Marketing Plan for H&M Fashion Industry
Marketing Plan for Hennes and Mauritz (H&M) company
A marketing plan is a vital aspect in any organization that may want to achieve success. This is because it reveals a list of actions that are aimed at driving an organization towards enhanced business performance. Hennes and Mauritz (H&M) Company is one of the largest fashion company in the world that manufactures various types of fashion clothes for men, women, youths and kids. H&M was founded by Erling Pearsson who opened the first store in Vasteras, Sweden in 1947. It is a Swedish retail company that provides customers with different types of clothes. It is well recognized for its fast-fashion clothing business. The company has more than 2300 stores in many countries and has a large workforce. Developing a detailed marketing plan would enable the H & M Company to understand the new market, consumers’ behaviors and their competitors (Bangs and David 2011, p, 64). This can be a major competitive advantage for their fashion business. Designing a market plan would enable the H&M Company to extend their existing range of products through adding new products, hence increasing their sales. Mission
The mission of H&M Company is to offer high quality range of products through adding new products that may satisfy the needs of customers, hence achieving profitability. Objectives
• Producing high innovative brand products of high quality in order to create a new market for the fashion products thus, increasing sales of the company. • Introducing better marketing strategies that would enable the company to compete favorably with their competitors in the new markets. • Providing customers with new fashion products that are different from their competitors in order to expand the market for the company’s products. • Providing customers with different varieties of clothes at affordable and cheaper price than that of their competitors in order to increase sales. • Introducing promotional mix strategy that will enable H&M Company to extend an existing range of products to the new markets. Situation Analysis
It is vital for H&M Company to analyze the situation before extending its range of products in a new market. Situational analysis may involve analyzing the consumer behavior, competitors, climate, and company analysis. This is crucial because it will enable them to reach the target audience and increase sales thus; achieving high profitability. For instance, carrying out customer analysis would enable the H&M Company to understand the needs of customers in the market. Ferrell and Hartline (2004, p, 123) points out that customers analysis is crucial because it will enable sales team to understand the consumer behavior in the market. This is through carrying out marketing research in order to understand the behaviors of targeted customers. Another crucial situational analysis is competitor analysis. The H&M Company may list each of the competitors and carry out SWOT analysis. These include identifying their strengths, weaknesses, opportunities and threats (Etzel, Walker and Stanton 2007, p, 154). For instance, if the company wants to export fashion products to Thailand, they should list all the fashion designers companies that may compete with them. This would enable them to either introduce unique and new fashion products that does not exists in Thailand or introduce unique sales strategies to outdo competitors. Moreover, identifying weaknesses and threats may enable the H&M Company to establish defensive mechanisms for overcoming the vulnerabilities to the external threats. The company would analyze the external climate through employing analytical marketing frameworks such as PEST or Michael Porter’s framework. PEST stands for political, economic, social and technological climate. The market...
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