Wednesday, October 30, 2019
Burberry's Success Essay Example | Topics and Well Written Essays - 3000 words
Burberry's Success - Essay Example owth of the company is dependent on the factors of leveraging the franchise, intensifying development of non Ã¢â¬â apparel items, retailed growth, development of the markets and pursuit of operational excellence. The brand value has been stimulated through these particular aspects, which has led from a profit margin of $2783 million in 2006 to $3732 million in 2010. It is noted that the success is developed partly because of the expanded brand reach that has taken place with the marketing. This has been established because of the ability to use online elements for advertising and promotion as well as different demands and expectations that are related to the environment. This particular approach is one that has provided more options for retail operations within the company (Nomura, 2012). Not only is there an expansion in the marketing and development into other markets. The strategy of Burberry has looked at the competition with culture and innovation in terms of long term growth and meeting needs at a global level. The approach is one which is based on creating a social enterprise. The marketing used is one which has developed the brand name as a part of fashion trends that are also socially acceptable. This is inclusive of offering a variety of trends and social styles, including luxury brand items as well as more casual approaches that can be segmented into different target markets. To do this, there is a combination of online and offline tactics used to meet consumer expectations as well as the ability to evaluate the returns and evaluation with each of the products. Using this to leverage the culture and innovation is able to provide the company with more success and potential for growth, specifically because of the willingness to work with the apparel and the non... This paper stresses that the approach which Burberry is using is defined specifically with market segments that are used. The ability to have a specific market segment is first identified with the products that are available. The products are based on luxury items, changing luxury names and new brand items that can be identified. The innovation sed with the products can be used to open new lines to provide different alternatives for the company. The author of the essay declares that the marketing segmentation is one which can be further divided by the responses from the culture, specifically with the movement into globalization. The combined marketing approach with online and offline efforts can help to develop the identity of different marketing segments and cultural applications while creating and defining various alternatives to those that are interested in the different products. This report makes a conclusion that the initiatives that are created are developed specifically with the need to have a sense of accountability toward the changes. There needs to be a balance between the innovation of the products with the current brand reputation. Currently, Burberry is based on growth and development with innovation into an international market. This is being done without considering the risks and problems which may arise as well as the problems that are linked to working within this specific market.