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MOD003507 Principles and Practice of Marketing Level 5

Introduction

Marketing is a having a broad meaning for a business entity. In the general case marketing word is taking for the product sale but in the actual marketing is related and started with product development. The present business report is based on Primark stores Ltd. which is deals with clothing and it is a big retailer of clothes in the whole UK. This business report is aimed on to enlarge the significant role and the use of the marketing strategy in Primark stores Ltd. The company is having a large channel for the distribution of their products so they are using their potential to develop their marketing strategy (Jobber and Ellis-Chadwick, 2012S). Marketing strategy plays a key role in the modern and dynamic business environment and it is a basic need to adopt a marketing strategy in the current scenario where many companies are competing to each other to make the better sales of the same products. Primark Stores Ltd. is using transactional marketing. This is marketing strategy which focus on the retail sales of the company. This strategy helps in to maintain a level of sales of the products of the Primark Stores Ltd. The Primark is not a manufacturing company it is having suppliers of clothes and it is a retailer company so they have to maintain their input and output of the products to manage the level in the both. So they are using transactional marketing. It is not a easy task to manage consistency in the sale of products in volume to consumers.

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The company has to stay with the demands of the investors, so Primark has to use various ways to attract peoples which maybe their customers. To make the sale of the clothes they are using the discount, coupons and sales events. Primark having tie-ups with several companies that provide their discount vouchers on the sale of the products and Primark also provide their discount vouchers on the sale of their products (Smith, 2014). The company is making its presence in the trade fair and exhibitions so that their might be consumers buy their products. Company is also providing the coupons which will be profitable in the sale of the products, these coupons are the sales coupons which is given by the various types of the contest and lottery system which is organizing by the Primark. Some promotional activities like this are arranged by the organization. The company is using the same promotional activities to make more and more sales in their outlets. These promotional are making a big impact on the sales of the company and these are very useful in the market of the UK. These promotional activities make attraction for their might be consumers. These programs are inviting the customers to buy a product and to make enlarge the number of the customers in the company. This is the innovation of the mangers to provide the these type of activities to invite their customers and to make a demand in the public for the product which they are dealing in(Dinnie, 2015).

Question 1

Primark Store Ltd is a retailer company so they are using a defined marketing strategy to sell their product. Marketing strategy used in the marketing orientation, this is related to the sales of the products of the company. So they are using the full skills to innovate some new ideas to make more and more sales of their clothes and products of the company. Primark Store Ltd. is using the transactional marketing strategy which is focusing on promotional activities to make new customers and to make more sales by the new customers in the market. Transactional marketing is mainly believed to manage the sale because the sale is the factor that is the base of a retailer company so they have to maintain it anyhow. This is the task which is performed by the skilled manager of the Primark. They're a team which are making the promotional activities on the basis of the different markets of the UK and on the basis of the customers which are available in the market (Black, 2013). So the promotional events are making new customers and the objectives are attained by the sales managers of the company. There is a tendency in the sales managers that new customers are the strength of the sales and they have to find out new customers and they have to increase the numbers of the customers. Primark Stores Ltd. is making a good name among the customers, they are providing quality in the clothes. The research team of the Primark is analyzing the demands of the customers. This is a clothing sector where changes in the demands are possible so the company has to use its experts in analyzing the demands. This is a big organization and there is a lot of hope for the customers in their product range.

Primark is using the transactional marketing strategy which is a good strategy for the present types of business dynamics where a lot of companies are delivering the same products and services. This marketing strategy helps to make more and more consumers in the market and the company is using it in a brilliant way. They are making new customers every day and this is a very good sign for the company. New customers are the strength of the customers and it shows that the promotional activities which they are using are working effectively and they are interesting also for the customers. The Primark is a leader for the companies in the uses of the marketing skills.

But this is a time when the company has to adopt a new marketing strategy for its routine and old customers to maintain a relationship with them (Sheth and Sisodia, 2015). The relationship marketing strategy is focused on to manage the relationship with their consumers. This marketing strategy helps to manage the trust and long term relationship with larger numbers of customers. Primark is on the level to maintain a relationship with a particular customer. This marketing strategy helps to tie the customers with the company. The relationship marketing aimed on each and every customer of the company. Primark has to maintain a database of their consumers.

The database is having various data related to the sale to that particular customer. This will create an impact on that customer that the company knows them by their name (McKinnon, 2013). In the relationship strategy company has to make a profile of their regular consumers which is having their name, contact numbers, buying patterns, a number of visitors in a month, their choice and average buy in a month by them. This will create an impact on the customer when the company makes a call them when they generally visit their outlet. And one more thing is that a particular representative makes a call to a number of customers so they can know the mood of the customer.

The company has used both marketing strategy seriously because it helps both types of customer regular and new. Primark Stores Ltd is a big structured company and this having a lot of pressure on the investors so they have to adopt the marketing strategies and these are beneficial for their future competition (Spiller and et.al., 2013).

Question 2

Brexit is related to the British Exit, this is a type of abbreviation. Citizens of Britain wants to exit the European Union, so they voted in favor of Brexit. Britain is a big part of the European Union and they are having a key role in it. British citizens want to move out of the tie-ups of the European Union. This is possible from the efforts of the Prime minister of Britain that they have the guts and faith for their citizens to make a decision like this. Britain exits from the European Union because the British pound was fall to its lowest level because of the policies of the Union. So the prime minister takes this type of decision and declares for a referendum on above the topics. Citizens also in the favor of the Prime Minister and the result goes into the favor of them. This is not to easy task to think about these types of decisions. There were a lot of changes made in government policies. This is not possible without the involvement of the High Court into the process of the Brexit. The British High Court has triggered Article 50 and Lisbon Treaty and starts the process of differentiating the UK from the European Union(Huang and et.al., 2013). The High Court has to include the Supreme Court in the process of the same.

The consequences of the Brexit can be the effect on the economic growth rate of the UK. The UK may face a slower pace of the growth rate. A slowdown may occur in the economy which can create a downfall in the investments. It can be affected by the jobs and minimum wages and the unemployment rate goes higher. Basically, the UK more depends on the European Union, so the UK can face the critical conditions of the market and it can also affect on the share market and the business of the growing companies. The whole capital structure may be affected by the decision of Brexit.

Concentrating on Primark Stores Ltd they have to make changes according to the market conditions (Stewart and Shamdasani, 2014). The mangers of the company have to make more efforts to maintain the sales level, they have to use more skills to manage a level of sales. They have to adopt the relationship strategy in an impressive manner because this is a time when the public and customers are facing financial problems so they are unable to afford the extra expenses and clothes are including in the extra expenses. The managers have to concentrate on the organizational expenditure and they have to adopt theories that help to reduce their expenses. Primark Stores Ltd. have to manage their suppliers, this is a condition when everyone can face the fiscal deficit so they have to arrange the finance for their each and every supplier and investor. Primark has to take some critical decisions to reduce the impact of the Brexit. Still, company was dealing but now the company has to make new markets and they have to make changes in the policies. Employment is mainly affected by Brexit, the company is having various employees which are from the European Union countries, now they have to make new agreement with the employees (Spotswood and et.al., 2012). Primark has to use the effective strategies in the marketing they have to use effective marketing strategy which consume the minimum finance and gives the maximum outputs from the efforts. Customers may get the tendency to reduce their expenses so they have to make some strategies maintain the sales turnover. To resolve the effects of the Brexit, banks may cut their interest rates so this is a chance for the company to give some sales benefits for the customers. Primark may give an installment system to sell the clothes in their customers. This is a solution which give the relaxation to buy the clothes and other products of the company. The company has to give extra discounts on the buy of the clothes and they have to launch some new schemes like; buy three get one free to maintain the sales turnover ratio(Nunkoo, Ramkissoon, and Gursoy, 2013). So they have to make changes to reduce the Brexit effects on the company and these are some steps which will be followed by the company.

Question 3

Pricing policy defines the company's vision, pricing policy is related to the price of the product of the company. The pricing policy depends on the pricing goals of the company. The pricing policy can be adopted by the company to attain their selling goals. Generally a company uses a single pricing policy for a long time period and they can adopt the new policy if the current policy is not working or not useful in the current time(Leonidou and et.al., 2013). Pricing goals set out by the companies to fight the competition of the market and to increase their profits. A company can adopt the pricing strategy to increase the company's cash flow and to secure a particular price in the market. When a company is making the pricing policies, they have to focus on several factors like market competition, market conditions, economic policies of the government and their personnel needs. In the context of the Primark Stores Ltd., they are using the cost-based pricing policy. This is the policy that is based on the product cost and it has including a fix percentage of the profit on the cost. Generally the company wants to make their low cost of productions to make its products also competitive in the market so they can compete in the market with the smilier production companies. Mark & Spenser is also the clothing retailer company and they are also a big brand in the UK, they are using the value-based pricing policy (Öberseder, Schlegelmilch, and Murphy, 2013). Comparison between both companies are here on the basis of the pricing policy:

Comparison between the Primark and M & S on pricing policies

 

Primark(cost-based)

M&S(value-based)

01. Base

Cost based pricing policy is based on the cost and fixed percentage of the profit on the cost of the product.

The value based pricing policy is based on the value of the product for the customer.

02. Analysis

In the cost based pricing, there is no need to analyse the customers and their expectation from the product (Nebenzahl, and Jaffe, 2013).

Value based pricing depends on the deeper analyse the customer and the manager have to experienced in to analyse because their product price is based on it.

03. Attraction

The cost based pricing has the power to attract the new customer to buy the product. Primark is making the lower cost and high quality products.

Value based pricing is not much attractive because the price of the product will be higher.

04. Profits

In this type of pricing policy, there is a limited scope to attain the profits on each product. Primark is taking the minimum percentage of the margin (Hair and et.al., 2012).

Profits are depends on the quality of the product and customer satisfaction. M&S is using this perfectly and making more profits.

05. Method

This is a simple method and traditional way of pricing the product. This is the method which helps in the critical market conditions.

This is a complicated method of pricing and it needs some experts to use the method in the pricing of the product.

06. Variation

The policy gives minimum chance to make variations in the prices for the Primark.

There is a several variations in the profits of the products of the company(Dubois and Gadde, 2014).

 

Comparison between the Primark and M & S on the basis of the menu of key products.

01. Clothing

Primark is company which gives a large range of the clothes and it is starting from the new born baby to older person. So they are using the current policy in a perfect manner and these products are available in a reasonable prices in the outlets of the company (Varsei and et.al., 2014). Company is making the efforts to reduce their pricing because these are the essential part for a human and they are providing the clothes in a simple way. So they are having a lot of new customers and they are making the efforts in it perfectly and this is social work by the company.

M&S also having the clothing range and they are giving it on the value based price, the company analysed their demands of the product so they are making money with the garments of the company. The company is focusing on to making money and this is a very simple way that provide the best product in a high rates. Generally company is having high class customers which are having no issues of money, they only wants some classy and unique types of products.

02. Beauty products

Primark is making the beauty products which are available in the average price for the customers (Grönroos, and Helle, 2012). These products are making new customers and also useful for the customers. Beauty products are only for the female users. This pricing policies are useful for the customers and also for the company because company is providing the good product.

M&S is also in the same market and both companies facing the competition to each other. But M&S having high price of their products so they are having lower customers in the market for the beauty product. The beauty products are not effective as their price so they are facing a critical conditions in this sector.

03. Footwear

Primark is having a large number of customers by the using of this pricing.

M&S is having lower numbers of the customers because products are higher prices (Huang and et.al.,2013).

 

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Conclusion

It can be concluded from the above project that when any business organization has been involved in marketing then it is very important to put some of the marketing strategy in the organization. The project has taken a very good example of a very famous company known as Primark Stores Ltd. It has been further described in the project about the various kinds of development which has been taken place with help of using Transactional to relationship in context to marketing strategies by which orientation policies has been developed by the organisation for market. The project has further explained that European Union has been one of the important part for organisation and impact of this decision taken by UK. It has been explained in the project about all the consequences which a company has been facing when EU has entered into business organisation. pricing policy is one of the important factor to be governed by company for marketing strategy of which different key product of different companies has been explained in the project.

References

  • Black, S., 2013. Practice of Public Relations. Routledge.
  • Burchell, K., Rettie, R. and Patel, K., 2013. Marketing social norms: social marketing and the ‘social norm approach’. Journal of Consumer Behaviour. 
  • Dinnie, K., 2015. Nation branding: concepts, issues, practice. Routledge.
  • Dubois, A. and Gadde, L.E., 2014. “Systematic combining”—A decade later. Journal of Business Research.
  • Grönroos, C. and Helle, P., 2012. Return on relationships: conceptual understanding and measurement of mutual gains from relational business engagements. Journal of Business & Industrial Marketing.
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