NEXT PLC: Strategic Marketing and Business Development Report

This report provides a marketing consultancy for NEXT PLC, focusing on enhancing their business through effective strategies. It emphasizes the importance of SMART objectives, Porter's Generic strategies, market segmentation (geographical, demographic, and behavioral), targeting, and positioning to create goodwill. The report also highlights the significance of marketing communication using tools like advertising and public relations to engage with stakeholders. NEXT PLC can use both traditional and modern advertising methods, such as print media, radio, TV, and social media platforms like Facebook, YouTube, and Instagram. Maintaining effective public relations through annual general meetings and transparent financial disclosures is also crucial for stakeholder engagement. The report references academic sources to support its recommendations.

Marketing Consultancy

Introduction
● Marketing consultant played a vital role in the success of
each and every business organization. These are very skilled
and professionals who analyse the market very well and
design strategies in order to improve business.
● The present report is based on the NEXT PLC who wants to
promote their products and services in a effective manner.

SMART Objectives
Specific This objectives are related with the how a
manager know what to do? Therefore, the top
management required that to make their
objectives specific. For example, NEXT PLC
wants to be a global brand through providing
high quality goods to its customers.
Measurable This is related with the objectives which can
be measure in terms of quantity and quality.
For example, NEXT PLC decided their long
term goal is that to increase market share by 8
percent and also increase revenue approx. 20
million in the next few years.
Attainable There goals and objectives must be attainable
so that these can be achieve effectiveness.
Realistic Here, the realistic means is if the goal which
having no time line can be called realistic.
Time bound NEXT PLC also make sure that their all goals
and objectives having specific time period
which can be attain for a particular period of

Porter's Generic strategies:
This strategy applied by the Next PLC to sell the products and
services in the market. These strategies are divided into four
parts:
● Cost leadership
● Differentiation Cost
● Focus
● Differentiation focus

SEGMENTATION
A process in which the market(the buyers0 are
differentiated in different categories. Next PLC is a
retail chain which for its working and stability in
the market it is very necessary to focus the
market. The market itself is a very wide and big
platform, it has to be divided into different groups.
Next PLC has to divide the market in following
categories-
● Geographical segmentation
● Demographic segmentation
● Behavioural segmentation

TARGETING
Targeting the market means that on the segmented market basis
Next PLC has to select one market group so as to promote the
business within them only. The best suitable customer has to be
focused as because if the firm has to sustain in the market first
it need to capture the share of the segmented market. Company
has to consider which segment group will result most effective
at the end.
Suppose-As the firm is in clothing retail sector target market
could be demographic group as well as geographic group. We
have to analyse by doing surveys and research that which is the
right location for the firm to set and also we have to check that
what are the preferences and choices and how frequently the
customer is consuming a product.

POSITIONING
The very important fact for a firm is to create its goodwill. So
Next PLC not only has to focus on retaining, it should also give
benefits and satisfaction to the customers. A firm should be
recognised by every one that is the most precious asset a firm
could have. Next PLC can position itself in the minds of the
customers-
● Affordable prices.
● Using cultural symbols..
● Better services.
● Products benefits.

Marketing communication
It is essential for a company that is to use marketing tools in
order to communicate with their stakeholders. They having
various stakeholders such as investors, shareholders,
distributors, suppliers, customers, employees etc. For this there
are various marketing tools which can be used by NEXT PLC
as given below:
● Advertising
● Public relation

Advertising
This is one of the most common method which is related with
the promote a firm's product in a effective manner. It is a public
mode of communication where a company can communicate
large number of people at a time. There are various advertising
modes which can be traditional and modern both. In traditional
media print media, radio and T.V. On the other hand in the
modern approach NEXT PLC can used social media which
such as Facebook, You Tube, Instagram etc. can be used by the
cited business unit.

Public relation
This is another tool which is related with the maintain effective
communication with their stakeholders. There are various
information which must be shard by the company with their
stakeholders. For example, each and every year the cited
business unit can conduct annual general meeting where they
can call to its shareholders and disclosed their financial data
and information which are relevant for them.

References
● Ardley, B. and Taylor, N., 2010. The student practitioner:
Developing skills through the marketing research
consultancy project. Marketing Intelligence & Planning.
28(7), pp.847-861.
● Felzensztein, C. and Deans, K.R., 2013. Marketing practices
in wine clusters: insights from Chile. Journal of Business &
Industrial Marketing. 28(4). pp.357-367.
● Sheikh, A. and Lim, M., 2011. Engineering consultants'
perceptions of corporate branding: A case study of an
international engineering consultancy. Industrial Marketing
Management. 40(7). pp.1123-1132.