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Marketing Planning And control - River Island

   

Added on  2020-10-22

12 Pages3672 Words53 Views
MARKETING PLANNINGAND CONTROL

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 2............................................................................................................................................1Marketing plan strategies for an organization in UK..................................................................1STP of River island while launching new product......................................................................57P's in the River Island while launching the new product..........................................................6Budgeting for the new product launch by River Island..............................................................7Evaluation, implementation and control which includes the role and marketing action of theteam to implement the plan.........................................................................................................8Conclusion...................................................................................................................................8Reference.......................................................................................................................................10

INTRODUCTIONRiver Island is a private brand relates to fashion which was set up in 1948 by Bernardlewis in London. It is family business started with the small shop in London. They have 350stores across the UK and especially on the high street River Island is well known affordableattractive fashion brand for the people. In 1993, the brand had opened their first shop in republicof Ireland and have launched kids wear in 2010. River island has played immense role in fashionindustries in UK. It is a famous clothing brand for the citizens of UK. This report includes theanalysis of situational and environmental with the help of pestle and swot and also describes thevarious strategies and marketing objectives for marketing plan to increase their sales and profit ininnovative product. TASK 2Marketing plan strategies for an organization in UKMarketing plan is the outlining strategy for the coming year and it is an overall business plan ofbusiness. It includes the separate marketing strategies for various teams in the company, buteveryone will work for the same business goal. Marketing plan includesOverview of business marketing and advertisement goals.Description of current marketing position.Timeline of tasks when the strategies is to be completed.Track the key performance indicators.Description of business target market and the needs of customers.Inconsistent of business plan, marketing plan aims to focus on winning and keeping thecustomers. It is deliberate which includes the numbers ,facts and objectives. It is developed foran ideal customer profile. It understands who makes an ideal customer profile and alloews us tobuild an entire business, message, product,sales and service around the narrowly definedconsumer base.Situation and environmental analysisPestle analysis is carried to understand the situational and environmental analysis.Political and Legal factors: Clothes in England carry high taxes since UK has one of thehighest VAT in the world, 25,5% but corporate tax is one of the lowest in the world, only 20%.Custom tariffs, 15%, increase the price of imported goods compared to world prices.

Transportation cost is approximately 10% (by ship) which is added to the purchase price beforecustom tariffs are calculated and added to the price. It has been argued that if taxes wereremoved and one third of Britishers shopping would come back to UK, the government's incomewould increase substantially however there are no indicators of taxes on clothes to be eliminatedin the near future. The UK has long been a popular destination for foreign direct investment(FDI). Many large companies and organizations from all over the world have invested in variousindustries in the UK. Sports, real estate, technology, food and many other industries havearoused great interest abroad.Social factors: The United Kingdom consists of modern society, which is at the forefrontof quality of life. English people are very fashionable, want to look good and dress well andchoose quality products, regardless of price. IT industry has a large consumer market. In the UK,65.6 million people lived in 2016. Over the years, the company has developed a variety of newproducts for the needs of various races and religions. Shops in the UK sell international brands aswell as local design and production.Economic factors: A very important element of PESTEL analysis in the UK is the country'seconomic landscape. United Kingdom is the fifth largest economy in the world in nominal GDP.The recession in 2008 has brought economic problems. However, the government has taken thesteps needed to improve the economy. British households face several challenges in 2017. Storeprices have risen rapidly because of the weak pound has increased the cost of importing goods tothe UK. However, wages do not increase with price increases. The current minimum wage forthose aged 25 years and over is £7.50 per hour. It should be noted that the Bank of England hasset an inflation target of 2%. That raised the base rate in November 2017. The benchmark levelrose from 0.25% to 0.5%.Technological factors: Britain is one of the most technologically advanced countries inthe world. London is the largest centre for financial and technological institutions. Companiesoften develop new technologies to offer the best solutions to their customers. Enhancedtechnology infrastructure offers entrepreneurs unlimited opportunities to do business in the UK.Worldwide,87% of people shop online and 45% cellphones until 2020 (PESTEL analysis of theUK, 2017). This is indicated by a study of the UK bedding business 90% of buyers who buystores previously see products online has made a purchase decision.

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