CompanyINTRODUCTION
Burberry is a British luxury fashion house headquartered in London, England. Its main fashion house focuses on and distributes trench coats, ready-to-wear outerwear, fashion accessories, fragrances, sunglasses, and cosmetics. The company was established in 1856 by Thomas Burberry, originally focusing on the development of outdoor attire, the fashion house has moved into the high fashion market, developing a first-of-its-kind fabric called Gabardine, which is completely breathable and waterproof, and exclusively made for the brand. This report covers issues such as the relevance and importance of positioning and re-positioning and figuring out how to make it successful, the positioning map and how will it change the level of outcome and the methods that the company uses for repositioning in the market.
Relevance and Importance of Positioning and Re-Positioning for Marketers. Implications for the Performance of the Business if Such a Move Is Successful?
Positioning the brand is helpful and necessary for every company as it helps the company to understand its strengths and weaknesses in the market from the point of view of the customer. It helps companies such as Burberry to categorize their products according to the different segments in the market so that they can pursue consumers according to different regions. To grow their customer base the company has worked on building the image in the minds of the target audience so that they can increase their share in the market. (Cano, 2016. ) Their products are preferred by people who are mostly young in age. They have taken Alessandro Michele so that they can increase the impact of new styles on the people. Re-positioning has helped the company to increase their profit by increasing their sales which helps to achieve their objectives and improve from their current state in the market. Factors such as the pricing of the products and services, the positioning of the company and the level of distribution all can be set or changed in order to achieve the expected outcome. Technically company is slowly changing all the existing products in the market with new ones. The company change their products and services according to the needs and wants of the customers. It creates a challenge for the company as they have to maintain their image as well as satisfy the needs of the consumers. They have launched their new range of products which is in the category of leather materials and to be more specific they have introduced a range of handbags. (Kawaf and Istanbulluoglu, 2019.)
Demonstrate by Means of a Positioning Map, How the Positioning of the Brand Will Change as a Result of This Process
Burberry has positioned its brand in the market by taking the help of various strategies. The company implements the strategy of offering them the products at low prices and offers them the products which are of good quality so that they can target and attract more people in order to buy their products which will help them to eventually grow their share in the market. This will help the company to increase its overall sales and help them to attain a level of competitive advantage over others. Burberry has two major competitors in the market and they are Primark and Gucci. Primark is a price-oriented company which means they offer them products at a medium price range and Gucci is a quality-oriented product which states that they charge high prices for their products. This helps them to maintain a different image and position themselves in a different manner. With these kinds of attributes and features, they can easily compete and overcome in the market. In order to win from them Burberry has to formulate new strategies and improve the quality of the products so that they can also target high-class customers and gain more popularity in the market. (Filieri, 2019.)
Two Methods Which Brands Such as Burberry Might Use to Achieve Re-Positioning
The company uses two methods to re-position itself-
Listening to Customers
In order to improve and make changes in the standard of products Burberry listen to the consumers by analyzing the demand in the market. They also gather feedback from their target audience so that they can know the exact needs of consumers and the changes that they need to make in their structure so that they can improve their outcome by improving their performance. It will help the company to generate more profits and more sales. Listening to the customers helps the company to solve the queries and issues of the customers so that they can make necessary changes to satisfy them so that they can retain them for a long period of time. (Amoateng, 2017.)
Delivering Quality Products to Consumers
Burberry delivers quality products to their consumers so that they can satisfy the needs and wants of people. They offer and wide range of products at affordable prices so that they can target different classes of people. Also, it helps them to achieve a level of competitive advantage in the market which helps them to take over their competitors. (Mitra and et.al., 2016. )
Conclusion
From the above studies, it has been concluded that Burberry has repositioned its brand so that it can target more people in order to increase sales and generate more profits. Apart from this, it will also help them to gain a competitive advantage in the market. They use some strategies in order to make changes in the structure such as listening to customers and delivering them quality goods. With that, this report also covers the issue of positioning maps and how it help the company to achieve its goals and objectives.
UPTO55%
Avail The Benefit Today!
To View this & another 50000+ free
Update your Number