Harvard Case - Burberry in 2014
"Burberry in 2014" Harvard business case study is written by Anita Elberse. It deals with the challenges in the field of Marketing. The case study is 27 page(s) long and it was first published on : Jan 9, 2015
At Fern Fort University, we recommend that Burberry implement a comprehensive strategy to revitalize its brand and regain market share. This strategy should focus on enhancing its digital presence, leveraging its heritage and craftsmanship, and engaging with younger consumers through innovative marketing campaigns and product offerings.
2. Background
Burberry, a British luxury brand known for its iconic trench coats and signature check pattern, faced significant challenges in 2014. The company experienced declining sales, declining brand value, and a disconnect with younger consumers. The case study highlights the company's efforts to address these issues through various initiatives, including a new CEO, a revamped marketing strategy, and a focus on digital innovation.
The main protagonists in this case are:
- Christopher Bailey: The Chief Creative Officer and CEO of Burberry, who spearheaded the brand's digital transformation and attempted to reposition the brand for a younger audience.
- Angela Ahrendts: The former CEO of Burberry, who played a critical role in the brand's global expansion and digital strategy.
- Marco Gobbetti: The new CEO who took over in 2017 and aimed to streamline operations and focus on product quality and craftsmanship.
3. Analysis of the Case Study
This case study can be analyzed through the lens of various frameworks, including:
1. SWOT Analysis:
- Strengths: Strong brand heritage, global recognition, established distribution network, strong digital presence, and a focus on innovation.
- Weaknesses: Overexposure of the signature check pattern, declining brand value, disconnect with younger consumers, and a complex organizational structure.
- Opportunities: Expanding into new markets, leveraging technology and analytics, focusing on sustainability, and creating personalized customer experiences.
- Threats: Increasing competition from luxury brands, economic instability, changing consumer preferences, and counterfeit products.
2. Porter's Five Forces:
- Threat of New Entrants: High, due to the emergence of new luxury brands and the increasing accessibility of online platforms.
- Bargaining Power of Buyers: High, as consumers have access to a wide range of luxury brands and are increasingly price-sensitive.
- Bargaining Power of Suppliers: Moderate, as Burberry relies on a network of suppliers for raw materials and manufacturing.
- Threat of Substitutes: High, as consumers have a wide range of alternatives to luxury goods, including fast fashion and affordable brands.
- Competitive Rivalry: High, as the luxury market is dominated by established brands with strong brand equity.
3. Marketing Mix (4Ps):
- Product: Burberry needs to diversify its product line beyond its iconic trench coats and offer more innovative and contemporary designs.
- Price: The company needs to strike a balance between maintaining its premium positioning and offering competitive prices to attract a wider range of consumers.
- Place: Burberry should leverage its existing distribution network and explore new channels, such as online marketplaces and pop-up shops.
- Promotion: The company needs to implement a more targeted and engaging marketing strategy that resonates with younger consumers.
4. Consumer Behavior Analysis:
- Target Market: Burberry's target market is evolving, with a growing emphasis on younger, digitally savvy consumers.
- Consumer Needs: Consumers are seeking authenticity, quality, sustainability, and personalized experiences.
- Buying Behavior: Consumers are increasingly influenced by social media, online reviews, and influencer marketing.
4. Recommendations
To address the challenges and capitalize on the opportunities, Burberry should implement the following recommendations:
1. Enhance Digital Presence:
- Invest in e-commerce: Expand online retail presence with a user-friendly website and mobile app, offering personalized shopping experiences, and leveraging data analytics to understand customer preferences.
- Embrace social media: Utilize social media platforms like Instagram, TikTok, and YouTube to engage with younger consumers, create interactive content, and build brand awareness.
- Leverage digital marketing: Utilize targeted advertising campaigns on social media and search engines to reach specific demographics.
2. Revitalize Brand Positioning:
- Focus on Heritage and Craftsmanship: Emphasize the brand's rich heritage and craftsmanship, showcasing the quality and longevity of its products.
- Embrace Innovation: Introduce new product lines with modern designs and technologies, while respecting the brand's core values.
- Develop a Clear Brand Narrative: Communicate a consistent and compelling brand story that resonates with consumers.
3. Engage with Younger Consumers:
- Collaborate with Influencers: Partner with relevant influencers to reach a wider audience and generate buzz among younger consumers.
- Create Experiential Marketing Campaigns: Organize events and pop-up shops that offer unique experiences and connect with consumers on a personal level.
- Develop a Strong Social Media Presence: Create engaging content that resonates with younger consumers, including video content, user-generated content, and interactive experiences.
4. Optimize Pricing Strategy:
- Offer a Range of Price Points: Introduce more affordable product lines to attract a wider range of consumers while maintaining premium positioning for its core offerings.
- Leverage Value-Based Pricing: Emphasize the value proposition of Burberry products, highlighting their quality, craftsmanship, and longevity.
- Consider Regional Pricing: Adjust prices based on local market conditions and consumer purchasing power.
5. Streamline Operations:
- Improve Manufacturing Processes: Optimize manufacturing processes to reduce costs and improve efficiency.
- Enhance Supply Chain Management: Implement a more efficient supply chain to ensure timely delivery and reduce inventory costs.
- Simplify Organizational Structure: Streamline the organizational structure to improve decision-making and communication.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: The recommendations aim to leverage Burberry's strengths, such as its brand heritage, craftsmanship, and digital capabilities, while remaining consistent with its mission to create luxury products that are timeless and aspirational.
- External customers and internal clients: The recommendations address the needs of both external customers, including younger consumers, and internal clients, such as employees and shareholders.
- Competitors: The recommendations consider the competitive landscape and aim to differentiate Burberry from its competitors by focusing on its unique strengths and engaging with consumers in new and innovative ways.
- Attractiveness: The recommendations are expected to improve brand value, increase sales, and enhance profitability.
6. Conclusion
Burberry faces significant challenges in the evolving luxury market. By implementing the recommended strategies, the company can revitalize its brand, regain market share, and secure its position as a leading luxury brand for the future. The focus on digital innovation, brand heritage, and engaging with younger consumers will be crucial to achieving this goal.
7. Discussion
Other alternatives not selected include:
- Focusing solely on luxury: This approach could alienate younger consumers who are price-sensitive and seeking more accessible brands.
- Adopting a fast fashion approach: This strategy would compromise the brand's premium positioning and could damage its brand equity.
Key assumptions of the recommendations include:
- Consumer preferences will continue to evolve: This assumption requires ongoing market research and adaptation of marketing strategies.
- Digital innovation will continue to play a key role in the luxury market: This assumption necessitates constant investment in technology and digital marketing.
- The company will be able to successfully implement the recommended strategies: This assumption requires strong leadership, effective communication, and a commitment to change.
8. Next Steps
- Conduct thorough market research: Understand the evolving needs and preferences of younger consumers.
- Develop a comprehensive digital strategy: Invest in technology, social media, and e-commerce.
- Launch innovative product lines: Introduce new designs and technologies while respecting the brand's core values.
- Implement targeted marketing campaigns: Engage with younger consumers through social media, influencer marketing, and experiential marketing.
- Monitor progress and make adjustments: Continuously evaluate the effectiveness of the implemented strategies and make necessary adjustments.
By taking these steps, Burberry can successfully navigate the challenges of the luxury market and achieve sustainable growth in the years to come.
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Case Description
In February 2014, Burberry's chief executive officer Angela Ahrendts is preparing to hand the reins of the English luxury fashion company to chief creative officer Christopher Bailey. Under Ahrendts and Bailey's partnership, in place since 2006, Burberry's revenues have tripled to more than two billion English pounds, and operating profits have more than doubled. Ahrendts has led Burberry to become a brand that once again stands for luxury and that has a strong global and digital footprint. Yet the leadership change is met with skepticism. Is Burberry's current strategy also the right one for the future, and can Bailey continue Burberry's transformation?
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