Principles and Practices of Marketing: SOSTAC Analysis for Next plc

This report provides a comprehensive analysis of Next plc's marketing strategy, utilizing the SOSTAC model to assess its potential for expansion. The analysis begins with a situational analysis, examining Next plc's current market position, including customer base, SWOT analysis, and competitor analysis. The report then outlines strategic objectives, emphasizing SMART goals and the implementation of the 5 S objectives. The strategy section focuses on adapting to the technological advancements in the American market, suggesting virtual fitting rooms to enhance the shopping experience. Tactics are detailed, including online innovations and communication channels. The report also covers the action phase, emphasizing customer interaction, and the control aspect, highlighting performance monitoring through key metrics such as sales, engagement, and churn rates. The conclusion suggests that the US is a viable venture for the company, considering the target audience and the strong economy, which increases the potential for a high return on investment.

Principles and Practices of
Marketing

Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
SOSTAC Model...........................................................................................................................3
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................6

INTRODUCTION
Marketing is a broad process that includes research, product design and development, promotion
and customer service. Much of the marketing function centers around a handful or
core principles, strategies and tactics. This report takes the help of SOSTAC model and gives a
brief analysis that if or not Next plc is prepared for expansion with the viability of the project.
MAIN BODY
SOSTAC Model
Situational Analysis-
In order to implement this model for Next plc the company needs to set or conduct an
analysis of the situation which will help the company to know that if or not they are ready for
expansion. Company must conduct an analysis which helps them to get an overview of their
position so that they can have an insight about taking their operations to America. There are
many options for that such as to know who are the current customers of the company, conduct a
SWOT Analysis, analysis to get an idea about the competitors of the company and availability of
all the digital channels which can help the company reach success in the market (Gbadamosi,
2019).
Objectives-
Company needs to focus on working on the objectives of the strategy. It is necessary that
the objectives worked out by the company can be similar to SMART objectives. For instance
increase the sales and share of the company in the market with the help of new methods of
marketing under a specific time. Focus on increasing the recognition of brand through stores and
as well as online platforms. Work with a aim of increasing the customer base of the company.
Other than this company can also implement the 5 S objectives which are sell, serve, sizzle,
speak and save (Ventre and et.al., 2019).
Strategy-
Company needs to be prepared for the implementation of strategy according to the
objectives they have worked on. The company needs to work on strategy according to the need

pattern of consumers. People of America are updated with technology and take a daily use of it
into their day to day life. This gives the company a scope to develop a technology which helps
them to make fitting rooms virtually. This technology will allow the consumer to take something
from the rack with no need to try it. This makes the experience of shopping better, easy, time
convenient and time saving. This type of technology can be easily used on the online platforms
of the company as many competitors has come up with it. It can be easily used with the hand
gestures and it will increase the sales of online stores and increase the base of customers who
prefers shopping online. In order to expand their operations on an international level company
needs to enhance the way of channels of communication as it is an aspect of strategy. Basically
this will help the company to provide their services across different areas and reach the need of
variety of customers. This will also increase the recognition of the brand across the market
(Pritchard, 2019).
Tactics-
This aspect are basically the details of strategy. It helps the company to guide to a path to
reach there. It takes less time and if it takes long then the strategy tends to be flexible in nature.
In order to support its tactics Next plc needs to work on their strategies before that. Strategy
helps the company to choose from the variety of tactical tools which is best for the company.
Marketers of the company needs to take decision based on this aspect and they are also
responsible for the outcome as well as the implementation of decision. People of US are attracted
by online innovations so marketers of the company can work on developing these type of tactics.
For instance vouchers for logging in company’s official page.
Action-
This stage is concerned with putting the stage of planning into action. It classifies the
theory into who does what and when. It also states how the company needs to treat their
customers and respond to their doubts. Tactics are linked with action and to manage the project
of expansion in a better way Next plc needs to work with a creative and clear mind (Kumar,
2017).
Control-

This aspect helps the company to monitor their performance in the market after
expansion. Measurements for controlling the plan is also included in this aspect. There are some
questions which the company needs to answer such as-
Measuring the feedback and review
Responsibility of measurement and how it is achieving its objectives
In what period of time does company measures its performance according to the actual set
criteria.
These questions will help Next plc to take a look at the process of control and take the decisions
to solve the problems. This way company will be able to figure out which tool is effective for
getting more and faster return on investment and if it does not work according to the expectations
then company can work on changing the plan. Next plc uses an effective tool to monitor the data
and records of the business. There are six areas which is looked after by the company with the
help of this aspect such as sales, enquiries, level of engagement, level of affection, analysis of
social network and churn rates. Other than this the company needs to take a decision on how
much time they need to check this measure and who will be assigned for this work and the cost
each aspect required (Fletcher and et.al., 2017).
CONCLUSION
From the above studies it has been concluded that US is the viable venture for company because
the audience that the company is targeting are high end and the economy of US is considered as
one of the strongest which increases the possibility of getting high return on investment.

REFERENCES
Books and Journal
Fletcher, J., and et.al., 2017. Tourism: Principles and practice. Pearson UK.
Pritchard, A., 2019. Marketing stadiums to the business market. In Principles and practice of
marketing (pp. in-press). McGraw-Hill.
Ventre, J., and et.al., 2019. Marketing Medical Lab and Musical Theatre Programs: How Two
Class Projects Put Principles Into Practice.
Gbadamosi, A., 2019. Contemporary Issues in Marketing: Principles and Practice. SAGE
Publications Limited.
Kumar, V., 2017. Integrating theory and practice in marketing.