Strategic Marketing Planning for Business Success

The provided document is an assignment on strategic marketing planning for a business. It emphasizes the importance of understanding customer needs, market trends, and competitor analysis in developing a successful marketing strategy. The assignment highlights the significance of place, price, physical evidence, and promotion in influencing buying decisions. It also stresses the need for relationship marketing orientation to enhance brand equity. The document includes references from various journals, books, and online sources, providing a comprehensive understanding of strategic marketing planning. A suitable title, meta title, meta description, and summary have been generated based on the content of the assignment.

MARKETING ESSENTIALS

Table of Contents
INTRODUCTION...........................................................................................................................1
LO 1.................................................................................................................................................1
a) Role and responsibility of marketing function........................................................................1
b) Role of marketing in context to marketing environment........................................................2
c) Significance of interrelationship between marketing and other functional units...................3
d) Key elements of marketing function and their relationship with other functional units.........4
LO 2.................................................................................................................................................5
1) Marketing mix.........................................................................................................................5
2) Different tactics applied by business to achieve business objective.......................................7
LO 3.................................................................................................................................................8
1) Produce marketing plan...........................................................................................................8
2) Detailed coherent evidence-based marketing plan..................................................................9
3) Designing strategic marketing plan by using 7 P’s in order to achieve marketing objectives
...................................................................................................................................................10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Marketing is the process of selling goods and services to consumers and promoting brand to
border level significantly. It is helpful in identifying necessities of clients and providing them
products as per their desires (Miquel-Romero and et.al., 2014). This assists firms in conducting
deep market research and making changes in existing strategies in order to sustain in market for
longer duration. Marketing is beneficial tool that aids company’s in accomplishing their
objectives successfully. Present study is based on River Island that has strong brand image in
market. Now company is aiming to grow well in student sector as well. Current assignment will
describe role and responsibility of marketing function. It will explain significance of
interrelationship between marketing and other functional units. In addition, report will compare
marketing mix of River Island with other brand. It will produce marketing plan and will describe
effectiveness of this marketing plan in order to achieve firm’s objectives.
LO 1
a) Role and responsibility of marketing function
large organisations are taking support of effective marketing strategies in order to remain
competitive in market. There are various roles and responsibility of marketing in River Island
(Pant and Rastogi, 2018). These are explained as:
 Researching: Marketing plays role of researcher, it helps business in gathering in-depth
information about market and need of target market. This assists in paying more attention
on trends and identifying actual position in market (Fortenberry Jr and McGoldrick,
2016). River Island can gather all details about its consumers and their requirements so
that it can design its products accordingly. This would help business in enhancing
satisfaction level of clients and retaining them in business for longer duration.
 Risk assessor and quality controller: This is another role of marketing, it assess risk and
find out consequences that can be faced by business in market by conducting its
operations (Olson and et.al., 2018). Through marketing River Island can look upon
variables that are affecting its key activities. This also gives opportunities to control over
quality and raise quality of existing goods and services.
 Planner: Marketing has responsibility to make plan that may support in meeting
organisational goal. This planning is beneficial in increasing market presence and raising
production, promotion capabilities (Kumar, Keller and Lemon, 2016).
1

 Designing and development: Marketing has responsibility to design a good product and
develop existing services. As River Island aims to grow well in education sector as well,
for that entity will have to design its products in such manner that may support in
fulfilling needs of target audience (De Mooij, 2018). Marketing helps in designing need
oriented products and developing position of firm n market.
 Promoter: It is another role of marketing that aids in promoting brand across the world
and gaining attention of mass audience. By implementing effective marketing strategies
River Island can make people aware regarding its products and services and can create
positive bran image in the mind of consumers (Babin and Zikmund, 2015).
 Communicator: Marketing is beneficial in identifying needs of clients and finding out
their expectation. This may help River Island in designing its promotional activities. This
will help the firm in making effective communication with consumers and making them
positive towards brand (Mudrík, Nastišin and Horváth, 2016).
b) Role of marketing in context to marketing environment
Marketing environment is made up with two essential factors: internal and external. Both
these components affect ability of company to great extent. Internal factors are such as:
employees, managers, material in firm. On other hand, external components are such as:
government, technologies, economic etc. All these factors have high influence over business
unit.
Marketing plays role of controller in River Island, it helps business in controlling over
internal atmosphere and creating healthy workplace environment at workplace (Ardebili,
Ashtiani and Pour, 2018). Through marketing plays role of communication, by this way
information is circulated effectively. That assists in minimising confusion and promoting the
brand. This supports firm in generating more revenues. By this way, entity would be able to give
reward and recognition to its best performer that will motivate employees in order to contribute
well in success of business unit. Marketing helps River Island in making internal environment of
firm strong.
Macro marketing is responsible for improving distribution function and centralised
exchange function. External atmosphere force River Island in making changes in its practices
and develop its relationship with buyers so that it can grow well in market (Shaltoni, 2017).
Changing needs of consumers enhance pressure on River Island to make changes in designing of
2

existing products so that it can meet the requirements of clients to great extent. Marketing is
considered as engine for economic development. This plays role of developer by this way
company becomes able to raise standard of existing products and services. This assists business
in generating more sales. This is beneficial in contributing well in economic development and
raising income sources for population (Peterson and et.al., 2018). If there is strong economic
position of nation then people will buy services of River Island easily that would impact
positively on firm in order to sustain in market for longer duration. Thus, marketing has
significant role in context to marketing environment because it supports in improving internal
and external market position of company. By this, River Island can understand specific desires of
clients and can offer them products accordingly (Orzan and et.al., 2016). This would help in
improving brand image of company to great extent.
c) Significance of interrelationship between marketing and other functional units
Marketing department has significant relationship with other functional units in business.
there are various departments in firm such as human resource, finance, customer service et. All
these activities are related with each other significantly(10 Steps to Developing a Strategic
Marketing Plan, 2018). Significance of this interrelationship is described as below:
Human resource and marketing
The main function of HR department is to fill skills gap by hiring talented people and
retain these candidates in business for longer duration. HR manager of firm motivates people and
give them training so that they feel happy and contribute well in achieving goal of business unit.
River Island aims to grow well in other sector for that it require s skilled employees. Human
resource department assist in recruiting right person for right job. Furthermore, it gives them
training so that they can perform well (Examples of Business Strategies & Tactics to Make
Objectives Real, 2017). By this way these workers works for gathering insight detail about
market and promoting the brand. This relationship is beneficial for River Island in increasing
sales revenues and gaining competitive advantage as well.
Finance and marketing
Finance department is responsible for allocating funds to each department and managing
cash flow in business. Through marketing River Island can raise its profit that may help finance
department in allocating adequate financial resources to each activity. By this way, all other
functional units become able to perform their work significantly (Shaltoni, 2017). This
3

interrelationship is significant in order to minimise unnecessary expenditures and increasing
profitability of River Island.
Production and marketing
Marketing is helpful in increasing demand for goods and services. This helps production
department in finding the needs of consumers and deigning new goods as per their desires. If
marketing department does not perform well then it will adversely influence production unit.
Thus, there is important to have strong relationship between both these units so that River Island
can increase its number of production and can generate more revenues in organisation (Kumar,
Keller and Lemon, 2016).
All departments in River Island have strong relationship with each other. They all work
together in order to accomplish goal of the company (Examples of Business Strategies & Tactics
to Make Objectives Real, 2017). By this way River Island would be able to meet with its
objective and would be able to raise satisfaction level of clients.
d) Key elements of marketing function and their relationship with other functional units
Marketing is essential function of business unit, it aids firm in increasing brand awareness
and gaining attention of mass audience (Olson and et.al., 2018). Research is essential key
element of marketing that assist firm in gathering all information about client’s needs and
fulfilling their requirements. This It has strong relationship with other functional units because
marketing gathers all detail related to consumers and production departments provides services
to target customers accordingly. This is significant in order to increase its profit and attracting
more people towards brand. Key elements of marketing are research, planning, tactics, strategies
etc (Mudrík, Nastišin and Horváth, 2016).
Marketing department works as back up part for other functional units because through
marketing other departments get necessary information abut customers and market condition.
That aids business in making necessary changes in existing practices so that firm can sustain in
market for longer duration and can gain competitive advantage. Marketing team of River Island
wants to grow well in education sector, but for that it is very important to know about target
audience demands and their desires. This may support finance and production unit to conduct
operations accordingly (Babin and Zikmund, 2015). The agenda of marketing is to increase
profitability of business unit thus, this aim can be obtained through interrelationship between all
4

departments. Production department communicates with suppliers so that demand and supply
can be marinated. This is best tool in order to grow well in market.
LO 2
1) Marketing mix
Marketing mix can be defined as basic tool that aids business in increasing demand of
product in market (Fortenberry Jr and McGoldrick, 2016). Every firm applies marketing mis
elements in order to achieve its objectives. Difference in marketing mis aspects of River Island
and BAC (British Accreditation council) is described as below:
Marketing mix River Island BAC
Product Products can be simply
defined as goods and
services provided by
business to its consumers.
River Island is aiming to
offer all kind of educational
courses to its target
consumers. Furthermore, it
wants to provide high
quality services to students
(Examples of Business
Strategies & Tactics to Make
Objectives Real, 2017).
It offers variety of courses.
It has three types of
products: core, actual and
augmented.
Price River Island implements
price skimming strategy, it
aids business in attracting
more students towards the
brand. Its main agenda is to
serve to large students thus,
it has implemented this
strategy (Shaltoni, 2017)
BAC implements
competitive pricing strategy,
this assist firm in
maintaining its brand image
and gaining competitive
advantage as well.
Place River Island take support of BAC takes support of
5

direct distribution channel so
that it can directly make
communication with target
people.
intermediaries in order to
attract more people towards
the brand (Mudrík, Nastišin
and Horváth, 2016).
Promotion Promotion plays significant
role in business unit, it aids
business in promoting brand
and increasing demand as
well. River Island promotes
its products and services
through social networking
sites(Orzan and et.al.,
2016).. It, makes
communication with
students through Facebook,
Twitter etc. people give
immediate response on these
sites.
BAC does not have any
specific promotional
strategy, it just gives
advertisement in news paper
in order to make people
aware with the goods and
services of company.
People People are essential part of
company, their contribution
assist the firm in meeting
with its objectives. River
Island treats its employees
well an always encourage
them to work better by
giving them reward and
recognition. All its workers
put their hard efforts so that
demand can be increased
(Peterson and et.al., 2018).
BAC hires skilled people
and pay them high wages.
That aids the firm in
retaining its talented people
in business for longer
duration (Orzan and et.al.,
2016)..
Process Process can be defined as Process of the company is
6

practices of organisation that
helps in making product
available in actual market.
Process of River Island is
very smooth, students can
get services immediately.
little lengthy and target
audience has to wait a lot in
order to get services.
Physical evidence Presence and existence of
River Island is very
attractive. Logos, signs are
eye catching (Kumar, Keller
and Lemon, 2016).
Physical evidence of BAC is
good and packaging of
products is very attractive.
2) Different tactics applied by business to achieve business objective
There are various tactics that are applied by River Island in order to sustain in market for
longer duration and growing well in student sector. Firm’s main strategy is to improve working
process so that it can become smooth for target audience. It wants to provide high quality
products and services to clients thus, if its working process is smooth then it would be able to
gain attention of mass audience and would be able to retain them in company for longer duration.
Another tactic of organisation is to eliminate redundancies (Orzan and et.al., 2016). It always
buys raw material from the correct supplier which can offer it high quality material at lower rate.
This aids River Island in meeting with its profitability objective. This is helpful in minimising
unnecessary expenditures and generating sales as well.
To grow well in student sector is another objective of River Island. For achieving this
goal company plans to promote its brand significantly (Fortenberry Jr and McGoldrick, 2016).
Use of social media is the great medium through which enterprise can make connection with
mass audience and can identify their needs and requirements. This may support in designing
goods and services as per their needs. Skimming pricing strategy is another great tactic that may
aids the firm in increasing its market share and grow well in this sector. By this pricing strategy
entity gain attention of large number of people that helps in increasing its market share.
Quality control is another great tactic that is beneficial in minimising wastage and
creating positive image in the mind of customers (Peterson and et.al., 2018). It gives training to
7

its staff so that they can perform well and can deal with clients appropriately. This is the way that
help business in retaining its consumers for longer duration and making them loyal towards
brand.
LO 3
1) Produce marketing plan
Executive Summary
The main focus of this marketing plan is to evaluate the existing strategies of company
and design effective plan so that entity can meet with its organisational goal. River Island is
performing well in existing market but now aiming to grow well in student sector as well (Orzan
and et.al., 2016). This marketing plan will describe strategies of business and define
segmentation, targeting and positioning strategies of organisation. Furthermore, this marketing
plan explains monitoring and controlling strategies explains
Marketing objective
Objective of business is to increase profitability and retain its clients in business for
longer duration. Entity wants to offer satisfactory products to its consumers so that they buy
products of firm and this will help in raising profit of business unit. Entity aims to make people
loyal and want to retain them in firm for longer duration.
Mission and Vision
Vision of River Island is to grow well in student sector and provide high quality services
to target consumers.
Situation analysis
Internal analysis
SWOT analysis is the model that helps marketing manager in evaluating actual internal
position of company.
Strength
 River Island has strong financial position. This is the biggest strength of the organization
(10 Steps to Developing a Strategic Marketing Plan, 2018). This financial resource helps
the firm in making continuous improvement in practices in order to gain competitive
advantage.
 Furthermore, brand image of firm is very strong.
 It has many branches across the world and has wide distribution network.
8

Weakness
 High competition create pressure on company because existing strategies are no that
much adequate to deal with sudden changes in market condition (Olson and et.al., 2018).
Opportunities
 Globalisation is most essential opportunity for organisation
Threats
 Increasing competition
 Changing government rules and regulations
External analysis
PESTLE analysis is model that is generally applies for evaluating external market
position of business unit. Political factor impact on River Island to great extent. Instability of
political parties, changes in norms create issue for business and it has to make changes in
practices accordingly. Poor economic condition decreases demand whereas strong economic
condition increase demand for products and services (Miquel-Romero and et.al., 2014).
Technological changes increase cost of River Island because it has to implement new
technologies in order to improve operational efficiency but these are very expensive and reduces
net profit of organization. Changes in regulation affect the firm badly because it has to make
changes in practices according to new regulations.
Segmentation, targeting and positioning
River Island adopts demographic segmentation strategy, it targets people on the bases of
their age. That helps in attracting more students towards the organisation. Entity targets people
on the bases of their income, age and gender. This segmentation strategy helps in offering
correct products to consumers on the bases of their requirements. Enterprise implements
differentiated targeting strategy; this targeting strategy supports the entity in covering mass
market and fulfilling their desires and also applies cost positioning strategy. Cost positioning
strategy assist in reducing wastage and increasing net profit of the firm. This is beneficial in
order to enhance saving of business unit. All these tactics assist business unit in sustaining in
market for longer duration (Pant and Rastogi, 2018).
Budget
9

The total budget of entire marketing plan is 2500, entity will have to spend in salaries,
rent, utility bill etc. All these things will help River Island in increasing demand. These expenses
would be worthwhile in order to increase demand of product.
Revenues 5000
Salary expenditures 1000
Rent 400
Utility bills 500
Miscellaneous expenditures 600
Total net profit 2500
Monitoring and controlling
Both these are essential for gaining success to the organisation. River Island is required to
monitor each activity so that issues can be identified timely. Marketing manager of company
would have to control over practices, this will be beneficial in gaining expected results (Kumar,
Keller and Lemon, 2016). Monitoring will be done by close supervison; manager will review
each activity and will find out progress of marketing plan. For controlling test marketing tactic
will be aplied, this will help in finding actual response of consumers for this new product.
2) Detailed coherent evidence-based marketing plan
There are various interrelated variables that help organisation in satisfying consumers and
gaining competitive advantage as well. Coherent marketing plan consists of seven elements
that helps firm in accomplishing marketing objective (Ardebili, Ashtiani and Pour, 2018).
River Island is planning to offer variety of products to students as per their requirements.
But it has to ensure involving quality services as well. Students always needs best education
thus, it will design products in such manner so that their needs can be accomplished. Promotion
is being done through social networking sites. This is easiest and cost-effective way to make
communication with mass audience (Ardebili, Ashtiani and Pour, 2018). But sometimes one
negative review influence decision of others as well. Comments get viral through social sites
quickly thus, it is very important for River Island that to offer immediate services and resolve
quarries of students soon so that they always give positive reviews about business unit.
Furthermore, enterprise is also required to take support of promotional campaigns. It has to
organise some campaign at crowd areas so that more people can get to know about product and
services of organisation and make their mind to buy its services (Shaltoni, 2017).
10

Pricing is the essential element that influence purchasing decision and influence their
mind as well. If company offer products at high rate then less people will take interests whereas
if price of goods and services is low then it would be helpful in attracting mass audience. River
Island implements skimming pricing strategy. This would be suitable for company. By offering
quality products at affordable prices entity would be able to make consumers positive towards
brand. This is the best way to make people loyal and gain their attention. Direct distribution
strategy is always helpful because it aids in minimising communication gap between customer
and company. By this way consumers will get immediate response and would be able to take
their decision soon (Ardebili, Ashtiani and Pour, 2018).
3) Designing strategic marketing plan by using 7 P’s in order to achieve marketing objectives
Strategic marketing plan of River Island is described as below:
 Product: It is very for River Island that to have high quality products and immediate
customer service pattern. It has to understand needs of consumers and has to design
products accordingly so that company can meet with desires of target audience.
 Promotion: It has to develop effective communication with potential buyers , for that
social media would be efficient source of promotion. This would help in making
connection with mass audience and resolving their quarries soon (Shaltoni, 2017).
 Price: Skimming pricing strategy would be helpful in gaining attention of mass audience.
This pricing strategy of River Island would help to counter its competitors. This would
create value for consumers.
 Place: Availability of products matters a lot, location and areas influence the mind of
consumers. This, River Island has to adopt direct distribution strategy that would be
beneficial in making connection with large number of people (Ardebili, Ashtiani and
Pour, 2018).
 People: It is essential to hire skilled employees and retain these talented people in
business for longer duration. They will put their hard efforts to make clients loyal
towards brand. But enterprise also have to motivate its staff so that they feel happy and
perform their work efficiently.
 Process: It should be smooth and quick. This may help in making students positive
towards brand (Shaltoni, 2017)
11

 Physical evidence: correct logo, good sign may create good impression in the mind of
client thus, this thing needs to be meet by River Island in order to meet with its objective.
CONCLUSION
From the above report it can be concluded that marketing is most essential part of business
unit. It is responsible for gathering necessary information about market and finding out needs of
consumers. This support organisation in offering correct goods and services to buyers in order to
satisfy their needs. Marketing has significant relationship with other functional unit of company.
Through marketing other production, operation, HR departments become able to make changes
in practices so that overall goal of company can be achieved (Ardebili, Ashtiani and Pour,
2018). Organisation should always concentrate on providing high quality products to buyers and
promoting brand effectively. Place, price, physical evidence is another essential factor that
influence the buying decision of clients thus, strategies need to be perfect so that entity can meet
with its objectives.
12

REFERENCES
Books and Journals
Ardebili, P.M., Ashtiani, P.G. and Pour, H.I., 2018. The influence of relationship marketing
orientation on brand equity in printing industry. Herald National Academy of Managerial Staff of
Culture and Arts. (3).
Babin, B.J. and Zikmund, W.G., 2015. Exploring marketing research. Cengage Learning.
De Mooij, M., 2018. Global marketing and advertising: Understanding cultural paradoxes.
SAGE Publications Limited.
Fortenberry Jr, J.L. and McGoldrick, P.J., 2016. Internal marketing: A pathway for healthcare
facilities to improve the patient experience. International Journal of Healthcare
Management. 9(1). pp.28-33.
Kumar, V., Keller, K.L. and Lemon, K.N., 2016. Introduction to the Special Issue—Mapping the
Boundaries of Marketing: What Needs to Be Known.
Miquel-Romero, M.J. and et.al., 2014. Relationship marketing management: Its importance in
private label extension. Journal of Business Research. 67(5). pp.667-672.
Mudrík, P.M., Nastišin, Ľ. and Horváth, M.J., 2016. Destination marketing and its importance in
the context of e-commerce and e-marketing on Slovak virtual market.
Olson, E.M. and et.al., 2018. The application of human resource management policies within the
marketing organization: The impact on business and marketing strategy
implementation. Industrial Marketing Management. 69. pp.62-73.
Orzan, G. and et.al., 2016. Conceptual model regarding the influence of social media marketing
communication on brand trust, brand affect and brand loyalty. Economic Computation &
Economic Cybernetics Studies & Research. 50(1).
Pant, L.K. and Rastogi, A.K., 2018. A Study on Green Marketing: its Use and
Importance. Journal of Global Economy. 14(4). pp.81-90.
Peterson, H. and et.al., 2018. Trends in the Use of New-Media Marketing in US Ornamental
Horticulture Industries. Horticulturae. 4(4). pp.32.
Shaltoni, A.M., 2017. From websites to social media: exploring the adoption of internet
marketing in emerging industrial markets. Journal of Business & Industrial Marketing. 32(7).
pp.1009-1019.
Online
13

10 Steps to Developing a Strategic Marketing Plan. 2018. [Online]. Available through
<https://pulsemarketingagency.com/10-steps-strategic-marketing-plan/>
Examples of Business Strategies & Tactics to Make Objectives Real. 2017. [Online]. Available
through <https://smallbusiness.chron.com/examples-business-strategies-tactics-make-objectives-
real-4756.html>
14