British Luxury Fashion Company
I would like to talk about Burberry trench coat for this week. Burberry is a British luxury fashion company which was founded in 1856. Burberry’s trench coat is the most popular and famous product which was designed by founder Thomas Burberry. The company has its high brand equity and distinctive brand pattern. I chose this product because I love its unique design and high quality. The company sells Burberry trench coat over 500 stories in more than 50 countries.
The market positioning of the Burberry is unique and varies as it targets trendy as well as classic customers. Burberry targets all its customers through a common theme of functional luxury. Burberry’s main competitors include Armani, Louis Vuitton, Gucci, Prada and Polo, all of which are among top fashion brands in UK and globally. Coach and Gucci, both are more focused towards fashion accessories while Polo and Armani are more focused towards apparels; although all have a range of products in both apparel and accessory categories.
It differentiates from its competitors by great brand equity and a long history of establishment. The company has branded stores and franchises around the world and also sells through concessions in third-party stores. HM Queen Elizabeth II and HRH the Prince of Wales have granted the company Royal Warrants. Therefore, the fabric performed excellently in water-repellency tests and dried very quickly.
It related to the chapter by Customer Value-Based Pricing. Burberry trench coat is well constructed with a full lining and finished seams and it is very pricey. The price range would be from $800 to $2,500. The company first assesses customer needs and value perceptions. Burberry sets its target price based on customer perception of value. It absolutely has good value products with its well-recognized brand name.