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Marketing Essentials H&M | Case Study

   

Added on  2020-01-28

21 Pages5044 Words124 Views
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Marketing EssentialsTable of ContentsTask 1..........................................................................................................................................................3The concept of Marketing............................................................................................................................3Key roles and responsibilities of the marketing function.............................................................................4Importance of role and responsibilities of the marketing function...............................................................6The interrelation of the marketing with other functional departments of H&M..........................................7Significance of effective interrelationship between different functional departments of H&M...................8Task 2..........................................................................................................................................................97Ps of marketing mix...................................................................................................................................9Product....................................................................................................................................................9Price......................................................................................................................................................10Promotion..............................................................................................................................................10Place......................................................................................................................................................11People....................................................................................................................................................11Process...................................................................................................................................................12Physical evidence..................................................................................................................................12Summary...............................................................................................................................................12Task 3........................................................................................................................................................14Produce and evaluate a basic marketing plan for H&M.............................................................................14Company overview................................................................................................................................14Market analysis......................................................................................................................................14Internal analysis.....................................................................................................................................14External analysis....................................................................................................................................15SWOT analysis......................................................................................................................................15Objectives..............................................................................................................................................16Strategy.................................................................................................................................................16Segmentation, targeting and positioning................................................................................................17Tactics & Action....................................................................................................................................18Conclusion.............................................................................................................................................18References.................................................................................................................................................19Page 2 of 21

Marketing EssentialsPage 3 of 21

Marketing EssentialsTask 1The concept of MarketingThe fashion industry of the UK count on upon the consumer dependability and client loyalty. Discussing the H&M which is a popular fashion retailer of the UK which includes marketing concept along with few components, for example, wishes of clients, the rate of products and current market opportunity. Every single portion of the marketing concept has its separate essentialness. Other than that, requirements of the clients are the conspicuous part in the marketing concept. As demonstrated by Paul (1996), to meet the desire of clients, the management of H&M needs to give a refreshed form and low priced fashion clothes to their clients. Along with this side, with the assistance of this marketing strategy, the management of H&M can expand the rate of their potential clients by providing good clothes and accessories in low price. Along with that, the cost of fabric is one of the delicate issues from the side of the client's end. At the end of the day, the vast majority of the clients require the latest fashion at the least rate. Consequently, the management of H&M needs to think about current rival companies like ZARA(Ellis, 2002). Strategy: in order to increase sales revenue, H&M needs to implement effective marketing strategies such as low price strategy, discount strategy and promotional strategy. Market research: in order to determine current market opportunity, the market research techniqueis mainly used. Market research includes interviews, questionnaire and respondents who provide response as information.Product Development: product development process is measured by information which is collected from primary and secondary data collection research methods. Page 4 of 21

Marketing EssentialsCommunications: the feedback of the customers help the management to improve product development process which is based effective communication system.Sales Support: with the help of sales report, the management can determine current trending and demanding products and services.Events: events can be considered as promotional activities as marketing process which increase product demand.Key roles and responsibilities of the marketing function The H&M needs to observe the marketing process to increase the revenue. Along with that, the form industry integrates diverse kinds of the marketing function. Different types of marketing function are a strategy, market research, product development, communications, sales support and events. Every single part of the marketing has its personal significance. Other than that, H&M has different stores around the UK, and every single outlet contains most modern fabrics and design articulation fabricated by H&M. Aside from that, in the process of conveyance, a transportation framework required by the management of H&M. At the end of the day, through avehicle different kinds of clothes and accessories have been conveyed to various outlets of the H&M. The last process is client's review accumulation or market research. In this process, the management of H&M can dissect and decide the assembling shortcomings which done amid the cloth manufacture process(Griffiths, 2006). External environment influences: external environment includes following factors:Political factor: this factor is influenced by governmental rules and legislations.Economic factor: this factor effects the financial stability of H&M through unstable exchange rate, currency value and GDP. Page 5 of 21

Marketing EssentialsSocial factor: this factor is mainly influenced by socio-cultural aspects of the local population. Technological factor: with the help of this factor, H&M can adopt technical support to expand the business.Marketing mix:H&M can observe and identify the current market opportunities with the help of effective marketing mix. The marketing mix is one of the essential elements which includes price, place, promotion, and product. Different factors of the marketing mix are discussed below:Price: Price estimation is one of the critical issues for an organization before launching a productin the market. There are giant fashion companies like ZARA already exists in the UK fashion industry. The mission and vision of H&M conclude that they are offering latest fashionable clothes and accessories in affordable price to their customers. The rival companies of H&M offerhighly expensive products to their customers. So, there is a huge opportunity to attract those customers towards their company through low price strategy(McKeever, 2011). Promotion: In this case, H&M applies various types of promotional theories to provide product related information to the customers. Through online promotion, H&M can attract and aware most of the customers who wants stylish and latest clothes within a reasonable price(Price and Jaffe, 2015). An organization need promotional activity to spread the awareness about a specific product or service. There are different types of media such that television, radio, newspaper, magazine and internet, basically utilised by many companies for promotional activities. Place: The decoration of showroom also helps the organisation to attract the mind of a customer.As a result, the place is the very crucial factor of the marketing mix. In order to expand the Page 6 of 21

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