This report begins with an exhaustive examination of the internal factors of the organisation with a critique of its Marketing Combination. A SWOT Evaluation will be performed to get more evidence of where the company is standing now. The fourth area of the report consists of the auditing of exterior environment of the business enterprise by making use of an effective tool which is PESTLE factors. To perform marketing audit in greatest manner another tool named Competitive Examination will be employed which is also called Porter's 5 Forces Research. Here a broader view is modified by looking at the fashion retail sector as a whole along with competition as encountered by Primark Stores Small.
Marketing Audit of Primark Stores Limited
Where are we now? (Audit)
Where are we heading? (Targets)
What are the alternative means of getting there?
Choosing your best option and expanding an action plan (Techniques)
Implementation and Control (Cravens and Piercy, 2003)
The question of the article clearly shows the researcher to focus upon the marketing plan, the execution of which begins with a marketing audit. This statement will attempt to do the marketing audit of Primark Stores Limited. Primark needs no formal advantages as being a value clothing merchant in UK; now more so when people are worried about the market and employment. It has in total 207 stores across European countries in countries like Ireland (Trading as Penneys in Ireland), UK (145 Stores), Spain, HOLLAND, Portugal, Germany and Belgium (www. primark. co. uk). Primark outperformed M&S this September with 17 % increase in revenue and body of 233million (www. dailymail. co. uk). This Company is chosen for two other reasons as it being truly a prominent player in affordable fashion retail sector (www. gurdian. co. uk) and second the writer has worked in the retail sector which is expecting to secure a graduate position in the same industry.
Critique of Primark's Marketing Mix
This Marketing Audit can demonstrate useful in analysis of the company's marketing, since analysis compares results with prospects the conclusions should show interesting and helpful. (Cravens and Piercy, 2003)
Source: www. marketingteacher. com
In circumstance of Primark the Main Product is the Benefit any particular one gets by buying clothes and products - approval in society, security from weather conditions, etc. THE PARTICULAR Product will be clothes that can be purchased to get and Augmented Product will be after sale services like refund and exchange.
This also contains tools like Product Management, New Product Development, Product Life Routine, Customer Life Pattern and Branding. It could be said that Primark has perfected its mix within an efficient way and this P has been added in the best possible manner. They have something range much like any other clothes and fashion stores. One can obtain socks to over coats and also home decoration products like bed sheets and so on.
Primark without the doubt falls into Economy Rates and that has been the key ingredient for the success of the business and also in making it more known brand name than its mother or father company which is Associated English Foods. It is undoubtedly a no frills good deal shop with cheapest rates searching for most its products.
This element identifies logistic and route management, physical syndication of the products and services. It is clear from the costing and insurance policies of the company that it does not sell its products online. It did very well in conditions of the location of the stores in most town centers as well as high roadways and Oxford Street Branch is one strong example of it.
This is an integral ingredient which Primark is recommended to re-evaluate as you can find one more tool which is the very best in today's retail environment which is e-retailing which can be used to its advantage with careful consideration.
Promotion is supposedly the most considered P one of the other elements and in writer's experience and the components of Promotion Combination would form a very large chunk of the Marketing Budget of any retail company. Primark promises which it can deliver its products to the customer at cheaper rates which are because of their no promotions plan. (www. primark. co. uk) This can be stated as the best strategy suited to a no frills retailer like Primark to keep up feasibility.
As constant with the concept of marketing itself, people form the most important part of any service offered to the client. It consists of tasks like employee selection, training and motivation. Employees are the brand they are selling in many ways. Primark has struck a good balance with this P in the combine making the Primark team full with energy and team heart. Strenuous recruitment process can take destination to test the individual's tolerance and swiftness in portion customers.
This can be said that the merchandise itself will be the major part of the physical data and looking at the things like packaging, design, dcor and simple gain access to, Primark can be thought to have smartly designed designs where products can be found with less work. However as the truth with many no frills companies, other store would get more report on this P relatively.
Here the procedure management would cover right from when customer enters the store to when they leave the store. This experience would be looked at process and this is also a weaker component in the marketing mixture of Primark for this being truly a very busy location to shop at with many situations good have a tendency to be damaged if not decided on carefully.
Primark's SWOT Analysis
To separate meaningful data from just interesting data.
To discover what the business can do to exploit its competencies within its market sections in present and in future.
Source: www. bizstrategies. biz
Weihrich, 1982 also claim that using same inputs in TOWS structure increases their popularity and fully combines them into tactical planning process.
Vast Product Range and Cheap Prices
Part of Ethical Trading Initiative with workers privileges taken care of.
UK's second greatest clothing retailer matching to quantity. (www. tnsglobal. com)
Selling around 20 Own Brand Product labels.
Bad name with allegations of child labour and staff member rights.
Criticised anticipated to quality of clothes often.
Weak in terms of Augmented Product. (Body in Section 2)
Expansion in Europe.
Improvement of Brand Image.
Use of e-retailing.
Competitors utilize Promotion element very well.
Asda's own brand- George.
Few outlets degrading the name of the brand anticipated to bad quality of service and unmaintained and shabby merchandising.
Primark clothing. jpg
Analysing PESTLE factors for Primark
There is an argument that it is many a times not the client but the exterior factors that determine what happens in the market. For example insurance companies are directly or indirectly associated with the look of smoke cigars detectors and activists can demand of design change in dolls. (Salancik and Upah, 1978) For Marketing Audit to be genuine one of the binding essentials is to review the external fads. Amongst various approaches, analysing PESTEL factors is deemed best which include political, inexpensive, sociological, technical, legal and environmental issues.
Government rules in terms of worker health insurance and safety.
Primark's UK energy utilization is sourced against green power made and sold into the grid by United kingdom Sugar.
Economic turbulence might actually encourage the client to buy cheaper clothes and stretch your budget.
In this way the economic factor is a blessing in disguise for Primark.
UK Charity War on Want investigated and reported that the conditions of the employees in Bangladesh had not improved after all the problems with Indian Suppliers.
Primark products are not regarded as very good in quality and therefore rejected by many segments of customers.
It is believed you will come across people putting on same t-shirt or other piece of clothing about 10 times per day if it's bought from Primark.
It is keeping prior to the competition in a way by getting "Entropy Software System" developed by BSI Management Systems, which will enable global presence and better management control consistent with its honest trade strategy. (www. bsigroup. com)
It had to face legal issues regarding the child labour allegations.
Its expansion in Europe may have undergone extensive legal checks to make sure it is abiding by the local laws.
It must consider environmentally friendly sustainability issues and it has also acted upon it by dumping plastic material bags and giving away paper handbags.
Recent news implies that credited to "Throwaway Fashion" in previous five years, textile waste products has climb from 7 percent to thirty percent.
It is being called "The Primark Result".
(www. dailymail. co. uk)
Primark's Michael Porter's 5 Forces Analysis
Source: www. businessballs. com
Based on: Michael Porter's Five Pushes of Competitive Position Model
Threat of New Entrants
Risk Very Low: High cost of setup.
Power of the Supplier
Risk Very Low: No big dealer and less bargaining power of suppliers.
Power of the Buyer
Risk High: Competition in Market no turning cost.
Risk Medium: Few low price suppliers with similar vast range of products.
Threat of the Substitutes
Risk Average: Existing low price retailers but none that can be called an alternative.
This report began with an advantages to Marketing Plan and the first function than it which is Market Audit. Primark Stores Small is chosen for various mentioned reasons. A critique of its Marketing Blend used with a SWOT Research which offered a deeper understanding in to the company's current status. Auditing of external environment of the business was then completed with the aid of PESTLE factors and Porter's 5 Pushes Analysis.
Competitive Strategy means "taking unpleasant or defensive actions to create a defendable position within an industry, to cope successfully with. . . competitive forces and thereby yield a superior profits on return for the firm. Firms have discovered many different methods to this end, and the best technique for a given company is ultimately a distinctive engineering reflecting its particular circumstances".
[Word Count number: 2094 words]
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