Marketing as defined by Philip Kotler is the science as well as art to explore, create and generate value for satisfying needs of consumers (Das, 2015). The present study thus focuses on marketing strategies being used by Top Shop fashion Retail Company to increase its market share. Focus will be given on discussing role of marketing and its interrelation with other functions; use of marketing mix to attain business objectives and development of a marketing plan.
LO 1 a) Roles and responsibilities of marketing function in context of Top Shop
The roles and responsibilities of marketing have a huge relation with wider organizational context in case of Top Shop. This is true as if Top Shop wants to implement marketing plan then it is most likely to need help of other departments. For example, hr department is required to recruit and select employees such as brand managers, social media experts and digital marketers who can be the part of marketing plan (Nash, 2018). The finance department is needed for setting budget to carry out activities in marketing plan. Production department is required to produce clothes as per the research done by marketing employees of company.
LO 1 b) Roles and responsibilities of marketing in context of marketing environment
Marketing department of Top shop has many roles and responsibilities to be performed in context of prevailing marketing environment. The very first role is to promote overall brand image of Top Shop in a positive manner by creation of promotional techniques such as TV ads, designing banners, sponsoring big fashion events among others (Top Shop, 2018). This is essential so as to be a step ahead of competitors in the prevailing marketing environment. The next role is to create adequate content about clothing range offered by company. These can be in form of blogs, articles, SEO content etc. so as to lure consumers towards Top Shop (Ashworth, 2016). The department also plays a role in maintaining/monitoring social media actions on Twitter and Facebook. This is essential in terms of prevailing environment which is to connect with consumers and get feedback about existing clothing range.
LO 1 c) Significance of interrelation between marketing and other functional units of Top Shop
The interrelation between marketing and other functional units of organization is very significant for successful running of the fashion retail company. For example, if there is no relation between marketing and HR department then no additional recruitments and training sessions will occur. This will led to increased work load on existing employees and also led to lowering of performance (Morhart, 2015). In the same lines, if finance department does not provide budget to marketing section then there will be a great difficulty in carrying out the activities. Overall it can be said that interrelation will not only help in maintaining overall work flow of organization but also led to its long term sustainability.
L0 1 d) key elements of marketing function and how they interrelate with other functions of Top Shop
The key elements of marketing function and its interrelation with other units of Top Shop is as follows;
- Promotional function– Promotion of product can be carried out in a best manner if human resource department recruits experts in area of promotion. The company is also required to contact finance department to provide money for carrying out the operation.
- Selling function – this function has an interrelation with human resource department to train sales personnel for turning prospect into consumer. There is also a need to connect with production department to know about the details of clothing (Tuten, 2017).
- Marketing information management – This marketing function has an interrelation with IT department for providing necessary staff members and software’s.
LO 2- 1) Compare ways in which different firms apply marketing mix to marketing planning process to attain objectives
Different ways are used by organization while applying marketing mix to marketing planning process.
Top Shop for example develops product mix by adhering with first step of the process which is to formulate product by assessing the problem faced by consumers. Debenhams which is the competitor of Top Shop develops product by collecting relevant data and information from consumers through surveys. However both the companies decide on product rate by collecting data about the prices offered by rival firms. As per place element, the stores of Top Shop are in all the big cities followed by an interactive online site (Nash, 2018). Debenhams on the other hand has departmental stores in many countries, mobile app and online retail website. As per promotion Top Shop uses flash sales, email marketing and use of big posters on store. Debenhams on the other hand focuses on TV commercials, digital marketing like YouTube and Pinterest. In order to run business successfully in competitive market, Top Shop should do proper marketing plan in order to survive. Marketing planning process is made by every business in order to achieve their goal and objectives.
LO 2- 2) Different tactics applied by Top Shop to demonstrate how objectives can be attained
Different tactics are applied by Top Shop to assess how business objectives are achieved by the company.
- Product – The product mix being clothes offered by Top shop are made as per needs of consumers. They are also customized as per there requirement. This fulfills the objective of client satisfaction. It is very important for firm to manufacture products for their consumers. It can use tactics strategy in products such as quality and customization.
- Price – Top shop has used all three pricing tactics being premium for high end clothing, penetration for middle clothing segment and skimming for low range clothing. This tactic has led to fulfillment of objective related to increasing sales and revenue figure (Morhart, 2015). The pricing tactics for strategies can be offers, coupons and discounts.
- Place – top Shop uses extensive distribution system and also operates through multiple local channels. This has led to fulfillment of objective being creating mutual connection with consumers and generating improved value. The place tactics can be related with various channels for providing convenient.
- Promotion – Top Shop has used promotional tactics such as series of YouTube videos, Facebook marketing, posting clothing pictures on instagram. This has fulfilled the objective of increasing consumer awareness (Ashworth, 2016). The promotion tactics can be related with creating awareness among customer about products.
- People - Top shop offers a personal shopping service where people can appointment of one to one advice within designer suit. This facilities is available only on store they make customers make feel special so therefore they would create customer loyalty.
- Process - The behavior of employees who deliver crucial role in customer satisfaction. Such as providing information to customers in order to help customers and staff members are all vital to keep customers happy.
- Physical evidence - The ambiance, mood and physical presentation of Top shop environment is attractive in nature. Additionally, the way they treat their customer in an effective manner so that customer enjoys their shopping.
LO3 Develop and Ev advaice within a designer suite.aluate Marketing Plan
The present marketing plan has been prepared for Top Shop for launching a new clothing range for new born in market. The present marketing plan for coca cola will focus on launching a new diet coke in India. The steps for the same are as follows;
These will be newborns babies of any gender who are in the age group of 0 to 3 years. The need of this consumer set will be to have access to brightly coloured, comfortable and not so pricey clothing.
The top competitors for Top Shop in this section are Zara, River Island and Marks and Spencer. There are also many local brands that are selling clothing for the new born.
- To enhance the brand awareness of clothing range by 25 percent by end of 2018.
- To achieve net profit of 15 percent by end of 2018.
The new clothing range can be positioned as the one which brings comfort to the babies and the clothing material used is also quite safe to the skin.
The product is basically a comfortable and soft clothing range for toddlers that is available in free size and bright colors.
Top Shop will focus on the use of competitive pricing strategy for maintaining market share ans generating sales.
The clothing range will be available in all the stores of London as well as its online website to lure more consumers.
Promotion will be done by use of social media channels like positing pictures on Instagram and P interest and connecting with consumers on Facebook. Other than this, big banners of the ctihies will also be placed all around the city.
Marketing Plan Budget
Budget will depend on finance present with Top Shop and the amount it wishes to spend for newborn clothing range.
It can be evaluated that the above developed marketing plan is most likely to assist in increasing brand awareness and also led to profit and sales figures. The company is however required to be careful of rival firms who can soon launch similar product range.
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Top Shop is a well-known fashion retail firm in London and has been using marketing functions and also relating it to other departments. The tactics applied in marketing mix are such that they have assisted in fulfilment of its objectives. Similar strategies have further been used in its marketing plan for toddler clothing range.