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Marketing Mix Assignment on H&M

   

Added on  2020-05-16

15 Pages4342 Words238 Views
RUNNING HEAD: Marketing Mix of H&M 0MARKETING MIX OF H&MH&M strategies and issues

H&M strategies and issues 1Executive SummaryThe main aim of this report is to analyse the 8ps of marketing in the context of clothing brandi.e. H&M. The brand H&M is one of the well-known clothing brand which offers varietynumber of products line i.e. clothing, shoes, bags, jewellery and many more. It aims atfocusing on providing the fashion products with very reasonable price. There are severalstrategies followed by the brand. H&M aims at maintaining the strong relationship with thecustomers by providing them fashion clothes at very affordable price. H&M also creates ahealthy environment by providing number of refreshed stock time to time. H&M hassuccessfully been capable of handling the emerging market and ranking its position in thefashion field. Likewise, the below report also includes the issues that were involved in the marketing of thebrand and creating awareness among its potential customers. There were several marketingissues like advertising and promotion, issues in process, issue in supply chain managementand issue in logistics department which can easily be solved if worked efficiently. Themarketing strategies of the brand H&M has been observed through the marketing mix i.e.product, price, place, promotion, people, physical Evidence and partnerships. These allfactors of marketing mix has been briefly explained in the report with some possiblerecommendations.

H&M strategies and issues 2ContentsMarketing Mix.......................................................................................................................................3Price:..................................................................................................................................................3Place:.................................................................................................................................................4Promotion:.........................................................................................................................................4Product:.............................................................................................................................................5People:...............................................................................................................................................6Physical Evidence:..............................................................................................................................6Process:.............................................................................................................................................6Partnerships:.....................................................................................................................................7Major issues of marketing mix involved in H&M brand.........................................................................7Recommendations.................................................................................................................................9Conclusion.............................................................................................................................................9References...........................................................................................................................................10

H&M strategies and issues 3Marketing MixMarketing mix is nothing but a set of combination of several elements that go along with themarketing strategy for any company. It enables company to achieve the marketing objectives,goals, mission and vision of the company (Armstrong, 2016). This mix helps to identify theneeds and clearly differentiate between the products from its competitors. It is also defined asa set of actions or tactics used by a company to promote and advertise its brand and productin the market. Basically, there are 7p’s of marketing that cover the marketing mix of acompany. Here, 7p’s of marketing mix will be further explained using a reputed clothingbrand H & M. Price:Price is the total cost of value that is used for the sale of the product. It also depends on thecost of the production, targeted segments, ability of the market to be pay, supply and demandof the product in the market, and some other direct and indirect factors. Here, pricing strategy of H&M is set and designed according to the needs of the customersand the needs of the customers is low price with high fashion demands. In fact, this hasbecome one of the biggest challenges faced by the brand because it is very difficult tomanage the combination of high fashion with low price. But H&M successfully aimed toachieve such objective using two major steps (Pratap, 2017). First one is outsourcing the production of the products to many countries where the labourcost was very low. It helped them to achieve low cost for the product. Moreover, outsourcingof product was arranged according to different product. The high fashion products whichused to target European market were mainly produced in Turkey because of the short lifecycle of the product. Major products were produced in Asia because they provide longtransportation time and cover reduced risk (Zozi, 2014). Second one is it conduct strict cost to control its plan. For an example. Very few top-levelexecutives have secretaries and have mobile phone privilege which helps to incur low cost forthe company. So, these were the two major steps followed by H&M that helped them toachieve a low fashion business in the trending market (Shen, 2014). H&M has successfully adopted a pricing strategy that has the broader pricing range whichwill best be suited for the customers. To maintain a median pricing strategy, they keep a lotof products with a heavy discount in it. This helps them to increase the sales volume of the

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