SOSTAC Model for Primark's Expansion in Indian Retail Market
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This presentation discusses the SOSTAC model applied to Primark's expansion in the Indian retail market. It covers the situational analysis, objectives, strategy, tactics, action, and control. The report also includes references used for research.
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Primark
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INTRODUCTION Primary is one of the multinational organisation based in Ireland. It is a fast fashion retailer of the market and their headquarter is located in Dublin. This organisation was developed by Arthur Ryan to established their place ion retail industry. There are number of products are offered by the company such as beauty and home-ware, latest fashion at reasonable prices. This particular organisation does not operate their business in India so that the SOSTAC model are applied on this organisation in this report.
SOSTAC Model It is related to those strategic model which is developed in the year 1990 byPR Smith with an aim of understanding the concept of business planning and marketing. The application of this framework on Primark are given below:
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Situational Analysis The factors which is present outer environment of the organisation but it has serious impact on the business of the company. To analyse the external factors of Primark, PEST analyses is used. PoliticalThe political ideology of Indian government are positive for the expansion of any company in their markets. The rules and regulations becomes easy and provides many modes of entry to Primark. EconomicThe economy of India is one of the most fastest growing economy of world which has many opportunities for growth of business. SocialThe culture and tradition of India is diverse so the management of Primark need to develop their strategies according to them. TechnologicalThere are no of technologies are developed in the country day by day which should be used by company.
Objectives •To achieve growth in Indian retail by holding considerable share of industry. •To achieve the satisfaction of customer with help of diverse product range at reasonable prices. Strategy The main aim of Primark is to established their business Indian market which is only possible only due to development of different effective strategies in the market. Ansoff can be helpful for the company in this regards because it is one of valuable growth matrix which provide number of strategies. Themarket developmentstrategy are used by Primark under which they offer their existing product range in new market.
Tactics Products:Provides different types of fashion wear such as home wear, men wear, children wear and many more. Price:Primark follow competitive pricing policy to sell their product Place:Uses effective channels of distribution. Promotion:Social media and other online channels of marketing are used.
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Action •It is essential for the management of Primark to focus on number of marketing activities which helps them to reach at more customers in the market. It is important for them to analyse the taste and preference of new country. Control •For establishing effective control in Primark on strategic operations in its organisation it needs KPIs. Key Performance Indicator is an important method for measuring the effectiveness of controlling as well as efficiency in a business organisation.
References •Ledesma-Chaves, P., Arenas-Gaitán, J. and Garcia-Cruz, R., 2020. International expansion: mediation of dynamic capabilities. Marketing Intelligence & Planning. •Pattnaik, C., Singh, D. and Gaur, A.S., 2021. Home country learning and international expansion of emerging market multinationals. Journal of International Management, 27(3), p.100781. •Xu, X., Zeng, S. and Chen, H., 2018. Signaling good by doing good: How does environmental corporate social responsibility affect international expansion?. Business Strategy and the Environment, 27(7), pp.946-959.