Marketing Strategy & Principles Assignment
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Added on 2019-12-03
Marketing Strategy & Principles Assignment
Added on 2019-12-03
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MARKETINGPRINCIPLES
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1...........................................................................................................................................11.2...........................................................................................................................................2TASK 2............................................................................................................................................22.1...........................................................................................................................................22.2...........................................................................................................................................42.3...........................................................................................................................................52.5...........................................................................................................................................52.4...........................................................................................................................................6TASK 3............................................................................................................................................73.1...........................................................................................................................................73.2...........................................................................................................................................83.3...........................................................................................................................................93.4...........................................................................................................................................93.5.........................................................................................................................................10TASK 4..........................................................................................................................................104.3.........................................................................................................................................104.1.........................................................................................................................................114.2.........................................................................................................................................13CONCLUSION..............................................................................................................................14REFERENCES..............................................................................................................................15
INTRODUCTIONMarketing principles can be defined as a process of communicating value of product toconsumers along with proper quality and brand which will lead to selling of that product andwith respect to it, business organization will get a competitive advantage over their competitors.In this context, present report is based on Zara which is a Spanish clothing and accessoriesretailer and mentioned company is considered as the world’s largest apparel retailer (Deshpandeand Rundle-Thiele, 2011). Further, Zara has become Spain’s best known fashion brand and theflagship includes branded groups like Inditex, Amancio Ortea Gaona, etc. Moreover, citedcompany has almost 200 stores and firm is promising to double the store in the coming decade. Further, this report is based on evaluating different elements of marketing process.Further, this report will also showcase the macro and micro environmental factors which willinfluence the marketing decisions. Moreover, this study will also have its significance onfocusing on different products which will lead organization in order to get the competitiveadvantage over other firms.TASK 11.1There are different types of elements which Zara consists of and some of themhave been discussed as below:Aim and objectives- Zara has set their marketing objectivesin order to gain higher profits and revenue. Further, goals and objectives of company arequite different from their major competitors and firm is focusing on giving the best ofapparels to their large customer base in order to develop healthy brand image (Palmer andQuinn, 2007). Marketing Mix- Mentioned firm’s essential element for marketing strategy is themarketing mix and Zara has set their product, price, place, promotion elements byconsidering the income group and demand of customers.Micro-macro factors- Zara has to adopt some major strategic tool in order to give theircompetitors a tough competition. In order to accomplish this, cited organization canimplement SWOT analysis, PESTLE analysis, Ansoff’s matrix and Porter’s five forcesmodel for judging the effectiveness of organization. Market segmentation- Zara’s market is large as mentioned company is producing qualityof accessories and clothing to large customer base. Further, Zara opt different types of1
segmentation for attracting men, women, teenage and kids towards their clothingapparels. 1.2Market orientation is a business model for organization which generally focuses ondelivering high quality of products at an affordable price to consumers. Zara in order to attractcustomers can produce product either with product oriented or market oriented approach.Product oriented approach is the one where organization develops product according to their ownwish (Golding and Peattie, 2005). On the contrary side, market oriented approach is the onewhere corporate produces only those types of goods which are mostly demanded by thecustomers. Furthermore, costs and benefits of cited organization have been explained as below:Cost: In order to increase the sale and productivity off their clothing apparels, there aredifferent costs which usually Zara spends in order to develop a particular product in themarket. Moreover, organization has got healthy trust of their customers from whole overthe world because cited company spends a lot of money in the market research.Moreover, in order to develop a healthy product in the market, Zara usually do healthyadvertisement expense which helps organization in order to increase the sale of theirclothing and accessories. Benefits: By incurring higher cost on both advertisements as well as on promotion, Zaragets many benefits as mentioned company is able to achieve the hearts of large number ofcustomers. Once developed, customers will always be there for Zara if cited companywould satisfy the needs and demand of customers in an effectual manner.TASK 22.1Micro environmental factors are the factors which are linked with the cited company andcan significantly influence the performance of Zara. SWOT analysis of the cited firm has beenstudied as below:Strength: Organization’s strength is their retail stores as Zara is having almost 74 storesaround the globe. Further, mentioned company is considered as one of the biggestSpanish retailers in the world. Zara’s supply chain management is of very low cost andtheir major operations like manufacturing and operations are integrated with it2
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