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Digital Business Strategy for a British multinational clothing, home products and footwear retailer

   

Added on  2021-02-20

6 Pages1337 Words351 Views
DIGITAL MARKETINGSTRATEGY

TABLE OF CONTENTSSituation Analysis............................................................................................................................1Link Digital Business with Digital Marketing Strategy..................................................................1Formulate Objectives.......................................................................................................................2Design implementation Plan to meet the Objectives.......................................................................2Budgeting.........................................................................................................................................3Evaluate the Plan.............................................................................................................................3REFERENCES................................................................................................................................4

Situation AnalysisNext Plc is a British multinational clothing, home products and footwear retailers with more than700 stores in more than 7 countries out of which 500 are in United Kingdom, 200 across Europe,Asia and Middle East (Mononen and et.al., 2019). Next is one of the largest clothing retailerspresent in UK that have overtaken Marks and Spencer in 2012 as well as in 2014. In order toevaluate situation analysis SWOT analysis of the company can be done.StrengthsThey provide excellent customer service interms of being active on social media.Has their own website for online shoppingfor their customers. Next has a strong free cash flow that helpsthem in providing resources in hand ofcompany in order to expand into newprojects.WeaknessesThey rely on third part for delivery servicebecause of which many times customersface late delivery.They are not keeping up with thecompetition in terms of customerknowledge and technology.They are not very good in forecastingproduct demand as a result they end upkeeping high inventory than required. OpportunitiesThey can improve their delivery service bylooking for more credible and reliable thirdpart delivery sources.They can start partnership online start-upslike Net-a-Porter.ThreatsCustomer’s loyalty is quite low due to highcompetition.Many retailers are using cutting edgetechnology in a much better manner ascompared to Next Plc to reach theycustomers.Link Digital Business with Digital Marketing StrategyNext sells clothing, home products and footwear both digitally and through physical stores.They are focusing on expanding their online business in order to reach larger group of targetedaudience. For this they can use various kinds of digital marketing strategies which will help themto not only reach larger targeted audience but will also help them in increasing their overall salesand revenue as well as online presence.Search engine optimization can help Next to get quality traffic from organic and free searchresults from various search engines like Bing, Google etc.1

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