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Selfriges Marketing Analysis and Strategy

Extracts from this document...

Introduction

1. INTRODUCTION 2 1.1 SITUATION ANALYSIS 2 2. MARKETING AUDIT 2 2.1 MACRO ENVIRONMENT 2 2.1.1 POLITICAL FACTORS 2 2.1.2 ECONOMICAL FACTORS 2 2.1.3 SOCIAL FACTORS 2 2.1.4 TECHNOLOGICAL FACTORS 2 2.1.5 LEGAL FACTORS 2 2.1.6 ENVIRONMENTAL FACTORS 2 2.2 MICRO EXTERNAL ENVIRONMENT 2 2.2.1 THREATS OF NEW ENTRANTS 2 2.2.2 THREATS OF SUBSTITUTE PRODUCTS 2 2.2.3 BARGAINING POWER OF SUPPLIER 2 2.2.4 BARGAINING POWER OF CUSTOMER 2 2.2.5 RIVALRY 2 2.3 MICRO INTERNAL ANALYSIS 2 2.3.1 CUSTOMER SEGMENTATION AND TARGETING 2 2.3.2 COMPETITORS 2 2.3.3 BRAND 2 2.3.4 DISTRIBUTION 2 2.3.5 PRODUCT 2 2.4 INTERNAL ANALYSIS 2 2.4.1 PHYSICAL RESOURCES 2 2.4.2 HR AND SKILLS 2 2.4.3 FINANCIAL RESOURCES 2 2.4.4 INTANGIBLE RESOURCES 2 2.4.5 COMPETENCES 2 2.4.6 CAPABILITIES 2 2.5 SWOT ANALYSIS 2 3. MARKETING PLAN 2 3.1 OBJECTIVES 2 3.2 GAP ANALYSIS 2 3.3 STRATEGY 2 3.3.1 GROWTH STRATEGY 2 3.3.2 COMPETITOR STRATEGY 2 3.3.3 POSITIONING STRATEGY 2 4. IMPLEMENTATION PLAN 2 5. BUDGET AND CONTROL 2 6. APPENDIX 2 7. REFERENCES 2 1. Introduction This report comprises a marketing audit and a marketing plan for the year ending on May 2012 for Selfridges. Through this report the board of directors will be able to analyse the marketing plan which was created to stimulate and increase in market share of Selfridges' brand. Secondary research and personal interviews with Marketing Director and Advertising Coordinator of Selfridges were carried out in order to collect reliable information needed for the marketing audit. The marketing plan was then based on rigorous analysis of all the information collected throughout February 2011 and it is consistent with the current company's mission, vision, strategy and objectives, capabilities and opportunities. 1.1 Situation Analysis With over 100-year history and tradition, Selfridges was recently voted the "Best Department Store in the World" at the Global Department Store Summit in New York. Selfridge's chain of 4 branches in the UK follows the differentiation marketing strategy which is proving to be successful and assisted the company to reach sales of �809m and 8% growth in profits in the year ending December 2009. ...read more.

Middle

Oxford Street London 1909 Trafford Centre Manchester 1998 Exchange Square Manchester 2002 Bull Ring Birmingham 2003 2.4.2 HR and Skills Selfridges employees over 3500 people amongst its 4 branches in the UK and practises diversity within a friendly and social work environment. It claims that its employees from beauty counters to Food Hall are as diverse as the products they sell. Staff from shop floor sellers to directors of the Head Office Departments (Buying & Merchandising, Finance, HR, Information Systems, Marketing, Communications & PR, Online store team, Visual Merchandising and Property) is motivated to constant learning and development through weekly training and ad hoc courses which keeps the workforce up-to-date and able to provide the highest standards and ensure customer satisfaction. The company searches for committed, keen and ambitious people and constantly encourages its employees to acquire new skills and capabilities to better serve customers through three-month induction training, continuous on-the-job training, career developments advice and feedback. 2.4.3 Financial Resources Total Sales (�m) Net profit (�m) Legal expenditures 2008 760.46 81.052 200,000 2009 809 88.1 205,000 Increase 6% 8% 2.5% Source: Selfridges and Co. Plc Annual Report 2009. 2.4.4 Intangible Resources Selfridges&Co name alongside with its brand are the most valuable intangible resources the company posses. The special limited edition of the Blackberry Bold coloured in Selfridges' trademark pantone 109 yellow was created to celebrate the company's 100-anniversary in 2009. 2.4.5 Competences According to Sally Scott, the company's Marketing Director, Selfridges' core competences are the ability to conduct market research and understand customer's expectations, maintaining a perception of luxury brand; and ability to effective manage its Human Resources. Selfridges' distinctive competence is the ability to entertain and innovate. Continuous public and private events, the opening of galleries (ie. The Shoe Gallery), personalized goods, personal shopping and seasonal campaigns have attracted customer's attention and differentiated the company from its major competitors. 2.4.6 Capabilities Market One of the leaders in the departmental industry in the UK, wide brand recognition and loyalty, extensive understanding of its customer's wants, needs and expectations and innovation and entertainment differentiation. ...read more.

Conclusion

Customer profile and services provided. Target Audience Name Profile What Selfridges Offer Preferred Brands Considerations/ Services Alexas Trendsetters, innovators, opinion formers, and interested in culture Concept Store, Events, Windows and accessories Contemporary ie. Acne, 3rd Central Key Events, limited editions, personalization Luxury Lifestyle Interest on being the first ones seen with new collections, up-to-date style Lifestyle shop, wonder room, jewellery, designers Channel, Burberry, Alexander McQueen Personal shopping, car park, personalization Elegant with a Twist Contemporary, home is important for them, prefer timeless pieces Bit of everything, the right edit, the yellow bag Stella, 3rd Central, Spirit, designer jewellery, shoes, accessories End of the month/pay day, restaurants, fitting services in lingerie Classic Cuts Prefer something that fits them rather than brands that provide status Relaxed contemporary edit, day out, quality, classic 'Brit-ness' Food Hall and Home, YSL make-up Lunch/tea, gift wrapping, typical shopping seasons and occasions High Street Camaleons Follow celebrities, their look defines who they are Constantly updated editions Miss selfridge, Topshop, make-up Selfridges as meeting place, school holidays, weekends. Hoxton 2 Opinion formers, trendsetters, creative, quirky Windows, pop up shops, events, total lifestyle shopping Uniqlo, Cos, Acne, Dries Van Noten, Vivienne Westwood Private events, let them be consumer advisors on trends Hoxton 1 Like to think they are cool, follow trends and celebrities' trends They follow Selfridges because the other target market Hoxton 2 do Uniqlo, Topman, All Saints, Muji, trainers Customisation, 'weekday' socialising, influenced by media and think Selfridges is cool Silver Fox Think shopping is seasonal, special quality pieces Casual lines, tailoring, personal shopping Canali, Zegna Gifting, dinning, usually wife shops for them Luxury Lifestyle Respond to exclusivity, brands and craftsmanship Exclusivity, Wonder Room, Wonder Bar Vertu, Prada, McQueen, Dior Personal shopping, create your own, exclusives Classic with a Twist Fashion conscious do not navigate trends, poor time, like advices Shopping with partner, brand security all under one roof Paul Smith, ted Baker, Ralph Lauren, Burberry, Jack Wills, 4 all mankind Car park, lunching, internet shopping 11) Gantt Chart 7. ...read more.

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