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IMK 454 Consumer behavior and Customer insight
International business,
International program,
Rangsit university
Introduction.................................................................................................................................. 3
Burberry and its marketing .................................................................................................4
Product......................................................................................................................................... 4
Price ............................................................................................................................................ 4
Place............................................................................................................................................ 5
Promotion.................................................................................................................................... 5
Marketing position of Chocolates' Brand in Thailand...............................................................6
Possible Product Development..................................................................................................10
Conclusion .................................................................................................................................. 11
Reference ................................................................................................................................ 12
Each consumer is a unique individual with distinctive characteristics, needs, wants, expectations and experiences which are continuously changing and developing. Moreover, consumers respond to various influences which may unexpectedly impact their purchase decisions. Understanding of consumer behavior presents a challenging task, nevertheless, an essential element for marketing since the success of a company in consumer market depends on its ability to satisfy customers' needs and preferably exceed their expectations.
The study of consumer behavior enables the marketers to thoroughly understand the target customers and subsequently develop the suitable marketing strategy to reach them more effectively.
Consumers represent the most important element of the marketplace. The task of marketing is to influence consumers' thinking and acting to encourage them in a purchase of products or services.
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In order to achieve it, a company needs to know its customers which denotes understanding their buying behavior. It is essential for marketers to understand consumers' purchasing motives, needs and preferences as well as the other factors influencing their behavior.
The purpose of this report is to study Burberry's market and demography which comprises age, gender, income, education and occupation of Burberry to find the influential factors that drive people to make purchase decisions when they buy Burberry shirt, using one on one interviews. collecting 5 samples.
Burberry target is designed for both sexes however it is dominated by the female target who have a high disposable income.
The brand is likely to be people from wealthy backgrounds. Burberry is famous for appealing to celebrities who purchase coats and dresses which have a high-end appeal. Burberry focuses more on customer value in order to attract and retain customers. With the aim to achieve this by producing a marketing concept by meeting and exceeding costumer needs then their rivals.
Burberry's target customer is someone who wants luxury while being functional. The brand's point of difference with other luxury brands is that they could be luxury, aspirational, and functional. Burberry decided they were going to reach these customers from Bravo identifying their niche between labels of Polo Ralph Lauren and Giorgio Armani on the apparel side, and between Coach and Gucci on the accessories end. The Burberry team priced the products between these price points to reach consumers. Burberry wanted to create the image of accessible luxury. Burberry wanted to target younger consumers to create a following and a loyal base. They want to reach these customers, so they continue to broaden their brand, while being profitable. For instance, they used the example of wanting their men's products to appeal to a 25-year-old male going on his first interview and wanting to something hot while still appealing to a 60 year-old banker that wants quality and a modern, classic appearance. This can be defined as cross generational. Burberry wants their apparel and accessories to reach the different generations but keeping the image of style, protection, and functionality. They are hoping the desired young market loves their realness and authenticity.
Price is an important factor in Burberry as price affects the value that costumers perceive they get from buying a product. Burberry uses competitive pricing similar to its competitors which produces a psychological effect on Burberry customers. If Burberry for example lowered its price dramatically then customers may believe the quality has decreased and may presume it's not worthy to be named a luxury brand. However, by being expensive it suggest better quality and desire to sustain its customers as well as making their products seem exclusive.
There have been developed diverse models to better understand consumer behavior. One of the most common models is the stimulus-response model known as black box model. Black box represents processes and actions in consumer mind which are affected by marketing and environmental stimuli. The stimuli enter to consumer's black box where they interact with consumer characteristics and particular buying decision process which results in certain purchase decision.
Among external factors influencing purchase decision belong marketing and environmental stimuli. Marketing stimuli, presented in the form of marketing tools by marketer to consumer, imply from the 4Ps of the marketing mix: product, price, distribution (place) and communication (promotion). Whereas environmental stimuli are arisen from the micro and macro environment referred to economic, technological, political and cultural stimuli.
BURBERRY check print button down cotton blend shirt
1647825227965
Classic British label Burberry has revamped its image, delivering more contemporary styles with a fresh finish. Of course, their signature Check pattern continues to be a globally-recognized mainstay in every collection. This brown stretch cotton check shirt from Burberry features a classic collar, long sleeves, button cuffs, a front button fastening and a curved hem.
This Burberry shirt's price is about THB 13,652 + tax or $ 429.00 + tax
Using a premium pricing strategy and being a luxury brand, Burberry does not need to compete with competitors directly on price but rather on product design. Price is not a major factor in success and remains stable and if lowered, the brand could lose customers.
Burberry has 497 directly operated stores and concessions operated in 32 countries across Europe, Asia, Middle-east, USA. Its stores are located in city Centre and expanded to markets where its competitors already have a presence so that it could reach the right luxury customers (Ahrendts)
[1] (BOU?KOV?, J. et al,2003) Marketing. Praha: C.H. Beck, 432 p.
[2] (Jobber & Ellis-Chadwick, 2012) Principles and Practice of Marketing.7th ed McGraw hill higher education
[3] Jacobson, L. (n.d). burberry case study. Available: Last accessed 23rd March 2014.
[4] MULA?OV?, V., MULA?, P. et al. Obchodn? podnik?n? ve 21. stolet?. Praha: Grada, 2013, 520 p.
Consumer behavior and Customer insight. (2019, Dec 15). Retrieved from https://studymoose.com/midterm-report-example-essay
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