This Marketing plan will talk about vision, mission and values at Primark. It will also focus on areas such as the strategic marketing environment highlighting on SWOT and PEST analysis. It will show the segmentation, target and position strategy of Prima
Extracts from this essay...
i MARKETING PLAN 'LOOK GOOD PAY LESS ' Contents EXECUTIVE SUMMARY 4 INTRODUCTION 5 Chapter 1: STRATEGIC MARKETING ENVIRONMENT ANALYSIS 6 SWOT 7 PEST ANALYSIS 8 Chapter 2: Vision, Mission & Values 12 VISION 12 MISSION 12 VALUE 13 CHAPTER 3: MARKETING STRATEGIES 14 SO, ST AND WO, WT 14 ANSOFF'S MATRIX 15 CHAPTER 4: SEGMENTATION, TARGETING & POSITIONING STRATEGIES 17 SEGMENTATION 17 TARGETING 20 POSITIONING 20 CHAPTER 5: MARKETING MIX 21 PRODUCT 22 PRICE 24 PLACE 24 PROMOTION 24 CHAPTER 6: RECENT AND FUTURE CHANGES 25 BIBLIOGRAPHY 27 EXECUTIVE SUMMARY U.K. retail market outlets have seen year on year growth of 5%. The UK is undergoing a sustained period of growth - the level of consumer confidence is holding up, although it is fragile and could change rapidly slower earnings growth, speculation about changes in interest rates and job insecurity could affect this rate of growth. In June 2005 the retail industry employed 2.9 million people. This equates to one in nine, or 11%, of the total UK workforce. UK retail sales were approximately £260 billion in 2005. The volume of retail sales rose by 0.4 per cent between April and May 2007, buoyed by an improved performance across most sectors, particularly household goods. The only declines were seen in textile, clothing and footwear stores. Large retailers are likely to remain the dominant players while trying to increase their market share through mergers and acquisitions. Premium operators such as John Lewis, Waitrose and Marks & Spencer, with their focus on high-value, high-quality, diversified product range and customer service, will also continue their strong trading performance. Internet shopping will not, however, spell the end for shops. People will continue to see shopping in stores as an enjoyable social event. In the recent economic environment low cost fashion retailers have shown greater strength while the conventional market including M & S, Debenhams, Next and Arcadia group have recently reported losses.
This strategy is used by companies in order to increase sales without drifting from the original product-market strategy (Ansoff, 1957). Primark current products are fashion clothes like Atmosphere , Girl 2 Girl Denim co, and so many brands. Primark give cheaper things to customer so it is gaining competitor's customers. Market development may entail exploration of new segments of a market, new uses for the company's products and services, or new geographical areas in order to entice new customer (Lynch, 2003 A). Primark's clothes, accessories and homewear are the existing products which attract fashionable people under 35. Primark provide chip chic fashionable products to customers. But they don't improve their service to customers like their products. The product development strategy include competitive entry, maintain the company's reputation as a product innovator, exploit new technology, and to protect overall market share (Lynch, 2003 B). Primark is very much conscious on their cost of production. They regularly scrutinize suppliers cost. Primark has 15.7 market share (Mail online, 2008). While diversified businesses seem to grow faster in cases where diversification is unrelated, it is crucial to note that the track record of diversification remains poor as in many cases diversifications have been divested (Porter, 1987). Primark has very poor relation with their customer. Their employers are not behaving very well. CHAPTER 4: SEGMENTATION, TARGETING & POSITIONING STRATEGIES No organization has the resources to serve every customer in every market. Research and customer knowledge is thus used to identify specific subgroups that can be effectively targeted through marketing. Segments may be as small as one consumer or business customer or as large millions of customers in multiple nations. Next decision parameter is targeting approach. Primark is expanding by targeting the same segment in other countries, where it competes with major brands such as Matalan, Asda etc.(Wood, 2007) It does need to be recognized ,however that for many organization the strategic issues of market segmentation, market targeting and positioning often take on only a minimal role.(Wilson & Gilligan, 2005)
At present there are so many form of changes in Primark gone through and will be going through in future. Changes in the marketing environment such as eco-environmental, social, legal, economical, political and technological changes have made Primark come up with several plans, short term and long term some of which have already been implemented The latest change in Primark is the introduction of the Code of conduct. And it includes the following. They choose their employment freely. Freedom of association and the right to collective bargaining are respected. Primark has safe and hygienic working conditions. Child labour shall not be used. No secretion is practise In Primark there is no harsh or inhumane treatment is allowed. It provide very regular employment. Primark joined the ETI (Ethical Trading Initiative) in May 2006 and defined an ethical strategy. This includes assessing of working condition of employees of the supply chain, risk assessing of all new suppliers, share the suppliers with their competitors, etc. Throughout the company, core demands for all managers are safeguarding the workforce and the products, minimising the environmental impacts and ensuring legal complains. The priorities are to reduce the number and hardness of workforce injuries. Ensure energy and raw materials are used efficiently with minimum wages. Primark continue independent auditing of operating sites and independent verification of key data. Primark recognises the impact that it has on the environment. Therefore, as a minimum, they have complied with current applicable statute law of the countries in which they operate. In future Primark should concentrate more on the environment as the future customer's will be more environmental concern. To fulfil their needs the trader has to stick to their environment policies. A testimonial for Primark to increase the revenue is to start up food. Since the parent company of Primark is already in the food business, Primark could gain huge advantages. As Primark is known as value for money, they have already gained a customer base. Therefore the cost of marketing will also be minimum.
Found what you're looking for?
- Start learning 29% faster today
- Over 150,000 essays available
- Just £6.99 a month
- Over 180,000 student essays
- Every subject and level covered
- Thousands of essays marked by teachers