Marketing Plan for Burberry Clothing - Research Proposal Example

Marketing plan for Burberry clothing Introduction In the contemporary times, businesses are competing toensure that they make target markets that can give them returns on their investments. This has seen businesses engage in market research activities in the process of understanding the actual needs of their customers, which keep on changing. For marketing executives, having this understanding is deemed effective in the development of effective intervention mechanisms that can seem them create and increase their market share. In this regard, they have to keep making and changing their marketing plans and other strategies to achieve this important target. One of the companies that is fast establishing itself as a force in the market is Burberry Clothing Co. which is one of the most iconic British fashion firm. The company has been in existence for more than 5 decades, making its name as one of the most proffered clothing and general fashion company. With the advent of technology, the company has managed to create online shops from where it sells its products and reaches a number of its clients located in different parts of the world. This paper presents a marketing plan that can be used by the company in reaching its new target markets and expanding its market share. 2. Primary and secondary target markets Burberry Clothing, in its new approach to the targeted markets is supposed to ensure that it makes a proper description and analysis of its markets as it rolls out its products. For instance, the company often makes clothes that fit the different people that it serves; it has clothes for men, women, children and even the old people. This is a important attribute considering that clothes and fashion are products that can be consumed by all groups of people in the market. Perhaps what the company needs to realise is the different composition of these targeted populations in terms of their demographic factors. In terms of their geography, the company will have to put in place excellent mechanisms that will enable it bridge the aspects of place utility (Greenwood 76). In this regard, the company needs to establish distribution centers in strategic places that it will find effective to enable it reach its products to those markets as soon as they are needed. The company needs to have an understanding of its clients’ needs and demands so that it can meet them effectively, for instance, some people have different purchasing behaviors that are identified from their purchase preferences. Having this understanding will enable the company to reach and consolidate its markets in the best way that will give it competitive advantages. 3. Position estimates Burberry Clothing is supposed to ensure that it makes products that enable it fulfill the diverse needs of its clients. Part of the way of getting the right estimates of its products and how it should fulfill its client needs is having the right position estimates. This includes making samples of potential customers and the needs they can have in the market. This sampling can only be achieved after a successful market research that will enable the company to identify the best estimates that will not go to waste. Generally, according to Jackson and David (2009), having the right estimates is important in ensuring that the company does not make products that go to waste because of overproduction. One of the ways that companies often go about this aspect is making sure that they avoid overproduction and underproduction, which can cause unprecedented loses. For Burberry Clothing, getting the right estimates through market research will enable it get the right number of people that can buy its products and later increase the number as time goes on. 4. Burberry’s Marketing Mix 4.1 Product Having a proper marketing mix is one of the best competitive strategies that every company can have in its trading activities. According to Easey (2009), Making proper product decisions is important in the process of getting the right marketing mix. For instance, Burberry should make its decision on its products basing on the need to have the perfect brand that appeals to the market. This includes making creating branding approaches that can attract the attention of its clients. Right packaging is also an important aspect of making product decisions. The most important is to ensure that the quality of the products is top notch. This means observing the right standards of quality to ensure that they meet those stipulated in the industry. The company should consult experts in the industry and in different target market in achieving this important process (Posner 89). Thereafter, it should consider having proper labels that include product names and other features like colors, which attract clients in the different market segments of the targeted primary and secondary markets. 4.2 Place In terms of place, as the next line of thinking on the marketing mix, it is important to realise that having the right place for distribution and sell is essential in creating the right competitive advantages. According to Posner (2011), place decision can be done on the basis of exclusivity, selectivity or can be intensive. For the success of Burberry Company, it is important that it chooses the selective approach, which is important in identifying only those markets that can fulfill its marketing needs. Some of the suggestions as far as place is concerned include reaching shopping malls in some of the large cities and places that have some far been identified as having a wide acceptance of its products. With technology, the company can also leverage on social media, which can be a good marketing tool. So far, the company’s online shops have been successful in showcasing products that can be reached by many people in different places. The use of the social media and other online tools will be important in ensuring that the company meets and interacts with potential clients while influencing their preferences and purchase patterns. 4.3 Price Pricing is an important tool that determines the success or failure of most products on the market. Due to many companies offering similar products in the market, Burberry Company should consider using various pricing approaches to attract and retain its customers, for instance, the use of penetrative pricing has often been described as being most effective for new companies joining an industry that has other established businesses. With penetrative pricing, the company can offer products at considerably low prices compared to its competitors with an aim of attracting more consumers. Thereafter, the company can gradually increase the price with time since its already has a good number of clients that already love its products. However, the success of this factor depends on the previous factors, which also are critical towards customer retention. For instance, if Burberry will make quality products that meet its customer’s preferences and offer them at considerably low prices, then the gradual increases in price will not make the customers to make alternative shopping preferences since they will already have created their loyalty to the business. 4.4 Promotion Finally, having dealt with the other marketing mix elements, it’s important that the company ways of creating awareness for its products to increase their sales. To achieve this important task, the company often has a variety of considerations that it can make. For instance, it can choose to have radio or television advertisements, publicity or other means that can reach their target markets in a fast and effective manner (Magnini 54). For Burberry Company, online advertisements seem to be the best approaches by which it can reach many of its clients located in different geographical locations in many cities across the world. The information age has made the internet a common place for all people, where they can meet and interact while sharing different ideas. In using the internet, the company can optimize its sites in such a way that they can be reached by all people looking for information on clothing and fashion, thus baying the clothes. Works Cited Easey, Mike. Fashion Marketing. 3rd ed. Oxford: Wiley-Blackwell, 2009. Print. Greenwood, Gaynor. Fashion Marketing Communications. West Sussex: Wiley & Sons, 2013. Print. Jackson, Tim and David Shaw. Mastering Fashion Marketing. Basingstoke England: Palgrave Macmillan, 2009. Print. Magnini, Vincent P. Fashion Marketing. Business Expert, 2014. Print. Posner, Harriet. Marketing Fashion. London: Laurence King Pub., 2011. Print. Read More