Identify and Evaluate Marketing Opportunities
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4182 Downloads I Published: 13 Nov ,2018
In today’s modern world, it is very important for a business organization to stay in the market for gaining competitive advantage in the world. It is also very important for the company to lead in the prevailing industry. In this report various principles of marketing have been discussed (Wilson and Gilligan, 2012). This report has been discussed in the context of Primark, which is one of the biggest international cloth retailer based in UK. It offers a wide range of products like clothes, accessories, foot wear and beauty products etc. in this report its marketing opportunities have been analysed.
There can be two marketing opportunities from which the company (Kotler, 2012). Marketing opportunities help the company to increase the viability of its operations. The marketing manager of Primark wants to assess the market and develop its marketing opportunities through which it can develop its wide range of products and services. Marketing opportunities is a term through which company can endorse their gods and services in market. The marketing strategies are being framed in the respect of developing and increasing its area so that it can retain its customers. There can be two marketing opportunities which can be adapted by Primark to gain competitive advantage in their industry. Two marketing opportunities can be:
Marketing through E-commerce: It is that technique by which company promotes its goods and services through electronic media. It is one of the best way off promoting an opportunity in the context of Primark. As it has been assessed that the cited company is biggest retail company in UK, so marketing manager of Primark decides to promote the gods and services on the following basis:
Comparative marketing information: The company is leading retail store of which the biggest rivals are Zara and H&M. the recent research shows that market share of Primark is much higher than Zara and H&M. So, manager at Primark is desirous of endorsing its products via social sites through face book, etc. as company has competitive advantage over its rivals then it can uphold its products through online media marketing techniques.
Competitor’s performance: Primark has threatened the market and also other companies. As Primark sells is clothes and other accessories 40% cheaper than H&M. also, it has performed well in the market than other companies. So promoting its services through online media will impact more on companies as they have a large customer area.
Customer requirements: Customer requirements are the most important factor, fulfilment of which the company produces goods and services. Manager of Primark consider all the requirements of its customers in relation to clothes and accessories. It means that there are various requirements of customers which company can identify and fulfil through social media (Babin, and Zikmund, 2015). Business through e-commerce can also fulfil the customer’s wants as they can share them through web media and social sites or Company’s site.
Market share: The market shares of the company claims to be very high. In 2016, Primark has grown its market share by 10.09% which is ahead of Marks and Spencer and Asda. It depicts that company has diversified its area of operations in field of clothes, accessories and confectioneries (Vasilchenko and Morrish, 2011). It sets an example that adopting effective strategies can result in obtaining competitive advantage in the retail industry in UK.
Sales figures: The Company has a good total revenue of clothing in last year which is of 3.5 billion British pounds. It shows that the company through social media has wisely and appropriately adopted its gods and services through which they have earned a recommendable profit. Also, it has been assessed that the sales of the company have arisen due to interest of consumers especially of young generation as compared to seniors because Primark offers a wide range of variety to its customers like newly and latest trend fashion. The company has incurred a massive profit in the year of 2016-2017. it can be more illustrated through an image.
In recent prices, the trend estimate for the said company rose 0.2% in February 2017. also, the seasonally adjusted estimate for Primark turnover fell about 0. 1%. the original estimate for chains and other larger and bigger retailers fell down about 12.9% in this February.
Legal and ethical requirements: These are those requirements which are necessary for Primark to satisfy so as to fulfil the needs and wants of society in ethical and legitimate manner it demonstrates company has adopted physical tools of promotion and endorsements of its products like pamphlets, brochures posters etc. Through this kind of promotional tactics, the cited company can maintain the ethical and legal status of their company among their customers.
Market Trends and Developments: It illustrates the concept that the company has developed through establishing different marketing trends, has occupied a different place in the retail industry (Chabowski, Mena and Gonzalez-Padron, 2011). The company has developed a strategy in which they target a segment and plan strategies accordingly. Furthermore, the company then, in order to evaluate the plan and promote its gods and services accordingly.
In order to expand the market area of company, its marketing manager should ensure that promotions should be done in an amicable manner. The company should endorse its products like clothes and accessories of men and women through web designing and through social media. In context of Primark, the marketing manager of the company has decided to expand its potential market area.
Exports markets: In order to expand its market industry, the company should enter into exports. The marketing manager of company has decided to take benefits from the introduced concept of Brexit. It is expecting a rapid growth from the departure of UK from EU and expecting to introduce new strategies to increase business.
Segments of market not currently penetrated: The cited company has segmented almost each and every segment of the market industry (Murdy and Pike, 2012). It has been targeted men, women and children in each and every aspect. Primark has not entered in food products. It must be noted that food and beverage industry has one of the most customers, so if Primark enters into it, it can increase its market share and profit abilities.
Increasing market share: Market share of the company means that there are various methods by which company can increase its market share in the industry. The marketing manager of Primark has a duty to adopt those techniques in their market functions so that they can enhance their market share and achieve competencies. The cited company can increase and expand its market share by attracting its customers by discount offers and attractive packages, so that more and more customers can be associated with them and develop their operations.
Developing new markets: In this term the company can develop and promote its new market by new users and uses. The marketing manager of Primark suggests that the company can adopt developing new market operations in which it can include food industry. It can target children as its new target segment (Cronin and et. al., 2011). It can introduce variety of chocolates and soft drinks so that children can be attracted. In this way new market can be developed for Primark which can develop and increase its market share.
Diversification: Diversification mas that the company introduces its area of operations and diversify its market area by opting for new products and services. In the context of Primark, it has been identified that Primark is the subsidiary company of ABS which is desirous to diversify its operations in different areas like Sugar, ingredients Agricore, Retail and grocery. It means that the company has to adopt various sources and evaluate all the marketing contingencies which can affect the diversification.
There is need to identify the different market opportunities as this help to main the competition level as well as the market. For finding the market opportunities different analysis are carried out, such as, gap analysis, marketing mix and promotional mix.
Firstly, the Gap analysis of Primark
|The Gap||Current Situation||Future Situation||Next Proposals|
|Insufficient access to the outside UK and Ireland||
||Extend the market through more stores and running through Europe.||
|No transactional Websites||Company has the online stores but customer are unable to purchase the product online||Develop new methods through which customer can purchase the product online.||
Marketing Strategies or marketing mix are carried out in order to understand the market and the competitor (Murdy and Pike, 2012). In marketing mix product, price, promotion and place are discussed. This marketing mix helps company to identify that their methodology and technology would be successful and necessary.
Product Strategy: Primark has cost based pricing strategy and they have developed stepped pricing architecture. They offer different pricing on their product and maintain those price by minimum cost spends on the promotional methods. They purchase large volume of stock and simple construction help to achieve economic benefits. Pricing architecture of Primark is shown below:
Product Strategy: Primark’s is at number one position in the volume of clothes (WGSN, 2013). It offers fashionable clothes and other products at very low rates. Also, there are many wide range of offers that company is providing on company’s product ‘Wide and Shallow’ Company offers the limited edition product which increase the sales of the company. The company sells over 300million of socks and 150 million of T-shirts per year. There are wide range of product available in the Premark store which makes customer to have choices to purchase best of their own choice (Vasilchenko and Morrish, 2011).
Price Strategy: As discussed above the pricing strategy of Primark offers wide range of products. Through online medium prices would expand its business through the global market which will increase the brand awareness and the sales of the product. There are various discount and offers available on the Primark products. Due to logistic services large money is saved which is used for making sales and distribution of the product. Increasing the logistic network and adding warehouse saved lot of money and time which helps to make expended business sales over there different countries. Also due to globalization there is increase in the sales which is making profit for the company. Through communication, e-commerce an, digital networking and global capital the company has saved lot of investment and are investing those moneys to make more sales and new range of product.
Promotional Strategies: Company is promoting their product through various forms like TV, radio, Newspaper, Magazines, E-business and print advertising. through communication n and social media company is making huge profits and brand advertisement.
Promotion through E-Commerce: through Social media and e-commerce websites company has made crucial steps in making company brand image on the customer eyes. The site is used to as the platform to make the dales, key new looks of products and seasonal campaign. Social media and E-commerce are the cost effective ways of promotion for the company. Large number of customer are getting attracted to the company. Despite of less post on the Facebook large number of customer are following and the feedback of the customer towards the product is the website has acknowledged the direct selling and advertisement at the same time. The website is kept updated and restyled. Primark also uses their websites to promote their ethical practises.
Promotion through marketing of Goods: Promotion through TV, radio, Online and off line methods has increase the product sales and the brand image of the product. It increases both the revenue and sales of the product. It also reduces the operating cost of the product as sales makes selling of more products at same time. This increases the profit more than the revenue (Chabowski, Mena and Gonzalez-Padron,2011). Company is focusing more on the online marketing and making online purchasing of the product. The marketing of the goods through the websites and other e-commerce sites has also increased the sales revenue.
Focus on such factors helped the company to make great brand, increase in the sales and profit and making good revenue.
Increase the Primark E-commerce activities like selling and purchasing online product as well as expanding more stores in Europe and other countries. Increase the promotion of the company’s ethical practices. Various offers and seasonal discounts in store services such as personal shopping. Home delivery option, marketing penetration through new ways and entering in the market through showcasing more brand product. All this has made the new and better image of the Primark’s product. It also contributed in the increase in the sales and profit gain of the company. Overall this increased the revenue of the collection. The online and e-commerce sites have made the promotion to the company which too made customer to look over different product and choose them from the home.
There are many opportunities available in expanding the business in through the new innovation and entrepreneurial ways which can promote the business in new aspect. It will also give lead to the company in increasing the market profit and will help to overcome his biggest competitors like Tesco. This will give rise to the new product and services which will bring more attention of customers towards the company (Murdy and Pike, 2012). Innovation like developing the online store or mobile application can also increase the sales and marketing of the company. Focusing on the new products and making new innovation with the product that are not sold due to any purpose can be renovated or improved by adding new themes or new style which customer prefers. The new E-commerce and online marketing is making great effect on the customers and is making more sales, profit and revenue for the company. These ideas have increased the sales and profit of the company.
Final conclusion of this report is that through the E-commerce and marketing tools various other tools have helped in identifying the sales of the Primark Products. The company has made great efforts and has built the brand image, increased the sales and revenue of the company. Identifying the new areas for the promotion of Primark product scan help to increase more product sales. For this the marketing mix, promotional mix and gap analysis can help in increasing the revenue collection of Primark and profit. The marketing opportunities will help the business to expand more, forecasting of sales and profitability will make pore promotion to the company. Also, marketing opportunities can be increased through new innovative and entrepreneur options.
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