Marketing can be determined as a process in which firms aims at providing information to customers regarding the products and services that are delivered. The ultimate aim of any organization is to gain maximum profit (Wilson, Zeithaml, and Gremler, 2012). To achieve this, it is only possible when the firm can fulfill their needs and requirements. The present report is based of two organizations which are Burberry and Prada, both deal with the fashion industry. This report covers various elements of the marketing mix of both companies. Lastly, it also includes the development of marketing plan for both the organization.
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7Ps Marketing mix for both companies
Marketing mix can be determined as the operational part for preparing a marketing plan. It is beneficial for the organization to make sure that they distribute the product or service effectively to customers. There are about seven elements that are involved in the marketing mix. Below given are the marketing mix for Burberry:
Product: There are a 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 a 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 falls under high-class elite zone. What the quality provide by this firm is too high that the cost can not 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 types 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 ( the First person to reach the South Pole) and celebrities like George Mallory and Ernest Shackleton.
People: They are the face of the organization. In order words, they are the one who presents the services and products to customers. Management understands their importance and makes sure that they perform their roles and responsibilities effectively and efficiently.
Process: This is the way in which product reaches customers. Cited firm make sure that customers are provided with after sales services. This is done to make sure that they develop a strong relationship with their customers (BÄƒcilÄƒ, Pop, and Drule, 2012). It is the service procedure that is used by the organization to make sure that adequate services are provided.
Physical evidence: This is the display that makes use by the products given by Burberry. Further, it includes the location of a service industry. This is done as it makes a 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, eyewear, leather good, clothing, etc. (Shirsavar and Fashkhamy, 2013). Moreover, it includes cosmetics, jewelry, and handbags for women.
Price: They make use of premium pricing strategy, and they have a luxury line of products. This is because they have high brand value and as per the quality they charge their customers with a 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 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, the firm also provides their customers with after sales services, and this is helpful to develop the strong relationship with customers.
People: They are the one who presents 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 the attention of customers.
Marketing plan for Prada and Burberry
Marketing plan enables to develop path on which information about the new products can be delivered to customers. With this respect, below given are the marketing plan for Burberry:
Product: Cited firm has developed a new product that is soap. This will be for both men and women. The product will be for all the age groups. This soap will enable to get skin whitening. In addition to this, it can also be applied on the face as a face wash.
Price: The product will be sold for a low price. In which context, there will be a comparison made of organization which provides similar product (Gordon, 2012). The price will be kept low comparing the price that is determined by competitors.
Place: All physical stores will be selected, and in all its stores this product will be sold. In addition to this, the product will also be distributed online. The rate of internet users are increasing drastically, and this will help to attract more and more customers.
Promotion: In order promote the product; the firm will make use of television, magazines, radio, newspaper and social media. Further, as a promotional strategy, the organization will also provide free gifts and discount offers with this product (Mishra and Sinha, 2014). This way strong customers base will be developed.
People: New people will be hired how will be trained, and they will be able to present the product to customers. Employees are the face of the organization as they have direct interaction with services. They are helpful enough to increase the sales and profitability.
Process: This is the process through which the product reaches customers. Customers can get the products directly from the physical store. In addition to this, people will be able to get the product or purchase it online. This will be able to reach out customers effectively and efficiently.
Physical evidence: The physical presence of this product will be done in such a way that people will get attracted to it (Makvandi, Aghababapoor, and Mondanipour, 2013). Further, they package that will be in three different colors. This will be helpful enough to grab the attention of service users.
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Below given are the marketing plan for Prada:
Product: The product that will be developed by Prada is shoes for children. The shoes are only available for adults. However, they have developed shoes for children's from the age groups starting from 8 to 15. This will be made available for both men and women.
Price: Premium pricing will be used to sell the product. Cited firm has brand recognition, and so the perception of its product is high (Chaffey, Smith, and Smith, 2012). So even if the price is high, people will buy. In this context, the price of these shoes will be kept high. Especially as per the quality of shoes made.
Place: All physical stores will be used to sell the product. There are many countries around the world in which they have established their businesses. With this respect, all the physical stores will be used to sell the product. Further, they also make use of online selling.
Promotion: So as to promote the product, cited firm will make use of television, radio, newspaper, social media, etc. This way information about the new product range will be conveyed to customers.
Process: Online selling will be used to deliver the product. The rate of internet users are increasing drastically, and so delivering product will be sold online, and this will help to reach out customers easily (Roshani, Enayati, and Lashkary, 2013).
People: New workers will be hired, and they will be present the product to customers. Proper training will be provided with the help of which they will be able to make that customer's requirements are met.
Physical evidence: The products will be sold in the variety of designs. Moreover, it will be sold for actions, sneakers, party wear, etc.
As per the report make, it can be articulated that when organizations want to introduce new product or services, before that they should make proper evaluation so that they will be able to understand the customer's needs and requirement. Accordingly, the product should be developed so that customers can be satisfied. Further, employees are the face of the organization as they have direct interaction with services. They should be provided with proper training so that they meet all requirement of customers.
- BÄƒcilÄƒ, M. F., Pop, M. D., and Brule, A. M., 2012. Was luxury little researched? An exploration of studies and research trends in the area of marketing of luxury goods, before 2005. Management & Marketing-Craiova, (2), pp.325-340.
- Boonpradub, W. and Thechatakerng, P., 2015. Brand Endorsement by Celebrity in Thailand: 7Ps of Marketing Mix and the Impact of Brand Alliance. International Journal of Trade, Economics and Finance. 6(1). pp.8.
- Chaffey, D., Smith, P. R. and Smith, P. R., 2012. eMarketing eXcellence: Planning and optimizing your digital marketing. Routledge.
- Gordon, R., 2012. Re-thinking and re-tooling the social marketing mix. Australasian Marketing Journal (AMJ). 20(2). pp.122-126.
- Makvandi, F., Aghababapoor, T. and Mondanipour, I. N., 2013. Studying the Effect of Internal Marketing on Employees' Self-Esteem Case Study: Employees of Isfahan University of Medical Sciences. International Journal of Academic Research in Business and Social Sciences. 3(12). pp.519.