The Marketing Plan Assignment : Gymshark
Added on 2021-01-02
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The Marketing Plan : Gymshark
Table of ContentsINTRODUCTION...........................................................................................................................1Purpose and importance of the marketing plan for an organisation............................................1Environmental and competitors analysis using PESTLE, Porters five forces and Internalissues...........................................................................................................................................1SWOT analysis of Gymshark ....................................................................................................4SMART objectives for improving market share ........................................................................5Marketing strategy based on segmentation and positioning.......................................................6CONCLUSION................................................................................................................................7REFERNECES ...............................................................................................................................8
INTRODUCTIONA marketing plan is defined as a comprehensive document which describes marketingand advertising efforts for the coming years. It consists of all business activities that are involvedin completing a particular marketing aim or objective within a given time frame. In the followingassignment, marketing plan and it's purpose is described (Blakeman, 2018). The companyconsidered in accomplishing this assignment is Gymshark. It is a online fitness clothing brandtarted in the year 2012 by Ben Francis. This brand is sold over 177 countries including USAwhere it makes a profit share of 40%. This assignment explains the PESTLE, Porters five forcesmodel and internal issues of this brand. A SWOT analysis of Gymshark is done for knowing theopportunities that can help in increasing the market share. Several SMART objectives are aremade for the improvement of market share of this brand. A marketing strategy is prepared basedon the targeting and positioning and at last marketing mix of brand is explained. Purpose and importance of the marketing plan for an organisationA marketing plan is defined as a document that is created by managers and leaders ormarketing professionals. This helps in guiding the marketing department of the organisation toimplement some necessary steps that can be aligned with objectives and strategies of marketing.The main objective of marketing plan is setting the company on a particular course inmarketing. The goal of marketing are aligned with broader objectives of the company. Acompany requires marketing plan for it's growth and development of strategies used forincreasing market share. The other objectives of marketing plan are increasing customer base,increasing customer awareness and building favourable attitude. A marketing plan will helpGymshark in making SMART objectives and strategies to be implemented in it's organisation formaking profits and expanding market share (Getkate, 2015). The objective element of marketingplan will help Gymshark for ensuring all marketing investments have a specific target. Environmental and competitors analysis using PESTLE, Porters five forces and Internal issuesPESTLE AnalysisA PESTLE analysis is defined as a tool or framework used for analysing and monitoringthe macro environmental actors which have impact on performance of organisation. Thisanalysis is helpful in starting a new business or when companies are expanding on foreignmarket. The PESTLE analysis of Gymshark is given below- 1
Political- This factor describes at what degree a government intervenes in the industry oreconomy (Haemers, 2016). Government policies influences business activities of theorganisation. Gymshark will be affected by various government policies, corruption, politicalstability, tax policy, foreign trade policy, labour laws, environmental laws, trade restrictions, etc.These factors have to be taken care by Gymshark while assessing attractiveness of a potentialmarket. Economical- Th economic factors are determinants of performance of economy. Theeconomic factors can impact directly or indirectly on a company. These economic factors thatcan impact Gymshark in expanding market share are exchange rates, economic growth, interestrates, inflation rates, unemployment rates and disposable incomes of customers. These affect thepurchasing power of customers and pricing way of the company. Social- The social factors include environmental elements that affect a customer's buyingbehaviour. Organisations are affected by demographic characteristics, customs, norms and valuesof population in which an organisation is operating. Gymshark will be affected by populationtrends like age distribution, population growth rate, career attitudes, health consciousness,cultural barriers, lifestyle attitudes, income distribution and safety emphasis. Economic factorsare essential for marketers of Gymshark when they are targeting a particular group of customers.This also provides information about local workforce and ability of them to work in certainsituation. Technological- These factors involve pertains to innovations in technology which affectsmarket favourably or unfavourably and operations of the company. These factors can be definedas level of innovation, research and development activity, technological change, amount oftechnological awareness of a market and automation. These factors will help Gymshark inmaking various decisions like entering in a certain industry or not, to launch a product or not andoutsourcing of production activities. When the marketers of Gymshark have knowledge abouttechnology, it will prevent this company from investing huge amount of money on developmentof diminishing technology. Environmental- The environmental factors like weather, climate change andenvironmental offset affects various industries (Hegner and Getkate, 2015). The growingawareness of effect of climate change on industries affects the operation and products of acompany. These elements are important because of various reasons like pollution targets,2
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