriate marketing communications in support of the marketing mix. Subsequently, these requirements have been addressed in the report. Moreover, certain pertinent recommendations regarding addressing the ethical and environmental issues during the event will be provided. Table of Contents Executive Summary 2 Introduction 4 Main Findings 5 Venue 5 Marketing Communications 6 Communication Method 6 Media Choices 7 Marketing Mix Elements 7 Product 8 Pricing 8 Place 9 Promotion 9 Ethical and Environmental Issues 9 Recommendations 10 Conclusion 12 References 13 Introduction Burberry Group plc is a British based fashion house which is well known for distributing fashion and clothing accessories along with different types of fragrances. Burberry has been able to become as one of the most famous fashion companies in the world for its trench coat, which was specially designed by the founder of the company i.e. Thomas Burberry. The organisation possesses multiple franchises and branded stores situated around the world. The company is said to operate with a sum total of 9000 employees. With these considerations, the main aim of the report will be to analyse and implement effective strategies to launch a new product range of women handbags. Correspondingly, it will highlight all those factors related to the marketing team’s efforts backed with the efforts of a Marketing Assistant working within the marketing team for successful launch of the product. For the purpose of fulfilment of this ideal task, organisation of a particular event focusing on a suitable venue and appropriate marketing communications in support of the marketing mix will be analysed and fixed. In order to analyse the appropriateness of the product launch process, the report will additionally highlight the main findings derived from analysing the marketing activities in the process of product launch. Correspondingly, it will provide certain specific recommendation through which the company can improve its overall process of product launch (Burberry, n.d.). Main Findings In relation to following the process of successful launch of the product, it can be said that Burberry is expected to achieve a fair rate of response from the consumers. This factor can be provided with the maximum amount of weightage owing to the fact that the organisation has already made name for itself in the category of women’s handbags. This product is considered to be as one of the most selling offerings of the company. Besides, Burberry has been able to create a strong goodwill in the worldwide market. All these factors combined together can provide great aid to the company while making the product launch process effective. However, this particular marketing activity is going to pose certain of amount of challenges as there will be a diverse marketing team whose active involvement will be required at all the levels (Burberry, n.d.). In this regard, the Marketing Assistant will have to cohesively work with the team for the best interests of the company. Venue In relation to selecting a specific venue, it has been decided that the Wales would be the appropriate location. It has been felt that as there is already a Burberry factory located in this particular area, the consumers will not face any hurdles in relation to recognising this particular brand. Therefore, the exact venue for the launch of the product will be in St David's shopping centre which is determined to be the biggest shopping mall in Wales (WalesOnline, n.d.). This particular venue has been chosen in order to spread maximum product awareness among the consumers. Another reason for the selection of this particular venue is because this shopping mall attracts thousands of visitors each day. Being one of the most successful clothing companies, Burberry realises and values such business opportunities (WalesOnline, n.d.). Marketing Communications In relation to the factors associated with selection of marketing communication channels, Burberry does not seem to lack behind. After a due analysis of the market and working with the marketing team, it has been realised that due importance is needed to be delivered in following the media strategies. In order to make the event successful, the planning needs to be developed and utilised in such a way that the information is widely delivered to the audiences and also in an efficient manner. It should also be taken into consideration that the information is not misinterpreted and the public is needed to be made clear that a discrete set of women’s handbags is being launched. Therefore, the media through which the communication process will be followed need to be very clear and efficient. In this regard, effective media tools such as television advertisement, sponsorship program along with advertisement leaflets will be shared in the mall (McBratney, 1998; Egan, 2007). Communication Method The communication methods such as Written along with oral communication techniques are needed to be followed for creating the mass appeal in the minds of the consumers. The messages can be portrayed in writing by way of newspapers, magazines, paper ads, internet, banners, brochures and leaflets among others (Smith & Taylor, 2004). Contextually, the marketing team will be made to utilise the concept of oral communication by way of informal communication with the customers. This marketing aspect can be made more efficient when all the members of the marketing team continue to visit the particular mall for a week and personally communicate with the consumers about the product. This marketing stance will also lead to publicity of the event to a great deal (Smith & Taylor, 2004). Media Choices In order to make the product launch successful, one of the primary focuses should be laid upon the processes through which the messages and information are going to be delivered to the audiences. In this regard, proper selection of media often plays a decisive role in making the proposed marketing communication plan to become quite successful. Therefore, the plan must contain the use of certain effective tools of media such as local radio, internet, television, magazines, newspapers and journals among others. These tools can prove to be quiet effective as these are readily available to the mass public and are responsible for generating maximum awareness. Therefore, this particular strategy will be primarily followed in order to make the overall marketing process effective (Govoni, 2004). Another reason for the application of the marketing communication process is to make the process of marketing mix to be followed a formative approach. Following of such effective marketing communication process will lead to the fulfilment of the broad aspects of the marketing mix that will provide great aid in the process of product launch (Govoni, 2004). Marketing Mix Elements The term ‘marketing mix’ generally refers to the different set of tactics or actions that are utilised by a company for the primary purpose of promotion of its product and its overall brand in the market. The 4Ps of marketing mix comprises Promotion, Place, Product and Price (McBratney, 1998; Lancaster & Massingham, 2010). Product The main purpose of the event is to familiarise the consumers with the new set of women handbags. These aspects can lead to even high amount of benefits to the company as well. This product i.e. handbags has been specially considered to be one of the primary products of the company (Styledrops, n.d.). Pricing In relation to the pricing factors, it is felt the company maintain competitive strategy. It offers a wide range of handbags which ranges from as low as US$50 to even US$1000. Correspondingly, the new women’s’ handbag would be priced around US$300- US$500. It has been able to cater to the varying needs of the consumers. Moreover, Burberry can also cater to the high end along with low budget consumers. In relation to the launch of the new set of handbags, the company is going to follow a similar pricing strategy whereby the prices will be fixed in a customised manner so that everyone can afford it. It is expected that this strategy is going to derive high end results because of the selection of such a diversified location (Styledrops, n.d.). Place As mentioned in the above section, it has been learnt that the product i.e. women’s handbags will be launched in the St David's shopping centre located in Wales. This particular location has been chosen because of the fact that it is home to a large number of consumers every day. Based on the high amount of business prospects, this place has been chosen (WalesOnline, n.d.). Promotion In relation to the promotional activities, the chosen communication approach strategies have been able to provide a clear cut idea. Based on the selected communication strategies, it has been felt that the company will be able to communicate and promote its new set of handbags in a formative manner. Furthermore, all the elements involved in the communication approach i.e. communication method and media choices tend to cover all the necessary aspects that are required for successful launch of a product. Additionally, selected location will also play a major role in making the promotional activities a very exciting and efficient experience (McBratney, 1998). Ethical and Environmental Issues In relation the ethical and environmental issues, it can be affirmed that these issues play a crucial role while companies follow different marketing functions. Ethical issues and environmental issues are needed to be considered at all levels. In this respect, Burberry needs to identify and address all the factors associated with the ethical and environmental issues. However, it is expected that the company may not face uncertain situations relating the ethics and the environment. This factor can be provided with maximum amount of weightage as the company has already been able to create goodwill in the United Kingdom. Owing to the fact that Burberry is undergoing operations in the UK, there might raise the requirement of undertaking minor alterations for the purpose of the new product launch. For taking its operations into the next level, the marketing team’s primary focus is needed to be laid upon the aspect of launching the product in an ideal manner. For this purpose, the main stress needs to be laid upon following the above explained communication method in an appropriate manner. Furthermore, high amount of importance is needed to be delivered while utilising the selected choice of media. This way it will attract a lot of consumers without any ethical issues involved. The messages about the product that will be delivered in the promotional process will be conveyed in a clear and concise manner. It needs to be ensured that no ambiguities remain in the minds of the consumers about the price, quality and features of the product, which will in turn enable to largely eliminate the prospect of ethical collusion. Subsequently, in order to address the environmental issues during the launch of the product range, there is a need to ascertain the upholding of local environmental guidelines for any social event or gathering. The need to maintain cleanliness of the place after the event will be a key environmental issue that is required to be addressed. Therefore, a proper collaboration needs to be made with the concerned authorities at the venue so that proper set of staff are provided to the organiser who will look after this matter (Copley, 2013). Recommendations After analysing the overall process of launching the set of handbags, it has been learnt that Burberry can achieve diverse business results if all the members are able to follow the explained steps in a formative manner. In this similar context, there are certain factors that need to be considered in order to follow the product launching process in a much more efficient manner. If the company is able to follow the universal concept of door-to-door marketing then it will lead to extended promotion of the new array of handbags. This marketing stance will lead to maximum amount of consumer awareness that will lead to publicity of the product in a diversified manner. This activity can also provide great aid to the company in its future operations as well thereby enabling it to reap larger amounts of profit. On a broader contrary, this marketing strategy can prove to provide excellent results to the company. If Burberry is able to satisfy a new base of customers then it will ultimately result in word-of-mouth promotion for the company (Kitchen, 1999). Conclusion From the overall analysis, it has been observed that Burberry is achieved global acclaim as one of the most successful fashion product based companies established in the UK. It has been ascertain the company has a decisive stranglehold in the women’s handbags section. In order to ascertain that this stranglehold remains intact for a new set of product launch, a shrewd combination of marketing communication and promotional tactics need to be administered. Consequently, it has been realised that the company should receive a fair rate of response from the consumers as it has created goodwill for itself in the worldwide market. With regard to organising the event of launching a product range i.e. women’s handbags, a popular venue i.e. St David's shopping centre at Wales has been selected. Burberry can attain greater customer footfall and brand awareness of its new product range by following the marketing communication and marketing mix strategies laid down in a concise manner. References Burberry, No Date. Burberry. Festive Gifts. [Online] Available at: http://in.burberry.com/womens-gifts/festive-gifts/ [Accessed November 24, 2013]. Copley, P., 2013. Marketing Communications Management. Routledge. Egan, J., 2007. Marketing Communications. Cengage Learning EMEA. Govoni, N. A. P., 2004. Dictionary of Marketing Communications. SAGE. Kitchen, P. J., 1999. Marketing Communications: Principles and Practice. Cengage Learning EMEA. Lancaster, G. & Massingham, L., 2010. Essentials of Marketing Management. Routledge. McBratney, C., 1998. MarketingRecords Management. I. Introduction. [Online] Available at: http://units.sla.org/chapter/cwcn/wwest/v1n2/mcbrat12.htm [Accessed November 24, 2013]. Styledrops, No Date. Burberry Corner. Home. [Online] Available at: http://www.styledrops.com/burberry-handbags-121.html [Accessed November 24, 2013]. Smith, P. R. & Taylor, J., 2004. Marketing Communications: An Integrated Approach. Kogan Page Publishers. WalesOnline, No Date. Wales' Biggest Shopping Centre Attracted 75 Million Visitors In First Two Years, New Figures Show. Home. [Online] Available at: http://www.walesonline.co.uk/news/wales-news/wales-biggest-shopping-centre-attracted-1806494 [Accessed November 24, 2013]. Read More