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Understanding People's Reaction to New Fashion - Mintel

University: Regent College London

  • Unit No: 7
  • Level: Post Graduate/University
  • Pages: 5 / Words 1163
  • Paper Type: Assignment
  • Course Code: MGT448
  • Downloads: 563
Question :

This assessment will cover the following questions:

  • Explain the relevance and importance of positioning and repositioning for marketers in the context to Mintel.
  • Generate the means of positioning map and how the positioning of the brand changes the result of this process.
  • Provide two methods that help the organization achieve repositioning.
Answer :
Organization Selected : MINTEL

INTRODUCTION

Fashion is considered a popular aesthetic expression in a fixed period of time which deals in a variety of products and services like clothing, footwear, lifestyle, make-up, accessories, hairstyle, and body proportions which attracts people and encourages them to buy it (Kawaf and Istanbulluoglu, 2019). In general, this is important for people as well as organizations because it reflects every culture in the world. This is the way that creates different social groups and is differentiated according to status. This report is about MINTEL Fashion Accessories report the UK. This is the fashion industry that provides different types of products and services to attract customers and sell them effectively. The main aim of this report is to understand fashion and how people are reacting to new fashion. This report considers the relevance and importance of positioning and repositioning for marketers, positioning maps that change as a result of this process, and uses two appropriate methods to achieve repositioning.

1. Relevancy and importance of positioning and repositioning for marketers

Marketers are those person who research the market and get people needs according to new trend and culture which helps to produce that kind of products and services. In changing environment needs and wants of people are changing day by day which is important to develop that kind of products which helps to run a business successfully (Ayertey and Ozuem, 2018). The main object of marketers is to understand needs, introduce products by using different sources which attracts them and increase the organisational profitability. In context to MINTEL Fashion Accessories report many challenges faced by organisation and get success. Many luxury brands have posted strong results in 2016 that shows Q1 2017 boosted by increasing in tourism to UK due to weak Sterling. At that time Burberry organisation in UK saw as double digit sales growth for 6 month up to 2017. Marketers in that organisation considered as relevant and important person who helped to maintain a good position of business industry by selling the number of products (Tully, 2019). The relevancy and positioning and repositioning for marketers in context to Burberry is defined as:

Understanding customer needs This is important for marketers to get a clear understanding of customer needs in order to maintain the position and reposition in market. This starts with identifying specific, niche market segment to target which helps to attracts customers and sale the products. Such as marketers of Burberry organisation understand the needs of people according to new fashion and introduce products accordingly (Relevancy and importance of positioning for marketers, 2020). For instance, marketers of Burberry understand that customers are engaging in luxury purchasing which helps to maintain brand positioning by representing 37% of total group revenue with sale increasing by 10% in 2017.

Weigh competitive pressure – This is also important for marketers which states they must weigh competitive pressure by considering the positioning elements through marketing plans (Emmen Quirós, 2019). In context to Burberry, marketers analysis that people are demanding luxury item or brand in Leather bags and other item which is creating competition. By considering this competitive pressure better quality and luxury branded accessories and bags provided by such organisation which helps to increase growth and sale by 16% in 2017.

Targetting Communication channel – Positioning and repositioning helps marketers of Burberry to state that how their offering is different from others which is choose by customers. Marketers communicate with target audience and choose communication channel to deliver information effectively which helps to maintain product position and reposition effectively (Dalla Pieta, 2019).

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2. How positioning of brand will change results of this process

Positioning process is used by Burberry organisation which helps to understand the current position, identify direct competition, understand each competitor is positioning their brand, comparing with position and competitors, creating a value based position and test the efficacy of brand which gives good results in competitive environment and maintain a good brand position (Hilton and et. al., 2019). Burberry is using this process which helped to change the results and increase organisational sale. Such organisation uses effective position process in which it introduce designer and branded fashionable accessories which helped to increase the sale by competing with Mulberry and other fashion industry. Therefore, position increases the brand image and good results by facing competition in business environment (Jadallah, 2018).

3. Two methods which brands such as Burberry may use to achieve repositioning

There are several methods which can be used by Burberry in order to achieve repositioning such as:

  • Customer engagement – To achieve reposition Burberry's management need to involve people with brand that make them happy, aware by communicating properly. This will help to change the communication way and process to maintain high reposition (Le, 2019).
  • Change in marketing mix - This means Burberry need to change the marketing mix such as product, price, place and promotional strategy in order to get position and reposition. This strategy is more effective that will help to face the competitive and increase sale as per changing needs of people (Dikaiou Siaga, 2018).

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CONCLUSION

From the report it can be concluded that fashion industry is changing day by day as which also changes needs and wants of people. This is important for marketers to deal with changes and introduce products and services accordingly which helps to increase sale of organisation. To achieve the reposition business need to change the marketing mix and focus on customer engagement which will help to go ahead by growing business activities. Position of brand also changes the results process where marketing understand needs and introduce new products which helps to face competition effectively.

REFERENCE

  • Kawaf, F. and Istanbulluoglu, D., 2019. Online fashion shopping paradox: The role of customer reviews and facebook marketing. Journal of Retailing and Consumer Services. 48. pp.144-153.
  • Ayertey, S. and Ozuem, W., 2018. Developing Compelling Online Recovery Strategies: Implications for the Fashion Clothing Industry. In Digital Marketing Strategies for Fashion and Luxury Brands (pp. 264-288). IGI Global.
  • Emmen Quirós, D.I., 2019. The impact of fast fashion on the environment: Perspectives from Consumers and Retailers in Ireland (Doctoral dissertation, Dublin, National College of Ireland).
  • Dalla Pieta, F., 2019. E-COMMERCE IN FASHION INDUSTRY: A PHENOMENON BOUND TO CHANGE AN ENTIRE INDUSTRY CONFIGURATION (Bachelor's thesis, Università Ca'Foscari Venezia).
  • Hilton, M., and et. al., 2019. Extended Producer Responsibility (EPR) and the Impact of Online Sales.

Also visit:- Marketing Strategy of Arcadia Group Ltd

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