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Principles & Practice of Marketing- PDF

   

Added on  2021-02-20

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Principles and Practice ofMarketing
Principles & Practice of Marketing- PDF_1
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1Application of SOSTAC Model to the marketing strategy.........................................................1TASK 2............................................................................................................................................6Effectiveness of current marketing strategy of Burberry Plc, based on SOSTAC Model..........6TASK 3............................................................................................................................................6Recommendation for better implementation of marketing plan as per SOSTAC Model............6CONCLUSION................................................................................................................................6REFRENCES...................................................................................................................................7
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INTRODUCTION Marketing refers to the most crucial function of an organisation that mainly use to identify,anticipate and satisfy the demands of potential customers. In order to promote brand of acompany, it incorporates a number of ideas and practices, so that high competitive advantage canbe gained (Rowley, 2016). The present is going to highlight those practices and principles ofmarketing, on which an enterprise runs as well as expand its business, in international market. Asbrands of London refers to the great choice of providing iconic fashion brands in the world,therefore, Burberry Plc is taken in this report for describing its marketing principles to establishbusiness in clothing market. For this purpose, an evaluation of current strategy of respectivecompany which is based on SOSTAC model is described. Along with this, recommendation alsobeing provided for Burberry to use the given application for opening business in new country. TASK 1Application of SOSTAC Model to the marketing strategyIn today’s world, organisation whether deal at domestic level or international, cannotpenetrate the market without a proper marketing strategy (Resnick and et. al., 2016). The entireoperations of business that are finance, human resource management, production, sales andmore, can only achieve their set objectives with the support of marketing function. It helps insustaining their action plans by providing data about current trend of marketplace, changingdemand of customers, bargaining power of suppliers and more (Slack and Brandon-Jones, 2018).In clothing market, taste of people changes in regular manner, they always seek to wear mosttrendy clothes that suits their fashion style and fit in budget. Therefore, to penetrate suchdemands, companies that deal in this sector, concern more on framing marketing strategy intobest model like SOSTAC. It stands for Situational Analysis, Objectives, Strategy, Tactics,Action and Control, which helps in marketing planning more effectively (Meynhardt, Chandlerand Strathoff, 2016). In this regard, Burberry Group of Plc which is a luxury fashion house ofUK and headquartered in London, use a number of marketing strategies to sustain its brand inhigh fashionable market. It manufactures and sales a range of clothing, fragrance as well asfashion accessories in more than 51 countries like Asian market, Africa, Europe and more(Kumar, 2017). In order to gain high profitability, this company seeks to launch its business inother countries such as Thailand, Mongolia, Egypt etc., where with changing lifestyle of people,1
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