Marketing Strategies and Planning

This assignment delves into the realm of marketing strategies and planning. It requires students to critically analyze different marketing strategies and frameworks, including segmenting the online consumer market and international supply and marketing management. The emphasis is on understanding the interplay between corporate strategy and marketing strategy, and how these elements contribute to overall business success.

MARKETING PLAN

Table of Contents
INTRODUCTION..........................................................................................................................1
TASK1.............................................................................................................................................1
1.1................................................................................................................................................1
1.2................................................................................................................................................1
1.3&1.4........................................................................................................................................2
TASK 2............................................................................................................................................3
Attached in PPT..........................................................................................................................3
TASK ..............................................................................................................................................3
3.1 to 3.5......................................................................................................................................3
Executive Summary....................................................................................................................3
Role of Marketing Plan in Corporate Strategy............................................................................4
Techniques for New Product Development................................................................................5
Product Description.....................................................................................................................5
Communication strategies...........................................................................................................6
TASK4.............................................................................................................................................6
4.1,4.2, 4.3...................................................................................................................................6
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
Marketing planning is a important tool for doing marketing and advertisement of the
product which involves particular marketing objectives which should be achieved within the
specific period of time so that the business can run successfully. Tommy Hilfiger is the fashion
brand organisation which was established in 1970 by two individual Mohan Murjani and
Tommy Hilfiger( Wallace and et.al., 2014). For making the business successful some of the
marketing plans are used which has increased the sale of the organisation. There are some
barriers which a marketing manager face during the marketing plan so the organisation has to
overcome all these barriers and issues so that the business can expand globally.
TASK1
1.1
Marketing planning is very important for the organisation to be successful in local and
global market. As the current market situation is changing according to the mindset of the
customer there is a need of change in marketing planning of Tommy. Traditional market
planning include the strategies which include 4p's of the market segment. In this planning
organisation focuses on the identification of particular customers and what is their behaviour for
the product. In past days the use of media mix was their to deliver good impression on the
customer. In modern marketing planning identification of group of customer than organisation
anticipate the future needs and wants of the customers( Wood, Pitta and Franzak,2011.). Than
customer is satisfied according to their wants and needs with keeping in mind the profitability of
the organisation. Changing of market planning is very important for the business to grow.
Tommy started with small departments and according to the changing approach it leads to big
chain stores.
1.2
Marketing planning is an important task so it requires capabilities to to make a market
plan as it is a process through which organisation identify and anticipate and lastly satisfy the
consumer demand which is done through market research and marketing mix. For doing future
marketing there is a great need of :
11 Human capabilities
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: Good marketing plan can be made by human resource of the organisation who are very capable
as objectives of the firm fully depends on how the marketing is been done.11 Physical capabilities: Use of physical resource is very important and it should be done
sustainably so that organisation can grow with high goodwill in the market( Fullerton,
and Merz,2012.). As the physical resources are very costly so the human resource should
make proper use of physical resources so that the cost of product decreases.11 Financial capabilities: Human resource must make marketing mix plan according to the
finance available with the firm so that marketing planning can be done by maintaining
the cost.
1.3&1.4
There are tools which are required to analyse the external and internal factor which affect
the marketing planning of the organisation. SWOT analysis of the organisation:
Strength of the organisation:
1.Being a global brand it has a great recognition.
2.Globally it has a strong network channel.
3.Promotion of the product is done by very popular celebrity.
Weakness of the organisation:
1. Brand switching is high as there is a huge competition in the market.
2. Cost of maintaining and protection is very high.
opportunities of the organisation:
1. It brings very innovative ideas in apparels.
2. Product line and services are expanded by the organisation.
3. In an emerging economy organisation is increasing its disposable income.
Threats of the organisation:
1. International brand competition is very intensive.
2. As the economy slowdown demand for premium product get decreased.
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3. There are so much stock issues as there is a rapid change in the trend.
For knowing the effect of external factor the organisation ha carried PESTLE analysis.
Political factors
As the political situation of UK is very stable it is helpful for the company to operate in
such environment. Organisation get an huge support of government. So the international
relationship of the organisation is very good as the there is a back support of the government.
Economic factors
Those factors which are connected with the economy and money which affect the
working of the business are economic factors. Supply of goods depend on the demand of the
product. Taxes must be paid on time by the organisation( Al-turki,2011.). Change in economic
condition affect the sales of the premium product very badly.
Sociocultural factors
The factors which are connected with the people and their behaviour are sociocultural
factors which are the lifestyle which the consumer adopt to live. The class to which the customer
belongs. and what is the thinking of the customer depends on the upbringing. These factors affect
the sales of the premium product.
Technological factors
These factors affect the sales of the organisation very badly as change in technology
increases the competition in the market . Technologies can be both physical and mechanical.
Focus on technological factor is very important.
TASK 2
Attached in PPT
TASK
3.1 to 3.5
Executive Summary
Various marketing strategies used by Hilfiger to achieve its objectives are Differentiation
strategy achieve goals directly by creating high quality products that leads to create image in the
minds of its clients( Andersson and Servais,2010). Techniques for New Product Development
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are Experimentation Design and Test marketing and effective marketing mix used in the
marketing plan are that is unique design available and various price( RICHA, 2014). Premium
pricing strategies communication mix to advertise it fashion product by using TV, internet ,
mobile , social media that cover domestic as well international market in market segmentation.
Role of Marketing Plan in Corporate Strategy
Relationship between market strategies and corporate strategies are discussed below-
Marketing strategy
Marketing strategy is used by marketer to attaining an organisation as well marketing
objectives. It helps the marketers to analyse the external environment in the view of fact by
design its market plan by taking all those factors in consideration( Aljukhadar and Senecal,2011.
). Customer requirements are unique so marketers of a company adopts marketing mix model
and STP model to satisfy customer needs and wants.
Corporate strategy
Corporate strategy is used by every type of organisation to earn more than average
earning so they adopt that involve various activities are commitment and decisions of a business .
It is widely used due to dynamic environment so it help the businessmen to adopt and make
necessary adjustment in an organisation. It is used to motivate employees that makes them more
confident and free to solve various problems.
The main objectives of Tommy Hilfiger is that create values and brand image as well as
becomes a leading designer all over the world and another objectives that to fulfil stakeholder
objectives. This can be attained by using various strategies that help them to create high quality
products and manage the operations of a business that directly fulfil stakeholder objectives.
They adopt Differentiation strategy that helps in producing unique and high quality products that
are distinct from other competitor products that leads to enhance firm's value and create brand
image in the mind of its customers. It emphasised more on product quality that force them to
create a special features and provide superior services. Firms adopt this strategy because it has a
strong market ability and creative personal that directly help the firm to maximizing profits and
sales(Logman,2011.). It not only focus on product quality but they also force the firm to give
benefits to its employees by compensation in its salary, incentive and various schemes to its
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employee. This help the Tommy Hilfiger to attaining its goals and meets stakeholder objectives
successfully.
Techniques for New Product Development
Tommy Hilfiger develop a new product to create brand image and maximizing sales and
profit in the competitive world. While they develop a new product by using two techniques
which are as follows:-
Experimentation Design
It is widely used by many firms to develop a new product because it helps the marketers
to obtaining a large number of information from market which is done by market research.
Secondary research is conducted to gather data from customers by questionnaire and interview.
The various questions asked by the customers so they know customers expectations and
requirement about products and services( Mohammed and Rashid,2012.). Along with this
Primary experiment is also done so they identified the various factors that impact the firms
performance are critical and non critical factors . After identification of factors they can
experiments in order to determine various other factors. It helps the firm to develop new product
with optimum design by conducting confirmatory experiment to combine critical factors and
optimum performance index.
Test marketing
This techniques help the Hilfiger to develop a new product it is a process through which
product is tested in more than one market segmentation. They sales its product in two market
segmentation area are demographic and Geographic area and observe and note down the
customers reaction when they use. After observing they find out the deviations or outcomes with
the actual and expected marketing plan. It also help in evaluating various factors such as
responsiveness, performance, customer satisfaction and resource cost etc.
Product Description
Tommy Hilfiger achieve its objectives by using strategy in its products so they deliver
high quality products that enhance standard of living( Corporate Strategy vs. Marketing Strategy.
2016.). It is a world leading fashion brand because the products that are available in its stores
which designs are unique and various size and price available. It is affordable by all income and
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age group peoples. There are number of variety of products at are available at stores for men ,
women and kids are Watch, denims, Shoes and Footwear and they also provide traditional and
western dress etc. They always try to change pattern and attractive unique design in its fashion
brands products that are made available in each year occasion season.
Communication strategies
To increase the sale Tommy Hilfiger uses the communication mix to promote the
product both locally and globally. Advertising is done by the means of TV, social media . by
making websites, through mobile application. Through marketing planning bothy organizational
and customer objective is fulfilled by providing high quality product with good range of varieties
so that people have good choices to purchase the product( Seven Functions of Marketing. 2016.).
Communication mix helps in proposing the marketing plan successfully. Which help the
organisation to know the deviation between the actual and set outcomes.
TASK4
4.1,4.2, 4.3
Ethical issues play significant role in marketing development and growth aspects of the
business unit. These aspect create a well-defined impact on business growth and development
within the present competitive economy. Business ethics create an effective and well defined
impact on brand identity and organizational development within the market. The present market
scenario reflects that companies are drifting towards ethical operations in order to enhance the
brand awareness and sales revenue in the market. Implementing ethics in marketing planning and
promotion is significant for the business development( Wood, Pitta and Franzak, 2011). Tommy
Hilfiger ensures ethical business operations to ensure brand loyalty and demand in the market.
The marketing and promotional measures of the business are strategically planned and managed.
The organization ensures that promotional measures such as advertisements are not offensive to
the competitors or public at large. The organization effective plan their activities to manage the
emotions and sentiments of people. Moreover no misrepresentation of information is carried out
by the business unit.
The case evaluation represents that the business has effectively responded to the changing
business environment. Moreover the Capsule collection of Tommy Hilfiger is a significant
example of enhancing awareness within people about poverty issues of Africa. This ethical
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consideration of the business helped people in creating awareness and realization about the
poverty and social issues of Africa. Moreover the organization has adopted effective pricing and
promotional measures for its consumers and stakeholders(English and Kernek,2010). Tommy
Hilfiger provide right and effective access of business information which helps the company in
creating a significant growth impact within the market. Moreover the marketing planning and
operations are managed with the purpose of providing right information to protect them from
unethical practices of Fraud, cheating and inconvenience.
CONCLUSION
Marketing planning plays a significant role in business growth and development. It helps
companies in developing a significant aspect of success within the market. The case analysis of
Tommy Hilfiger reflects that effective marketing planning has helped the company in creating a
significant market position in the economy. The internal growth and development analysis of the
business has been successfully analyzed and evaluated. This helped the organization to sustain
with consistency in productivity as well as profits.
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REFERENCES
Al-turki, U., 2011. A framework for strategic planning in maintenance. Journal of Quality in
Maintenance Engineering. 17(2). pp.150–162.
Aljukhadar, M. and Senecal, S., 2011. Segmenting the online consumer market", Marketing
Intelligence & Planning. 29(4). pp.421–435.
Andersson, S. and Servais, P., 2010. Combining industrial buyer and seller strategies for
international supply and marketing management. European Business Review. 22(1).
pp.64 – 81.
English, D.E. and Kernek, C.R., 2010. Evaluating knowledge and critical thinking in
international marketing courses. College Student Journal. 42(4). p.1037.
Fullerton, S. and Merz, G.R., 2012. The four domains of sports marketing: A conceptual
framework. Sport Marketing Quarterly. 17(2). p.90.
Logman, M., 2011. Realism versus simplicity in strategic marketing planning: the impact of
temporality. Marketing Intelligence & Planning.29(7).pp.662-671.
Mohammed, A.A. and Rashid, B., 2012. Customer Relationship Management (CRM) in Hotel
Industry: A framework proposal on the relationship among CRM dimensions, Marketing
Capabilities, and Hotel performance. International Review of Management and
Marketing. 2(4). p.220.
Wallace, A.P.M. and et.al., 2014. Attracting and retaining staff: the role of branding and industry
image. In Workforce Development (pp. 19-36). Springer Singapore.
Wood, V.R., Pitta, D.A. and Franzak, F.J., 2011. Successful marketing by multinational firms to
the bottom of the pyramid: connecting share of heart, global “umbrella brands”, and
responsible marketing. Journal of Consumer Marketing. 25(7). pp.419-429.
Online
Corporate Strategy vs. Marketing Strategy. 2016. [Online]. Available
through:<http://www.yourarticlelibrary.com/marketing/corporate-strategy-vs-marketing-
strategy/43327/>. [Accessed on 21st December, 2016].
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Seven Functions of Marketing. 2016. [Online]. Available through:<
http://smallbusiness.chron.com/seven-functions-marketing-56980.html>. [Accessed on
21st December, 2016].
Functions of Marketing in Business. 2015. [Online]. Available through:<
http://smallbusiness.chron.com/functions-marketing-business-32399.html>. [Accessed on
21st December, 2016].
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