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Ultimate aim of any organization is to gain maximum profit (Wilson, Zeithaml and Gremler, 2012). In order to achieve this, it is only possible when firm is able to fulfil their needs and requirements. Present report is based of two organisations which are Burberry and Prada, both deal with fashion industry. This report covers various elements of marketing mix of both companies. Lastly, it also includes development of marketing plan for Burberry fashion organisation.
Business objectives of Burberry and Prada are as follows:
- To raise their profitability and market share.
- To make improvement in customers services.
- To main the financial condition of the firm.
- To increase customers base by raising quality of products and services.
- To reduce the rate of employees retention.
- To make proper competitive analysis.
7Ps Marketing mix for both companies
Marketing mix can be determined as the operational part for preparing marketing plan. It is beneficial for the organisation to make sure that they distribute the product or service effectively to customers. There are about seven elements that are involved in marketing mix. Below given are the marketing mix for Burberry:
Product: There are different type of product range that is provided by cited firm. In this context, it includes timepieces, cosmetics, clothing, etc. (Chaffey, Smith and Smith, 2012). All the products delivered by them have unique design and is helpful to attract customers interest. Further, it includes fragrance collection like Burberry Brit, Burberry Touch. Burberry Weekend, etc.
Price: All the products are luxurious items and so that make use of premium pricing which fall under high class elite zone. The quality provide by this firm is too high that the cost cannot be compared. The price for all the products is high as the demand is very high.
Place: There are about 500 locations in which they have stores. More specifically, it is spread over 50 countries (Boonpradub and Thechatakerng, 2015). Companies products are sold with the help of branded stores and through global franchises and it also makes use of third party dealers.
Promotion: There are many different type of promotional strategies used. In this context, they make use of television, radio, newspapers, internet, etc. Among all these, they mainly make use of print media and that is with the help of magazines. Further, they have brand ambassadors like Roald Amundsen (First person to reach South Pole) and celebrities like George Mallory and Ernest Shackleton.
People: They are the face of organisation. In order words, they are the one who present the services and products to customers. Management understands their importance and make sure that they perform their roles and responsibilities effectively and efficiently.
Process: This is way in which product reaches customers. Cited firm make sure that customers are provided with after sales services. This is done in order to make sure that they develop strong relationship with their customers (Băcilă, Pop and Drule, 2012). It is the service procedure that is used by the organisation in order to make sure that adequate services are provided.
Physical evidence: This is the display that is make use by the products given by Burberry. Further, it includes the location of service industry. This is done as it makes lot of difference for the experience of users.
Below given are marketing mix of Prada:
Product: Provide customers with luxury products for both women and men. In this context, it includes footwear, home products, eye wear, leather good, clothing, etc. (Shirsavar and Fashkhamy, 2013). Moreover, it includes cosmetics, jewellery and handbags for women.
Price: They make use of premium pricing strategy and they have luxury line of products. This is because they have high brand value and as per the quality they charge their customers with high price.
Place: There are many countries around the world in which they have established their business. In this context, it includes countries like UK, Austria, India, Australia, Asia, USA, UAE, Europe, Canada, etc.
Promotion: They have their own website in which all the information about their products and services included. Further, they make use of magazines like Elle and Vogue. Moreover, they also make use of television and social media (Roshani, Zad and Bijarchi, 2015).
Process: The process from purchasing of products and till making it use highly effective. Further, firm also provide their customers with after sales services and this is helpful to develop strong relationship with customers.
People: They are the one who present the services and products to customers. They provide their customers with proper training so that they will be able to make use of their full potential through customers can be provided adequate services. (Roshani, Enayati and Lashkary, 2013)
Physical evidence: Distribution done for the product by cited company is highly effective. It enables to attract or grab attention of