Marketing Consultancy
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Table of Contents INTRODUCTION..........................................................................................................................3 SMART OBJECTIVES............................................................................................................. 3 Porter's Generic strategies:..............................................................................................4 Situation analyses of the market................................................................................... 6 CONCLUSION............................................................................................................................10 REFERENCES............................................................................................................................ 11
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INTRODUCTION Marketing consultant played a vital role in the success of each and every business organization. These are very skilled and professionals who analyse the market very well and design strategies in order to improve business. There are various business units who are confused regarding marketing strategies. The marketing consultancy agencies can help to advise them in to a appropriate manner. They also support the corporate branding of a business organizations. The present report is based on the NEXT PLC who wants to promote their products and services in a effective manner. SMART OBJECTIVES Business
objectives
having
a
great
significance
in
the
growth
and
development of a business unit. For this the marketing manager required SMART objectives to ensure both long term and short term goals and objectives and ensure success. There are following SMART objectives of NEXT PLC: Specific
This objectives are related with the how a manager know what to do? Therefore, the top management required that to make their objectives specific. For example, NEXT PLC wants to be a global brand through providing high quality goods to its customers.
Measurable This is related with the objectives which can be measure in terms of quantity and quality. For example, NEXT PLC decided their long term goal is that to increase market share by 8 percent and also increase revenue approx. 20 million in the next few years. Attainable
There goals and objectives must be attainable so that these can be achieve effectiveness.
Realistic
Here, the realistic means is if the goal which having no time
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line can be called realistic. Porter's Generic strategies: This strategy applied by the Next PLC to sell the products and services in the market. These strategies are divided into four parts: Cost leadership: This is one of the major strategy which can help to attain competitive advantage in the market. In this strategy a firm tries to become a market leader by offering products and services at the lower cost as compare to other business unit. In the context of NEXT PLC are required to overcome its operational cost to such level so that no other firm match to product their goods at this level. It can help to increase market revenue and profitability in the market which is the common goals and objectives for every business units. For this, they required to use various tools and techniques which can help to reducing their cost of operation. For this they are using cost control method without compromising with the product quality. Apart from that they also import their clothing and other products form various countries such as India, Indonesia, Chain etc. because the labour charges are lower in these countries. Differentiation: This is another part of Porter's Generic strategies which can also help to provide competitive advantage in the UK market. In this strategy a business organisation tries to create uniqueness in their products, services, infrastructure, research and development etc. In this context of NEXT PLC, the firm can provide unique products in terms of product quality. They can also launch new clothing range on a regular basis which can help to attract their customer which can leads to increase market share and revenue. The cited business entity, also conducting customer research which can help to identify their changing needs so that they can design and produce their products accordingly. Apart from that NEXT PLC is having a brand image in the UK market which can give edge over its competitors. Are you a student of marketing ? Visit Assignment Prime to get unmatched Marketing assignment help for college students by skilled hands.
Cost focus: In this strategy the firm is focused on the particular area. The idea behind the focus strategy is developing marketing and selling products in to a nice market or a particular types of customers. The main aim of such strategy is become market leader in order to provide goods and services to the niche market. In the context of NEXT PLC, the firm can select various target markets and provide products accordingly. For example, they can focused on the young generation and provide sport clothing and sports footwear to them. They can also open a separate store for sports segment which can help to attract market share and market share in the UK market. Apart from that the firm also can select premium target market in provide highly qualitative and unique products to its target customers. The can also use their promotional activities which can help to increase awareness towards the customers. The main objectives of this strategies is to increase revenue from a small market segment. Differentiation focus: This is fourth components of Porter's generic strategies which is a combination of differentiation and focus strategies. In this marketing tactic the business organisation is required to provide unique products to the niche market. It is more suitable marketing strategies which can help to provide competitive superiority over rival firms in the market. For example, they can focused on the younger generation and provide them to unique products like fashionable clothing in the premium category. They can also used ethnic and western clothes to them in a manner which can attract large number of potential customer in the United Kingdom market. Thus, these above strategies can help to the NEXT PLC in order to sustain in the UK market. Segmentation: A process in which the market(the buyers0 are differentiated in different categories. Next PLC is a retail chain which for its working and stability in the market it is very necessary to focus the market. The market itself is a very wide and big platform, it has to be divided into different groups. Are you a student of marketing ? Visit Assignment Prime to get unmatched Marketing assignment help for college students by skilled hands.
Next PLC has to divide the market in following categories-
Geographical segmentation- The market is divided on the basis of area, regions and more.
Demographic segmentation- The market is divided on the bases of gender, lifestyle, age group, income group.
Behavioural segmentation- It is done on the basis of the behaviour of the customer's buying. Targeting: Targeting the market means that on the segmented market basis Next PLC has to select one market group so as to promote the business within them only. The best suitable customer has to be focused as because if the firm has to sustain in the market first it need to capture the share of the segmented market. Company has to consider which segment group will result most effective at the end. Suppose-: As the firm is in clothing retail sector target market could be demographic group as well as geographic group. We have to analyse by doing surveys and research that which is the right location for the firm to set and also we have to check that what are the preferences and choices and how frequently the customer is consuming a product. PositioningThe very important fact for a firm is to create its goodwill. So Next PLC not only has to focus on retaining, it should also give benefits and satisfaction to the customers. A firm should be recognised by every one that is the most precious asset a firm could have. Next PLC can position itself in the minds of the customers Affordable prices. Using cultural symbols.. Better services. Products benefits. Are you a student of marketing ? Visit Assignment Prime to get unmatched Marketing assignment help for college students by skilled hands.
Marketing communication It is essential for a company that is to use marketing tools in order to communicate with their stakeholders. They having various stakeholders such as investors, shareholders, distributors, suppliers, customers, employees etc. For this there are various marketing tools which can be used by NEXT PLC as given below: Advertising: This is one of the most common method which is related with the promote a firm's product in a effective manner. It is a public mode of communication where a company can communicate large number of people at a time. There are various advertising modes which can be traditional and modern both. In traditional media print media, radio and T.V. On the other hand in the modern approach NEXT PLC can used social media which such as Facebook, You Tube, Instagram etc. can be used by the cited business unit. Public relation: This is another tool which is related with the maintain effective
communication
with
their
stakeholders.
There
are
various
information which must be shard by the company with their stakeholders. For example, each and every year the cited business unit can conduct annual general meeting where they can call to its shareholders and disclosed their financial data and information which are relevant for them. Situation analyses of the market It is essential for a company is that to analyses their market and future opportunities in a effective manner. Business environment is very complex and competitive and its change over a period of time (Fletcher and Crawford, 2013). There are two major environment internal and external can influenced business and its operation. The internal environment can be influenced by internal factors which can includes firm's policy, structure, employees, competitors, resources, leadership, organizational culture etc. These factors can be controllable by the company which can help to overcome the potential risk (Czinkota, Ronkainen and Zvobgo, 2011). On the other hand, the external environment is related with those factors which can affects a Are you a student of marketing ? Visit Assignment Prime to get unmatched Marketing assignment help for college students by skilled hands.
business externally. These factors can be included political, legal, economical, global etc. These factors are not controllable by the firm but the they can overcome these factors in a effective manner. In the context of NEXT PLC, the firm is required to analyses their environment carefully which can help to attain their long term goals and objectives effectively. For this, cited business unit can be used Mckency 7s model which as given below: It is a useful framework for reviewing a business organization and its capabilities from different point of view (Jain, and Griffith,2011). There are various components in the model where it can provide and greater idea which can help to analysing and reviewing all strategies and tactics in a effective manner. These factors can be:
Illustration 1: Mckensy 7s model Strategy: It is one of the major component which is related with the strategies which can be used by the cited business organization. There are various marketing strategies which are using by the most of the companies Are you a student of marketing ? Visit Assignment Prime to get unmatched Marketing assignment help for college students by skilled hands.
in order to attain competitive advantage in the market. NEXT PLC is required to use these strategies in a appropriate manner (Vrontis,Thrassou,and Czinkota, 2011). There are following marketing strategies such as: Marketing Mix: It is the tactical and operational part of a marketing plan for the company. There are four main elements which can included product, price, place and promotion. It can help to offer product to its customers in a appropriate manner which can help to create awareness and increase sales of the company (Cadogan, 2012). These marketing mix as given below: Product: This is one of the key elements which is related with the product and services which offered to its customers. In the context of NEXT PLC they provide a wide range of products to its customers which can includes fashionable clothing, footwear, home products, etc. the most important part of the cited business unit is that they having women clothing, men wear, child wear etc. These all product are too good in terms of quality which can provide competitive advantage over its rival companies in the market (Evers Andersson
and
Hannibal,
2012).
They
import
quality
row
material
components form various countries such as India, China, Turkey etc. Price : This is another critical elements in the marketing mix. This is related with the price and pricing strategies which is most important thing by the customer and company point if view. NEXT PLC can be used various pricing strategies which can help to provide competitive superiority in the market. For example, the cited business entity can used premium pricing strategies where they can provide highly quality and premium clothing to its target customers. Apart form that they can also use discount pricing strategies where they can provide discount to its customer in the festive season (Cavusgil and Cavusgil, 2012). The main motive of this strategies is to increase revenue and market share in the market. Place: It is included distribution centre, warehousing and supply chain in the particular market. NEXT PLC is required to open their distribution center and stores at the strategic place where the consumer footprints are higher. The Are you a student of marketing ? Visit Assignment Prime to get unmatched Marketing assignment help for college students by skilled hands.
cited business organization is having more than 500 stores in the United Kingdom. These stores are categorises in to two types one is urban store which can be located in the malls and other area and another store is related with the semi urban which can help to attract new market (Chandler and Graham, 2010). Promotion: There are various marketing activities which is related with the promotion and advertising. The cited business organization can used various promotional activities in order to promote firm's products and services in a effective manner. For example, they spending millions of dollars in the advertising so that they can create new demand of the products. There are various tools and techniques which can be used by the company. They also using social media platforms such as Facebook, You Tube, Instagram etc. these are cost effective methods for promoting NEXT PLC products and services. Structure: This is another key element of 7s approach. It is related with the organizational structure and the chain of command. Each and every business entity having their own structure according to their requirements. There are various organization structure which can be used by the NEXT PLC (.Cadogan, 2010). But divisional organizational structure is one more suitable for the company. They can divide UK market in to geographically such as England, Wales, Scotland, Ireland. These areas can be served and managed by the regional manager and they can also distribute resources so that they can perform independently and freely. It can help to attain their long term goals and objectives in a effective manner. Style: Leadership played a significant role in order to provide right direction and motivate to their staff so that they can achieve their long term targets. There are different types of leadership style which can be used by the company. In the context of NEXT PLC they are using democratic leadership style where they can take suggestion and feedback form every staff. The final decision is make by the manager of the firm (Chung, 2010). It can help Are you a student of marketing ? Visit Assignment Prime to get unmatched Marketing assignment help for college students by skilled hands.
to increase confidence level of their employees which can leads to increase productivity and profitability of the business unit. Staff: Human resource are the valuable asset for each and every business unit. They can help to contribute attaining organisational goals and objectives. Therefore, NEXT PLC is more focused on their staff. The cited business unit is having approx 50000 employees which are skilled and talented. They also recruit more staff for the future planes which can help achieving long term goals and objectives (Diamantopoulos, Schlegelmilch and Palihawadana, 2011). They can also provide training and development program on a regular basis which can increase productivity and efficiency and increase firm's revenue in a effective manner. Skills: This is another elements in the Mckency approach which is concerned with the core competencies, skills and capabilities. Core competencies is related with the uniqueness and skills which can differentiate a firm over others and provide competitive advantage. The core competencies of NEXT PLC is the diversification in the retail appealing in the UK market. They provide various house hold, fashionable clothing to their customer at the lower price. Apart from that the cited business enterprise is having long experience in the UK market which help to make them more competitive over their rival companies. System: It is related with the daily activities and procedures which can be used by the staff for their job. They having integrate communication system which can help to provide a facility where the staff of the firm can shared data and information and communicate with each other at any time (GastonBreton, and MartĂn 2011). For example, sales team can send the sales data to sales department on the daily basis. Shared value: This is last element of the Mackensy 7s approach which is related with the value and organisational culture of the company. NEXT PLC is experienced in order to provide excellent quality of their products to their customers. Are you a student of marketing ? Visit Assignment Prime to get unmatched Marketing assignment help for college students by skilled hands.
CONCLUSION As per the above mentioned report is has been concluded that the role of marketing consultant is played a vital role. It can help to provide right and appropriate marketing tools and strategies in order to sustain their products and services in the market. The report is discussed about the SMART objectives of the company which can provide a future direction to the business unit. Further it explained about the Porter's five generic strategies such as cost leadership, differentiation, focus and differentiation focus and provide competitive advantage in the market. In the end the report also concluded about the MacKensy 7s approach which can help to attain their long term goals and objectives effectively.
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REFERENCES ● Fletcher, R. and Crawford, H., 2013. International marketing: an AsiaPacific perspective. Pearson Higher Education AU. ● Czinkota, M.R., Ronkainen, I.A. and Zvobgo, G., 2011. International marketing. South-Western Cengage Learning. ● Jain, S.C. and Griffith, D.A. eds., 2011. Handbook of research in international marketing. Edward Elgar Publishing. ● Vrontis, D., Thrassou, A. and Czinkota, M.R., 2011. Wine marketing: a framework for consumer-centred planning. Journal of Brand Management. 18(4-5). pp.245-263. ● Cadogan, J.W., 2012. International marketing, strategic orientations and business success: reflections on the path ahead. International Marketing Review. 29(4). pp.340-348. ● Evers, N., Andersson, S. and Hannibal, M., 2012. Stakeholders and marketing capabilities in international new ventures: evidence from Ireland, Sweden and Denmark. Journal of International Marketing. 20(4). pp.46-71. ● Cavusgil, S.T. and Cavusgil, E., 2012. Reflections on international marketing: destructive regeneration and multinational firms. Journal of the Academy of Marketing Science. 40(2). pp.202-217. ● Chandler, J.D. and Graham, J.L., 2010. Relationship-oriented cultures, corruption, and international marketing success. Journal of Business Ethics. 92(2). pp.251-267. ● Cadogan, J., 2010. Comparative, cross-cultural, and cross-national research: A comment on good and bad practice. International Marketing Review. 27(6). pp.601-605. ● Chung, H.F., 2010. International marketing decision governance, standardisation, and performance: A framework in the cross-market scenario. European Journal of Marketing. 44(11/12). pp.1642-1666. ● Diamantopoulos, A., Schlegelmilch, B. and Palihawadana, D., 2011. The relationship between country-of-origin image and brand image as drivers of purchase intentions: a test of alternative perspectives. International Marketing Review. 28(5). pp.508-524. ● Gaston-Breton, C. and Martín Martín, O., 2011. International market selection and segmentation: a two-stage model. International Marketing Review. 28(3). pp.267-290.
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