Principles and Practices of Marketing-PPM

Principles and practices of marketing

Table of content
 Introduction
 Main Body
 Justification and Conclusion
 References

Introduction
Marketing is the study of marketing and business environment that uses to attracts
the people and increase the organizational productivity. Marketing is the long
planning which is uses by organization for informing people and selling them
products. The main aim of company is to analysis the current trend what is going
on in market and deliver king kind of products. If a company is able to understand
d changing trend and get change themselves by providing products of different
types then only it can get success. This helps to get the competitive advantages in
market by delivering better quality and fashionable products.

MAIN BODY
About organization – River Island is high street fashion brand which is operating business in
worldwide market by offering type of products with best quality. This was established in 1948
for the purpose of providing fashionable products. The aim of organization is to become a
leading company all over the world. High number of market share are gained by management
of such organization by using marketing principles and practices that helps to improve the
productivity and profitability. This is important for organization to growth their business and
sustain in competitive market by using different promotional channel and strategies that helps
to attain the business goals effectively. This organization is using SOSTAC marketing plans for
the purpose of attracting customers and delivering best quality of products by making profits.

SOSTAC model –
SOSTAC model – This is a marketing framework which is developed by PR Smith in the
year of 1990 for providing different products. This model is used by organization in
various situations that helps to deal with them effectively and make better decisions. The
meaning of SOSTAC is situation analysis, objectives, strategy, tactics, action and control.
Situation analysis means to identify situation and uses digital marketing that can help to
increase the number of customers. in this, strength and weakness of organization is
analyzed by management that helps to run a business effectively. In Island, managers uses
digital market and different channel to identify organizational situation and digital
customers who get ready to shopping online that helps to increase the number of
customers and maintain good profits. In this, management also get information about their
competitor such as JD sport, Mark and Spencer etc. so plans can be formulated
accordingly. 28/02/

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The second states is Objectives that should be measurable and helps to solve the situation which
arise in organization. The smart objectives of River Island are to achieve 50% of existing
customers by providing services online account, increase brand visibility from 2020 to
2023, Increase email frequency from one mail per quarter to one mail per week from 2020
to 2023. Moreover, increase the organizational productivity by attracting customers and
accepting the competition efficiently. The third stage of SOSTAC model is strategy that
should be plan by organization in order to fulfill and attain the organizational goals. This
also help to state the strength and weakness of organization that helps to complete the goals.
The strategy of River Island are acquisition, engagement and SWOT analysis that can help
to increase the organization productivity. In acquisition strategy management are planning
to reach customer segment and increase brand name by acquiring the other fashion
company. 28/02/

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In engagement the management of River Island make strategy to achieve 50% of existing
customers to services and provide online products that help to attracts customers and
increase number of customers. Moreover, marketing strategy helps chosen organization to
introduce product, price, place and promotional channel that increases more customers and
increase organizational productivity. This also helps to grab more opportunities by
expanding business in other market and deliver better quality of products. The strength of
River Island is leading organization, focusing on customer needs and current trend, skilled
workers and variety of products that attracts customers. The weakness are low profitability
due to changing needs of people, lack of investment and proper management of activities.
28/02/

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This organization is getting the opportunities by using new technology, delivering product at
right time and place, increasing product range. Threats of company are changes in foreign
exchange, lack of customers trust and lack of training and development programme that can
be create problem for organization. The forth element of SOSTAC is tactic which is specific
tool of digital mix that uses to realize the organizational objectives by making plans. In
tactics River Island is using marketing mix that involves product, price, place and
promotion that uses to attain the business goals. In this, management of such company
focuses standardization, adaption and global presence.

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It uses different promotional channel such as you tube, bill boards, newspapers,
fashion magazines that helps to increase the organizational profitability.
Management are using standardized products by adopting every challenges. This
helps to increase the brand image in global environment. The next stage is
Action that means tactics which are formulated by management it should be
implement.

Continue…..
The management of River Island is implementing all tactics
which they have formulated along with this it is focusing
on SEO and pay per click that helps to increase
organization brand image as well as reputation. Last
stage of SOSTAC model is control that means all
activities and plans should be control by management
that can help to accomplish business goals. KPI and
Benchmarking tool is used by fashion organization that
uses to measure the performance based on objectives and
make sure that all objectives are met effectively.

Justification and conclusion
From the above report it has recommended that SOSTAC model should be uses by River Island
that helps to maintain the organisational productivity and helps to attain the business goals. This
helps to increase business profits and capture market share. This increases business
performance and maintain high profitability.

References
Jerčinović, S., 2014. Certain Aspects of Stimulating Marketing Efficacy in
Small and Medium Enterprises in Koprivnica-Križevci County through
the Principle of Sustainability. Podravina: časopis za multidisciplinarna
istraživanja. 13(25). pp.101-111.
Krishna, A. and Schwarz, N., 2014. Sensory marketing, embodiment, and
grounded cognition: A review and introduction. Journal of consumer
psychology. 24(2). pp.159-168.

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