PRIMARK is the Irish Clothing and Accessories Retail Industry. Initially Primark was known by the name “PENNEYS”, which is an Irish clothing and accessories retail organization. Primark is small part of AB foods. Primark Company founded by Arthur Ryan, in June 13, 1962. Headquarter of the company is situated in Dublin, Ireland. The first store of the company opened in 47 Mary Street, Dublin in June 1969, and the store still operative, many people come to the store for buying products.
First store of Primark in the United States is located in Boston, Massachusetts, which opened in 2015.The present CEO of the company is Paul Marchant and COO is John Lyttle. Parent company of the Primark is Associated British Foods (Rothaermel, 2015). The products of the company are Clothing, Cosmetics, and Housewares etc. there are 68,000 employees are working in the company. After successes in Ireland, it headed up to expansion the business to the United Kingdom. Though, company opened a large retail store in Belfast City Centre in 1971, and the another store opened is in Derby England, in 1973. The “Penneys” company name could not use outside the Ireland, in Europe, because J.C.Penny had already the registered name. So, “Primark” new company name was created to use outside Ireland. Currently Premark has opened its international headquarters in 2015 in a renovated Dublin Office block, Arthur Ryan House, initially Chapel House.
Primark Company offers many varieties of the products like women wear, men wear, new born child wear, accessories, footwear for both men and women, some beauty products, home ware, and sweetmeat. Company sells their product like clothes and accessories, at the economy rate below market averages prices. Company contributes to the modern fast fashion style, along with traders as such Zara and H&M. According to the article about the company, in The Economist,” For many shoppers, Primark has an irresistible offer: amazing trendy clothes at amazingly low prices (Peppard, and Ward, 2016). The result is a new and even faster kind of fast fashion, which forces consumers to buy heaps of items sometimes even the same ones to use when the first ones worn out, discard them after a few wears and then come back for another batch of new outfits”. Company also have created, a cosmetic line for its cosmetic creation named” PS-PRO”. Many bloggers praised the cosmetic product of the company because, the cost of the cosmetic product is very less and has high quality.
Primark has the stores in following countries:
|
Country |
Number of Stores worldwide |
|
Austria |
5 |
|
Belgium |
5 |
|
France |
11 |
|
Germany |
24 |
|
Italy |
4 |
|
Netherlands |
18 |
|
Portugal |
10 |
|
Ireland |
37 |
|
Spain |
44 |
|
Total |
385 |
|
United Kingdom |
184 |
|
United States |
8 |
Company expanded very fast in UK in mid 2000s.
According to the statement of Associated British Food ‘We aim to achieve strong, sustainable leadership positions in markets that offer potential for profitable growth, and deliver quality products and services that are central to people’s lives’. The aim of the company is, broaden the company’s recent business strategy, by selling their product online, and achieve considerable growth and keeping the recent position, as one the UK‘s top sellers (Eden, et al., 2013).
After launching out of a transactional websites, retailer (parent company Associated British Food) is now focusing on the growth of company’s global retail presences. This strategy will begin with the opening of seven stand-alone stores in Northern America. Company’s main aim is, providing their new customers some affordable, on style fashionable, and better quality in and ‘over-exciting, stylish and fun’ in-store atmosphere. Company has stores in many countries internationally like Ireland, Austria, Spain, Netherland, Italy, Germany, France etc. According to researchers, the total store in United Kingdom of Primark has 184. And now the company is thinking to expand their business in other countries as well. So, for that company is working on their supply chain management strategy. Primark is known as the one the best clothing and accessories brand, in the retail industry of United Kingdome. To meet the global demand of the company, Amcor needs to bring a good and an effective supply chain management (Hill, et al., 2014).
Mission of the company, objectives and targets are the essential contribution in an organization. A good marketing plan and effective supply chain strategy, helps the organization to achieve the goals and profits. These strategies will also help in expansion of the Primark stores worldwide. So, the mission of the Primark- (A leading clothing and accessories company) is clear.
The vision of the company is to develop and improvement in the websites in terms of, design, product offering method, increasing the stock of products, improvement in product features. Introducing effective reality features is used for enhancing the interest of the new customers. Company wants to see itself at the top of, in clothing and accessories retail industry. So they have many opportunities as such: sign up to cell phone messaging apps like UK found app: snap chat, to interact with their customers and can offer many deals.
The vision, Company wants to be the most widely spread center coverings organization worldwide. Another strategy is, full filling the customers need and making a pleasant environment for them (Bettis, et al., 2016). Provide the proper training to their staff members of the retail stores, and train them about, how to know the customer needs? What customer wants? And how to full fill the customer need? How to satisfy their customer by providing good services? A good store manager knows all the needs of customers. Foe every organization customer should the first priority. In case of Primark, the tag line shows itself “customer comes first”. Give their customer to place order into store and get their product at home (If there is any delay). To promote the company products, company should use digital platform as such plasma screens in their retail stores, in malls, and in shopping streets.
The strategic planning of the Primark is decided to achieve the main goals and objectives of the organizations. It lays the roadmap of achieving the goals of the organisation. It is the process of determining and formulating the strategies implementing in the organisation. Primark is one of the leading retailers and affordable fashion brand clothing in UK. Moreover there is a high amount of competition in the market among the other companies. The Primark has set the various strategies to attract the customers to visit their company they have accepted the challenging task in the current scenario (Marchington et al., 2016). The demographics of the Primark consumer market have identified the strategies which need to be implemented for the following objectives which is been set. The Primark has set the various strategies to attract the customers to visit their company they have accepted the challenging task in the current scenario:
The strategic plans is been designed for the achieving the goals and the objectives of the retail clothing industry which is the fastest moving industry in the market which mainly demands to have the marketing process in the continuous process of the retail organisation and should be managed having the various strategies. It is important to relate the characters that majorly involve implementing the principles of the strategic management (Pruijn, 2014). The various strategies being implemented to achieve all the goals to lead are:
The following programs applied are:
The major goals are in the following ways:
The Strategies used for implementing
The business environment that is affecting the Primark Company has the basic layer of business environment and mainly consisting of the broader surroundings of consisting the environmental factors that have the major impact on the organisation across all the industries. It is essential to make the analysis on the current business situation that mainly affecting the clothing industry. The process of the organisational can be facilitated by the specified concept of the marketing by doing the analysis externally on the consumer buying behaviour. As the organisation, is well known for delivering the well fashionable fabrics and accessories with the tasteful designs with an affordable price rate. The Pestle analysis is quite significant for making the analysis on having the prior knowledge about the external business and the operations on the plans of the business.
Political- It has the main aspect of concerning about the primary factors with the political climate in which the organisation mainly aim to conduct the various operations and therefor it highlights the effect made on taking the initiatives with the government that have the main power in the performances of the retail brand. The Primark take care of making the activities compliant with the various kinds of the governmental rules and regulations like sex discrimination, protecting of the data for health and safety etc. (Bettis et al., 2014).
Economic- In this, the analysis is made on the retail brand and can easily access to the risk factors that is used for challenging or avoiding the enterprise at the time of the operations being made on the basis of the challenges and the issues being rise on the operational activities. Such as changing rates of the interests, price trends etc. Moreover it helps in development of the deliberate decision or the choices made dealing with the future possibilities and ambiguity that can have the major effect on the organisation.
Social- It has the major aspect on the demographic factors that generally highlights the factors being affected by the social elements which deals to the major impact on the performance made on the business organisation and have the region of the operations. The perception is made on the customers that have the new regions which is generally been highlighted and also have the factors in income, choices and majorly take time for changing the preferences of the target be segmented and analysed for reaching to the high benefits.
Technological- The analysis is made on the basis of the organisational ability and utilizing and changing the available technology for the new way of processing the manufacturing products. It has the major aspects on improving the quality of the product and the quality transformation for featuring the products and to minimize the uncertainty.
Legal- The analysis has the major legal aspect that mainly helps the Primark for collecting and conducting the business operations for the various kinds of the trade and taxation policies and the tariff laws. It has the strict regulations to the governmental legislations in the business activities.
Environmental- It has the analysis on the environmental factors that is been raised for bringing the major contributions and the company toward the operations that work on the corporate social responsibilities of the Primark that is mainly highlighted in the business processes. It has the major concern on the utilising the recycled and bio-degradable products for packaging and services (Bettis et al., 2014).
Primark should accept the new opportunities of the digital revolution. It is stated, that Primark should use the transaction feature now on their company website, to get the stable financial position.
Conclusion
Conclusion of this report, it shows digital revolution continuously changing the e-consumers behaviour. It is authoritative for the Primark, to formulate revolutionary and resourceful marketing strategies. Primark has been reported a good profit in recent economic collapse as compared to its rivals, which badly suffers from the current situation. From the given analysis of the Primark it is clear that, management of the Primark is most effective and drawing more customers (Bettis, et al., 2014). Primark has been accepted the lowest pricing strategy that most effecting. Also Primark promises to their customers, to provide lowest price and good quality products. Key point of the report is company’s performance is increasing day by day
References
Banks, M.A., Vera, D., Pathak, S. and Ballard, K., 2016. Stakeholder management as a source of competitive advantage. Organizational Dynamics, 45, pp.18-27.
Bettis, R., Gambardella, A., Helfat, C. and Mitchell, W., 2014, Quantitative empirical analysis in strategic management. Strategic Management Journal, 35(7), pp.949-953.
Bettis, R.A., Ethiraj, S., Gambardella, A., Helfat, C. and Mitchell, W., 2016, Creating repeatable cumulative knowledge in strategic management. Strategic Management Journal, 37(2), pp.257-261.
Christopher, M., 2016. Logistics & supply chain management. Pearson UK.
Eden, C. and Ackermann, F., 2013, Making strategy: The journey of strategic management. Sage.
Gunaratne, A.M.T.A., Gunatilleke, C.V.S., Gunatilleke, I.A.U.N., Madawala, H.M.S.P. and Burslem, D.F.R.P., 2014. Overcoming ecological barriers to tropical lower montane forest succession on anthropogenic grasslands: Synthesis and future prospects. Forest ecology and management, 329, pp.340-350.
Heizer, J., 2016. Operations Management, 11/e. Pearson Education India.
Hill, C.W., Jones, G.R. and Schilling, M.A., 2014, Strategic management: theory: an integrated approach. Cengage Learning.
Hospers, G.J., 2017. People, Place and Partnership: Exploring Strategies to Revitalise Town Centres. European spatial research and policy, 24(1), pp.65-79.
Marchington, M., Wilkinson, A., Donnelly, R. and Kynighou, A., 2016. Human resource management at work. Kogan Page Publishers.
Peppard, J. and Ward, J., 2016, The strategic management of information systems: Building a digital strategy. John Wiley & Sons.
Pruijn, A., 2014. The Integration of Corporate Social Responsibility into Business Strategies.
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