Research, analysis, and application of innovation to Burberry Group PLC Innovation is linked to incr

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Research, analysis, and application of innovation to Burberry Group PLC Innovation is linked to increased productivity, market share, and profitability. In this section, research and critically assess Burberry Group PLC's innovation strategy.

Answer & Explanation Solved by verified expert please refer to the explanation below :) Step-by-step explanation Given the long history of Burberry Group PLC, it shows that this company has an Active Innovation Strategy. An active innovation strategy focuses on defending

existing competitors while being prepared to respond quickly to market changes.

Burberry Group PLC always ensures that the quality of their products are beyond the expectations of their customers. In this time wherein fast fashion is popular, they began releasing products and collaborations continuously throughout the year which appealed to the younger demographics. In addition, in this technological age, Burberry Group PLC implemented a web space and personalized app which allows one-to-one communication to its consumers. By doing this strategy, it changed its sales-driven model to a customer driven-model which delivers value, satisfaction, and curiosity to its customers. Lastly, during this COVID-19 pandemic, Burberry Group PLC ensured that their products and services would still be available to its customers despite having a lockdown by including and maximizing communications tools on their website such as virtual appointments, events and chats. Hence, Burberry Group PLC's innovation approach involves being flexible in order to quickly adapt to the new trends and demands in the market.

REFERENCES:

https://bettermarketing.pub/6-lessons-from-burberry-on-reviving-a-dying-brand-40 e645a3b94c

https://www.burberryplc.com/en/company/history.html

https://internetretailing.net/strategy-and-innovation/strategy-and-innovation/how-b urberry-uses-digital-to-drive-growth-in-its-multichannel-business-during-lockdow n-22600