Analysis of Marketing Plan Components and Strategies for Retail Parks

This report provides a comprehensive overview of the essential components of developing a marketing plan, tailored specifically for retail businesses, such as those found in retail parks. It begins by outlining the critical steps of market research, including understanding market size, population demographics, and current trends. The report then delves into the importance of identifying the target market, emphasizing the need to focus promotional efforts on the most relevant customer segments. Furthermore, it explores the significance of positioning a retail park effectively, highlighting how businesses can differentiate themselves from competitors by offering affordable prices and a calm shopping environment. Competitive analysis is also addressed, stressing the importance of evaluating competitors' offerings to determine appropriate pricing strategies. The report also examines various marketing strategies, including advertising in local newspapers, utilizing customer databases, implementing budget allocation, and establishing metrics for measuring return on investment. The impact of cultural differences on marketing strategies is also considered, emphasizing the need to adapt promotional programs to resonate with the values and beliefs of the target audience. Finally, the report discusses modern marketing techniques such as curbside marketing, offering complimentary services, and leveraging social media platforms to enhance brand visibility and customer engagement. The report concludes with a detailed reference list of sources used.

MARKETING IN BUSINESS
Marketing is defined to be a process for identifying, anticipating and surpassing expectation of
customer in a profitable manner. It is a tool which is applied to enhance the sales volume for an
organisation. A business house can adopt a marketing strategy which is relevant and comes within
a budget established by the organisation (Jobber and Ellis-Chadwick, 2012). A retail park
comprises of number of small retail outlets which offered distinct products and services.
Considering the small scale operations such business wish to employ tactics which creates a huge
impact at budget conscious rates. The major marketing techniques which can be applied by these
businesses are:
Advertise in local newspapers: The businesses in retail park can take help from local newspapers
and trade journals to advertise offering of the retail outlet. This is one of the most suitable
technique to business as it carries ideal reach to the target market and that too in cost effective
manner. This approach is conducted by businesses who possess a adequate liquid assets so that
along with advertisement routine working operations are carried out as well. Significant drawback
to this approach is that this tool of marketing is comparatively expensive and a business may not be
able to achieve desired outcomes. These circumstances will again carry a negative impact on the
liquidity of the enterprise (Hayes and Lawless, 2015).
Customer database: This business outlets can collect data from the visitors and communicate them
on regular intervals. It is a convenient and cost effective approach to inform people about the latest
discounting schemes and offering of this business. This marketing technique can be preferred by
business operating in the clothing and accessories section. Major drawback to this approach is that
it carries a limited reach and often ignored by the consumer.
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The various components of developing a marketing plan is as follows:
Market Research: Market research is a process which aims to gather information
from the customer so that better understanding can be facilitated. The areas which are
emphasized in this step are market size, population and current trends of population.
Target Market: This step analysis which is to be targeted with promotional
programme of the company. The retail park is located to the outskirts of Nottingham and their
target segment are people in the city who own a car.
Positioning: The positioning of retail park is done as an affordable place on the
outskirts of the city possessing numerous retail outlets catering electrical appliances, clothing
and superstores. They target people who prefer calm environment rather than overcrowded city
stores.
Competitive Analysis: it is essential to recognise competitors of these retail parks.
The price offered by retail outlets are to be analysed and evaluated thoroughly so that prices of
offering can be determined accordingly.
Market strategy: this step is crucial as it aims to identify approach through which
customer will be approached. The business can employ above mentioned tactics such as
advertisement, social media and through offering complimentary services (Schultz and et. al.,
2011).

MARKETING IN BUSINESS
Addition to Curb side: Curb side is referred to the area on the pedestrian which meets the road
end. This is another cost effective approach which can be employed by these local business. It
refers to the billboard outside the store which is humorous and witty. This is another modern day
approach of marketing of offering of an enterprise. This marketing tool carries a nominal price of
arranging a board. It is essential to be provided with right set of environment so that customers
consider shopping at the store. This approach is mostly adopted by restaurants and eating joints
and can sometime see on the clothing outlet as well. Limitation of adopting this marketing tool is
that it is confined only to the people who are visiting retail park. Another limitation which can be
ascertained from this tool is that different people interpret it in a different manner and may not
find it as funny as others (Barton and Hamilton, 2012).
Offering complementary services: These are referred to the services which are offered to
consumers without any cost. This is another marketing tactic which are employed by the
businesses to increase their sales revenue. For instance, a clothing retail outlet can offer a free T-
shirt on the purchase of a certain amount or render services like free alteration. This marketing
tactics finds its relevance to the restaurants as well who offers free drinks with meal as
complimentary. The retail store offering its services in the jewellery sector can offer
complimentary services like adornment cleaning as a marketing strategy to increase footfall of
people. The drawback of this approach for this may reduce margin established by the business
per offering.
Social Media Marketing: In this present contemporary market there are variety of opportunities
which are offered to a business holder through social networking platforms. The retailers should
be encouraged to take help from the social medial platforms to avail advantage among its rivals.
Facebook world biggest social networking platforms offer advertisement services on incentive
basis. Social media limits the protection of data as well privacy of our data collection and it is
time consuming to possess an interactive presence on social media platforms.
Budget: this step aims to ascertain the budget allotted by the retail park for these
marketing activities. This retail park can aggregately contribute to a marketing activity which
leads to increased footfall.
Metrics: it is essential to develop metrics through which return on investment can be
measured. This is a crucial tool through which return are measured and discrepancies are
identified for future purposes.
Cultural differences play a crucial role in ascertaining impact of marketing strategies. Culture
comprises of values and beliefs of a person which acts as a crucial determinant of products and
services which are consumed by an individual. Therefore, it is essential for a business to assess
the cultural impact of the launch of new product in the market. The factors which are significant
in assessing impact of marketing strategies are values, symbols and thought processes of a
person. A marketing strategy may see acceptable to some whereas unacceptable to others. It is
essential to use right symbols(Language) which carry universal acceptability so that a business is
on the safer side. A culture of a person determines it thought processes which defines the manner
in which marketing strategy is perceived. Therefore, it is essential for a marketer to ensure
cultural acceptability of promotional programme before launching it to the market.
REFRENCES
Jobber, D. and Ellis-Chadwick, F., 2012. Principles and practice of marketing (No. 7th).
McGraw-Hill Higher Education.
Hayes, D. and Lawless, J.L., 2015. As local news goes, so goes citizen engagement: Media,
knowledge, and participation in US House Elections. The Journal of Politics. 77(2). pp. 447-462.
Barton, D. and Hamilton, M., 2012. Local literacies: Reading and writing in one community.
Routledge.
Schultz, P.W., and et. al., 2011. Social marketing to protect the environment: What works. Sage
Publications.