MARK 1800 Marketing Essentials
Jan 31,22MARK 1800 Marketing Essentials
Question:
Vocational Scenario
The aim of this assessment is to provide learners with an understanding of different aspects of marketing and also provides learners with understanding and skills relating to the fundamental concepts and principles that underpin the marketing process.
This assignment explores the case of Primark – a famous retail clothing chain, providing clothes to customers at reasonable and affordable prices. Primark sells fashionable clothes at the low cost end of the market. All of the company’s merchandise is made specifically for the company and as such Primark has its own brand names. Primark is actually an Irish retailer of clothing with numerous stores in United Kingdom, Ireland and Spain. The first Primark store was established in 1969 in Dublin by Arthur Ryan in collaboration with Micaela Mitchell.
After achieving their first success, they opened more stores in different business centres within local and regional areas, which alternatively generate more profits. Adored by fashion fans and value seekers alike, Primark is widely established as the destination store for keeping up with the latest looks without breaking the bank.
Domestic and International Expansion; Primark has 352 stores worldwide, with 184 in the UK. According to the recent retail figures, the fashion chain owner said it expected profit growth to pick up in the second half. Associated British Foods (ABF) had “successfully navigated a brace of headwinds” including challenges in its sugar business and unseasonal weather said Hargreaves Lansdown analyst George Salmon. “What’s impressive in these results is management’s assertion that profitability in the all-important retail division will rise in the second half.” Part of this is due to the benefit of a weaker dollar, but Primark has managed its stock well and improved its buying positions too, Mr Salmon said.
This assignment consists of two tasks, roducing a report and Essay. You are advised to carry out in-depth secondary research as required by the questions and demonstrate your practical application abilities to the given contexts.
You are advised to carry out in-depth secondary research as required by the questions and demonstrate your practical application abilities to the given contexts
Task 1
Explain the role of marketing and how it interrelates with other functional units of an organisation.
Compare ways in which organisations use elements of the marketing mix (7Ps) to achieve overall business objectives.
Scenario?: ?
You have recently been employed as a junior manager at ‘Primark’ and you are located in the UK head office. You have been asked to write a newsletter for publication in the company’s in-house magazine to provide a brief overview to staff on the processes of marketing and its importance for an organisation like Primark.
Your report should address the following:
1. Marketing is a core function of business operation, explain the key roles and responsibilities of the marketing function. Please relate to the Primark UK case study by providing examples.
2. Explain how the roles and responsibilities of marketing relate to the Primark UK organisational context.
3. ?Compare ways in which Primark UK and another organisation apply the marketing mix to the marketing planning process to achieve business objectives.
Task 2; Develop and evaluate a basic marketing plan
Scenario?:
In your role as the junior manager, your marketing director has approached and asked you to contribute in the company’s business plan by writing a basic marketing plan. Therefore, you are required to produce a marketing plan mainly focusing on the marketing concepts, current situation analysis of the business and the use of marketing mix in different contexts.
You should present your marketing plan in an appropriate structure including executive summary, and introduction by developing main key elements of a marketing plan where possible.
Produce? and evaluate? a basic marketing plan for Primark UK.
Answer:
Introduction
Table of Contents
Introduction. 1
Task 1. 1
Task 2. 3
Conclusion. 4
References. 5
Introduction
Marketing is a movement, a set of institutions, and a series of cycles for developing, imparting, transferring and selling contributions that benefit clients, consumers, partners, and society as a whole. Primark is a renowned Irish clothing shop with stores in the United Kingdom, Ireland, and Spain. It has 352 outlets around the world, including 184 in the United Kingdom. A brand is a name, term, plan, image, or other feature that differentiates one seller’s products or services from those of other sellers. Advertising evaluation is crucial for businesses to acquire a grasp on the current dire status of the industry. Showcasing evaluation aids in the identification of gaps and opportunities, allowing marketing pioneers to make informed decisions. The study’s goal is to examine the role of marketing and its interactions with other functional units within an organisation.
Task 1
The Role of marketing
The Marketing Department plays a critical role in developing an association’s business and mission. It serves as the essence of the organisation, developing and providing all business-related documents. The Marketing Department engages with potential customers, clients, financial backers, and the local community, all while presenting a favourable image of your firm. This includes defining who Primark is, a major incentive for it, the image Primark portrays of the organisation, and how the area and the organisation operate. Firms may manufacture and advertise their items and administrations universally through computerized stages with diminished expenses and time investment funds by riding the tide of digitization (Lee and Falahat, 2019). As a result, this characterises the experience Primark and its clients’ and accomplices’ will have when they collaborate. The marketing capacity is primarily concerned with the trading of goods to meet the needs of the clients. Transporting the items where they are required, putting away the items, and obtaining market information to suit the customer’s necessities are on the whole key liabilities and portions of promoting. From a more extensive perspective, promoting capacities involve detecting the needs of clients, anticipating clients’ wants, and identifying how the advantage might be enhanced. Recognizing Customer Needs, Expecting Customer Requirements, Fulfilling the needs of customers, Creating Profit.
Roles and responsibilities of marketing relate to the Primark UK
Primark’s contribution in delivering the scenario analysis strategy may be noticed. It aids in the refinement of business goals and the development of marketing objectives for both the organisation and its customers. Primark is one among them. The corporation delivers corporate-level objectives such as cost savings, profitability, and market share growth. The corporate objectives are used to translate and measure the marketing objectives. Furthermore, it is a retail market, hence it. There are several chances to rethink some of marketing’s conventional functions in the context of digital business platforms (Rangaswamy et al., 2020). The primary responsibility is to develop innovative strategies to attract customers and provide seasonal discounts while launching a new product line. There is a lot of rivalry in the market, thus Primark looks into different market evaluations to analyse its position and develop new tactics to compete with other stores.
Market Mix
Primark’s market mix includes several areas of concentration as part of a comprehensive advertising strategy.
Product – This refers to a thing or administration that is meant to meet the wants and desires of the client. To effectively market a product or service, it is critical to understand what distinguishes it from competitors’ products or services. Primark is a clothing chain that provides customers with goods at low prices.
Price – The item’s deal cost reflects what customers will pay for it. Similarly, the organization’s costs are modest. These forecasts how marketing-mix factors impact brand shares differently across retail formats (Jindal et al., 2020). Clients can easily afford the price of the brand’s merchandise.
Place – When selecting modes of transportation, consider the type of merchandise sold. Primark operates 352 locations globally, with 184 in the United Kingdom.
Promotion – deal development, individual selling, and advertising are all examples of promotional activities. Primark has unique marketing systems that include campaigns, flyers, referral codes, and so forth.
People- Primark relationships with both internal and external partners.
Primark has included deals staff to assist buyers with various offers and constraints.
Physical Evidence – This includes the organisation’s continuous branding, Primark. In addition, there are stores in the UK market.
Task 2
Primark company while making a marketing plan on focuses on bringing on new fashion trends.
Marketing Plan Objectives: to bring out new fashion clothes in all sizes for the customers to enjoy at reasonable and affordable prices. The main objective is to increase its sales by 20%. To make sure there is all type of variety of clothes for people to buy. The main objective is to attract customers who are into fashion trends. It increases its advancement in its AI process.
Corporate Level Strategy: for achieving the few resources the company has to diversify the different types of clothes including the different trends of fashion clothes the youngsters are into. For the organisational design, the company needs to develop fashion in the marketing area. It has to serve as a good venue to open its market. investigating the elements of corporate promoting procedures and brand the executives in the worldwide retail business (Kasemsap, 2018). The plan can work only when the customer is being provided by a variety of clothing lines attracting the attention of the people. It needs to increase its stock of products on its website.
Business Unit strategy: regarding its marketing penetration the company has to make aggressive campaigns or advertise its website on different social media platforms for the company. it will help in getting more brand exposure as more than 70% of people are into fashion trends especially people around 16 to 25. During product development, the main concept is to deal with the needs of the people and what type of fashion they are into. it has to set a limit in its target larger customer base. Product development is a complicated process that necessitates industry knowledge to produce economically viable solutions (Kalogiannidis and Mavratzas, 2020). The company also needs to increase its profitability by providing discounts such as season discounting or first buy discount allowing customers to get products at an affordable price. For diversification, the company is required to bring diversity to its all-new products to suit its customers’ styles.
Marketing mix: regarding its pricing selection Primark should set its price not so expensive it should be set so the customers can enjoy its product at an affordable price. regarding the placement the company should start it by developing in small existing stores into a big and while online marketing its needs to advance its AI. regarding promoting it can set campaigns, flyers, referral codes, and so forth. online it can advertise on social platforms. Regarding its product, the company has to increase its variety of clothing lines for people and in online shopping, it should increase its clothing stocks.
Conclusion
As seen, Primark is a renowned Irish clothing shop with stores in the United Kingdom, Ireland, and Spain. It has 352 outlets around the world, including 184 in the United Kingdom. The marketing plan that is made regarding the Primark retail company has helped in achieving the goals while working on developing its market. The study’s goal is to examine the role of marketing and its interactions with other functional units within an organisation. The methods are used to assist in offering the retail company’s basic marketing. It seems to be beneficial for the retail organisation to concentrate on marketing concepts and strategies that are good for conveying the features of the products.
References
Jindal, P., Zhu, T., Chintagunta, P., & Dhar, S. (2020). Marketing-mix response across retail formats: the role of shopping trip types. Journal of Marketing, 84(2), 114-132. Retrieved from: https://journals.sagepub.com/doi/abs/10.1177/0022242919896337
Kalogiannidis, S., & Mavratzas, S. (2020). Impact of marketing mix strategies effective product development issues in MNCs/Retail. International Journal of Business Marketing and Management (IJBMM), 5(12), 118-125. Retrieved from: https://d1wqtxts1xzle7.cloudfront.net/65488738/9_Impact_of_marketing_mix_strategies_effective_product_development_issues_in_MNCs_Retail_8340436187-with-cover-page-v2.pdf?Expires=1642517703&Signature=gKJn6a7jCAYvhdF48otLxJ4VkdIrJbmGok6XVIStQ4-Zwy2p7vi9ktxOLUB3AR0PGjxHT8fbo9yaxBYwpU54tdfQ3rLN7TOiLIhhbaUTtK0yRjCiYE642~FfnKfNexwVv7pGfkpz4MBTqrF0-OLqY~b~cgcp-eOrT1JMR4bU55RCb-JxwEWR5c2q4QeE8azYjfgyHxBQrTRBdYZE3-L8zBsIIIcqqtm5BK3jGh7L2BfT~Lc99mMoaqC9osByC-0lUDJUdNvXDQXHvoH4jOGkxjYJfn4p0fTDEKlPYDzsP40lj8ejxpj50nZWuetFez4v5XSIsotYV6WF9AkjWEPgAw__&Key-Pair-Id=APKAJLOHF5GGSLRBV4ZA
Kasemsap, K. (2018). The roles of corporate marketing strategies and brand management in the global retail industry. In Digital Marketing and Consumer Engagement: Concepts, Methodologies, Tools, and Applications (pp. 294-325). IGI Global. Retrieved from: https://www.igi-global.com/chapter/the-roles-of-corporate-marketing-strategies-and-brand-management-in-the-global-retail-industry/195098
Lee, Y. Y., & Falahat, M. (2019). The impact of digitalization and resources on gaining competitive advantage in international markets: Mediating role of marketing, innovation and learning capabilities. Technology Innovation Management Review, 9(11). Retrieved from: https://www.timreview.ca/article/1281
Rangaswamy, A., Moch, N., Felten, C., van Bruggen, G., Wieringa, J. E., & Wirtz, J. (2020). The role of marketing in digital business platforms. Journal of Interactive Marketing, 51, 72-90. Retrieved from: https://www.sciencedirect.com/science/article/pii/S1094996820300876
