Marketing Plan for Morrison: STP Approach, SWOT Analysis, and Marketing Mix
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Added on 2023/06/15
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This marketing plan is for Morrison, a UK-based chain of supermarkets and hypermarkets. It includes the STP approach, SWOT analysis, and marketing mix for their new product launch of footwear. The plan also covers the company overview, objectives, and marketing budget.
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Table of Contents Marketing plan.................................................................................................................................1 Overview of the company......................................................................................................1 Objectives...............................................................................................................................1 STP approach-........................................................................................................................1 SWOT analysis.......................................................................................................................2 Marketing Mix........................................................................................................................3 Marketing budget....................................................................................................................3 REFERENCES...............................................................................................................................5
Marketing plan Marketing plan is the written document which consist of all marketing strategies of a company which they can use for growth. It includes vision, mission, objectives and strategies of the company to survive in the market. It also helps to analyse promotional techniques opt by the company to expand the awareness of products and services for an organisation. Overview of the company Morrison is a chain of supermarkets and hypermarkets headquartered in Bradford, UK. It is founded in 1899 by William Morrison. It is having 497 stores in at worldwide level (Number of Morrisons stores in the United Kingdom from financial year 2009/2010 to 2020/2021, 2021). The main products which they sell are food and beverages, books, clothing, magazine and many others. They are having 118,047 employees and annual revenue $24.1Billion (Morrisons, 2022). Mission- “To provide fresh food products to customers at great value of money to gain their high satisfaction.” Vision- “To serve best services to targeted customers and gain competitive advantage in the market with quality of products.” Objectives To serve best quality of products and services to customers. To gain competitive advantage. To gain high customer satisfaction and high brand reputation in market. STPapproach- This model is used to analyse the ways by which a company can target their customers in market. In context of Morrison, they are planing to launch a new product in their supermarkets which is “Footwear”. Hence, the STP model for their new product launch is mentioned below- Segmentation-It is the process where whole market is divided into sub components (Ghahnavieh, 2018). In context of Morrison, they segmented their customers such as gender, age group, purchasing habit of customers and many others. 1
Targeting-This is the process where company opt one or more segments in market from various alternatives. In context of Morrison, they can opt both male and female in gender and they can also target those customers who have the habit of purchasing footwear on regular basis and all income group of customers. They can also target both children and adults as their targeted customers. Positioning- In context of Morrison, they are positioned high in the market due to their brand reputation and quality products. This can also help them to gain competitive advantage in their targeted market. They can also improve their positioning by adopting appropriate techniques of promotion for their new product. They can use social media marketing, advertising on TV, pamphlets and many others to aware their existing and new customers about their new product. SWOT analysis This is the model which is used to analyse strength of the company to gain competitive advantage and weakness of the company to make corrective actions to convert these weaknesses into strengths (Hajizadeh, 2019). On the other hand it is also use to analyse opportunities to grab and threats to defend. Strength- Brand image- Morrison is already having high brand image due to their existing products. Hence, the high reputed brand name will help the Morrison Company to attract more customers toward their new product. Weakness- Lackofeffectiveonline presence- Morrison is selling their products through online mode but in few geographical regions. They areunabletoreachcustomers properlythroughonlinedueto improper strategy (SWOT analysis ofMorrison(MorrisonsSWOT), 2017). Opportunities- Attractive designs- Morrison can use attractive footwear designs to gainmorecustomers.Theycan Threats- Competitors-Therearevarious competitors of Morrison related to their newproductlikeJosephAzagury, 2
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hire skilled and popular footwear designersfordesigningand offeringgoodlookingfootwear designs to customers. Lambland, Adidas, Nike, and many others. They have created effective brand image and most of the customers prefer to buy their footwear from these companies due to their services and quality. Marketing Mix This model includes main features of product, prices, place of distribution and promotional techniques used by them to aware their customers. The factors in marketing mix model will also help Morrison to gain competitive advantage by making effective strategies. Marketing mix of Morrison for their new product is mentioned below- Product- Here, Company will define the features of their new product. In context of Morrison, their footwear products are having good quality and having diversity in types such as they formal, casual, party wear and many others. They have all sizes of their footwear products for their customers of each age group. Price- It is the monetary value of the product. In context of Morrison, they can adopt cost leadership strategy for the growth of their product in pricing strategy where they can sell their products in lower price as compared to their competitors. They can also use discounts and coupon codes for their online sell of products. Place-Thiselementwilldescribethedistributionnetworkofthecompany (Lahtinen, Dietrich and Rundle-Thiele, 2020). In context of Morrison, they can sell their footwear products in London, Birmingham and few other cities. These cities are opted due to their high population ratio and high quality of life. They can have both physical stores as well as online network to sell their product. Promotion- Here, Morrison can promote their new product through social media platformssuchasInstagram,Facebookandmanyothers.TheycanalsouseTV advertisements to make their customers aware about their new product. 3
Marketing budget It is prepared to analyse the estimated income and expenses of a product in case of new product launch (Hawlk, 2018). In context of Morrison, their marketing budget is mentioned below- Particulars1styear2ndyear3rdyear4thyear Investment120004000085006000 Initial money130004500095009000 Total25000850001800015000 Marketing outlay Sales publicity3300200010001000 Direct selling4500550020004000 Promotion6100200020003000 Total13900950050008000 4
REFERENCES Books and Journals Ghahnavieh, A.E., 2018. The influence of marketing factors on the marketing strategic planning in SNOWA corporation.Business and Management Studies,4(4), pp.52- 61. Hajizadeh, Y., 2019. Machine learning in oil and gas; a SWOT analysis approach.Journal of Petroleum Science and Engineering,176, pp.661-663. Hawlk, K., 2018. How to Minimize Your Marketing Budget and Still Get Results.Journal of Financial Planning,31(1), pp.26-27. Lahtinen, V., Dietrich, T. and Rundle-Thiele, S., 2020. Long live the marketing mix. Testing the effectiveness of the commercial marketing mix in a social marketing context.Journal of Social Marketing. Morrisons, 2022. [Online]Available Through: <https://www.owler.com/company/morrisons-corporate/> Number of Morrisons stores in the United Kingdom from financial year 2009/2010 to 2020/2021, 2021. [Online]Available Through: <https://www.statista.com/statistics/382340/morrisons-number-of-stores-united-kingdom- uk/> SWOT analysis of Morrison (Morrisons SWOT), 2017. [Online]Available Through: <https://howandwhat.net/swot-analysis-morrisons-morrisons-swot-analysis/> 5