Introduction
Marketing planning is an important tool for doing marketing and advertisement of the product which involves particular marketing objectives that should be achieved within a specific period of time so that the business can run successfully. Tommy Hilfiger is the fashion brand organization which was established in 1970 by two individual Mohan Murjani and Tommy Hilfiger( Wallace and et.al., 2014).
Task 1
Marketing planning is very important for the organisation to be successful in local and global market. As the current market situation is changing according to the mindset of the customer there is a need of change in marketing planning of Tommy. Traditional market planning include the strategies which include 4p's of the market segment. In this planning organization focuses on the identification of particular customers and what is their behaviour for the product. In past days the use of media mix was their to deliver good impression on the customer. In modern marketing planning identification of group of customer than organisation anticipate the future needs and wants of the customers( Wood, Pitta and Franzak,2011.). Than customer is satisfied according to their wants and needs with keeping in mind the profitability of the organization.
Marketing planning is an important task so it requires capabilities to to make a market plan as it is a process through which organisation identify and anticipate and lastly satisfy the consumer demand which is done through market research and marketing mix. For doing future marketing there is a great need of:
There are tools which are required to analyse the external and internal factor which affect the marketing planning of the organisation. SWOT analysis of the organisation:
Strength of the organization:
- Being a global brand it has great recognition.
- Globally it has a strong network channel.
- Promotion of the product is done by very popular celebrity.
Weakness of the organisation:
- Brand switching is high as there is a huge competition in the market.
- Cost of maintaining and protecting is very high.
Opportunities of the organisation:
- It brings very innovative ideas in apparels.
- Product lines and services are expanded by the organisation.
- In an emerging economy, the organization is increasing its disposable income.
Threats of the organization:
- International brand competition is very intensive.
- As the economic slowdown demand for premium product get decreased.
- There are so much stock issues as there is a rapid change in the trend.
Political factors
As the political situation of the UK is very stable it is helpful for the company to operate in such an environment. Organization get huge support of the government. So the international relations of the organization is very good as there is back support of the government.
Economic factors
Those factors which are connected with the economy and money which affect the working of the business are economic factors. Supply of goods depend on the demand of the product. Taxes must be paid on time by the organisation( Al-turki,2011.). Change in economic condition affect the sales of the premium product very badly.
Sociocultural factors
The factors which are connected with the people and their behaviour are sociocultural factors which are the lifestyle which the consumer adopt to live. The class to which the customer belongs. and what is the thinking of the customer depends on the upbringing. These factors affect the sales of the premium product.
Technological factors
These factors affect the sales of the organisation very badly as change in technology increases the competition in the market . Technologies can be both physical and mechanical. Focus on technological factor is very important.
Task 2
Ethical issues play significant role in marketing development and growth aspects of the business unit. These aspect create a well-defined impact on business growth and development within the present competitive economy. Business ethics create an effective and well defined impact on brand identity and organizational development within the market. The present market scenario reflects that companies are drifting towards ethical operations in order to enhance the brand awareness and sales revenue in the market. Implementing ethics in marketing planning and promotion is significant for the business development( Wood, Pitta and Franzak, 2011). Tommy Hilfiger ensures ethical business operations to ensure brand loyalty and demand in the market.
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