Principles and Practice of Marketing | PDF
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Added on 2020-11-12
Principles and Practice of Marketing | PDF
Added on 2020-11-12
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PRINCIPLES AND PRACTICES OFMARKETING
TABLE OF CONTENTINTRODUCTION...................................................................................................1MAIN BODY...........................................................................................................1OVERVIEW OF ORGANIZATION.....................................................................1TASK 1.....................................................................................................................3TASK 2.....................................................................................................................9Marketing theories.......................................................................................................................9AIDA model................................................................................................................................9Pull and Push marketing strategy..............................................................................................10CONCLUSION......................................................................................................13REFERENCES......................................................................................................14
INTRODUCTIONPrinciples and practices of marketing play a vital role in creating awareness about businessproducts and services. The principle of marketing of organization are based on 4 P’s that isproduct, place, price and promotion whereas practices of marketing are based on promotion andselling attribute of firm. The assessment will outline promotion tools used by Selfridges adepartmental store and company of UK. The innovation and marketing strategy of business areconsumer centric and therefore the firm has strong control over its online and offline shoppers.The study will be supported by academic literature which will comprise detail analysis ofcustomer relationship management, porter generic strategy, promotion mix, digital promotionaltools, etc. Thus, the report will outline 3 marketing theories which are used Selfridges tomarketing and promotion. MAIN BODYOVERVIEW OF ORGANIZATION Selfridges is a high end department store and company which is part of fashion retailindustry and has wide range of latest designer collection of all genders. The firm has professionalnetwork across UK and is voted as best department store across country. Selfridges store sells awide selection of high end items, such as clothing, jewellery and technology. The company is notlimited to apparels but deals in variety of beauty and gift products like eyeshadow palettes,exclusive range of makeup kits, toys and article for family. However, in 2017 the net worth of Selfridges was approximately331.2million pounds.Presently 300 employees are working with an organisation on shop floor and same number ofworkforce is at its branded retail concessions. The firm has 300 stores where in all the focus ofmanagement in on delivering one kind of experience to all its buyers. In addition, to boost salesand increase consumer base the company offers its high products online across the globe.The firm is highly focused on concept and visual merchandising like Primark denim departmentis not set in discrete are and just walk away separates two studios. This is the best strategy whichencourages everyone to be part of Selfridges but the firm has drawn line between its services andwhich are yet to be offered. Prices of denims are an offer in Primark Selfridges for impulsepurchases. This is the marketing strategy of company which confuses shoppers to buy either onepair or two of different brand but at low price. 1
Figure 1: Promotion Sales(Source: Selfridges Discount Codes November 2018, 2018)The annual profits of Selfridges were 152 million pound when its gross sales increased by5 % that is 1.4 billion pound (Revenue of Selfridges Retail Limited worldwide from fiscal year2011 to 2017* (in million GBP), 2017). The noticeable increase in sales and turnover ofcompany is because of increasing sales of high end products where the company initiates tolaunch its designer item and exclusive range for limited period of time with the motive ofmanaging profits. Apart from this, the company focuses on increases staff for every store inorder to manage customer query like sales associate of retail store are responsible for handingvisitors. This is done by company to demonstrate value of shoppers to company. Apart from this,the managements of Selfridges offer reward schemes and loyalty card discounts which aid inprotecting interest of purchased and motivates them to buy again. 2
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