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Marketing Plan

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1.0 Introduction

In this marketing plan, the execution of marketing strategy of an existing organization that is ‘NEXT’ will be discussed. In this plan the marketing strategies implementation will be discussed in detail. The marketing mix and the targeting, segmenting and positioning strategy of NEXT in China will be elaborated. Through this marketing plan, the aim will be to identify the implementation of marketing strategies through which the NEXT will aim to expand its market share and consumer base. Also, the current situation of Chinese apparel industry and NEXT current market situation in China will also be discussed in detail. The tactics and strategies that the can employ to achieve the given objective will also be discussed.

2.0 Situation Analysis

NEXT plc is the UK based high street multi channel retailer which provides a wide range of fashion commodities ranging from clothing to accessories and home products. The company’s products are designed by styled in house team providing superior quality with a contemporary fashion edge that gives value for money (NEXT plc, 2014a). The company headquarter is in Enderby with around more than 540 retail stores in the UK. The company has a NEXT directory which is a home shopping website and catalogues that has around 4 million active consumers and has services in over more than 70 countries. By being on the web, the company has been able to increase its share by more than 150 percent in last ten years. Also the company’s catalogue provides around 1,400 pages of their collection as compared to 350 pages at the time it was first launched (NEXT Plc, 2014b). To evaluate the external and internal environment of the company presently in China, the pestle and SWOT analysis of the company is discussed as below:

2.1 PEST Analysis

Ø  Political factors

The governmental policies and regulation that impact an organization are the political factors. In Chinese market the political factors included increase tax and regulation relating to transferring business on other areas (cities or regions). These are the political aspects that affects NEXT as well in China (Fogel, 2010).

Ø  Economic factors

As per Lu (2015), the Chinese apparel market will exceed United States market and will be one of the largest apparel markets by the year 2019. As per the forecast, there will be an increase of 25 percent in the Chinese apparel market in the annual sales from the year 2014 to 2019.  The apparel market of China is highly competitive with no apparel brand having a market share of more than 1 percent in China. Also, in China in spite of the overall market, the dollar spending on the apparel per capital is much lower as compared to many developed economies around the globe. In the year 2014, spending of individual consumer on apparel was approximate $240, even though spending on apparel accounted for a big share in the Chinese household income (i.e. around 10 percent). In spite of slower growth rate in the past few years, China’s apparel market has a strong position and by the year 2017 will be able to take the United States to become the world’s largest apparel market (PwC, 2015).

Ø  Social factors

Presently, there has been substantial increased in the fast fashion trends, where Asian consumers for the trendy brands that are multiplying. With the increase in income and aspiration, young and affordable brands have been trying to fill in consumer demand of remaining chic and trendy (Li, Li, and Kambele, 2012).

Ø  Technological factors

The apparel industry is changing due to rapid technological changes in production process and manufacturing methods. Also, reaching to consumer is becoming easy due to technological advances such as the widespread use of social media (Shiau, and Luo, 2012).

 

2.2 SWOT Analysis

Strengths

Following are the strengths of the company as mentioned by Next Plc (2014a):

-        Superior customer service in terms of being active in social media.

-        NEXT directory website which increase the percentage of orders from home by 30 percent to 45 percent.

-        NEXT day delivery service which gives the company strength compared to other retailers.

-        The company can enhance their cutting edge technology by outsourcing it to be more innovative, by considering partnerships with online start-ups like Net-a-Porter.

-        The company can also improve their delivery services by looking for a more reliable and credible third party delivery source.

Weaknesses

Following are the weaknesses of the company as mentioned by Next Plc (2014b):

-         The company relies on third party for their delivery services, which causes failure or error.

-        The company in not keeping up with the competitors in terms of technology and customer knowledge.

 

 

Opportunities

Following are the opportunities available for the  company as given by Rumsey and Saunter (2014):

-        The company can enhance their cutting edge technology by outsourcing it to be more innovative, by considering partnerships with online start-ups like Net-a-Porter.

-        The company can also improve their delivery services by looking for a more reliable and credible third party delivery source.

Threats

Following are the threats present in the industry as mentioned by Coen (2014):

-        The high end retailer competitors which are using cutting edge technology to better reach to consumers.

-        Low consumer loyalty due to competitors offering more or less likely offering in apparel (men and women and footwear.

 

 

3.0 Marketing Objectives

The main objective of marketing plan is to helping the company in attaining their short term objectives thus bringing the company closer to achieving their long term performance goals (Wood, 2013) Therefore, the objective of making a new strategy plan for NEXT plc for the short term is to address the changing needs of consumers and changing lifestyles, technology and social trends, which will increase the brand image and brand awareness of the company. Presently, NEXT plc have a diversification strategy as their growth strategy because of continuous opening of new stores. The company also diversifies into new products like home and gardens in their foreign market as well (Davey, 2014). The purpose of this marketing plan is to develop a short term (1 to 3 years) marketing plan for NEXT in China to enhance the brand affiliation and market share and to become the consumer destination for apparel shopping. The three main objectives of this marketing plan are as follows:

-        To increase the market share and sales of NEXT within coming one to three years through the use of innovative marketing strategies.

-        To increase online and physical stores brand affiliation within the further six months.

-        To increase the amount of customers i.e. at least 10% in NEXT Directory for international online sales in approximately next one year.

4.0 Consumer and Markets  

4.1 Segmentation and Targeting

In segmenting, targeting and positioning strategies, companies firstly decide the types of customer that exists. Secondly, it decides on the customers that they want to serve and lastly communicating the company’s products and services to chosen market segments (Hassan and Craft, 2012). Segmentation is involved grouping consumer in a similar segment that may have similar characteristics and may respond to marketing actions in a similar way. The various segments in a market are demographics, psychographics and behavioural. Once, the segmentation is done the NEXT step is targeting. Developing specific marketing strategies for the segment market is very important (Boone, and Kurtz, 2013).

 

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