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Marketing is the study and management of exchange relationships. It is the activity, set of institutions and processes for creating, communicating, delivering and exchanging offerings that have value for customers and its clients, partners, and society at large. Marketing is the strategy adopted by the company through which it attracts the user to retain the customer and identifying the needs of customers and satisfying them. (Chiou, Lin, and Perng, 2010). In this present report, the marketing criteria of Primark Company have been discussed which is an international clothing retailer across the world. In this, marketing innovation strategies have been taken into account in the context of Primark.
Marketing is the tool that has been adopted by the company as a strategy to attract customers and promote its goods and services. In today's world, organizations are required to make innovation in marketing strategies so that efficiency can be increased. Primark is a British company that is one of the leading international clothing organizations which offers a large number of products to its customers. The products which have been distributed by Primark include newborn and children clothing, men and women wear, homeware, accessories, footwear and beauty products and confectionery (Fahy and Jobber, 2012).
Marketing innovation is important for the company. It is the term that helps in bringing new ideas that incorporate new advances in marketing science, technology in the aspect of the company. It is an innovation implemented in the marketing methods of the company that involves significant changes in product design or packaging, product placement, product pricing or promotion, etc. so as to increase its customers regarding its goods and services. Various marketing strategies of marketing innovation are; innovation in marketing strategies, new tools of promotion, new ideas in production etc (French and et. al., 2010). The main purpose of marketing innovation is to satisfy the needs of its customers and also to open up new markets or launch new products of the company in the market with the objective of increasing sales of a firm.
The manager of Primark has adopted innovation in its marketing strategies which can increase sales of the firm. Creating a sustainable competitive advantage is important for the company to be successful in the market place of the company and also it will enable it to achieve the goals of the company.
Marketing innovation is important in maintaining a competitive advantage of the firm.
The manager of Primark is of the opinion that the company should make innovation in its marketing strategies so that it can develop and sustain its competitive strategic advantage. Marketing innovation is important in Primark because it enables the company to be proactive in anticipating emerging consumer trends in the aspect of its products like the clothing of women and men accessories and confectionery products and thus addressing them via effective marketing strategies (Marland, Giasson and Lees-Marshment, 2012). Also, marketing innovation can help Primark to sell its products more efficiently and indifferent manner from its competitors like Tesco and Zara, which increases the competitiveness of the company.
The manager of Primark also considers this aspect necessary for the company because it aids the firm in developing a competitive advantage by perceiving and discovering a new or better way to compete in the industry. For example, if the management of Primark has adopted new strategies to promote its goods and services like clothes, accessories, beauty products and confectionery products then it will be able to attract its customers because customers always want new and different products in the market. Also, if a company makes innovation in manufacturing clothes like for example in women wear according to the latest fashion then also it will surely increase sales of the firm as more customers will be attracted to the products which will result in developing a competitive advantage.
Marketing innovation is also important for the organization as it engages and inspires people to create and make innovation in new products, processes, and services of the company (Robinson-Maynard, Meaton, and Lowry, 2013). Marketing innovations help Primark to increase the business value of the company which makes the firm more attractive to the shareholders, mergers, and acquisitions.
It is also important for the firm due to the result of increased profitability. By adopting marketing innovation strategies, the company can respond to industry disrupters and can also increase its market share and extends the product lifestyle. Marketing innovation should be done according to the perspectives and views of the customers.
Marketing innovation helps Primark to enhance its brand image in front of its customers as its products have been designed in a unique fashionable style. Innovation in marketing strategies also increases a company's viability and helps in facing the challenges in the market place. It also increases strategic competitive advantage as a company has come up with new and innovative ideas that enable the company to stand at a higher position from its rivalry companies (Tsekouropoulos and et. al., 2012).
For example, innovation in marketing strategies helps the customers to prefer those products and services which are of good quality performance and features. The marketing innovation is also important because it enables the company to identify and satisfy the needs and wants of the customer. Also, innovation in marketing strategies can also develop a competitive advantage by satisfying the needs of society. It means it aids the company to abide by the rules and regulations of the society which also creates a positive impact on the minds of consumers. Also, marketing innovation is also important because it leads the customers to differentiate among similar or like-kind of products and services offered by different companies in the same industry (Tzeng and Huang, 2011). Also, marketing innovation is necessary for the firm because it helps in increasing its ROI to shareholders, the achievement of business objectives and improving bottom-line results. Innovation in marketing strategies leads to better promotion of Primark's confectionery products and accessories among children and also it increases the market area of the company.
From the above report on marketing criteria, it has been concluded that marketing innovation is important for the company to gain its competitive advantage. It enables the firm to gain customer satisfaction and aids in increasing profits and efficiency. The company namely Primark has enhanced the sales efficiency of its products by adopting innovation in its respective marketing strategies.
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