Marketing Management Report: Next PLC Segmentation & Strategies

This report provides an analysis of marketing management strategies employed by Next PLC, focusing on key aspects such as market segmentation, TOWS matrix, and marketing mix activities. The report highlights the importance of market segmentation, particularly demographic segmentation, in targeting potential customers with low income. It also emphasizes the use of the TOWS matrix to identify strengths, weaknesses, opportunities, and threats for continuous improvement in marketing activities. Furthermore, the report evaluates marketing mix activities, including product diversification, promotion tools, customer segmentation, and pricing strategies. The report concludes by mentioning the usefulness of SWOT and VRIO analysis in analysing the marketing effectiveness of the firm. Desklib provides access to this and other solved assignments for students.

Marketing Management

Marketing Management
 It is process that allows organization to have
maintain disciple.
 With an improved focus on marketing the
practical application of advertising and
promotional strategies can be taken into
account.
 It also allows to have proper allocation of
marketing resources and activities.

Market Segmentation
It is considered as a process that allows to divide
market on the basis of different elements. It is
necessary for management of Next PLC to design
segmentation strategy as per potential customers.
Management need to focus on key steps that are
classified as:
Identification of customer needs
Product features determination
Development of subgroups.

Contd...
It is significant for business firm to have effective
evalution of potential market. In the basis of this,
company has decided to focus on demographic
segmentation.
Factors consider in demographic segmentation:
Age
Race
Religion
Gender
Family and income level

Contd...
 In current market customers are well focused
towards premium products at low cost. In this
respect management of Next Plc will adopt
demographic segmentation. Low level income
people will be target potential customers.
 It is appropriate for business firm because low
level income people will assist in improving
sales and profit margin ratio.

TOWS Matrix
 It is a matrix that provide an analysis of diverse
factors that helps in identification of strength,
weakness, opportunity and threat. By having
improved focus on TWOS analysis the business firm
may easily improve its strength and overcome
weakness by using opportunities as key potential.
 Management of Next PLC must focus on Twos
analysis for continuous improvement in marketing
activities.

Contd...
There are key three steps that need to be
followed by Next Plc
 SO strategies (Strengths-Opportunities)
 WO strategies (Weakness-
Opportunities)
 ST strategies (Strengths-Threats)

Contd...
 It is significant for business firm to focus on key steps
that allows to have effective designing of Twos
matrix.
 Management must rank its opportunities and strength
 Comparison between opportunities and weakness is
critical.
 Use of strength to deal with threat is also beneficial.

3.
Market Opportunity for Next PLC: Expanding
business in overseas areas.

Conti....
Market threat for Next PLC: Increase the
number of competitors in the retail sector

Conti...
Marketing mix activities: Combination of
Product, price, promotion and place

4.
Evaluation of marketing mix activities:
Develop diversified product ranges for
different segment
Adopting right promotion tools.
Effective segmentation of customers.
Follow different pricing strategies as per the
demand and market situation.

Conti...

Conti...
For effective implementation of marketing mix
activities, the selected marketing models are:
SWOT
VRIO analysis

CONCLUSION
Marketing management is an important part
of the business.
Right segmentation has helped to target
marketing operations.
Different tools has helped in analysing the
marketing effectiveness of the firm.