Comprehensive Guide to the 7 P's of Marketing - H&M Strategy

TASK 1

P1 Roles and responsibility of marketing function

The marketing process consists of analysing different marketing opportunities, selecting the target market, developing a marketing mix with management and marketing functions that satisfies the customer's need and demand (Bird, 2012). The marketing process is as follows:

• Situation analysis: Analysing or identifying the opportunities to satisfy the unfulfilled demand of the consumer. Basically the consumer needs and their purchasing powers. As the firm understand their own capabilities and the environment in which they want to operate. Firm analysis the present past and future aspects, as to disclose the gap between the consumer wants and what are offered to the customer.
• Marketing strategy: One of the best opportunities to satisfy the demand of the customer's. By developing different strategy plans such as market survey, segmenting the market and positioning the offering with in the segment. And resulting out in the value proposition to the different target markets.
• Implementation and control: At this stage,the marketing process need to developed and the product has been launched (Brooks and Simkin,2012). The result of the product depend on the marketing efforts made by the the firm and continuously monitoring and adaptation of change is required to fulfil the need and demand. So that the variances of the product can be adjusted on time. Often one small changes lead to dissatisfaction of the consumer.

Marketing manager play a most important role in order to conduction marketing activities properly. They are responsible for each marketing activities as they assign duties to employees and evaluate the performance of the employees on regular basis. Such as:

• Creates market plans: According to the nature of the marketing the managers of the marketing Manager of the H&M creates an action plan to launch the product in the market by analysing the need and demand,forecasting advertising,distribution of the product etc.. to carry out the marketing goals of the organisation and satisfy their customers.
• Identifying the potential markets: To create demand of the good and services that is being produced by the firm (Cabrera and Williams, 2014). The Marketing managers of H &M continuously identify the new potential markets where the can maintain the customer relationship with the existing and the new customer.
• Evaluate the products: Customers need and demand differ from time to time. H&M managers need to evaluate their produces on regular basis so that the can modify or alter their products according to the need of the customer and satisfy their customer.
• Launch new product and services: H&M mangers attract new customer along with the exiting customer by evaluating the needs and wants of the consumer. According new goods and services are offers to the existing customer and to attract new customer as well.

P2 Roles and Responsibility to marketing related to wider organisational context

Marketing actives is influenced by all the department of the organisation as it encompasses the entire business of the organisation (Bellenger, Bernhardt and Goldstucker, 2011). In organisation each and every department is interrelated with each other which is important for easy and smooth flow of H&M. Moreover, it will result in generating high amount of profitability and employees satisfaction.

• Production Department - H &M production department adequately research according to the quality of the product to satisfy the current and future trend of the customer.
• Marketing Department - H&M marketing department closely work with the finance department to adequate the budget to meet the needs of the survey, promotion and distribution.
• Human Resource Department - H&M marketing department works out with the human resource department to ensure effective skill staff to research and develop new ideas and creating ambitious sales team.

TASK 2

P3 marketing mix

The marketing mix is the foundation model in marketing and it is set of marketing tools which is utilised by the organisation for pursuing its marketing objectives in the target. It involves mainly 7Ps of marketing. Explanation of these are as follows :-

TASK 3

P4 marketing plan

Marketing plan is part of an business plan and there is requirement of solid marketing strategy for doing planning (Hsu, 2011). H&M is also designing proper plan for brining their product and services in the target market. Below mention are the steps of marketing plan :-

Vision – H&M Business operation aim is to operate in such a way which is socially, economically and environmentally sustainable.

Mission – H&M mission is to drive long lasting positive modification for improving living condition of peoples through investment as well as innovative ideas.

Marketing objective: H&M marketing objective is:

• To attract more and more trendy and fashion loving customers to increase number of its profits by 10%.
• To improve overall sale of company’s products by 20% in coming year.

STP

It is the concept of segmentation, targeting and positioning which is used by H&M for identifying its market wants and to frame effective policies.

• Segmentation- Organisation subdivide the whole population in various groups on basis of some common features i.e., demographic, behavioural and psycho-graphic segmentation.
• Targeting- Enterprise analyse a specific groups of customers. Main target of H&M is youngsters because they are found of wearing trendy clothes.
• Positioning - H&M wants to position itself as an good retail company that offer quality products to its target audience in order to attracting customers.

Marketing Mix:

• Product- Deals in clothing and accessories of men's, women's, children.
• price- H&M is using cheap and affordable pricing strategy
• place- Offering in stores and department which is located at popular as well as well known shopping streets (Ionitã, 2012).
• Promotion- H&M is using advertising, direct marketing as well as campaign for promotion purpose.
• People- men's, women's and children's
• process- H&M maintain good relation with customers by offering quality products.
• physical evidence- H&M have good ambiance of their stores

SWOT analysis of H&M

4 P's of H & M:-

• Product:- H & M is a retail company of clothing, it offers clothing for men, women and children. Product range includes everything from designer and trending collection to daily basics, yoga wear, shoes, bags, accessories, beauty and ready to wear.

• Price:- H & M offers high quality products at affordable prices. The main competitors of the respective company are Zara, Forever 21 and GAP, as compare to these company the price of H & M products is relatively low. Comfortable and high quality at a reasonable price attracts youth customers.
• Place:- H & M sells its products through stores which is in major cities globally ( 4135 stores). In some places respective company offers its products through franchising partners it is due to regulatory norms of that place or country.
• Promotion:-  H & M use wide channels for promotional strategies like TV advertising, YouTube, social media, promo codes and discount, sponsorships etc. through which they cover a large amount of target customers.

Marketing Budget:

Monitoring and control: It involves different measures which is applied by the marketing manager for examining the results after implementation of marketing strategies (Langer and Heil, 2015).

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CONCLUSION

From the above discussion, it has been concluded that marketing is important to process for every organisation because it helps in attracting customers and increasing sales. H&M is expanding their business in other countries also so in this procedure there is a requirement of marketing. There is a requirement of a professional for the entire procedure who is known as a marketing manager.

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