Marketing Plan for Launching Ethnic Wears by Mark and Spencer
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This marketing plan covers the appropriate strategies for launching ethnic wears by Mark and Spencer. It includes SWOT, STP, and marketing mix analysis along with budget allocation and controlling and monitoring methods.
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Marketing Plan
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Table of Contents INTRDUCTION..............................................................................................................................3 TASK...............................................................................................................................................3 Summary of product....................................................................................................................3 Objectives of Launching this product.........................................................................................3 Situational analysis......................................................................................................................4 Tactics.........................................................................................................................................5 Controlling and Monitoring -......................................................................................................6 CONCLUSION................................................................................................................................7 REFERENCES................................................................................................................................8
INTRDUCTION Marketingplan isa methodwhichisusedby organizationfor executinga plan systematically which is essential for promoting their products between the public. Due to the use of marketing strategies popularity, awareness and sale of their product are easily increased for long time at maximum level. The chosen company for introducing new product is Mark and Spencer andisheadquarteredin UnitedKingdom (Cavaglieri,2018). Thecompanywas established in 1884 and it is the multinational retail based store in England. The main reason for introducing this products is to maintaining the culture of various countries in long run. This report will cover the appropriate marketing plan for an organization of your choice to enhance the marketing strategy for a product or service provided by the organization. This report will also covers SWOT, STP and other analysis in aspect of launching new product. TASK Summary of product The firm is going to introduce new product and the name of the product isethnic wearswhich is designed for all age generations. But the main highlight ethic wear product is that it is used in some special occasions by consumers. With help of ethnic wears customers easily increase their superior and classy look in front of others. The other important fact is that the ethnic wear are easily consumed by children and women easily at higher rate. As I mentioned above ethnic wear is the part of culture and due to this management is using the high quality materials in their product for maintaining their durability in long time for customers. Objectives of Launching this product With help of using marketing plan and launching new ethnic wears the reputation and good will of Mark and Spencer are increased effective in market and between public. Introducing new product is also essential for increasing the portfolio of Mark and Spencer effectively. Good marketing plan is also essential for enhancing the reach of product to consumers in low time at international level. The main motive of launching this product by the firm is to attracting the customers in large number and also for increasing the visits of consumers in their store.
Situational analysis SWOT Analysis - It is a strategic tool which is utilized by company for identifying their competitors strength, weakness, threat and opportunities which are explained below - Strength includes - In context to Mark and Spencer, management are used highly skilled employeesin their organization which is essential for running the operational activities smoothly. Mark and Spencer is one of the company who always focused onCustomer satisfaction levelwith help of facilitating proper solution to users in time.In this way manageemnt easily achieved their vision, mission and objectives in short period. Weakness includes - Due toincreasing pricein their new product chances are increased for decreasing the customers or buying power of customers (Farroñán, Sánchez and Olaya, 2020). It also leads to enhance the financial loss of firm effectively. Use ofheavy technology byMark and Spencer create negative impact on their machines at the producing products and also in the price of their product. Because firm made lot of investment in their equipments for produce the quality product. Opportunities includes - With help of facilitatinggood quality productto customers Mark and Spencer easily expanded their departmental and service activities at global manner. In this way positive relation with users are also maintained for long time. Effectivedistribution channelhelps the employees to deliver the services and products to consumers in time. Threat includes - Due to large competition Mark and Spencer faced lot of challenges for spreading awareness about new product between public. Because other brands also provides the same product in market. STP Analysis - It is a method which is used by the Mark and Spencer for identifying the target audience before selling their product which are described below -
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Segmentation –In context to Mark and Spencer it is necessary for management that they must introduce their products to customers according to demographic segmentation. Because according to this segmentation the status and income of every people is different. Targeting –In this stage it is necessary for Mark and Spencer that they must target those audience who are easily attracted towards the product with help of social media (Łukasik and Iżyńska, 2018). For example women and children because they have more craze for trying the new products at maximum level. Positioning –In context to Mark and Spencer, management must manage their goodwill and reputation in minds customers with help of maintaining 24*7 service customers. Because with help of using this concept customers received their product in time. Tactics Marketing mix 4 P's - Marketing mix is a set of strategies which is used by the firm for increasing their market share in low time and it is basically divided in four parts which is described below - Product –In context to Mark and Spencer, management introduced the various ethnic wears in the field of cloths. But the main purpose for launching this product is to increasing the popularity of brand image. Price –In this stage it is necessary for management that they must introduce their product in market with average price (Rahayu and Satria, 2019). Because average price is essential for attracting all categories of consumers which leads to increase their sale of products effectively Place –Before launching products it is necessary for Mark and Spencer that they must select the suitable location where customers easily consume their product at high rate. Promotion –In this stage the main role of Mark and Spencer is to use various strategies for promoting their product between public effectively which includes advertising, digital marketing etc. Budget Allocation
ParticularsAmount (£) Marketing10000 Promotional activity20000 Plant and machinery120000 Print media7000 Total148000 Controlling and Monitoring - For measuring the performance and employees of organization, management used the KPI method and it stands for Key Performance Indicator. With help of this method activities are done in systematic manner and completed the targets by employees in low time. Due to use of KPI by top authority profit of Mark and Spencer are also sustained in long term. It is also essential for maintaining customer satisfaction level at maximum level. This method is also helpful for senior officers to take take better and right decision in any situation.
CONCLUSION After the analysis of above information it is concluded that marketing plan is a very importantconceptforanyorganization.Becausewithhelpofeffectivemarketingplan management easily initiate their various policies regarding their product. It is also helpful for expanding their business activities in various locations and also for sell their products easily.It is also helpful for maintain good relationship with users easily.
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REFERENCES Books and Journals Cavaglieri, M., 2018. Diagnóstico e plano de marketing para uma empresa de normalização de trabalhos acadêmicos. Ciência da Informação em Revista, 5(3) pp.83-96. Farroñán, E. V. R., Sánchez, M. C. R. and Olaya, N. T. Z., 2020. Metodología canvas y plan de marketing para fidelización de clientes en el rubro de dulces artesanales Chiclayo. Revista Científica Epistemia, 4(1) pp.48-60. Łukasik, K. and Iżyńska, M., 2018. A Literature Overview of the Selected Marketing Strategies inContemporaryBusiness.ZeszytyNaukowePolitechnikiCzęstochowskiej. Zarządzanie, (29) pp.186-195. Rahayu, S. and Satria, C., 2019. The Effect of Supply Chain Strategy and Marketing Mixes on PurchaseDecisionsShariaProductinPalembangRegion.InternationalJournalof Supply Chain Management, 8(3) pp.389-395. Zulema, A. C. M. and Beatriz, D. M. S., 2019. Propuesta de plan de marketing para mejorar el posicionamiento de una MYPE en el rubro de pastelería en el distrito de Trujillo. YACHAQ, 2(1). pp.ág-11.