Principles and Practices of Marketing

This presentation discusses the principles and practices of marketing, with a focus on the SOSTAC model. It analyzes whether Next plc is prepared for expansion and explores the viability of the project. The presentation covers situational analysis, objectives, strategy, tactics, action, and control. It concludes that the US market is a viable venture for the company.

Principles and Practices of
Marketing

 INTRODUCTION 3
 MAIN BODY 3
 SOSTAC Model 3
 CONCLUSION 5
 REFERENCES 6

Contents

Marketing is a broad process that includes research, product design
and development, promotion and customer service. Much of
the marketing function centers around a handful or core principles,
strategies and tactics. This report takes the help of SOSTAC model
and gives a brief analysis that if or not Next plc is prepared for
expansion with the viability of the project.
INTRODUCTION

Situational Analysis-
In order to implement this model for Next plc the company needs to
set or conduct an analysis of the situation which will help the
company to know that if or not they are ready for expansion.
Company must conduct an analysis which helps them to get an
overview of their position so that they can have an insight about
taking their operations to America. There are many options for that
such as to know who are the current customers of the company,
conduct a SWOT Analysis, analysis to get an idea about the
competitors of the company and availability of all the digital
channels which can help the company reach success in the market.
SOSTAC Model

Objectives-
Company needs to focus on working on the objectives of
the strategy. It is necessary that the objectives worked out
by the company can be similar to SMART objectives. For
instance increase the sales and share of the company in the
market with the help of new methods of marketing under a
specific time. Focus on increasing the recognition of brand
through stores and as well as online platforms. Work with
a aim of increasing the customer base of the company.
Other than this company can also implement the 5 S
objectives which are sell, serve, sizzle, speak and save.
Continued..

Strategy-
Company needs to be prepared for the implementation of
strategy according to the objectives they have worked on. The
company needs to work on strategy according to the need
pattern of consumers. People of America are updated with
technology and take a daily use of it into their day to day life.
This gives the company a scope to develop a technology
which helps them to make fitting rooms virtually. This
technology will allow the consumer to take something from
the rack with no need to try it
Continued..

Tactics-
This aspect are basically the details of strategy. It helps the company
to guide to a path to reach there. It takes less time and if it takes
long then the strategy tends to be flexible in nature. In order to
support its tactics Next plc needs to work on their strategies before
that. Strategy helps the company to choose from the variety of
tactical tools which is best for the company. Marketers of the
company needs to take decision based on this aspect and they are
also responsible for the outcome as well as the implementation of
decision. People of US are attracted by online innovations so
marketers of the company can work on developing these type of
tactics. For instance vouchers for logging in company’s official
page.
Continued..

Action-
This stage is concerned with putting the stage of planning into
action. It classifies the theory into who does what and when. It also
states how the company needs to treat their customers and respond
to their doubts. Tactics are linked with action and to manage the
project of expansion in a better way Next plc needs to work with a
creative and clear mind.
Continued..

Control-
This aspect helps the company to monitor their performance in
the market after expansion. Measurements for controlling the
plan is also included in this aspect. There are some questions
which the company needs to answer such as-
Measuring the feedback and review
Responsibility of measurement and how it is achieving its
objectives
Continued..

From the above studies it has been concluded that US is the viable
venture for company because the audience that the company is
targeting are high end and the economy of US is considered as one
of the strongest which increases the possibility of getting high return
on investment.
CONCLUSION

 Fletcher, J., Fyall, A., Gilbert, D. and Wanhill, S., 2017. Tourism:
Principles and practice. Pearson UK.
 Pritchard, A., 2019. Marketing stadiums to the buisiness market.
In Principles and practice of marketing (pp. in-press). McGraw-
Hill.
 Ventre, J., Ball, O., McKinney, S., Johnson, M., Gallagher, J. and
Thomas, R., 2019. Marketing Medical Lab and Musical Theatre
Programs: How Two Class Projects Put Principles Into Practice.
REFERENCES