Wilkinson's Marketing Strategy

This assignment analyzes Wilkinson's marketing strategy, focusing on their implementation of the marketing mix within a market development context. It examines key performance indicators (KPIs) such as return on investment, sales volume, and customer management to evaluate the effectiveness of their strategies. The assignment also proposes recommendations for Wilkinson to expand their business through a focused market development approach.

Business Environment

Table of Contents
INTRODUCTION...........................................................................................................................1
P.1Roles and responsibilities of marketing function ..................................................................1
P 2How roles and responsibilities relate to wider context..........................................................3
P 3 Ways in which the marketing mix is applied to different organisation................................5
P 4 Marketing plan for Wilkinson...............................................................................................6
CONCLUSION:.............................................................................................................................10
REFERENCES:.............................................................................................................................12

INTRODUCTION
The entire business functions are affected by the environment in which the business
operates. These functions consist of marketing functions, management functions, etc. out of all
the marketing function is very important. It defines the internal and external environment that
affects the business. Business environment includes internal and external factors like customers,
employees, management, political, legal, social, etc. of globalised economy in all enterprises. A
vast amount of information is obtained about the internal and external factors that are affecting
the enterprise. By understanding the business environment the market information of demand
and supply of goods is observed. This all is done by marketing function which helps in
increasing the growth of enterprise. In this the marketing functions analyse each activities that is
involved in marketing of goods and services. In this context present report is based on the
Wilkinson organisation. The organisation is basically located in United kingdom. The company
works in retail' sector and provides various products such as clothing , food products and luxury
home products. With this regard report assist to focus on marketing aspect of business. In every
organisation marketing works both on external factor to increase sales and on internal factor to
reduce cost per unit. In this report organisation is uses marketing function with respect to
marketing activities. It helps to develop new market in order to generate more profit for the
business. Marketing mix is helpful to introduce new market for the organisation and helps in
growth of the organisation.
For undertaking this report the organisation selected is Wilkinson. It is a small company
having high street chain that operates in retail sector throughout Europe. Thus, this report will
help in dev eloping a relevant marketing plan for the cited establishment.
P.1Roles and responsibilities of marketing function
In every organisation marketing department is very important for promoting the products,
attracting the customers and maintaining competition in the market. This department works both
internally and externally. Internally by maintaining relationship with the other department and
externally by creating and satisfying the demands of customers. The entire market growth is
dependent on the marketing department as they make effective marketing strategies. These
strategies helps in market growth thus by increasing profits. The roles and responsibilities
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includes various areas where the focus is on like creating and identifying demands, maintaining
competition in the market by appropriate pricing policy, finding growth opportunities through
product or market development strategies, effective promotion of product, motivating sales force,
doing market research to adopt new processes or technologies, improving after sales service, etc.
the marketing function is based on the marketing aspect hence it can impact the internal and
external of the organisation. This function is based on the growth and development of company.
These marketing functions are as follows :-
 Distribution :- it helps in distributing the products to the market. It is a marketing
function in which the overall process of input and output is controlled and managed. This
function coordinates between the suppliers, agents and various others people who are
involved in supply chain management. Effective distribution of products will help in
reaching the product in right time to right customer. In distribution the right quantity of
goods supplied is very important as it affects the demand and supply in the market. The
timely distribution of goods is useful in getting the feedback of customers so that the
issues relation to product quality can be examined and solved. With the help of
distribution the demands of the consumers can be easily fulfilled. The timely supply of
products in different areas will ensure that the demands are met and there is no problem
in this. The smooth flow of production process will ensure that the demands and supply
of goods are met. ( Hamilton,. and Webster,., 2015.)
 Financing :- marketing department uses the financial resources to promote the product
in the market. Effective promotion will help in attracting more and more customers
which will lead to rise in sales. Finance is a main part in marketing the product. The
marketing strategies are dependent upon the financial resources that are available to
them. Proper allocation of funds for making effective promotional strategies can help in
improving the long term performance of Wilkinson. Better the financial position of
business more attractive will be their promotion. This will overall lead to achieving
business goals and objectives.
 Marketing research :- It helps in identifying the changing needs of customers.
Through research information about new technologies, new processes is collected which
helps in development of new products. By using the new process it will help in reducing
the cost of product and increasing profits. It helps in finding the opportunities for growth
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in the market. the customer feedback can be taken by identifying the value of products in
the market.
 Pricing :- Pricing is most important factor in the organisation as the overall demand of
product is based on price of product. It helps in increasing competition in the market by
competing with the competitors price. The entire profit and loss of the company is based
upon the pricing policy. It helps the company to achieve profit and growth in the market.
(Wetherly, and Otter,. eds., 2014)
 Product and services management :- Wilkinson is a retail sector company and this
sector is having a large variety of products, so it important to develop new products and
after sales services to satisfy customers. Both product and services helps in attracting
customers attention. This further lead to market expansion of Wilkinson. It is useful for
management to achieve higher growth rate in the business.
 Product development- in today's changing business environment and customers needs it
is very important to develop new products to both satisfy and survive in the market. This
task is done by marketing department who analyse the gap between the opportunities for
growth and product range. The sales force collects the useful information from the
market and provide it to the management. Product development is done so that the
changing needs of customers can be fulfilled. It shows that what new features can be
incorporated in the products.
 Sales support- Both marketing and sales department helps in improving sales
performance and enhancing business growth. They provide support to sales force by
providing them with resources that are required for promoting and selling of products.
To effectively plan sales strategies and providing the presentation and promotional
material to sales team is a part of marketing function.
 Events- organising campaigns and exhibitions to gain the attraction of customers is an
important marketing function. It shows that business is concerned towards the society by
creating a positive image in the society. It can be done while launching a new product.
This is useful because it helps in promotion of product and creating awareness about the
new product (Belás, and et.al, 2015)
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P 2How roles and responsibilities relate to wider context.
The marketing department maintains a relationship between the market behaviour and
marketing performance of the organisation. The main role of is to promote and create the
awareness of products in the market. The marketing function successfully implement and
manage market strategies for growth and development in the market. The marketing function aim
to improve the business performance by effectively applying the marketing strategies.
Distribution- In order to make the product reach to customers easily and quickly the
distribution strategies must be applied effectively. It will fulfil the demand of customers which
will lead to increase in sales. The distribution involves the entire process which includes from
processing the raw material to proper delivery of products to customers. Effective distribute will
help in more product reach and will cover more market range. The increase in production will
generate more supply and create more demand. It will lead to rise in sales volume and generating
more profits. Overall it will increase the production of products in company and increase in
volume of sales.
Financing- more profitability and more sales of product will help in growth and development of
business. It will lead to more expansion opportunities for business. This will help in creating new
product development and maintaining stability in profits. More net profits will lead to increase in
market value of Wilkinson. The firms financial position will be increased and they will be able to
compete in the market. The firm can make innovation in their production process in order to
reduce the cost per unit. The cost reduction will improve the performance of business. The
stakeholder will be more satisfied by getting more dividends. Improvement in the employee
productivity will raise their morale. (Welford,, 2013.)
Market research- more improved financial position of firm more will be the advancement in
their production process and products. It provides the opportunities for growth and development
of new products. The market research helps in identifying the taste and preference of customers
and the changes that are occurring in the market. The research data and information can be
analysed in creating new products which can satisfy the needs of consumers. The data collected
can be used to identify the factors that are changing the external environments. It can be used to
analyse the competitors strategies and
Pricing- The most crucial factor of marketing department is determining the price of product.
The price of product is based on the cost of product. The price set must be affordable to
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customers. Features of the product, competitors price, cost of raw material are also included
while determining the price. Effective pricing policy leads to measure the behaviour of
customers that whether it is positive or negative. Low price of product attracts large number of
customers but on the other hand it generates low profits.
Product development- to survive in the market it is important to regularly make innovations in
the product. This will help in attracting new customers and increasing competition in the market.
This helps in fulfilling the changing needs of the consumers. It also enhances the opportunities
for growth in the market. Through product development the after sales service can also
improved to know the feedback of customers towards the new product. . ( Niemann-Struweg, ,
2014.)
Sales support- the sales force are the main pillars for increasing and promoting the product as
they are in the direct contact with customers. They have a lot of information about the needs of
customers. Without effective sales force the business can achieve its objectives and goals. In
order to do this it is important to motivate them, this can be done by giving benefits and
incentives to them. More effective the sales force, more will be the sales of product.
Events- to improve the image towards society it is important to organise events which creates a
positive image . This helps in attracting customers who are unaware about the products. This can
be done by organising seminars and campaigns. This helps in communicating with people face to
face and getting the feedbacks and reviews of the products. People also gives suggestions
regarding the product and it helps in identifying their needs. This helps in indirect promotion of
products. The event can also be done for charitable purpose which will build positive image of
company.
Wilkinson can expand its market by implementing the market development strategy. This will
improve its sales and performance of company in new markets. This will help in creating
demand of their products in new market. (Georgescu,. and Popescul, D., 2015.)
In this way the overall marketing department with their roles and responsibilities in
coordination with the organisation(Wilkinson) can help in creating awareness about their
products in new markets.
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P 3 Ways in which the marketing mix is applied to different organisation.
Marketing mix generally contains the 4P's of marketing which are price, product, place
and promotion but apart from this many companies are commonly using 7P's rather than 4P's.
The additional three P's are process, physical evidence and people. All of these contributes in
determining the product and helps in expansion of business. It helps in making purchase decision
by the customers who briefly study all these elements. The basic comparison between Wilkinson
and Marks & Spencer's are:
Product- combination or set of attributes or features that are made to satisfy the demand of the
customer is called a product. Through this the customer wants or desires can be fulfilled.
Wilkinson operates in retail products which offers a wide range of variety to customers to make
choice. They make choice by comparing the features of two products. On the basis of existing
products the new product is developed. (Niemann-Struweg, , 2014.) The new product feature
must be enough to meet the demands of the existing customers. It shows that the changes are
needed in the existing products. The organisation having different products have to focus on its
core product for getting more revenues and profits. Alike Marks & Spencer's, Wilkinson can also
come up with wider variety of retail products to attract its new customers towards its outlets.
Place- The place decides the sales of the product. It means the market for which the product has
been made. The place should be that where the product is easily available to the consumers. It
can be a high street, a mall, or via e-commerce. This will make the Wilkinson an approachable
and accessible brand (Welford, , 2013) Besides this, Wilkinson can open its outlets and stores in
smaller towns and cities too to improve its brand image and accessibility to the customers. Place
also plays a crucial role in improving the sale. If, the retail outlet of Wilkinson is at a high
commercial zone or densely populated area, it will improve the chances of the company to get
more customers and sale which will help the company to get the better revenue from its
customer's. Marks & Spencer's marketing strategy is to increase the number of its retail outlet to
reach maximum number of customers in various countries. Similarly, Wilkinson too can adopt
the market expansion by opening its outlets in smaller, developing economy's.
Price- Price plays a very important role in the determining of the success of the marketing of a
company. High price will make the customers of smaller economies reluctant to buy the
products. But many times, high price is been related to the high quality, according to customers.
While, the retail products of Wilkinson will be comparatively cheap but can be low on variety or
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quality, whereas the products of Marks & Spencer's will be quite expensive but good in quality
that will satisfy the customer. Wilkinson has to work upon the quality of its product to counter
the demands of its consumers. This will improve the brand image of the company and will attract
the customers ( Wetherly,. and Otter,. eds., 2014)
Promotion- Promotion is the life and blood for a product as well as the organisation that will
help the company to promote its products or services in a potential market. Promotion is done to
make the customers in the market aware about the product so that they can purchase it. Besides
this, an efficient promotional policy will help the company to develop the desired market
condition as well as the customer base to increase its chances to sustain in the market. Wilkinson
can use various social media platforms, print media and electronic broadcast or advertisements to
promote its product to increase its sales. Apart from this, direct marketing approaches, word of
mouth promotion and segmenting the customer base like Marks & Spencer's, can be a few steps
that can help the Wilkinson to grow its market base and gain a sustainability.
People- people are the core element of a market which will carry out the trade. The people
consists of both sellers and the buyers along with others who act as a channel in this interaction
of trade (Virglerová, and et.al, 2016). Employees at a retail store, transporters, distributors etc.
can be a group of people who will help the company to get the desired results. Wilkinson has to
employ the best candidates with better communication and management skills that will help the
company to run its processes. Marks and Spencer's has a very efficient team to run its processes
of retail stores. Likewise, Wilkinson also has to improve the people service to get the best results
in the market. Employees with good communication skills, with problem solving approach for
customers and able to handle the work, even in absence of high management will help the
Wilkinson to get the target goals.
Physical environment- Physical evidence is the condition where the services provided by a
service provider or company, that can be tangible or intangible in nature, to its customers. This
physical evidences can include anything that plays a very important role in marketing, selling
and transportation of the service or product. It can be the attractive packaging of the product,
offers or benefits provided by the commodities or timely delivery of the item or detailed invoice
on phone or mail about the purchase by the service provider, that influence the customer. Marks
& Spencer's has a very efficient delivery service for its goods or products. Likewise, Wilkinson
can also adopt some measure to attract maximum numbers of customers towards its services.
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This will generate a better revenue, will give the company a better idea about the demands and
will increase the customer's loyalty and goodwill towards the brand (Belás, and et.al, 2015.)
Process- Efficient business process is necessary to run the business of the company in a better
and effective manner. An effective business process includes the better coordination of various
constituent departments or the segments of a company in a very efficient way so that they can
work on a common market objective of the company. Wilkinson can look after that the services
or process of the company are been efficiently handled and managed by its employees, managers
and leaders to ensure the achievement of its market goal and meeting the customer's requirement
so that the customer can contribute in the company's growth. Besides this, it will also tell the
company that how to meet the market requirements and plan accordingly. Marks and Spencer's
keep a regular check on its business process. Likewise, Wilkinson can also take the regular
assessment of the service to improve its quality.
Apart from this, Wilkinson can use the market development strategy to evolve a new
market segment and bridge the gap. This will not only help the company to come up with some
new or innovative products or services but also helps them to understand the customer
requirements. It will also attract customers towards Wilkinson which will help the firm to
improve its potential of getting a better market share and developing new products to achieve the
customer's high satisfaction level and market growth (Belás, and et.al, 2015.)
P 4 Marketing Plan for Wilkinson.
Executive summary- This marketing plan will focus on the growth of Wilkinson by using the
strategy of market development. This is used to so that Wilkinson is able to capture the market
outside Europe for their growth. The market segmentation will focus on high class people who
are able to purchase their products. For attracting customers the various sales strategy can be
followed like offering small gifts to customers, offering discounts, etc. celebrity involvement
will help to build positive image of the products in the mind of customers. It will help in
analysing the investment that is required for executing the marketing plan. At the end it will
describe the measures that has to taken in order to control the market efforts. In this the
marketing information system is used. The return on investment is calculated in order to
measure the cost of marketing efforts. The sales volume will show the demand of increase or
decrease of product in specific time period. (Virglerová, and et.al, 2016.)
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Company overview- It is a high street chain which operates in retail sector and sells home
wares and household goods. It was founded in 1930 by James Kemsey Wilkinson. Its first store
was opened in Leicester. Its product range consists of textiles, cleaning products, stationary, pet
products, kitchen and toilet goods. Its headquarter is in England UK. It has more than 387 stores
across Europe.
Situational analysis- In this SWOT and Porter's five force model analysis will be done.
 Strength- Variety in products is the core strength of Wilkinson. Having a high revenue
and profitability makes an effective growth in the market.
 Weakness- Generally a small business store which limits its growth. Also, it is not so
famous globally.
 Opportunities- Wilkinson can develop new markets by having acquisition with other
ventures. It will help them in expanding their business. (Niemann-Struweg, ., 2014.)
 Threats- increasing cost of raw materials unable them to not met the production process.
This is affecting in improper cash flow and maintaining profits.
Porter five force model: it is important To understand the business environment and its
competitors this model is applied it also helps in maintaining the profits of business.
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 Competitive rivalry- With this the number of competitors are identified. It means that
more the number of competitors more will be the effect in price of product. More the
affect of one company higher will be the profitability of that company.
 Suppliers power- it helps in giving information about how suppliers affects the price of
goods. less the suppliers less will be the effect on price of the product. More the suppliers
more will be the effect on price of product.
 Buyers power- the buyers affect the price of product by buying it. If the demand is more
the price will be high and vice versa. More the buyers more will be the price affected.
 Threat of substitutes- what are the products substitute that affects the price of product.
It means that which company product can replace the other product. These substitute
affects the price of product.
 Threat of new entry- it means that price of company product is also affected by new
entry in the market. Due to this there is increase in competition which reduces the price
of goods. (Belás, and et.al, 2015)
Objectives-The main objective will be increasing the sales of product in new markets. This will
help in increasing the sales and overall profitability of Wilkinson. The increase in sales will
improve the company's performance and it will lead in building the brand image. The selected
market will lead to meet the needs of consumers and rise in volume of sales. These objectives
can be achieved by having a good marketing strategy. The focus will also be on motivating the
sales force so that they can help in achieving these goals.
Market strategy- segmentation, targetting and positioning are the elements which helps in
making a marketing strategy.
 Segmentation- The segmented market will be based on demographics of high income
level people. It will cover the society which is having a high standard of living. . This
will cover the specific society in which high class people are living.
 Targetting- The products will target the upper middle and upper class people. This can
be done by following various strategies like offering discounts, giving after sales service
benefits, etc. this will create a positive image of Wilkinson in the mind of the customers.
Offering something free and greeting with thanks can also be done in order to attract
them (Virglerová, and et.al, 2016.)
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 Positioning- as the products are only available to high class people it will automatically
create positive image in the mind of consumers. Also the high price of the product will
offer high value to customers.
Marketing tools- The promotion of the product can be done by effectively using the marketing
tool of giving advertisement in high class magazines. These magazines are mostly distributed to
the upper class people. It will help in creating the awareness about the products. Also, providing
the product through online application is the best way for selling the product. The high price of
product will attract the customers.
Market entry strategy- It is marketing tool which helps the company to expand in the market. It
will help Wilkinson in entering into the market. It shows the various strategies followed by the
company to expand themselves.
 Market penetration- this strategy focuses on increasing the sales of existing products in
existing market. This is done so that the customers remain attracted towards the company
products. It is usually used when the profits are stable and the company do not want to
expand themselves. (Hamilton,. and Webster,, 2015)
 Market development- In this new markets are searched by the company in order to
expand their business. When a company finds opportunities for growth they apply this
strategy. In this the existing products are sold in new market.
 Product development- to retain the existing customers in current market new products
are introduced. The new product can be launched either by innovating new features in
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existing products or a completely new product. It is generally done when there are
differentiated products and competition.
 Diversification- this is the riskiest strategy of all. In this new products are launched in
the new market. The business must be have a clear idea to go with this strategy as this is
done by having a lot of research which takes a lot of time and investment. It can also
hamper the current profits and image of company. (Wetherly, . and Otter, . eds., 2014)
In Wilkinson the marketing plan is to expand the business which can be done by
implementing the strategy of market development. It is due to good quality of product.
Sales strategies- to make the customers aware about the product in new market it is necessary
to have strong sales strategies. These strategies will help in promoting and selling the product
various sales strategies can be followed to attract customers like offering free gifts, greeting with
thanks, etc .giving free coupons to customers or offering discounts to them can be used to attract
them. Providing lifetime membership cards to them so customer's can use them to avails offers
and discounts. The promotion can be done with the help of a celebrity involvement like
inauguration ceremony of first store (Welford, , 2013)
Financing- This is the most crucial part of marketing plan. It helps in promotion of product in
the new market. To do the following activities that are mentioned above a huge investment is
required for the selling of product in new market.
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The investment that is required for executing the above marketing plan will be 100 million euros.
Marketing assessment: It includes the controlling and measuring of marketing efforts that are
done by the Wilkinson.. These efforts include all the 360 degree activities that affects the market.
These activities include promotion, advertisement, emails, etc. are controlled with the help of
marketing tools. It is different form market research as both the internal and external data is
available (Belás, and et.al, 2015)
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Marketing information system (MKIS)- It is a system that analyse the marketing information
that is gathered from the market and given to managers in order to make appropriate decision.
Taking decisions on factors such as product development, distribution, media, etc. its function is
to identify the social, economical factors that affect the purchase behaviour of consumers. The
actual movement of goods from production place to market. The communications factors like
personal selling, publicity, etc. it really important as it identifies the specific needs of consumers
and according to it the decision is made (Welford,, 2013.) With the help of this the difference
between the value proposition of two business can be found out. The focus is on the monitoring
the market system in order to develop strategy based on policies and process to improve the
customer management and marketing support systems.
Return on investment- It is a performance measurement tool which is used to evaluate the
return on investment done. This is done by calculating the return on investment by dividing it
with the cost of investment, the result obtained is divided by hundred. It is used to measure the
profitability as it shows that the return from investment done is good or not. According to it
proper actions are taken.
Sales volume- it helps in identifying the increase in sales of product or not. By measuring the
the sales level on regular time period it shows the increase or decrease in level of sales volume.
This helps in measuring the interest of consumers that whether they are interested in buying the
product or not. The sales level will show the demand of product (Belás, and et.al, 2015.)
CONCLUSION:
This report shows the involvement of marketing department and their roles and
responsibilities that is used in developing a marketing strategy of a company.. Also, it shows the
Wilkinson's marketing mix on market development. Further it shows what can be done by
Wilkinson to expand their business by developing a marketing plan. The strategy used by
Wilkinson should be the market development strategy for their growth and development. In order
to monitor the marketing strategies marketing information system must be adopted so that it
gives the correct data and on the basis of that decisions can be made. Following the market
development strategy it is important that proper decisions are taken by managers in order to
increase the market share.
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