The Primark Company’s Marketing Plan

Topic: Marketing
Words: 1971 Pages: 7

A marketing plan is a laid strategy on how a new or an existing product is integrated into the market. For this study, a marketing plan for a new fashion line for the Primark company. Primark is a multi-billion company focusing on a global fashion market in sales of men’s, Women’s, and children’s fashion wear. The following report will present a marketing plan for new women’s wear, focusing on fashionable jeans, bags, heels, and jackets. These products are identified as the new product line to be marketed globally.

Pricing Strategy to Employ

Pricing is the process of defining a monetary value that must be charged by the company when selling a product or service to the consumer. In other words, pricing an item or activity implies establishing how much the customer should pay when purchasing what the company is offering in the store. The pricing strategy to be used is value-based pricing. Value-based pricing focuses on pricing the products depending on what the customers think the product’s value is. According to Hinterhuber (2018), value-based pricing allows the company to produce the best quality while still managing not to overprice or price it too low. The strategy will also help Primark Company keep improving its fashion quality and thus increase its profits. The method used to price the fashion line is to estimate a price that positively impacts the contribution margin by creating a value for the product (Liu et al., 2019). Generally, the value of the fixed and variable costs of the product is removed, leaving the net profit attributed to the sale of the parts.

Breakeven Analysis for Business Financial Viability

Break-even analysis for financial viability is defined as the process where a new product or a service will become profitable for the company. It establishes the trajectory to create and capture value after a product launch. To gain profits, fixed and variable prices must be identified to know how many units are to be sold and how many customers are needed. In this case, the production costs, distribution, and advertisements cost $250, 000 and a unit of the product line will cost $ 48 (Liu et al., 2019). Thus, dividing the costs and the profits made from a single product line shows that the company will need more than customers to make the business financially viable.

Distribution Strategy

Description and Defense

A distribution strategy is a company’s planning so that its products or services reach the final consumer. For this, the distribution channel will be direct distribution where the consumers will get the products directly from the company stores. The strategy will seek to offer the product to all possible sale types, making it accessible to the masses (Liu et al., 2019). On the other hand, it brings an easy way to control the price and exposure of the product at points of sale, which is ordinarily unfeasible for premium products.

Additional Channels to Use and Reasons for their Usage

Different companies that deal with products, such as Amazon, will be used in distribution. In the case of companies that work with direct delivery to the consumer, as in e-commerce, it is also essential to think about the thinnest distribution network with last-mile logistics (Liu et al., 2019). Retailers and wholesalers bring enormous particularities and will also be approached in different countries to reach local consumers.

Integrated Marketing Communications Plan

Marketing campaigns must be integrated with sales targets. The goal is to streamline the sales funnel by generating prospects and turning them into qualified leads. The automation of the communication plan – marketing automation – is the appropriate tactic because it creates continuous journeys by triggering specific CTA, Call to Action, containing different offers to test efficiency, maximizing sales conversion CRO, which means Conversion Rate Optimization. Developing and managing sales channels is challenging for experienced professionals (Liu et al., 2019). However, it ensures that your product is present at different points of sale, which can offer added value.

Campaign Themes and Target Market Satisfaction

The campaign theme will present “Unmatched Divalicious Fashions” as the campaign theme. What determines the campaign’s success, in addition to a strategically conceived creative concept, is a communication theme with high affinity with the public and low dispersion. The plan must impact the target customer through a precisely designed communication mix, that is, one that gives the impression that the campaign is present everywhere, surrounding the customer wherever he goes (Wang & Gao 2019). The goal of the theme is to inform the consumers that the fashion clothes are unmatched and thus high quality. The target population is the women who rely highly on fashion quality, and their satisfaction will be based on the quality and the price of the product line. With the emphasis on the fact that the product is unmatched and Divalicious (fashionable style), the women will be satisfied.

Promotional Matrix and Key Themes

Description of Promotional Mix Elements

Advertising

Advertisement will include media use, especially TV, media, Web-based ads, and billboards. The increase in consumer power is a generator of informational content, in addition to issues related to pressure for results from the investments made.

Public relations

Public relations present acts that appeal to the company’s image in the target population’s eyes. In this case, the brand ambassadors of the “Unmatched Divalicious Fashions” will be used to engage in charitable activities and reasonable global goals.

Sales promotion

Sales promotion is the process of creating incentives in the sale process to lure more consumers. The marketing plan will also budget for promotive incentives in all the retail shops.

Personal selling

Personal selling is the face-to-face sales between all the parties. This strategy will be done in all the shops where the attendants will engage with the consumers and effectively engage them on the product fashion advantages.

Direct marketing

Direct marketing will be done in different ways. As it involves engaging with the target consumer directly, any women’s function in various countries will be attended, and marketing will take place. Online female consumers will be approached and asked to make an order or visit the stores.

Interactive marketing

All the mentioned promotion mix elements must entail interactive marketing. It constitutes engaging with the consumers directly while in a two-way interaction method. The consumers will use this element to communicate directly with the company through the agents, website, and consumer feedback channels.

How to Integrate Promotional Mix Elements Using Key Themes

To integrate all the promotion elements, management is the suitable method. Management includes assigning different individuals in an organization to engage with each piece. Additionally, budgeting is used to divide the capital among the elements to ensure all are integrated in a profitable-oriented manner.

Implementation Schedule of the Marketing Plan

Reasons for an Implementation Schedule

The implementation schedule is very crucial in a marketing plan. The program defines the time of implementation and the expected milestone. Assigning duties is also determined to avoid confusion. With an implementation schedule, a follow-up can be done effectively.

Time Frames for Media Campaigns and Milestones

Media Campaign Time Frame Milestone Person in Charge How to Track Deadlines
Facebook 9 Months Reaching more than 500000 customers Social Media Managers Adverts Analytics
Twitter 9 months Reaching more than 300000 customers Social Media Managers Adverts Analytics
Blogs 6 months Brand Awareness Public Relations Adverts Analytics
Instagram 9 months Reaching 400000 customers Social Media Managers Adverts Analytics
Landing Page 6 months Public Relations IT Adverts Analytics

Evaluation Process for the Effectiveness of the Marketing Plan

Describe the Evaluation Process

Various methods will be employed to evaluate the effectiveness of the marketing plan deployed. The most important ways of assessing are the study of the Return on Investment (ROI), where the number of returns will be used to judge how effective the methods are. A review of sales numbers will also be used to check the sales rate. The more the profits and the sales increase, the more effective the strategies are. Customers’ reactions and feedback will also be studied to determine how marketing strategies work. Consumers’ feedback will be done through surveys on various social media and the company website. The following sample Dashboards present the total sales, the number of website’s reach, and the cost per click for the budgeted marketing.

Sample Dashboard

Estimates for the Marketing Budget

The fundamental character involves decisions about the allocation of resources: the first strategic issue involved is the determination of the total investment to be made in promoting a product in a given market, and the second is to decide how this investment will be distributed among the available communication tools. Different marketing strategies will be employed, and the following budgeting forecast will be used.

CAMPAIGN TYPE PROJECTED SUBTOTAL %
Retail Marketing $ 2,000.00 3%
Local Marketing $ 6,200.00 9%
Public Relations $ 800.00 1%
Content Marketing $ 14,400.00 22%
Social Media $ 6,800.00 10%
Online $ 3,200.00 5%
Advertising $ 11,700.00 18%
Web $ 6,400.00 10%
Market Research $ 4,800.00 7%
Sales Campaigns $ 5,900.00 9%
Other $ 3,165.00 5%
$ 65,365.00

Summary of the Product

The choice of the product was a whole package for the women. Jeans, Jackets, heels, and bags will be sold in different fashion trends to match the expectation of the market. Women struggle to reach the outfits; thus, the product line will include a thoroughly checked business. The product units can be purchased individually, but the promotion factor will consider the whole package. The matching of all the products as per the consumer description, although advised by the company’s fashion designers, will be promoted as the product line.

Porter Strategy

Porter’s strategy is an applied method of understanding a competitive strategy. According to Cook (2018), there are three porter methods: cost leadership, differentiation, and focus. Cost leadership strategies focus on pricing to win the market. At the same time, the differentiation includes segmenting and selecting a small market share to deal with. Cost leadership will be employed in the marketing plan, where quality-based pricing will be more competitive.

Target Market Selected

The target consumers for the product line are women of the middle-age. The product line will focus on women aged 13-40, an age category with the highest purchase (Liu et al., 2019). Women will be the target market, engaging them through all the channels. The Digital market is also the consideration of the marketing plan where all the ads will reach the intended consumers. In terms of geographical reach, the product line will be globally marketed with more focus on the American, Asian and European markets.

Stages of Consumer Decision Making

Five consumer decision-making stages include problem, information search, evaluation of alternatives, purchasing decision, and Post Purchase evaluation. The problem stage entails the identification or an of a need when the consumer knows they need something. The information search engages in the search process to understand how to solve the need (Panwar et al., 2019). The third decision is the evaluation of strategies when the consumers compare different products. After knowing the alternative product, the consumer decides to purchase the product. Lastly, the consumer makes the post-purchase evaluation, where they question if the purchase was the right decision.

Recommendation for Improvements

From the report, it was possible to perceive that the implementation of market plan actions, since it is necessary to fulfill the established goals, adapt the measures simultaneously, and seek to maintain the main activities shown so that the general direction of marketing is maintained. The report recommends the improvement of communication and the growth of the e-commerce market (Panwar et al., 2019). With e-commerce, the company can reach more consumers and be more global market-oriented. The creation of a new in-house channel of distribution is also an area of improvement. With a reach of new consumers, the distance of the international market would be more advantageous when using an in-house global distribution channel.

References

Cook, I. (2018). Inviting construction: Primark, Rana Plaza, and Political LEGO. Transactions of the Institute of British Geographers, 43(3), 477-495.

Hinterhuber, A. (2018). Implementing pricing strategies. Journal of Revenue and Pricing Management, 17(1), 1-2.

Liu, J., Zhai, X., & Chen, L. (2019). Optimal pricing strategy under trade-in program in the presence of strategic consumers. Omega, 84, 1-17.

Panwar, D., Anand, S., Ali, F., & Singal, K. (2019). Consumer decision-making process models and their applications to market strategy. International Management Review, 15(1), 36-44.

Wang, A., & Gao, X. (2019). Multifunctional product marketing using social media based on variable-scale clustering. Tehnički vjesnik, 26(1), 193-200.