An organization working in a dynamic environment need to conduct an analysis to understand the current issues that may impact the level of the business. Marketing is one of the most important activities while conducting business, the marketing plan in this report will focus towards providing the strategies related to market or product development. The organizational case considered for the report is of Primark (primark, 2019).
Primark is the retail fast fashion company founded and initiated in 1969, headquartered in Dubai. As per 2016 statistics, the company revenue reported were 596.9 crores GBP. Since the company is part of fashion industry, the dynamicity pertaining to product range and design is most relevant. Thus considering the role of head of production and market development, the marketing plan for Primark will be provided in the report further. Moreover the structure would include discussing the external and internal environment pertaining to product development will be considered at initial level, from which the key issues will be identified along with the suggested strategies for the company (Du & Bstieler, 2016).
Environment reflects the strategy of the company and need for the change in strategy. Considering the market or product development, The SWOT analysis include
Strengths
Weakness
Opportunities
Threats
As head of product and market development, some of the major problem includes search the customer needs and strategies pertaining to the development of the product. Thus the key objective through this problem identified is research and development pertaining to the need of customer as the customer preference could be changed very soon in case of fashion industry. This problem statement includes customer need analysis and searching for the opportunities in order to work towards the Primark’s growth (Pappas, 2016).
After analysing the situation and need to take key decision making considering market or product development is
Marketing objectives
The key objective through this marketing plan for Primark include
Marketing strategies
After analysing the issues pertaining to organization and market or product department, the key strategies that are recommended for the company includes
The competitive strategy can be analysed through Ansoff matrix, as presented below. As per this matrix the fur strategies that could be the alternative strategy for Primark corporation is product development, market development, market penetration, and diversification. Major strategy that will be suitable for Primark considered by head of product or market development is product development (Kaynak, 2018).
Considering product development strategy, the sub marketing strategies include:
New product development – The product range is proposed through this marketing plan, as one of the opportunities identified for the company is by introducing new product range of accessories. Thus, Primark can introduce sunglass, belts and watches as part of new product development. This may be done in the existing market, so that the marketing activities will be focus towards understanding the consumer needs pertaining to product in the existing market only, before entering into new market (Mills, 2015).
Customer engagement – Since one of the issue is customer research for the department, which can be best resolve through this strategy that is to engage customer while developing new products so as to get new idea for designing and understand the customer expectations. This will also increase the customer relationship of the company and customer database would be able to manage (Kaplan, 2015).
Technological integration – Since the external opportunities and changing fashion industry have to be considering while developing new product and designing. For instance, watches industry has found to have change due to increased technology. Thus, smart watch is one of the ranges among the new product development (Mohd & Sasmita, 2015).
Premium ranges – As per this strategy the company will be focus towards a particular range that may be merge are engaged with particular celebrity. This will reflect the complete range selected and chosen by one of the popular celebrity, it may be from the Hollywood industry. This range will be able to target only the upper class, with keep quality and design as majorly focused constraint in order to provide exclusive collection by the brand (Du & Bstieler, 2016).
Personalization and customization – The Company is willing to retain the customer, for which the best strategy for the company is to customize the product. The customer is looking for the options where they can get apparel with the best fit. The company additional services can be helpful for the customer in assistance from the expert pertaining to fit, size, and suitable designs. Along with this, the company may customize the products as per the customer need and wants, especially in case of loyal customer. The customization may include choosing the colour specific to particular design or making some alterations on special demand (Oke & Prajogo, 2016).
Price differentiation strategy could be recommended to the company, as the brand would be targeting middle to upper class, along with the large product range which may reflect different price ranges as well. The reason being the company would be able to increase the number of customers segment due to various product ranges to be offered, this will eventually able to move towards the marketing objective of increase customer database. Moreover this will also integrate with the company’s strategy to increase number of customer associate with the brand and sustain in the competitive market (Song, 2017).
Promotional strategies – the promotional strategies pertaining to new product segment would include tools like launch event. Since, this would be the major publicity and new for the public, it is important to introduce the segment with an event. Other tools would be social media marketing in order to reach young consumers, and maximum customer segments. Moreover some of the traditional methods would also be used like advertisement through television and printed media.
Product development in the organization is not the sole activity; it has to be associated with other functional department of the organization. Most importantly, finance as the budget provided for the market or product development may include for various activities like production, research, designing, promotion, and distribution. Thus, it needs to be incorporated according to the budget per activity. Other than this, it is important to incorporate the research and development associates in order to understand the progress and the customer perception before and after the launch of new product segment. Other incorporation to be consider by the department include with the human resource activity, as the new product development lead to staffing needs in the corporate. Thus this will be associated among the cross functional activity to understand the need for the employees and the job description.
Thus it can be said that the all the marketing activities from research to distribution and sale are to be collaborated and incorporated in order to positioning the product segment as per the market objectives (Pappas, 2016).
Conclusion
From the marketing plan of Primark, it can be concluded that the company is one of the top apparel brand in European nature. However, the opportunity for the company through this marketing plan includes market development and new product development. . Since the company is part of fashion industry, the dynamicity pertaining to product range and design is most relevant. Key issues after analysing the situation is changing consumer needs and preferences, quality consistency, increased competition, and limited to clothing and beauty products.
The key objective through this marketing plan for Primark include increase in revenue, and increase in customer database, major strategy that will be suitable for Primark considered by head of product or market development is product development. The sub marketing strategies include new product development, customer engagement, technological integration, premium ranges, and personalization and customization. The company can be using the strength identified in order to gain opportunities. The key strengths identified for the company include apparel range, strong brand positioning in Europe, and sustainable goods procurement.
References
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Chung, J., & Fiore, A. (2017). The Effects of Shopping Motivation and an Experiential Marketing Approach on Consumer Responses toward Small Apparel Retailers. Fashion, Industry and Education, 15(2), 11.
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Goffin, K. (2017). Sustainability and new product development. . In Cranfield on Corporate Sustainability, 105-118.
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