Develop and Implement Marketing Strategy

This document provides insights on developing and implementing a marketing strategy. It covers topics such as analyzing the internal and external business environment, identifying strengths, weaknesses, opportunities, and threats, and exploring innovative marketing approaches. It also discusses stakeholder consultation and distribution networks. Find study material, solved assignments, and essays on marketing strategy at Desklib.

Develop and implement
marketing strategy

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
PART A...........................................................................................................................................1
Internal business environment....................................................................................................1
External business environment...................................................................................................3
Formulation of marketing strategy..............................................................................................6
Marketing plan............................................................................................................................7
Implementation of strategy.......................................................................................................10
PART B..........................................................................................................................................11
Report detailing the success of marketing strategy...................................................................11
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................16

INTRODUCTION
Marketing is refers to the systematic procedure and set of prominent activities which has
been undertaken by the company in order to promote buying and selling of goods and services.
This has been associated with the promotions. Selling and delivering of products to the final
consumers. Marketing staff of company look forward to get the attention of key potential
customers with support of certain and effective marketing and promotional techniques.
Marketing is also described as the discipline which has been involves all the actions which a
company utilised in order to build and maintain the relationship with customers for enhancement
of sales and brand image. As networking with the current and past clients is also the essential
aspect of marketing with support of several methods such as writing emails or giving special
discounts(Glatthorn, and. et. al., 2018). At the most basic level of marketing, it seeks to match
company's offering with the customers need and requirements. Marketing is one of the major
factor of any business as this facilitate with the product awareness, cultivates brand credibility
and build trust among customers which is most important for the success and growth of the
company. This report is based on H&M Company which is a Swedish multinational retailing
company with headquarter in Stockholm, Sweden. This has been dealing in fast-fashion clothing
for men, women, teenagers and children. The blow report includes two parts in which part A will
include analysis of internal and external environment, formulation of marketing strategy and
development of marketing plan. Along with this, it also includes monitoring, evaluation and
implementation of strategies. Moreover Part B will include marketing activities based on
marketing strategy and plan.
MAIN BODY
PART A
Internal business environment
Analysis of core activities, customer base, business values and business direction Core activities: This is refers to the strategic tasks which provides to company in to
improve customers values and drive profits. In which employees need to complete task
for the successful operation of business. These activities includes taking inventory,
preparing orders, designing and development of products, maintaining relationship with
current and past clients. In context to H&M company, there core activity involves
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providing fashion and quality along with best price(Hollensen, 2019)They haver been
also focusing on designing of clothing and the retail experience through eliminating
intermediaries and our sourcing production. Customer base: This is defining as the group of people that are regular customer of a
company or which repeatedly purchase goods and services of business. The target
customer of H&M are the one that are from the fashionable and trendy people which has
been see shopping as social feedback. The major customer base for company is younger
people and women. Though it also provides for man and children. Business values: This is type of value which has been determined the health and will
being of the firm in market place and for longer term. This has been associated with the
employee’s value, customer value, supplier’s value, societal value etc. it is usually
embraces as intangible asset for the company(Tozanlı, Kongar, and Gupta, 2020). In
context to H&M company, they believe in people for that they have build workplace with
trust, respect inclusiveness and integrity.
 Business direction: this is the planning for short and long term for fulfilment of vision
and mission. H&M company has not innovate material and process but also models and
new ways from which people experience fashionable clothes with good quality and best
price.
Identify and analyse information for current and past marketing efforts
Marketing efforts is defined as the resources which is used by the company in order to
promotion and its product and services. With help of this, company can create demand and
interest for its offerings and can gain great visibility along with potential customer’s base.
 Past marketing efforts: H&M Company has been using direct marketing campaign along
with advertisements on television with support of celebrities and bloggers.
 Current marketing efforts: in current market H&M is using, social media, video and print
to make it products and services known to customers(Doern, and Toner,2019) Along
with this, it has been also using own websites for selling products.
Review business performance information to identify strengths, weaknesses, opportunities,
threats and critical success factors
Strength: H&M has been provides wide range of products which has been including
apparels, cosmetic, shoes and accessories for the wide segment of customers. Along with this, it
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also has an strong financial performance which enhanced investor's confidence and provides
financial flexibility.
Weaknesses: the biggest weakness of H&M is that it’s affordable pricing impacts quality
of cloths and other products.
Opportunity: H&M can focus on the expansion in order to improve the profitability with
this it can also focus on the improving lifestyle, as people are now more brand conscious through
which it can capitalise on the need generation.
Threat: Intense competition at market place will be the biggest threat for H&M company
that an impact it performance(Chen, and. et. al., 2020). Rising labour cost in developing
countries is also the threat as it will impact cost of production.
Critical success factor: This is described as the element which is necessary for company to
achieve its mission and desirable gaols. Critical success factor for H&M is its quality product in
best available prices and in shortest amount of time.
Identify and record current capabilities and resources (e.g. the use of technology or e-
business to develop and implement
Resources is refers to the organisation's assets, knowledge and skills, along with this
capabilities is the ability of company to make the optimum utilisation of available resources.
Current resources for H&M are its technology which is effectively used by company for its e-
business. With support of this, it gets access to large customer base and enhanced its visibility
and brand image at market place.
External business environment
Identify and analyse information on expected market growth or decline, along with the
associated risk factors
The market is highly fragmented for H&M as no current company has been providing
products for all ages and genders so this the biggest opportunity for company to attain high
market growth. Along with this, focusing on the expansion is one of the best way to get effective
market growth(Blakeman, 2018). Through which a company get various advantages in terms of
new technology, sales, customer base, higher profitability etc. but along with this, there are
various, risk factor which is associated with the market growth, with market expansion a
company can face various issues in terms of policies, laws, trends etc. as different country is
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consist of different laws, rules and regulation that can impact smooth running operations of a
company.
Analyse projected changes in the labour force, population and economic activity that would
affect your marketing
Labour force: This is refers to the employee or staff of company and their related issues
such as wages, hire and fire, length of probation, turnover etc. that can impact marketing of
products and services. Employees or workforce of company are essential aspect for
implementing marketing plan within market for the growth and success.
Population: This is defined as the number of people inhabiting a country, to which
company provides it product and services(Amien, 2020). H&M is the company which is serving
worldwide in which there are various culture, society and beliefs which demand for different
products, which is hard to so in effective manner.
Economic activity: The major factors of economy which impact marketing of company is
demand and supply. One of the major goal of marketing id to drive up the demand as with this,
company an rise its price and obtain higher profitability. Moreover when, demand is low, prices
are lower too.
Current comparative market information which may include best practice information,
benchmarking and competitor information
Business model of H&M consist of development of value for its customers through
providing fashion with quality at best price. Its products and produce by independent supplier
with that its maintain good relationship.
Benchmarking is defined as the measuring and comparing business practices with other
business processes and performance(Qizi, 2019). H&M company has been making
improvements for doing things better, faster and cheaper in this they have been provides fast
fashion clothing with quality and at cheap prices so that a large number of customers base can be
attracted towards brand. In addition to this, competitors of H&M are also the multinational
company such as Zara, Marks and Spencer, Louis Vuitton, which are performing excellent at
international level but in comparison to H&M they are offering higher prices and did not offer
for all genders and all ages.
Industry and customer trends, emerging issues and developments
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In this fast moving and rapid changing in fashion retail industry there are various trends
which has been take place within the industry:
Social shopping: Social media will become and stand as storefront for the customers, already
there are various leaders and fashion companies which are making links from Instagram, twitter
and pinterest to customer.
Exhibition of sale: Now days, fashion retail will go beyond the concept of stores into developing
an offerings around single idea such as showing on the websites(Schyvinck, and Willem, 2019).
And other platforms though which customers can buy product without visiting store.
There are various emerging issues which are related to the H&M Company such as,
competitors are performing excellent through introducing new design and trends into the market
before H&M company. In order to overcome this, a company need to conduct a research in order
to determine trends and customers demand so that it offers them before competitors.
Legal, ethical and sustainability constraints of the market and potential business impact
Ethical issue is refers to the something through which a person believes to be right and
wrong which has been undertaken through personal opinion or a person belief or philosophy.
Moreover, legal issue is defining as the legal aspects which need to be followed by the company
in their operations(Novikov, 2018). In this H&M company has been initiated to launch ethical
fashion brand through outlining various area of responsibility including being ethical climate
friendly For the better sustainability constraints, H&M company has been willing to scarifies
their profit margin through which they have been provides solution for long-term sustainability
fashion by improving factory conditions and more sustainable materials. With such initiatives
company has successfully achieved global reorganisation and higher customer base.
Opportunities presented by new technologies
Technology has major impact over business operations along with this, it is necessity
which is required growing in market place. Technology has been facilitated H&M with various
benefits such as increase in revenue through which company can produce goods and services as
per the demand and need of customers(Popova, and Rudenko, 2021). With help of new
technologies a company could enhance its efficiency of communication which is an essential
aspect for better decision making. With help of technology company attain a opportunity to
optimize management and production in systematic manner through which it can generate a
better quality of products and higher revenue. Technology allow company to have wider reach in
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the global market with that technology has boosted the development of e-commerce through
which there are new dynamics to globalization of H&M.
Formulation of marketing strategy
Detail the specific opportunities for product, service, project based on internal and external
market analysis
As per the analysis of internal and external analysis, it has been measure that company
has been having global recognition and good reputation at market place which stated as strength
or company and provides opportunity to successfully introduced sportswear in its product line.
Along with expansion in new places provides more reach to new technology through which a
company can improve its operations and quality product that will help in to attract more
customer base.
Explore innovative marketing approaches and techniques
Marketing techniques are the methods which have been undertaken by the company in
order to promote buying and selling of goods and services. Some of the new and innovative
techniques are disused below:
Content marketing: This is define as the strategic approach which has been associated with the
creating and distributing information related to company’s offering and trying to aligned them
with customers needs and requirements so that they hey attracted towards brand(Arifkhodjayeva,
2019). With help of this H&M Company will make customers aware about the products and
services along with their benefits and features which can be solution to their problems this help
in to attract higher customer base.
Social media marketing: Through this technique of marketing company has been share content,
videos and photos across their social media networks and enhance visibility at market place
along traffic. This technique will help company to promote its new product more effectively and
efficiently as it reduce cost while generating more leads.
Outline the marketing channels and distribution networks
Marketing channel and distribution channel is define as the way or path which is used to
transfer ownership of products and services which has been involves people, organisations and
various activities that are necessary to the production to final consumption. H&M company will
use selling thorough intermediaries which are wholesaler and retailer and will also sell through
direct selling through its official website and through own outlets across the globe.
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Explain how to consult with key stakeholders in strategy development process.
A stakeholder consultation has been includes development of constructive and productive
relationships for the longer period of time. Listening to the stakeholders concerns and their
feedbacks is the valuable source through which a company get information that can be utilised
for development of marketing strategy(Olexova, and Gogolova, 2021). As this help in to
identify and track needs and requirements of customers, determine perception and attitudes,
provides feedbacks for specified development of strategy. in order to consult stakeholders,
H&M company will conduct a survey, focus groups or individual meetings, public meeting etc.
Marketing plan
Marketing plan: this is defined as the report which has been evaluating marketing
strategy for future. This provides overview for marketing campaign goals and objectives which
are going to be achieved.
Vision: vision statement of H&M is to lead change towards circular and renewable
fashion while being fair and equal in terms of quality and affordability.
Mission: the mission of H&M is to provide positive change for longer term and drive to
improve living condition through investing people, communities and innovative ideas.
Objective: the objective of H&M's marketing plan is to become 100% circular and drive
change in order to be a sustainable fashion company.
Segmentation: market segmentation is defined as the means which is used to convert
broad market into smaller groups of consumers. If H&M wants to introduce sportswear in its
product line then it should segment product into two categories of women sportswear and men
sportswear.
Targeting: this is the term which is used to divide customers into sub groups so that a
company can focus on particular. This H&M should focus on the high quality and lower prices
for both the categories.
Positioning: this is defined as the stage or image which a company has developed in the
mind of customers that how it is different from others. After targeting customers, now H&M
should focus on promotional techniques in order to maintain a good image in competitive
market. For this it should focus on great quality and prices.
Swot analysis of H&M:
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swot analysis is define as the strategic planning techniques used by company in order to
identify strength, weaknesses, opportunities and threats of internal and external environment of
business. Swot analysis of H&M in terms of introducing in product has been explained below:
Strengths Weaknesses
 H&M is already well known brand with
large customers, which state as strength
of company.
 Great quality with lower prices has
shows high promotional strength for
H&M
 It is highly depend on third party
suppliers for its merchandise
 Affordable pricing of company may
impact the quality of products.
Opportunities Threats
 Global presence and brand reputation
provides opportunity to introduce
sportswear.
 Expansion of business through e-
commerce is also a opportunity for
H&M.
 Intense competition in industry will be
threat for company.
 Labour is rising I developing countries
through which manufacturing cost of
new product will increase.
Marketing mix of H&M:
Marketing mix is defined as the method or technique for promoting goods and services in
order to create demand for product. In context to developing and introducing new product in
market, the marketing mix of H&M is discussed below as:1. Product: In relation to introducing sportswear in H&M's product line, a company should
adopt the strategy to manufacture decent design with good materiel.2. Price: In this H&M will going to adopt the lower pricing strategy wit great quality in
order enhance sale as per the objectives.3. Place: H&M will go to place it product in offline and online store so that higher customer
attention can be obtain.4. Promotion: Company should use digital marketing for promoting its new product, in
which it includes social media, email marketing etc. along with this, company also use
templates in store so that more customers are going to be aware about the new product.
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5. Process: In relation to the process strategy of marketing mix, is has been suggested that
company should use easy, quick and simple purchase process.6. People: While introducing new product there is no need to invest money in training and
development programme as there will no change in operations and functions.7. Physical evidence: H&M is already available globally with effective staff, therefore
H&M has to take continuous steps for developing positive and friendly environment in
the stores.
Marketing budget:
Marketing budget is refers to the estimation of cost of the project which has been
involves investment of promotional tools, human resources, technology etc. it is also define as
the strategic planning techniques used by the companies in order to calculate the cost and money
which is needed for promotions and marketing of new product and services(Forzoni, and. et. al.,
2018). The marketing budget for new product of H&M is estimated at 550000 as total cost which
is introduced as follow:
Cost: Cost for the production of new product is discussed below:
Particulars 1 Year 2 Year 3 Year 4 Year 5 Year
Initial Money 4000 8000 13000 10000 10000
Investment 10000 12000 5000 7000 20000
TOTAL 14000 20000 18000 17000 30000
Promotion 6000 2000 4000 3000 2000
Sales publicity 2000 2000 3500 2500 1000
Direct Selling 4150 1500 2000 3000 5000
TOTAL 12150 5500 9500 8500 8000
Monitoring and controlling of marketing plan:
Monitoring of marketing plan has been ensures that right people, at right time and at right
place are targeted. Moreover, controlling of market plan has been associated with the evaluation
in which it has been compare actual results with the estimated standard for marketing plan.
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Implementation of strategy
Gantt chart (scheduling activities)
Gantt chart has been used for shoeing activities which are displayed against time. In order to
complete task or project within given period of time. So that company will save its valuable time
as well as money. Gantt chart for H&M marketing activities has been shown below as:
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Data collection mechanism
data collection is the process of gathering and measuring of the information about the
targeted variables in this H&M company has been collected data about the target customers,
market along with their needs and wants so that a better strategy can developed for fulfilment of
consumers needs and requirements with great quality of products and services.
PART B
Report detailing the success of marketing strategy
Why the research was conducted
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The major reason for conducting this research is associated with analysing marketing
information in such a way that H&M can analyse such concepts of marketing in which they can
examine needs and preferences of their customers in appropriate manner. As the core activities
of H&M is to deal with customers value and provide them acknowledgement regarding their
needs and specific demands as well(Godfrey and Higgins, 2020). On the other hand customer
base of H&M is high due to this reason this research is advantageous for them to retain them and
providing actions over marketing activities. By analysing post and current marketing efforts
inclination of customers can be analysed due to which this is easier for H&M to modify their
business offerings so that to grab attention of higher customers. By examining marketing
channels this would be helpful for H&M to develop their business in desired manner in order to
earn higher market prominence.
How the research was conducted (Internal and External Environment)
In order to analyse internal environment aspects in which H&M is able to grab
knowledge regarding such dimensions in which they can develop their market share and acquire
significant edge in competitive market. Internal factors like financial flexibility, brand
awareness, brand consciousness are the major aspects which are strengths for H&M and they are
helping the business to grow and sustain as well(Pavlova, 2020). In terms of challenges as the
organisation is facing challenges in terms of rising labour cost and increased inflation due to
these reasons per capita income of an individual get decreased and impacts are seen over
business of H&M. External factors such as sustainability, legal factors, political factors are
termed as significant one those are directly linked with business succession of H&M. In this
manner overall research is conducted so that to analyse various aspects of business in which
H&M can acquire market share and prominence as well.
How the information from the research was analysed
Under this research qualitative information was used in which depth study in relation to
strategy and market plan of H&M was examined. For examining external market factors various
aspects are analysed which are impacting business and marketing situation of H&M. In this
manner all the information are collected and analysed in better way for drawing appropriate
conclusion(Vrtaňa, 2019). Some economic activities are related with dealing of marketing
activities in which assistance is given to overall business for running in specific way in which
market assistance. In order to analyse this information all the real data is being used to drive
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demand and to incline customers with business offerings in direct manner. These information
could lead H&M to analyse their market position and to examine those reasons due to which they
are lacking behind from their competitors.
Which key aspects informed the development of your marketing strategy
Critical succession factors are one of the major reason due to which development of
marketing strategies are analysed. Critical success factors are playing significant role in dealing
with such market trends which are essential for the business to inhale and to get market
prominence as well(Hollebeek and Andreassen, 2018) At the time of developing marketing
strategy the major emphasis was rendered over managing population and economic activities and
analysis is drawn for keeping those factors constant. For a business analysing business strategies
is playing significant role in up keeping such activities in primal manner by which overall
business succession. For measuring success of marketing strategy this is imperative that all the
aspects are undertaken and examined in particular way so that full efficiently marketing strategy
can be executed.
An overview of the marketing strategy
The major objective of marketing strategy is to develop such obligations in which all the
dimensions of market can be covered. In this aspect the appropriate deal is associated with
developing consent from stakeholders so that they can get their desired results from H&M.
Budget is prepared by H&M so that to minimise situation of getting out of cost and to develop
understanding to all associated parties in relation to developing budget constraints. Deciding of
marketing channels is essential for H&M and in this manner they can give message to their
audience in order to align them with marketing strategies. This is the way in which various
opportunities are adopted by H&M so that they can sustain in the market and grab marketing
position as well.
Details and components of the marketing plan including implementation strategies
The major inclusion of marketing plan is analysing products offered by H&M. This is
helpful in managing such implementation of marketing activities in dealing with market trends
and appropriation of succession opportunities as well. After this innovative marketing products
are analysed so that products and services provided by H&M can be highlighted within
marketplace and reach out to maximum customers(Peachey, and. et. al., 2018). After this
marketing channels are decided in which all those channels are decided which can be used by
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H&M in order to render awareness to their product to potential customers. After all these ethical,
legal and sustainability aspects are decided and this would be advantageous for H&M for
dealing with those external aspects which may provide impact to their business offerings.
Timelines within marketing plan is helpful in developing such time limit in which all the
objectives of marketing can be completed in appropriate manner without facing any time delay.
The monitoring and evaluation procedures used for the marketing activities
For the purpose of evaluation benchmarking, KPI and critical success factors are used.
benchmarking is essential for making continuous improvement in products of H&M in which
they can deal with needs and preferences of their customers and acquire wishes and expectations
of their customers(Nusantara and Ulfah, 2018). KPI is helpful in analysing such aspects in
which better results can be attained by H&M in respect of execution of marketing plan and
various strategies. In context of H&M by using KPI and benchmarking succession ratio of
marketing activities in such a way that long term results can be attained which could be
beneficial in gaining higher business insights.
CONCLUSION
As per the above analysis it has been concluded that marketing is describe as the
combination of all activities which has been undertaken by the company in order to promote
buying and selling of goods and services to potential customers. For the formulation of effective
strategy a company need to analyse its external and internal market that help in to determine key
strengths and weaknesses which are internal to company and opportunity and threat prevailing in
the market. This provides support in to develop marketing strategy and plan which further need
monitoring and analysis before implementation. In order to evaluate the effectiveness of
marketing activities that leads to the success of marketing plan of an organisation.
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