Strategic Marketing Management Unit 7 (CH004/TF9BA)
Assignment Submission Document
LIONEL BRICE MOCHE 1270897
LECTURER: John Sweeney
INTRODUCTION AND BACKGROUND
Poundland is a retail company, which was created in April 1990 by David Dodd and Stephen Smith. The company is a British based variety stock chain which sells every item in its stores for £1. The Slogan of the company is “Yes everything is £1”, and the head quarter is in Willenhall in the UK. As of in March 2010, it had 261 locations. The company is owned by Warburg Pincus, a leading global private firm which dominates the East coast of America. Poundland’s products are: groceries, consumer goods, electrical etc. The company revenue was £896 million in 2009, and had 7000 employees in 2010 (Poundland 2010). The company’s website is: poundland.co.uk
The aim of this assignment is to write a report that considers the principles of strategic marketing management of Poundland, by explaining and assessing the ways in which marketing may be benefit for the company, carrying out a marketing audit of the company with the use of established strategic marketing tools…etc The limitations of this exercise include data, and references.
1. MARKETING PLANNING
In this part of our report we will describe a suitable marketing planning process, and we will rely on the Malcolm McDonald planning process (Malcolm McDonald 1984). We are going to talk about the different steps for a suitable marketing process; describe and justify some of the activities that we might do at each stage.
1 (a) Marketing Planning Benefits
Marketing planning presents a useful process by which an organization formulates its strategies, providing it is adapted to the organization and its environment. (Malcolm McDonald 2006) A marketing planning is helpful to know what are we going to do when we are trying to launch a product or running a business, how are we going to do it, and what might be the consequences, in order to find the alternative. As well a marketing planning is like a timetable to help us remembering or finding how we can achieve a particular objective; marketing planning helps the company to think long term, choose the best tactics to achieve the goals, monitor the completion, and manage the business by spending the budget efficiently and effectively. Furthermore, marketing planning benefits is to pick the right market in order to sell our products and a sort of motivation to the workforce.
1 (b) Marketing Planning Process Here we will present what might be the different stages in a marketing planning process.
Table 1: Marketing Planning Process 1. Mission statement 2. Corporate objectives 3. Marketing Audit 4. SWOT Analyses 5. Assumptions 6. Marketing Objectives & Strategies 7. Estimated Expected Results 8. Identify Alternative Plans & Mixes 9. Budget 10. First Year Detailed Implementation Program| The Ten Steps of Marketing Planning Process (Malcolm McDonald...