Business Hmk 2
To what extend might the success of Primark’s marketing strategy depend upon its directors preparing an effective marketing plan.
A marketing plan is a systematic approach to development of marketing strategy and the achievement of goals. The marketing plan involves the businesses objectives, strategies, actions plans, marketing budgets and control tools. Primark’s corporate objective is expansion so they are therefore using the marketing strategy market development to expand into foreign countries other than the UK where they are originally based. In context to the case Primark have already opened their first outlets in Germany and Portugal, as well as opening a branch in Barcelona. The consequence of Primark using market development they have new stores, they are expanding successfully and have improved demand at existing shops meaning that sales were up by 20%.
Market development has definitely helped Primark become more of a success; this is because it is helping them achieve their corporate objective which is expansion as they are opening new stores all over the world so therefore it is increasing their market size. It will also boost sales but by Primark opening new branches they will be able to benefit from bulk buying economies of scale. The consequence of this means that their average unit cost will decrease meaning they will be making more sales as the prices of their products would have decreased attracting new markets. The marketing plan has helped Primark to complete their corporate objective of expansion as by using market development they can enter new foreign markets knowing exactly what their new markets are looking for. The marketing plan has led to Primark being aware of their competitors so they know what to expect in terms of prices and what sorts of products are being sold as they have done their research of producing an effective marketing plan.
Market analysis is also helpful for their marketing strategy of market development; this is
A marketing plan is a systematic approach to development of marketing strategy and the achievement of goals. The marketing plan involves the businesses objectives, strategies, actions plans, marketing budgets and control tools. Primark’s corporate objective is expansion so they are therefore using the marketing strategy market development to expand into foreign countries other than the UK where they are originally based. In context to the case Primark have already opened their first outlets in Germany and Portugal, as well as opening a branch in Barcelona. The consequence of Primark using market development they have new stores, they are expanding successfully and have improved demand at existing shops meaning that sales were up by 20%.
Market development has definitely helped Primark become more of a success; this is because it is helping them achieve their corporate objective which is expansion as they are opening new stores all over the world so therefore it is increasing their market size. It will also boost sales but by Primark opening new branches they will be able to benefit from bulk buying economies of scale. The consequence of this means that their average unit cost will decrease meaning they will be making more sales as the prices of their products would have decreased attracting new markets. The marketing plan has helped Primark to complete their corporate objective of expansion as by using market development they can enter new foreign markets knowing exactly what their new markets are looking for. The marketing plan has led to Primark being aware of their competitors so they know what to expect in terms of prices and what sorts of products are being sold as they have done their research of producing an effective marketing plan.
Market analysis is also helpful for their marketing strategy of market development; this is