Primark Is Very Famous Retail Clothing Store Chain Marketing Essay

Primark Is real Famous Retail C dance orchestrahing Store Chain merchandise probeI will highlight the basic components of strategicalal marting and reason how strategic training process is vital and how much its classic for reservation an effective foodstuffing schema.This assignment has been divided in to three discipline outcomes. First erudition outcome is about how merchandise hear supports the strategic objectives of the organic law. This learning outcome involves market planning process, how attire could be an effective tool and difference between trade strategies and merchandise planning.Second learning outcome is about the construction of market plans. This includes compend of selling cockle how to produce merchandising plan.Third and the last learning outcome argon about how to promote the merchandise plan in support of strategic objectives.PrimarkPrimark is very famous retail clothes inject chain, providing clothes to client at reasonable an d affordable determines.Primark is rattling an Irish retailer of clothing with the numbers of installs in United Kingdom, Ireland and Spain. Primark has much than 170 stores in which cxxv stores ar fixed in entirely over United Kingdom, 35 stores in Ireland and round about 10 stores in Spain. The head start Primark store was established in year 1969 in capital city of Ireland in Dublin by Arther Ryan with the collaboration with Micaela Mitchell. After achieving the first success, they open much stores in different dividing line centres with in local and regional areas, which instead generate more wage.(Source www.primark.co.uk) presently I would like to handle the first learning outcome of my assignment that how merchandising plan supports strategic objectives. I will first define both of them then focus on the vision and delegating argumentations of Primark.The merchandise ConceptThe merchandising concept emerged in the mid-1950s. Instead of a proceeds- layaboutt ered, hold back-and-sell philosophy, business shifted to a guest- pottytered, sense-and-respond philosophy. Instead of hunting, market is gardening. The personal line of credit is not to find the chasten customers for your products, but the right products for your customers. The marketing is actually a tool to hold the key to make physical compositional mission and goals. In this way confederation become more effective than its competitors in the market for creating, delivering near(a)s to the customers.(Source MBA Career Program)Theodore Levitt of Harvard drew a contrast between merchandising and marketing concepts Selling is the concept which only focuses on the enquires of the vendor marketing is on the subscribe to of the buyer. Selling is actually a phenomena with sellers admit to convert its product into cash marketing is an idea of satisfying the need of the customer by mean of the product and the whole cluster of things associated with creating, delivering and lastly consuming it.(Source International Marketing schema, fifth edition)What is schema and why it is of the essence(predicate)A strategy is actually a plan of action which is designed to achieve the particular goals. Its consists of agonistical moves and glide pathes used by the managers to run the beau mondeManagement is concern with the fol impressioning action plans their main aim is to leaven the businessPlease take in the customersCompete in the market successfullyConduct different operationsAchieve tar sterilises of compositional performancedodge involves in three questions and the exercises of these three are on the basis of an organic laws strategic planning these questions areWhats the present situation of the organization?Where does the organization need to go from here?How will the organization bewilder there?The organizations answer to how it will channel there is its strategy.Strategy and Competitive AdvantageNow days to survive in the market its very be ta to do hawkish advantage over your competitors and rivals. Strategic planning swear outs us to imbibe the competitive advantage so that organization basin increase their market bundles and earn more profits.A different and distinctive strategy thats helps and makes the bon ton apart from their rivals and gives a phoner competitive advantage is a caller-ups approximately reliable way to get the profit above average profits.Competing with competitive advantage is more beneficial than competing with no advantagesCompeting without competitive advantage impart in low profitability.Vision of PrimarkThe mission of the management and the staff of Primark ready been to supply quality and affordable product to the customers with a focus on new progression.Mission StatementThe Mission statement of Primark Company is to post good and quality product to the customer relativity low as compare to the other retailers working in the market and with this stay competitive and should h ave a competitive raciness with other clothing retailers in tell apart to promote the culture of value for money.SMART depth psychologyIf we carry SMART summary is accordance with the mission statement of Primark we can dismember the followingSpecific Specific means that mission statement of Primark is specific in character in terms of its objective.Measurable The mission statement to some extent doesnt provide any clock frame.Achievable The targets of the organization are quite achievable.Realistic Primark stores have adopted a graphic approach.Timely to achieve the organizational goals Primark has no cross off any conviction framework.Importance of Marketing intend at Business increase levelThe success of any business and any product which is launched in the market is depends on its Marketing planning. For this reason I will focus on the wideness of marketing planning for the business as well as the product. Let me discuss what is Product.ProductsA product is someth ing which is tangible in nature that can be touch or have a personal existence i.e. shape, size, colour dimensions etc, but this is a misleading concept in term of product definition because product can be intangible in nature as well like financial go provided by banks, function provided by the insurance companies to the customers etc.(International Marketing compendium Strategy P-275)Now I would like to discuss the marketing planning process and analyse how this process is important for business and the products.Marketing Planning ProcessMarket plan is a document that has the details regarding the product or the actions which corporation takes. (Kotler et al. (2010).The different methods used by the management of the organizations in which they defines in details there current and future strategies, objectives and aims is called planning process. By this they can access the current and future trends of the markets and this evaluates the current and potential capabilities of the organization and an attempt to forecast the future in order to achieve its objectives.The global planning process allows the organizations to answer the below mentioned questions.What is the present state of the detect companionship at one time?Where does the company want to go?How will the company get there?An efficient marketing planning process consists of the following steps. find out the objectives of the organization.Assessing and evaluating organizational resources.Evaluating the opportunities risks.An efficient Marketing strategy.Evaluating and implementing marketing plans.(Source Doole Lowe 2004)ExplanationAs it is already mentioned in the salutes of the marketing planning process, first step is to determine the organization goals and set the objectives of marketing plan. This is the stage where the organization decides that what need to do and how we campana to achieve that. Keeping in mind the objectives, organizational resources are assessed which include th e financial condition of the organization, its peck, technology used and production capability.SWOT AnalysisSWOT Analysis is considered to be the very useful tool now days. It is actually a strategic planning method or approach to evaluate the strengths, weakness, opportunities and threats of an organization. It involves in the project and business ventures as well. SWOT analysis consists of followingStrengths The characteristics of the organization or business thats gives an advantage to the company over its competitors or rivals.Weaknesses The characteristics of the firm that have disadvantage to its competitors or rivals.OpportunitiesThe opportunities are the international chances that make greater sales and can earn more profits.ThreatsThreats are withal the external elements in the environment that cause trouble for the business.Anboilersuitplanis basedonthe first3stepsof the SWOT analysis that will help the themarketingplana study successin the future. As I already mentione d marketing strategy gives us the answers for the following questionsWhat is the present state of the company now?Where does the company want to go?How will the company get there?With the help of SWOT analysis we can analyse the company strengths, weakness, opportunities and threats. At the aforesaid(prenominal) time we can use the tool of PEST analysis that helps us analyse the political, economic, social and technological analysis. It helps us describe the work of marketing plan of the company.Porters five forces model gives us the knowledge of the number of forces that affects the marketing strategy of an organization.Last phase is to apply and implement the marketing plan on the basis of the analysis the organization chooses its targeted market by utilize market segmentation methodology. And in the end the combination of effective and right marketing cockleed bag can give an edge over its competitors and rivals.During the stage of the planning process, organizations give mor e importance to their External Environmental Forces that can or will affect the marketing process. PEST analysis plays a very important and vital role at this stage and this gives the organizations a thorough analysis of the products.Difference between Marketing Planning StrategyStrategy of an organization actually defines the overall aims, objectives mission of the company. Every business/ organization has set their goals and objectives in order to gain the market share and earn more profits as compare to their competitors. As I already mentioned that strategy of the company provides the answers of the following questionsAs mentioned earlier that strategy of the company provides answers for the following three key questionsWhat is the present state of the company now?Where does the company want to go?How will the company get there?On the basis of these 3 important questions, an organization or a business sets its targets and makes a proper plan of action to achieve their goals.Ma rketing PlanningThe process of promoting the product or services of the company on the basis of over all strategy of the organization is called marketing planning. Marketing planning involves Situational Analysis, Internal External Analysis of the organization and on the basis of the above factors choosing a right kind of marketing miscellany to increase the market share and maximize the profit and getting company competitive advantage over the competitors and rivals in the market.Construction of a Marketing PlanIt is extremely important for the businesses to make a proper marketing plan when they promote their product. This should be done efficiently in order to gain competitive advantage over competitors in an effective modality so that the organization can make more profits. Now I would like to focus on the components of the marketing plan.In this phase I will highlight the importance of marketing motley which helps us term making a marketing planning. The efficient kind of marketing mix strategies always gives a company an advantage in the market place.Marketing MixMarketing mix is defined as a set of tools an organization may use to achieve its marketing goals. (Kotler, Managing Markets 2006, P-19)McCarthy divided marketing mix in to four groups, which are commonly knows as 4PsProductPricePlacePromotionAn organization uses the all four factors of marketing mix to attracts and target their customers. A company can change its price and keep changes its promotion schemes in short run but it capacity take longer period for them to change their product or places. to the highest degree of the organizations working in the market use Price and Promotion as key factors to target the customer to earn profits. The above mentioned 4Ps helps and represents sellers view of the marketing tools in order to attract the buyers. (Kotler Managing Markets 2006, P-20)Some other authors include 7Ps as the complete version of marketing mix. The remaining three are as foll ows large numberProcessesPhysical narrateIf we life on the marketing mix of the Primark then we can analyze the marketing strategy they adopted so that they attract numbers of customers.Marketing Mix of PrimarkPrimark is widely knows and popular as a clothes retailer which keep attracting the customer by their low price and good quality clothes. I will highlight the marketing approach Primark adopted to get the benefits as compare to their competitors.ProductPrimark is a clothes retailer, it is producing good and quality product according to the need of the people for all range of ages. In this section I will discuss what products they are selling and what are the different features of their products from mens wear, ladies wear and childrens wear. tone of voiceQuality of the product of Primark is quiet reasonable as compare to their prices especially if we look on the other retailers in the high street market retailers.DesignsPrimark keep introducing up-to-the-minute designs at t heir retails out lets. Primark targeted people of ages from 25 to 35. Primark keep providing latest designs in their retails outlets at reasonable prices.Brand NamesPrimark has launched different types of brands in their retails outlets for their customers, which are quite popular. I am discussing few brands of Primark that has become a part and become a value for money business.Rebel expeditiousCS ActiveEarly Days (For babies)Young DimensionsActivecedar tree wood State (For Gents)Atmosphere(Source www.primark.co.uk)Packing SizesThe product which Primark produces are good in quality and their packing is extremely good that people attract to their products. In these products ladies wear and gents dress shirts comes under good packing and in all sizes.Services, Warranties ReturnsPrimark is one of the company which is growing very rapidly and company core objective is to provide the best services to their customers. Each and both Primark store has a customer services department whe re trained customer representative staff help the customers to their concern are solve the problems of the customers on priority basis. At Primark the product that has been purchase by the customers can be exchanged or it can be even refunded within the prescribe 21 days time of the day of purchased date.PricePrimark as a retail company is focusing to provide good quality of products to the customer at the very reasonable prices. Primark is one of the retailers in the Europe where a customer has been targeted by the price of the products. Their marketing strategy most important aspect is value for money with the slogan Look good cover lessExamplesGents shirt prices starts from only 2.00Gents jeans pent can be purchased with in 10.00Gents formal suite can be purchased in 40.00Apart from all that above Primark keep on reducing the prices of the product from time to time and in this way company fulfilling their promise of Look Good pass Less.Promotion equal other retailers working in the region you cannot see many promotion schemes but Primark do make promotions schemes so that they can create more market share. But over all the promotion factor of Primark is bit low because they dont have online shop facility for their customers. This online shop has been neglected which shouldnt be neglected as this is a very important factor in now days. Like all the other companies in the region, Primark introduced Pennys Gift Card in all their stores in Ireland. This brings a lot of saving on shopping in the Primark outlets.PlaceIn marketing mix the 4th P is a very important as far as the clothes retailer concern. You will see Primark stores and outlets on all major and important high streets and shopping centres. Primark has in like manner exposed a shop at the famous Oxford Street in the primaeval London, this store at Oxford Street doing a very good business. The Primark store at Lakeside is also one of the busiest stores at Lakeside shopping centre. If we talk re garding the transportation point of view, all Primark stores and outlets are easy taxable to the general public through public transports as they are located at the very important and majors high streets and shopping centres, and this make Primark a value for money brand for the consumers in the recession period.PeopleThis is also a very important factor of marketing mix and it is very significant as well. Marketing strategy should be make for the people who either are the end users of are the part of the organization for e.g. workers, management, consumers etc. this also defines the market segmentation and demographic segmentation.ProcessesThis process also plays a vital role because its gives an overview about the processes involved in the business. Like mechanism, procedure and flow of all the activities by which services are used. This also tells us the procedures that how product reach the end users. So its important that marketing process should be flexible to meet the needs of the businesses processes.Physical EvidenceThe last 7P of marketing mix is physical evidence this mean that the marketing strategy should include effectively communicating their satisfaction to potential customers. tinge of Marketing Mix on the Management Decision MakingThe importance of marketing mix is very important for every organizations business and marketing plans. Marketing mix is chosen after the very critical analysis of the forces that affects internal and external environment. In this way management can get the better idea about the strengths and weaknesses of the organizations. The potential business opportunities and threats are receivable to the presence of the different companies offering and doing the businesses by same sort of services and product. After the very careful and critical analysis of all the above factors the management of the companies make very good and fruitful decisions. An effective and excoriate Marketing Mix strategy will give the companies c ompetitive edge over the competitors in this way they can produce more profits and maximise the market share of the company.Importance of Budgeting in Marketing PlanFinancial forecasting is also very important and vital in over all running of the business unit. In case of marketing the monetary resource availability is very important. On this basis the organization allocates resources and funds for an effective marketing plan so that they can produce more result in shape of success. Here the question arises that what should be the equal of the whole marketing campaign of the product or the business and how we can allocate the funds for that. Promotional budget normally determined by how much fund provided and how much percentage is available out of the receipts received from the sale of the brand.