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Marketing Planning of Primark - Report

   

Added on  2020-01-21

12 Pages3103 Words42 Views
Marketing Planning

TABLE OF CONTENTSINTRODUCTION ..........................................................................................................................3TASK 1............................................................................................................................................31.1...........................................................................................................................................3M1...........................................................................................................................................31.2...........................................................................................................................................4D1...........................................................................................................................................41.3 & 1.4.................................................................................................................................4TASK 3............................................................................................................................................63.1...........................................................................................................................................6D3...........................................................................................................................................63.2 & M3................................................................................................................................73.3...........................................................................................................................................73.4...........................................................................................................................................83.5 ..........................................................................................................................................8TASK 4............................................................................................................................................94.1...........................................................................................................................................94.2 ..........................................................................................................................................94.3...........................................................................................................................................9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11

INTRODUCTIONMarketing plan can be stated as one of the most crucial part of business because itdirectly assists firm to communicate the nature of intended business in regard to attain success(Bowie, 2010). Here, different concepts of marketing has been analyzed in order to practicallyimplement it in relation to Primark. It is very popular retail clothing store that provides clothes tocustomers at reasonable and affordable prices. Further, different tasks need to be accomplishedin relation to Primark.TASK 11.1Primark's marketing department is required to develop continuous review of changingperspectives in the marketing planning context so that large number of audiences can be attractedwhich helps in improving the sales of business. It focuses upon traditional marketing planningmethods so that they can provide a wide range of retail products to consumers. However, it issignificant for business to regularly review the changing perspectives in marketing planning as ithelps Primark's management to make effective decision in regard to attain results (Bryson,2011). Thus, through reviewing such perspectives it helps firm to reformulate its marketing planwhich assists them to make efforts in regard to enter into potential market and attain growth.While, modern marketing planning focuses upon implementing effective ways in regard topromote and advertise the products into market and enhance the sales and profitability. It helps inbuilding good reputation in market and thus attain competitive edge over rivals. However, it isrequired for business to review its policies and plans so that they can focus upon futureperspective in regard to grow the business and attain objectives (Foroud and et. al., 2010). M1From the auditing, certain inferences are made which states that there is the use ofappropriate conventional marketing methods such as direct selling, promotion through sales andothers it lags behind in adopting modern methods. Using the following two strategies willprovide lucrative results:Adopting advanced ways of marketing such as digital marketing and having interactionswith marketers and suppliers on virtual platform.

Hiring employees and marketeers with in-depth understanding of current market statusand ways to leverage their benefits.1.2Primark management announces a new marketing strategy in regard to reduce the pricesand enhance the sales improvement channels to attain maximum results. Main capabilities ofPrimark is to plan its future marketing activity i.e. human, physical and financial in order toattract large set of customers and thus enhance the sales and profitability in market. In regard toplan its future marketing activity, Primark aims to develop its human resources by providingthem different training sessions and thus enhance their skills and capabilities so that they canattract large set of customers (Organizational capability. 2015). Further, by developing physicalabilities such as producing unique products helps in improving the brand image of firm inmarket. Company aims to offer products at unique prices so that large number of consumers canbe attracted towards Primark. Also, it is essential for Primark to build its financial capabilitythrough closing the non performing outlets in the countries and thus saving a huge amount whichcould be invested in other areas and expand the business in foreign markets to attain set targets(Gubb, 2010).D1The suggested strategies have both advantages and disadvantages, in that regard criticalanalysis is done.Hiring capable marketeers will improve financial capabilities of organization with costminimization and profit maximization due to effective marketing but it demands regrousapproach of recruitment which is time consuming in nature.Use of advance methods of marketing increases physical capabilities but at the same timeit is expensive.1.3 & 1.4It involves different techniques which can be identified by Primark management so thateffective organizational audit i.e. internal and external environment can be made that influencesthe marketing planning of Primark. It is essential for business to carry out SWOT analysis forinternal and Porter five forces for external analysis (Helman, 2010). Following are the internaland external analysis which are as follows-

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