Strategic Marketing Analysis of Harrods Ltd
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Added on 2020-07-22
Strategic Marketing Analysis of Harrods Ltd
Added on 2020-07-22
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STRATEGICMARKETING
Executive summaryThe term strategic marketing refers to the process of differentiating the offerings made byan organisation, with respect to its other competitors available in the market. In generalwords, strategic marketing activities are adopted in a venture to build a brand name andvalue of that firm in the minds of desired customers as well as in the market. A detailedevaluation of the necessary steps that are needed to be taken into consideration whiledetermining the strategic marketing plan has been presented as in this present report. Shouldconsider inculcating what the entirety of what the assignment is about. Harrods Ltd, a UKbased departmental store, is trying to undertake expansion and diversification activities in itsoperations. The firm is trying to expand its activities in Japanese economy, by providinghotel services to the customers.Therefore macro-environmental was carried out to assess theorganisation’s opportunities and threats It was found that increased in technological advancements like more software oradvertisements into social media would be rising profits of Harrods and impacting companyon positive manner. The demand for hotels in Japan has been ever increasing due to itstourist attractions, festivals and international game activities that are organized by thecountry. The services provided must be in accordance with the demands of tourists fromoverseas markets in the country. The customers should also be provided with online booking facilities, which further easethe tourism activity of visitors. Like if there is increased in interest of people into moretourism activities than this would be increasing sales and profits of company wouldincreasing due to this.Also three mode entry strategies were analysed to assess which mightbe appropriate for the chosen organisation, this led to the concept of franchising beingproposed for the organisation. Having done this market segmentation was also done toselect a prioritised segment for the chosen organisation, those of higher income level weretherefore proposed to the organisation. The report finally concluded that organisation shouldadopt differentiation strategy in order to gain competitive advantage
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1Recommendation of a product or service with essential PESTLE analysis..........................1Market entering strategies......................................................................................................3TASK 3............................................................................................................................................5Market segmentation to evaluate the target market for .........................................................5TASK 4............................................................................................................................................7Porter's generic strategies.......................................................................................................7CONCLUSION................................................................................................................................8REFERENCES..............................................................................................................................10
INTRODUCTIONThe term strategic marketing refers to the process of differentiating the offerings made byan organisation, with respect to its other competitors available in the market. In general words,strategic marketing activities are adopted in a venture to build a brand name and value of thatfirm in the minds of desired customers as well as in the market. An effective strategic marketingto be adopted in the context of entering into a new market or undertaking expansion as well asdiversification activities require a huge investment on the part of that company. The appointedmanagers are designated with the responsibility of creating awareness about the providing madeand the differentiations that is possess by those offerings. A detailed evaluation of the necessarysteps that are needed to be taken into consideration while determining the strategic marketingplan has been presented as in this present report on how the Harrods hotel might operate in theJapanese market. Therefore macro-environmental analysis would be carried out to assess theorganisation’s opportunities and threats, also three mode entry strategies will be analysed toassess which might be appropriate for the for chosen organisation. Having done this marketsegmentation will also be done to select a prioritised segment for the chosen organisation.Finally Porter’s generic strategies will be critically analysed to assess which of them whenapplied may help the organisation gain competitive advantage. TASK 1Recommendation of a product or service with essential PESTLE analysis. Harrods Ltd, a UK based departmental store, is trying to undertake expansion anddiversification activities in its operations in the country of Japan. The firm is trying to expand itsactivities in Japanese economy, by providing hospitality services to the customers. Japaneseeconomy generates a high level of income through its tourism activities, which brings more andmore customers for the hospitality industries and requires them to serve in an effective way, tolarge number of people within and outside the country. In order to determine the various macroenvironmental factors that affects the workings of an organization, a detailed analysis ofPESTLE model has been presented as under: P- Political environment: The political factors refer to the policies made by theconcerned government in order to control as well as regulate the operational activities ofnumerous organizations that functions in an economy. These policies affects the1
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