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Introduction to Marketing Essentials

   

Added on  2020-01-07

13 Pages3856 Words199 Views
MARKETING ESSENTIALSStudent Name:Student ID:Campus:Pearson Registration Number:1

Table of ContentsIntroduction................................................................................................................................3Task 1.........................................................................................................................................4Task 2.........................................................................................................................................6Task 3.........................................................................................................................................9Conclusion................................................................................................................................12Reference list............................................................................................................................132

Introduction This paper is envisaged to introduce readers with the principles used in the study ofmarketing. This will enable them to grasp a hold of this subject, as well as help them todevelop a preliminary marketing plan, which can be employed in future projects and obtainrealistic outcomes. In addition those, knowledge about marketing principles will also help toimplement it in marketing mix. By coming across with the theories and concepts applied inthis field of study, students will be able to correlate those theoretical constructs with realisticexamples and problems. These real-world instances could range from product or serviceoriented industry to multitude of issues encountered in personal life. Numerous multinationalcompanies viz. Apple, VISA, Cadbury, Google, Unilever and Coca-Cola to name a few haveone common thing amongst themselves - they all develop and implement sound marketingplan for influencing their target customers and engage with them, through different platformsand mediums.Following this lead, current write-up will discuss marketing essentials with special referenceto H&M - a multinational clothing and cosmetics retailer of Swedish origin. It will include abrief outline of marketing process as applied by H&M UK and its importance, along withcomparing the ways in which this company use different elements of marketing mix forachieving overall business goals. In the concluding section, a basic marketing plan will bedrafted for H&M UK.3

Task 1 LO1H&M is an acronym for Hennes & Mauritz, set up by Erling Persson in 1947 in Sweden(About.hm.com, 2017). The company currently sells cosmetic, clothing, accessories andfootwear. They have nearly seventy-six thousand employees across different branches in Asiaand Europe. However, UK, Sweden and Germany are considered as their stronghold. Before explaining the role of marketing and elucidate its interrelation with differentfunctional areas of H&M, the term marketing concept should be defined first. According toArmstrong et al. (2014), marketing can be defined as the action through which certainproducts or services are promoted into society, and it incorporates activities like marketingresearch and advertising. Following this lead, nature of marketing is to make individuals in asociety aware about products offered by an organisation, in this case H&M. Marketing professionals have therefore brainstormed to innovate new ideas and techniquesthat would enable them sell their own products or services. As a result, there are severaltrends in marketing that are currently raging business world. According to Lamb et al.(2011) some of them are-Increasing concentration on customers experienceEngagement in effective measurement of consumer analyticsHiring marketing technologists and data scientists for better comprehending theweather of marketIncorporating more video content into marketing activitiesIntensive engagement in social media marketingEmbracing latest technologies - Internet of Things (IoT), Chat bots, ArtificialIntelligence (AI) to name a fewShifting to right-time marketing instead real-time marketingAll of these trends are phenomenal and have significantly proved their efficacy - hence theyare widely used in almost all sectors- even in textile industry - of which H&M is a vitalcomponent. Baines et al. (2013) has put it bluntly that the prime role of marketing is to establish asatisfactory relationship with customers aiming to benefit both parties. Conforming to thisstatement, marketing team of H&M UK acts as the agency responsible for advertising andsecuring multi-channel business campaigns. This team is also responsible for producingnecessary marketing products - which help the brand to take nourishment and thrive. This4

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