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Diploma in Business
Unit Number and Title
Marketing planning is the important concept for each and every organization in the market to anchor itself for the future growth and prosperity. It is improvement that marketing planning be made in an effective and efficient manner so that no loss be suffered by the company. In this marketing planning assignment planning is conducted of one of the biggest brand of the world i.e. tommy Hilfiger. This company is well known for its clothing line as well as the luxurious products like watches, perfumes and many others. Company market aspects are analyzed so that proper result is derived from it. Marketing perspectives of the company as well as their analysis both internal and external is conducted to know the position of the company. Apart from that a presentation is also made in which company market threats are focused. Company also desired to increase its market east region of the world i.e. Dubai so to fulfill that purpose a market plan is formulated with all the aspects associated with it. It is also important that marketing be conducted while considering all the ethical issue that is required for the business. This issue is also highlighted along with the organization as well as the customers aspects to make the harmonize environment for the company to perform its operations without any difficulty.
Marketing planning is the medium through which various marketing strategy are formed to locate the market places where the product manufactured or sale out accounts to be more profitable. Marketing planning has undergone many changes over a period of time due to the dynamic environment and changing preferences of the customers. So in that context there are two approaches of marketing planning i.e. traditional and modern. Tommy Hilfiger is a well-established brand popular for the lifestyle brand called Tommy Hilfiger Corporation that was founded in the year 1985. This company deals in many products like in clothing, luxury item such as perfumes, watches and many others. So accordingly there are two approaches that can be understood in relation to marketing planning. Traditional approaches market plan is also called as Marketing-LED in which company are led by the department of marketing. Here marketing plan is made as per the wants and needs of the customers as well as aiming about their satisfaction in the product (Hollensen, 2010). Multi-function is on the part of customers satisfaction is shown a great importance. Product mix is the technique in which there are criteria for the best line of product that can be taken into consideration by the company through line marketing. In this approach all the 4P’s are taken into consideration. Another approach is the modern marketing strategy in which many marketing channels are considered to establish a perfect marketing planning with technology like smart phones, internet, social media and many others. In the traditional approach, Company has taken into consideration of the luxury brands in the regions of Europe and North America where there was high disposable income. But now it has planned to adopt the modern approach as it cannot always depend on the revenue from the developed nations. Now it has to extend its working in the developing countries to expand its market effectively and efficiently. Apart from that it is also required to sell its products at the affordable prices to increase its market base.
For the purpose of future planning it is important that Hilfiger examine and evaluate its all the resources that would be required in the future growth of the company in terms of the marketing aspects.
Human resources-It would require more staff that is capable to deal with the changing scenario as well as be able to adjust with the changes of the developing countrieswhere company wants to expand its business. Most of the employees are capable to deal with the changes in the company.
Physical resources-It also requires infrastructure facility that would be needed in the developing countries. It is capable of allocating these resources due to its financial base as well as all the furniture, equipment’s, machinery and building can easily be allocated by the company without any issues.
Financial resources-For the purpose of the expansion of the market base company are required to arrange all its financial resources from the bank as well as other mediums. Company has huge financial base so it can easily raise the funds and can implement it judiciously in the business (Hendriks, 2012).
Auditing is required to check the working of the company so that if any aspects that needs improvement can be analyzed and the problem can be overcome effectively and efficiently. This company requires planning new marketing techniques so that a better working as well as base is created in other area across the world. There are various techniques to accomplish this task. For the purpose of internal auditing the best suited technique is SWOT analysis in which strength, weakness, opportunity as well as threat of the company can be analyzed effectively. Apart from that external factor that is also requires proper examination so for that purpose Porter five model analyses is taken into account(Fu et.al, 2014).
Internal analysis: SWOT analysis
Buying power-The buyers of this brand has high disposable income so here are less chances of the economic downturn. But it also focuses on the market of affordable prices.
Supplying power-With the trade liberalizationthe market area has increased. Company has license agreement with the developing nations to expand its market to the best effects.
Substitute-There are many substitutes available for this brand that is a threat to the company so it become important that the substitute be tackle by the company effectively.
Rivalry-There is excessive competition present in the market in relation to all the brands that are dealt by the company. So best market strategy with the good advertisement is required by the company to tackle there rivals.
New entrants-there are excessive new entry of the new brands in the market. It became important that these new entrant may not hamper the working of the company. Company is well established brand so there are less chances of the danger to the company(Sun et.al, 2014).
A market plan is required to be made for the clothing line in the Dubai where company wants to expand its base. A strategic planning is made in that concern for the better performance of the marketing aspects. For this purpose two product development techniques are used that are test marketing and experimentation along with the product design that can b implemented in the market of the Middle East region without any complications. Price penetration method is used in this marketing along with indirect distribution channel that would be highly effective with correct communication strategy by advertisement and promotion an effective manner. Apart from that in this market plan the last and the final step would be its effective implementation so that no wrong reason may affect the effective marketing in Dubai. So for that purpose implementation is made by analyzing the factors like motive, objectives, functions, strategy and quality to get the desired result of marketing(Wong et.al, 2011).
A successful and prosperous business can only be created when the correct policies and strategies are formulated and then implemented in the business. So the best strategy is required to be implemented by the company to secure its business in the tough competition. With the strategic planning all the non-profitable aspects that can cause harm to the company are studied and then the best suited aspect is implemented in the company. A systematic decision of the framework is incorporate so that anappropriate market strategy is implemented in the business. With this planning it implies the company to set the goals of the marketing as well as create the direction that may be profitable to the company on the long run. It also helps to reduce the cost as well as time by marketing in all the wrong aspect of the market. It also helps to utilize the funds to the full potential without any wastage. Hilfiger wants to expand its business in the Dubai in relation to the product of its clothing line so it become important that correct and appropriate strategy in implemented in the company to create the perfect market base for the company in the Dubai. This can be achieved by the proper use of all the resources available to the company in the correct proportion. It is also required that marketing team work with full capacity and efficiency. The best strategy in this regards is the selling product at the affordable prices in the Middle East. This can be done by analyzing the market situation of the region and appointing some of the local staff of that region in the marketing team who has experience of marketing in the regions. Then this can be implemented easily with no significant cost. Marketing team would also conduct the research of the market of Dubai to know about the interest of the customers in detail format (Westwood, 2013).
There are various techniques that can be undertaken to market a new product in the market with efficiency and effectiveness. These techniques are experimentation, test marketing, co-creating, learning from failure, entrepreneurial culture, observation etc. In the marketing of Dubai of the new clothing line of the Hilfiger the best suited techniques are test marketing and experimentation.
This is the technique in which marketing plan and strategy is implemented on the sample or in few population before conducting a full fledge marketing plan on the population. In this case, some sample of the product be marketed to the sample population and then the result can be analyzed in a proper manner.
In this marketing technique, reaction of the customers is noted so that a better and more effective marketing of the product be taken into account. As pertheir reactions all the amendment would be conducted in an effective manner. Product shall be given to the people and then there reaction on the product could be beneficial for the purpose of implementing the marketing plan in Dubai.
Company is planning to launch a new clothing line in men and women wear that would suit the preference of the customers in that region. This product would solve many problems like people can be able to afford the quality at the affordable prices as well as company would also able to provide jobs to the people that would diminish the problem of unemployment in the marketing area. The product would be according to the taste of the people as well as colors shall be more of pastel that is fashionable in current scenario. Even at the time of festival people would prefer to purchase the product at the reasonable prices with good quality and brand.With this product customers would be able to increase its saving in the inflation market (Pastan, 2015).
The company is planning to use price penetration in market for the products. By this method high volume of sales is established with lower prices. This would increase the sales as well as create a market base for the company in Dubai. It would be best suited at it would saves time in an effective manner. Company must follow indirect distribution channel as the product from this approach would be marketed to the wider area and with the distribution a better marketing can also be possible as it would also reduce the competition and also helps to saves the cost. Advertising is the best way to communicate to the people about the brands. Advertising and promotion can be conducted via electronic and print media along with celebrities of the Middle East as this would increase the customer base.
Ethics are all the business practices and moral conduct that required to business to behave properly. It refers to the guidelines that are required to practices by all the individual as well as company to create a healthy environment. Marketing team is required to behave ethically by avoiding cheating, exaggerating the cost or manipulating cost for own benefits. The market personal are required to truthful and behave with integrity to solve the problems (Gegez, 2014). If wrong and unfair practices are performed by the marketing team then it affects the reputation of the company that ultimately leads to the downfall in the goodwill of it. Marketing must be in civilized manner by removing all unethical issue that may cause harm to the customers as well as to the organization at large. Marketing need to be accurate that does not harms the sentiment of the customers by performing any wrong advertised as well as promises to them. ethical issues must be dealt seriously by all the marketing personnel as well as team as if they do not make correct judgment then no harmony may be established that ultimate hamper the growth of the society (Olšanová, 2013).
Company has responded in the ethical issue by safeguarding the environment from pollution as well as safeguarding the use of greenhouse gases in the working by making products reducing the use of water. Similarly company should provide necessary training and instruction to behave ethically while dealing with customers so that no harm may be caused to them. Also company must adapt different strategy so that animal may be protected against the cruelty. Also enforce certain and strict policies to safeguard the interest of the customers from the wrong practices of the organization. Apart from that various policies are also implemented by the company like paying attention to product safety as well safety of the staff. Company must also do promotion of product by ethical manner. By all this ways companies interest as well as customers interest be safeguarded and company would be able to achieve its objectives satisfactory manner (Yaghmaei, 2016).
Many times customers are at default for their unethical behavior that causes harm to the company as well to the society. Such as some customers are aggressive and rude while interacting with the staff that cause the problems for marketing team and personal as they would not work with full potential. Even many times shop lifting and theft is practices by customers that also causestroubles for the company as legal complication arises that waste the time as well as money. By all this manners company performance is affected drastically and proper operation and conduction of business is also not become as effective. It is important that better rules and regulation be made by the company to minimize the unethical behavior of the customers and also make strict guideline for the diminishing of the fraudulent payment (Hoppe,2016).
Marketing planning is that aspect of the business that requires a serious concentration by the company to get the desired result from the business. Hilfiger is conducting its marketing in an effective and efficient manner but there are certain aspects that are required full concentration by the company with the help of the analysis made internally as well as externally. It is also important for the company to make necessary changes in its marketing aspects to deal with the barriers that affect the success of the company. part from that if company follows the marketing plan as stated above then there are enormous chances that company would be able to earn profit as well increase its base in Dubai. For this purpose all the strategy and guidelines are required to be followed in an effective and efficient manner. It is also important that company follow all the ethical aspects in the marketing divines with integrity and dedication. It must also enforce policies that can reduce all the wrongful acts of the business and the marketing team. Company must also ensure that all the ethics aspects are also followed by the customers so that no complications may arise to the company for the purpose of performing marketing activities in an effective and efficient manner.
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