Marketing Essentials

TASK 1

P1 Comparison of marketing mix of H&M with Zara

Marketing mix: It is a combination of seven different types of P's that are related to marketing. It is very important for the marketers of an organisation to have information about all the elements of marketing mix as all of them helps to operate business in effective manner (Schwarz. and Hunter, 2012). A comparison of marketing mix of H & M with Zara is as follows. This analysis may help to analyse that in which way different types of organisations are using all the components of marketing mix.

TASK 2

P2 Marketing plan for H & M

Marketing plan is a document that carry all the business marketing related information so that all the activities can be executed appropriately. It is very important for the marketers of the organisation to use the plan accurately so that marketing activities can get success in the market (Guffey and Loewy, 2012). H & M is now willing to launch a new service in the market in which it will take online order from its customers and than deliver the products by it self so that possibilities of the frauds can be reduced. A marketing plan for the company is as follows:

Overview of the company: H&M is a fashion brand who is operating its business in various countries and currently it is executing its business effectively in the market. Current employee strength of the company is 132000 people and business is operated in 62 countries with the help of 4500 stores. Online Coursework help & writing services available at affordable prices.

Mission: The organisation is willing to drive long lasting positive change in the society so that standard of living of general public can be enhanced (Null and Lobur, 2014).

Vision: Long term vision of the organisation is to supply good quality and branded clothes to the society on low prices so that every one can afford good clothes.

Objective: Main objective of H&M is to acquire large market share by expanding business in more geographic locations.

SWOT analysis: Four different elements are included in SWOT analysis that helps the organisation to analyse marketing conditions that may affect organisational performance (Hacker, Gambone and Hobel, 2015). SWOT analysis for H&M is as follows:

Strengths:

• Different variety of clothes are offered to the customers with low price and good quality that helps to retain customers.
• H & M is having a unique identity for all its brands because it is depended upon the targeted segment of the market.
• Financial performance of the organisation is very strong and the financial strength of the company is increasing continuously.

Weaknesses:

• It is depended upon the third parties to supply all its products which is an outsourcing of merchandises hence it has less control over its production.
• As H&M is offering good quality products on low prices but all the clothes are made by following after trends and this may affect profitability in long term.

Opportunities:

• As the organisation is willing to launching a new service in which it will supply clothes to customers by it self that may help to reduce the outsourcing percentage and increase its control over production (Ionita 2012).
• Organisation may expand its business on more locations this will help to increase its profitability.

Threats:

• The biggest threat that H&M is facing is of competitors in the market. These competitors are Marks and Spencer, Zara etc.
• In fashion brands different new organisation are entering which is a threat for the company because they may acquire market share of H & M.

STP analysis: This analysis is used by companies to launch new product or service in the market with the help of proper planning (STP Model, 2018). It has three different elements all of them are as follows:

• Segmenting: In this step H&M may select the segment where the organisation is w going to introduce its service.
• Targeting: In this stage the marketers of H&M select the target customers to whom service will be provided first time.
• Positioning: This is the last stage of STP analysis in which marketers try to establish a good image of the organisation in the mind of its customers.

Marketing budget refers to the total amount of all the expenses that are faced by an organisation while conducting marketing activities. A marketing budget H&M is as follows:

Monitoring: In this plan it has been monitored that organisation may face issues that are related to the cost which is going to be faced by organisation in future while launching the new service in the market.

Controlling: The issue can be controlled by maintaining the budget appropriately so that it can be used appropriately for all the activities that are going to be performed by the organisation.

Conclusion

From the above project report, it has been concluded that marketing essentials help an organisation to be more competitive in the market as they are related to the marketing practices that are conducted by the marketers. It includes promotional, selling and advertising activities that are mainly performed to enhance sales and profitability. Various marketing functions help to understand the market conditions and taste and preferences of customers and guide the organisation to provide such products to the customers that they are willing to buy for the company. Marketing mix elements are used by companies to evaluate the organisational performance in the market.

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Few More samples related to the Marketing Essentials

• R/508/0486 Unit-2 - Marketing Essentials Regent College 
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• Marketing Essentials Of Hennes And Mauritz

References 

Books and Journals:

• Akaka, M. A., Vargo, S. L. and Lusch, R. F., 2013. The complexity of context: A service ecosystems approach for international marketing. Journal of Marketing Research. 21(4). pp.1-20.
• Blakeman, R., 2015. Advertising campaign design: Just the essentials. Routledge.
• Guffey, M. E. and Loewy, D., 2012. Essentials of business communication. Cengage Learning.
• Hacker, N. F., Gambone, J. C. and Hobel, C. J., 2015. Hacker & Moore's essentials of obstetrics and gynecology. Elsevier Health Sciences.
• Ionita, D., 2012. Entrepreneurial marketing: a new approach for challenging times. Management & Marketing. 7(1). p.131.
• Null, L. and Lobur, J., 2014. The essentials of computer organization and architecture. Jones & Bartlett Publishers.
• Schwarz, E. C. and Hunter, J. D., 2012. Advanced theory and practice in sport marketing. Routledge.

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