Harrods Marketing Strategies: A Comprehensive Analysis

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Marketing Essentials
Harrods ltd.

Table of Contents
INTRODUCTION...........................................................................................................................................2
LO1 EXPLAIN THE ROLE OF MARKETING AND HOW IT INTERRELATES WITH OTHER FUNCTIONAL UNITS
OF AN ORGANIZATION................................................................................................................................3
P1 KEY ROLES AND RESPONSIBILITY OF MARKETING FUNCTIONS OF HARRODS.....................................3
P2 ROLES AND RESPONSIBILITIES OF MARKETING IN WIDER ORGANIZATIONAL CONTEXT........................6
M1 ANALYZE THE ROLES AND RESPONSIBILITIES OF MARKETING WITH MARKETING ENVIRONMENT
.............................................................................................................................................................8
M2 SIGNIFICANCE OF INTERRELATIONSHIPS BETWEEN MARKETING AND OTHER FUNCTIONAL UNITS OF
HARRODS...................................................................................................................................................10
LO 2 COMPARE WAYS IN WHICH ORGANIZATIONS USE ELEMENTS OF MARKETING MIX TO ACHIEVE
OVERALL BUSINESS OBJECTIVES................................................................................................................12
P3 COMPARE MARKETING MIX FOR MARKET PLANNING PROCESS OF HARRODS AND PRIMARK IN
ORDER TO ACHIEVE BUSINESS OBJECTIVES...........................................................................................12
M3 EVALUATE DIFFERENT TACTICS APPLIED BY HARRODS TO ACHIEVE BUSINESS OBJECTIVES...........16
CONCLUSION.............................................................................................................................................17
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INTRODUCTION
Marketing is one of the most important functions in an organization. The marketing plays an
important role in order to promote, sell and to deliver the goods and services to the potential
customers. The marketing essentials involves other business activities such as marketing
relations with other functional units, marketing mix that helps to achieve the organizational
goals and so on (Blythe and Martin, 2019). The Harrods is one of the retail private companies in
London that provides the quality and luxury goods to the customer. In this assignment, the
Marketing essential of Harrods Company will be discussed in order to understand the marketing
roles of a marketer in a company. The marketing roles and responsibilities as a function and
their interrelation with different operational units will be analyzed. The key elements of
marketing will also be discussed. In order to achieve the organizational predetermined goals,
the 7 Ps of the marketing mix will also be discussed. The different kind of tactics will be
evaluated for achieving business objectives. In addition, the Strategic marketing plan will also
be designed to achieve marketing goals. The basic marketing plan will also be developed for
better understanding of learners.
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LO1 EXPLAIN THE ROLE OF MARKETING AND HOW IT INTERRELATES WITH OTHER
FUNCTIONAL UNITS OF AN ORGANIZATION
P1 KEY ROLES AND RESPONSIBILITY OF MARKETING FUNCTIONS OF HARRODS
Market Research: market research is a very important function in every organization. The
marketing managers of Company are required to conduct marketing research in primary basis
in order to analyze the Customer's need and wants, target market, competitors and their
competitive products, market size and so on. The marketing research is helpful to bring new
ideas and opportunities for the company. The marketing managers of the Harrods Company can
bring new ideas and opportunities by conducting Marketing research. This will help the
company to understand the dynamics of the whole market with its specifications.
Development of product: Another function of marketing managers is to develop a product. The
development of the product becomes easier if the market research is done properly. According
to the all information and data collected in the market research must be converted into action
for product development. The marketing managers of the Harrods Company should procure the
raw materials with proper planning and process the same in order to introduce a new product
in a market. They must implement the process and business activities as well if required. The
product development by Harrods Company must be done by keeping the customer’s need and
preferences in mind. This will definitely result in the satisfaction of the customers (Armstrong et
al., 2018).
Promotion: The promotion is also an important function of the organization in which managers
are required to make customers aware of the product by its promotion. The promotion must be
done in the most effective and efficient way so that people could be attracted to the product.
The marketing managers of Harrods can promote their products and services with the help of
advertising sources such as magazines, newspaper, television and the effective utilization of
internet could also be done by promoting the product on social Medias such as Facebook and
Instagram. The use of social media or the internet could be the most effective way to promote
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the products of the Harrods Company in terms of finding potential customers and to reach to
them.
Creating a Website:. The Harrods Company can promote the product on the internet by
uploading the product and its specification online. The usage of internet is increasing day by
day and the internet can help to reach the maximum number of potential customers. The
marketing managers of Harrods company are required to upload the information on the
website regularly s that company and customers both could be aware of the movements of
product in the market. Harrods Company has its own website that is Harrods.com where the
customers can check the verities of product and buy from there as well.
Brand Management: Harrods is one of the largest luxury retailers in the world and the
management of the brand is one of the crucial functions of a company. A company is required
to maintain the transparency among the company, employees and customers in order to
maintain the brand name in the world. The transparency could be maintained by sharing the
visions, goals, missions and objectives of the company. This is also important for a company to
work and to produce the output according to the set goals and objectives.
Market Strategy: The marketing managers of Harrods are required to communicate with
another functional department also in order to identify the gaps in the marketing process so
that new strategies could be made and the process could be implemented accordingly. Effective
and efficient marketing strategies also help to enlarge the number of market shares as well as
to achieve the pre-determined organizational goals (Morgan et al., 2019).
Sales and Distribution: This is the most essential function of every organization where every
company aims to reach to the target market and to sell the product to their potential
customers. This is the stage after all functions and activities that step up the company towards
success. The sales could be done with the help of multiple distribution channels such as agents,
wholesaler and retailer. The Harrods Company also sells its products online and it has its own
website as well that is Harrods.com.
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After sales services: The Company must provide the after sales services to its customers in
terms of emphasizing the customers' satisfaction. After sales services will help the company to
analyze that how many customers like their products and quality and how many are facing the
problem with their product. The marketing team can help them by solving their problems and
the marketing managers can also re-plan and implement the process of development of the
product.
These are the basic key roles and responsibilities of marketing managers that must be
performed in sequence in order to achieve the organizational goals. This will help the company
to be the number one company in the world.
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P2 ROLES AND RESPONSIBILITIES OF MARKETING IN WIDER ORGANIZATIONAL CONTEXT
The roles and responsibilities of a marketer are crucial where the marketing manager is
responsible to analyze all the activities of different departments. The marketing manager is
responsible to collect the information from operational departments so that the effective
strategy could be made to achieve organizational goals. The other functional units are the
Finance department, production department, sales department, HR department, R&D
department and customer support department. The proper communication and better
relationship of the marketing department with these functional units help the organization to
enhance the ability of production. For example; the Harrods Company is going to produce a
new in-house branded purse for women so the marketing managers are required to
communicate with the R&D department in order to know what kind of shape, size, colour and
verities customers are wishing for. The marketing managers are also required to communicate
with the finance department in order to know the budget of the company and how much
amount could be utilized to produce the purse as per customer's demand. Ultimately the
marketing managers are required to communicate with all departments to understand the
company’s condition and to make a strategy to produce the new product by ensuring that
customers will be satisfied.
Thus, there are multiple departments in Harrods Company with its roles and responsibilities
which are described below-
Marketing and HR department: marketing managers are required to communicate with the HR
department in order to know the required workforce. The HR department mainly works to hire
the potential candidates and the communication between a marketing manager and HR
department will make them aware what kind of personalities, skills, qualities and abilities are
required for the vacant position. If the HR managers will be aware of the marketing
requirements they will be able to hire the candidates accordingly and this will ultimately fulfil
the need of marketing managers (Noe et al., 2017).
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Marketing and research and development department: The R&D department is very helpful
for marketing managers. They are the one who collects the information from the market about
the customer’s need and preferences by a survey and feedbacks. The collection of information
helps the marketing managers to bring new ideas and strategies for the development of a new
product or to make changes in the existing product. This improves the base of the Harrods’
customers and also increases customer satisfaction.
Marketing and finance department: The marketing researches are conducted by the marketing
managers and they also procure the raw materials, process the production, develop and
promote the product. In order to perform all these activities, marketing managers are required
to coordinate with finance department so that budget could be discussed of the company and
new budget could be prepared to fulfil the needs of marketing managers.
Marketing and Production department: After the communication with other departments, the
marketing managers discuss the same with production department in order to make them
aware that what is required to be produced and how it should be done. The marketing
managers of Harrods Company maintain a good relationship with the production department
(Baines et al., 2017).
The marketing managers of the Harrods Company maintain a good relationship with all
functional departments and understand the situation of each other and perform the activities
accordingly in order to utilize the resources of the company effectively. Their proper
coordination is somewhere is a reason for the great success of this company in a world.
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M1 ANALYZE THE ROLES AND RESPONSIBILITIES OF MARKETING WITH MARKETING
ENVIRONMENT
The analysis of Roles and responsibilities of marketing managers in the marketing environment
could be done by PESTLE analysis. PESTLE analysis describes all the factors of the environment
including Political, economic, social, technological, legal and environmental. How these factors
are affecting the marketing roles can also be analyzed.
Political factors: Political factors involve government policies and practices that impact the
retail industry in a wide range. The Harrods Company is a multinational company and it has to
follow various kinds of rules and regulations of different country in order to keep its existence
over there. Political stability also impacts the company. As the changes in the movement of
politics bring various changes in the country's norms and regulations as well that impacts the
organizational activities as well.
Social factors: The social factors impact the company in a wide range. The marketing managers
are required to ensure the interest of the customers. There are different age groups and
different taste of people towards the product and hence the Harrods Company should analyze
the area of interest and should produce the product accordingly. This is also necessary to take
care of the production process where the managers are required to ensure that the production
process is not creating hazardous air and pollution. The managers can plan some campaign
related to health and safety and also can educate the society about their products.
Economic factors: The economic factors involve the product pricing, competitor's pricing,
market shares, quality, discounts and offers of their products. These factors must be analyzed
by the managers in order to make new strategies and to implement their marketing process so
that the maximum number of customers could be convinced and attracted. This analysis will
help the company to increase its productivity and market shares of this organization (Aithal,
2016).
Technological factors: The technology is increasing day by day and in the era of globalization
the technology is being used by most of the companies very effectively. The Internet is one of
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the technical sources by which the Harrods Company can promote its products online in a wide
range. As the Harrods Company has its online retail website namely harrods.com could be an
example where most of the customers are getting special benefits of purchasing the products
online. This is overall saving their time and the customers can also check the product details
and specifications over the website as well. Once the customer purchases the product and gets
satisfied then it's ultimately building the trust and maintain the transparency between the
customer and a company for a longer time.
Legal factors: There are certain laws and regulations made by the government and every
organization is required to follow the same. The legal factors are helpful for the company as
well as for employees and customers to secure their individual rights to produce, sell and buy
the product. These legal rights allow every individual to perform their duty accordingly. These
legal rights insist employees maintain the sincerity within the organization and to produce the
good quality of the product and if the company is selling the goods at a reasonable price then it
will also generate the great revenue for the company also.
Environmental factors: The environmental factors involve environmental factors such as
weather and climate, natural resources, the sustainability of business and so on. These
environmental factors impact the decision-making process of marketing managers. For
example; in the summer season the customer will not purchase the winter clothes and hence
the managers are required to make changes in the production process as per the season as well
as customers’ demand. The Harrods Company can also produce different verities of products
including food verities, gifts and accessories etc.
The PESTLE analysis is very helpful to analyze the environment in depth. The proper knowledge
of the whole environment helps the marketing managers to take the right decision at the right
time. This also helps in increasing the productivity and profitability of the company and that is
the ultimate aim of every organization (Rastogi et al., 2016).
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M2 SIGNIFICANCE OF INTERRELATIONSHIPS BETWEEN MARKETING AND OTHER FUNCTIONAL
UNITS OF HARRODS
The marketing managers are able to take a right decision only after communication and
collecting the data from different departments such as finance, HR, R&D, production and
procurement department and hence it is very important for marketing managers to maintain a
good relationship with all the other functional units of an organization. The marketing
managers can also get ideas and considerations from other departmental managers to make a
new marketing plan, marketing framework, research process and above all in making the right
decision. Overall, the marketing managers get great help from the other departmental
managers and their coordination to work help to achieve the organizational predetermined
goals.
There is some significance of interrelationship between marketing managers and other
functional units described below-
Customer’s level of satisfaction: The marketing managers of Harrods Company are responsible
for customer satisfaction. The marketing managers conduct the surveys and put more focus on
research and development practices in order to understand the need and preference of
consumers so that they can make the effective plans and strategies to develop new product and
to implement the existing product. The efforts of making effective strategies and plans for the
betterment in the product and services of the company give the result with customer
satisfaction to the company.
Production Efficiencies: The marketing managers and production managers can increase
production efficiency by maintaining a good relationship with each other. This has also been
found that the Managers of marketing and production maintain the goods relationship
between each other and work by putting their best efforts in terms of increasing the
productivity and profitability of the company.
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Strong Marketing Team: The HR team helps the marketing department a lot to create a strong
marketing team. The HR managers communicate with marketing managers to understand the
required skills and abilities within a candidate and HR team hire the candidates accordingly. The
skilled employee helps the marketing team to perform more effectively and efficiently and
overall they make the strong team and achieve the organizational goals.
Availability of funds: The marketing managers are required to avail the funds for marketing
activities such as the promotion of goods and services, research and development and so on. In
order to make the availability of funds, the marketing managers are required to coordinate and
communicate with the finance department so that they can make the financial budget
effectively for marketing activities and can avail the fund accordingly (Madhani, 2017). The
better relationship between marketing managers and financial department helps to maintain
the budget of the organization and increase the profitability as well.
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