Unit 6 - Marketing Principles and Practice Level 5 assignment Sample

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Introduction

In the context of business, marketing is a critical procedure of creating, communicating, and providing goods and services to customers in order to satisfy their needs and enhance their experience. Marketing is important for every organization because it helps increase sales, create brand awareness, drive profit and growth, and acquire and retain customers for a longer duration. In addition, emphasis on marketing is beneficial for companies because it helps increase brand awareness and customer loyalty and helps them gain a competitive advantage over competitors. The current assignment will be based on marketing principles and practice in the context of PrettyLittleThing (PLT). This is one of the UK’s medium- and limited-sized retail companies. This organization provides customers with amazing designer apparel by considering current trends and preferences. This report will shed light on the role of marketing in accomplishing business objectives as well as the influence of external factors on them. This report will also depict different components of the marketing process along with the methods of segmenting the markets. For students seeking assignment writing help, this analysis offers clear insights and structured guidance on marketing strategies in the fashion retail sector.

Task 1

 AC1.1 Role of marketing in the achievement of business objectives

Marketing is considered a significant aspect of any successful company, and it plays an immersive role in reaching and satisfying customers while accomplishing organizational goals and objectives. Additionally, marketing plays a critical role in accomplishing business objectives by offering high-quality goods and services, attracting customers and developing brand awareness, which drives sales and increases profitability. PrettyLittleThing (PLT) also emphasises effective marketing to support its goals and objectives by bridging the gap between the offerings and customers’ needs and requirements. It helps achieve the goals and objectives by educating customers, building brand awareness, and generating leads, which eventually positively influence overall efficiency and profitability (Suoniemi et al, 2020). However, marketing is a costly and time-consuming process for the companies, which ultimately negatively influences the overall profitability.

 In addition to this, marketing also plays the role of introducing new products and services in the competitive market by understanding the customers, creating marketing plans, positioning products, driving demand and reducing chances of product failure. Furthermore, marketing also assists companies in entering new markets by connecting new audiences with the help of social media campaigns, targeted advertising, and partnerships. Another role of marketing in the achievement of business objectives is the enhancement of market share and sales through advertising, reducing prices, improving customer experience and digital marketing (Yasa et al, 2020). However, if companies are not analysing data accurately and correctly, then it leads to fault and ineffective decisions related to marketing, which results in the drain of profits.

AC 1.2 Impact of external factors in marketing

 To analyse the influence of external factors on marketing, PLT can use the PESTEL framework. It is considered one of the critical models that help the organization to evaluate the impact of various external factors, such as political, economic, social, technological and environmental, on marketing (Hanaysha et al, 2022). 

Political: The political condition of the UK is stable, so the government will provide support to the chosen business in advertising and marketing the products and services to increase the understanding of the customers. However, an unstable political condition directly affects the purchasing power and marketing decisions of customers, which drains profits.

Economic: Economic growth, consumer spending patterns, inflation, interest rate, etc., are significant political factors that directly influence the marketing process of companies. The economic condition of the UK is rapidly growing, so the customers of PLT tend to have higher purchasing power, which results in high demand for its products and services. Then, it needs to adjust its marketing strategies accordingly. On the other hand, at times of economic downturns and recessions, the spending of consumers may decrease, which negatively influences marketing and sales revenue.

Social: Demographic trends, values, norms, lifestyle preferences, attitudes, etc., are significant social factors that directly impact the marketing process of companies. At the time of marketing the products and services in the competitive market, the marketer of PLT needs to lay more emphasis on several elements like age, ethnicity, gender, income level, etc. (Dwivedi et al, 2023). However, without considering these factors, it will be impossible for PLT to provide the products to customers according to their needs and requirements.

Technological: The UK is a country with technical advancements, so marketers of PLT can adopt various emerging technologies and use various social media platforms to advertise and market products. On the other hand, this increases the chances of security concerns, which lose customer trust and their purchasing decisions as well.

Environment: PLT needs to consider the environmental influence and integrate sustainable initiatives into its marketing strategies in order to attract and retain more customers.

Legal: At the time of marketing the products and services, it is important for the markers of the chosen organization to comply with all the legal standards related to advertising standards, consumer protection, data privacy, etc.

 AC 1.3 Role of marketing in non-profit organizations

Marketing plays a critical role in the non-profit organizations (NPO) of the UK, such as the British Heart Foundation, British Red Cross, etc. The key purpose of marketing in NPO is raising awareness, fundraising, engaging volunteers, fostering services and establishing creditability. Marketing helps non-profit companies to raise funds by connecting with potential donors. The nature of marketing in the NPO is to promote their ideals and causes in order to attract potential volunteers and donors (Oliveira et al, 2021). On the other hand, NPOs have a limited budget for marketing, and they face difficulty in communicating with the target audience and advancing the mission & vision. In addition to this, marketing helps create brand awareness about the causes, programs, and goals, which helps generate support and interest for accomplishing organizational goals and objectives as well as the mission.

1M1: Support of marketing strategy in sales functions in companies

Company’s marketing strategies provide immersive support in sales functions by building relationships, creating awareness, and generating leads. Marketing supports the sales function of PLT by providing collateral, building websites, increasing brand awareness, and generating leads, which helps attract and retain customers for a longer duration. In addition to this, marketing helps in generating leads by using a wide range of digital channels (Do Adro et al, 2021). Marketing also helps develop brand awareness and assists customers in understanding the value proposition of companies. On the other hand, marketing is a time-consuming process because it requires a significant investment of time, such as writing aids, researching strategies, and tracking the campaign's success, which reduces sales.

 Task 2

Enclosed is the PPT.

 TASK 3

AC 3.1 Different methods of researching the market

 Researching the market is important for companies because it helps in in understanding customers, market environment and competitors through primary and secondary method.

1. Primary research

It includes collecting the new data with the help of various resources such as survey, interview etc., which helps in understanding preferences, opinions and behaviours of customers.

• Survey and questionnaire

To target particular markets and customers, it is important for the companies to research the market by using various methods such as surveys and questionnaires, interviews, market analysis, observational research, online analytics, customer feedback and reviews, pilot testing, etc. Conducting a survey through a questionnaire is considered one of the most common methods for researching the market and helps in providing comprehensive information about the target audience relevant to their needs, wants and preferences (Saura, 2021). Adoption of this method can be beneficial for the marketers of PLT because it helps in gathering qualitative and quantitative data, measuring customer satisfaction, understanding customer preferences and helps in determining patterns & trends. However, in some cases, this method is disadvantageous for marketers because it provides a biased response which directly affects the quality of data and decisions.

• Interviews (Face-to-face/ telephone)

Additionally, the interview is another critical method used by marketers to research the market effectively and successfully. Execution of this method can be advantageous for the selected organization because it helps in offering qualitative insights about the customer’s experience, behaviour and opinions as well as providing a deeper understanding of the marketing dynamics. On a critical note, interviews provide unpredicted results from which marketers are unable to collect insights about the customers and markets, which negatively influences effective decisions (Kumar, Paul and Unnithan, 2020).

1. Secondary research

 It includes utilizing the existing data which are collected by others such as report studies, statistic etc.

• Online research and competitor analysis

Competitor analysis is another important method that marketers can use to research the markets. To evaluate the market dynamics, PLT can analyse its competitors, such as The Row, SHEIN’s strategies, pricing, products, and market positioning, which helps determine opportunities and threats. This method helps marketers or researchers to identify gaps in the markets and potential areas for differentiation. Thus, referring to this, the firm can explore the areas of growth and thereby get the desired level of outcome or success by leveraging opportunities available in the marketplace.

• Industry reports and publication

This method help the companies to provide information and data relevant to market trends, competitors etc. It helps in saving time and cost effective method. 

 Summary of market research methods

Methods	Type	Pros	Cons
Survey	Primary	Large sample size	Time consuming
Interview	Primary	In-depth understanding	Time-intensive
Competitor analysis	Secondary	Easy access	Limited to publicly available data
Industry reports	Secondary	Provide reliable data	Not specific

AC 3.2 Use of different channels for digital marketing

 There is a wide range of channels, such as social media marketing, search engine optimisation, content, influencer and email marketing, as well as pay-per-click advertising (PPC) that can used by companies for digital marketing.

1. Social media marketing

Social media marketing (SMM) is considered one of the significant channels used by companies for digital marketing. Social media platforms such as Instagram, Facebook, Twitter, etc., are providing opportunities for the firm to connect with the large number of user base.

 Pros

This channel can be useful for PLT because it helps share content, run ads, engage followers, and build brand awareness.

 Cons

 SMM is a time-consuming and costly process for companies as it may face difficulty in reaching the right audience (Chen et al, 2021).

2. Content marketing

Content marketing is another channel that companies can use to attract customers. This channel of digital marketing places emphasis on creating & distributing relevant, valuable and consistent content in order to attract and retain the target customer.

 Pros:

Adoption of this channel can be useful for PLT because it aids in developing brand authority, nurturing leads and driving traffic.

Cons:

Adoption of this channel can be challenging for companies because it needs effort and time to produce high-quality content regularly.

3. Search engine optimization and influencer marketing

Search engine optimisation (SEO) is another digital channel that is used by companies, and it includes optimising the websites in order to enhance their visibility in the search engine outcomes. Influencer marketing is another critical digital channel that is undertaken by organizations in order to target the audience (Peter and Dalla Vecchia, 2021). This digital channel influences the reach of social media influencers in order to foster goods and services. By partnering with relevant influencers, companies can increase brand visibility and follower’s trust.

Summary of digital marketing channels

Channels	Pros	Cons
SMM	Share content, engage followers	Time consuming
Content marketing	Developing brand authority	Needs efforts and tine
SEO	Improve brand visibility	Costly process
Influencer marketing	Increase brand visibility and follower’s trust.	Costly and time consuming process

3D1 Ways of mitigating the current challenges for digital marketing

Adoption of digital marketing channels is challenging for organizations because they face various issues such as limited marketing budgets, customer-centric markets, data and security issues, fast-changing trends and updates, etc. The limited marketing budget is considered one of the common challenges that may be faced by PLT while implementing online marketing channels. To mitigate this challenge, selected organization need to choose cost-effective marketing mediums such as email and content marketing as well as low-budget digital ads. Regularly monitoring and optimising the limited budget will lead to effective outcomes and assist in navigating the competitive landscape of digital marketing challenges. 

On the other hand, data and security are the most common and biggest challenges faced by companies in digital marketing. Data is considered a big asset when it comes to digital marketing, and people are hesitant to provide their personal information, such as phone numbers, email, etc., to any companies because they face issues related to privacy or data security (Tamburri, 2020). Additionally, to mitigate this issue, companies need to execute data governance or protection strategies like GDPR (General Data Protection Regulation). This regulation helps safeguard the data and customers’ information from hackers, which helps maintain their trust in the companies for a long duration.

Task 4

AC 4.1 Proposed strategic objectives

Objective 1: Expansion of market share

Proposed objective: To increase market share by 10% at the end of the 3rd quarter.

Explanation: For the extension of the market the company plans to introduce a new stream of sustainable clothing to attract the new target market. Within the current environment, sustainability is more focused on consumers and for this, PLT is coming up with new business ideas.

Objective 2: Increased sales

Proposed objective: To increase the total sales by at least 30 % to increase the profitability of the company.

Explanation: For this, the new product range of sustainable fashion is introduced and consequently the sales will also increase as more people will like the product and will purchase the same.

Objective 3: Enhanced reputation

Proposed objective: To enhance brand image and market share by 15% within a year

Explanation: This Company markets and promotes the brand by posting on different social media platforms for the new product range of sustainable fashion.

AC 4.2 Market segmentation

Demographic segmentation

• Age: the major focus will be on young people belonging to the age category of 18-45
• Gender: both males and females will be focused but a major emphasis is on the female consumers as they are very interested in clothes and related aspects.

Socio-economic segmentation

• Income: middle and upper-income people will be focused more
• Family life cycle- it will also focus on family clothing which includes the same kind of clothes for every person so that they look similar.

Psychographic segmentation

• Lifestyle- currently the lifestyle has shifted towards a major focus on sustainability and as a result, the starting of a new product range will assist in attracting more new customers and increase the market share.
• Interest: Consumers having an interest in environment-friendly products will be targeted here to increase the sales of the new product range. 

Target market decision

Based on the segmentation it is evaluated that the people targeted will include both males and females belonging to both middle or upper-class categories and who are interested in the protection of the environment.

AC 4.3 Implementation consideration

Marketing budget

Particular	Amount ($)
Social media marketing	51000
Traditional Marketing	31000
Promotions and discounts	39000
Packaging	51500
Research and development	30500
Total	203000

Resourcing requirement

Unit 6 - Marketing Principles and Practice Level 5 assignment Sample

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Human resource: For the new plan of adding sustainable fashion it is necessary that the appropriate type of human resource is used and allocated the duties well. For this, the major focus is on recruiting expert marketing managers and digital marketing teams. Also, a good product development team will be created who continuously work to improve the products and services of the company.

Technology: Further, it is also necessary for PLT they effectively implement the latest technology for making the new product successful. For this PLT makes use of different e-commerce platforms, social media websites, email marketing software, CRM software, monitoring software and many other systems.

KPI for monitoring: The Key Performance Indicator (KPI) are the one which assists in monitoring and controlling the performance. For the implementation of new sustainable product range, it was analysed that major KPIs include sales volume, social media engagement, Customer Acquisition Cost (CAC), brand awareness and many other different types of KPIs. These KPIs will assist PLT in managing the strategies well so that better decisions can be taken.

Monitoring process

For PLT to become successful in bringing the new product of sustainable clothes focuses on continuous review of performance either daily or thrice every week. Moreover, the sales data will also tracked so that the performance of the company will be improved.

Barriers to implementation

The most common potential barrier while promoting the new sustainable clothing chain is the supply chain disruption as it might impact the working of the business greatly. Another barrier is the intense competition and also the sudden economic changes which might impact the working of the company.

Contingency plan

The contingency plan to overcome the potential barrier includes focusing on having diversified suppliers in the contract so that in case of any emergency, the alternate supplier can be contacted (Farida and Setiawan, 2022). Also, it includes the strategy of offering the value-focused offers such as discounts and others so that more consumers are attracted towards the working of the company.

Conclusion

At the end of the assignment, it was concluded that marketing provides a high level of assistance in introducing new products and services, increasing sales, and expanding market share to accomplish the objectives. For PESTEL analysis, it has been determined that external factors significantly impact marketing, both positively and negatively influencing the overall operation. Additionally, market research, target market selection, product development and planning, etc., are significant steps of the marketing process. Besides this, it can be inferred from the evaluation that PLT should focus more on offering sustainable options to attain success. By targeting women of 18-45 years, the firm can increase sales and thereby become able to maximise profitability as well. Market segmentation can be beneficial for companies because it helps them understand the needs and preferences of customers so that they can provide products accordingly. Apart from this, interviews, online analytics, surveys and questionnaires, pilot testing, etc., are important methods of researching markets. 

References

Books and Journals

• Agi, M.A. and Yan, X., 2020. Greening products in a supply chain under market segmentation and different channel power structures. International Journal of Production Economics, 223, p.107523.
• Chen, Y., Kwilinski, A., Chygryn, O., Lyulyov, O. and Pimonenko, T., 2021. The green competitiveness of enterprises: Justifying the quality criteria of digital marketing communication channels. Sustainability, 13(24), p.13679.
• Do Adro, F., Fernandes, C.I., Veiga, P.M. and Kraus, S., 2021. Social entrepreneurship orientation and performance in non-profit organisations. International Entrepreneurship and Management Journal, 17(4), pp.1591-1618.
• Dwivedi, Y.K., Ismagilova, E., Rana, N.P. and Raman, R., 2023. Social media adoption, usage and impact in business-to-business (B2B) context: A state-of-the-art literature review. Information Systems Frontiers, pp.1-23.
• Farida, I. and Setiawan, D., 2022. Business strategies and competitive advantage: the role of performance and innovation. Journal of Open Innovation: Technology, Market, and Complexity, 8(3), p.163.
• Hanaysha, J.R., Al-Shaikh, M.E., Joghee, S. and Alzoubi, H.M., 2022. Impact of innovation capabilities on business sustainability in small and medium enterprises. FIIB Business Review, 11(1), pp.67-78.
• Katsikeas, C., Leonidou, L. and Zeriti, A., 2020. Revisiting international marketing strategy in a digital era: Opportunities, challenges, and research directions. International Marketing Review, 37(3), pp.405-424.
• Kumar, A., Paul, J. and Unnithan, A.B., 2020. ‘Masstige’marketing: A review, synthesis and research agenda. Journal of Business Research, 113, pp.384-398.
• Meichael, J. and Pandrianto, N., 2023. IMPLEMENTATION OF REACH COMMUNICATION PRINCIPLES IN THE INTERACTION OF DIGITAL MARKETING AGENCY ACCOUNT EXECUTIVES WITH CLIENTS. International Journal of Application on Social Science and Humanities, 1(4), pp.339-344.
• Moktadir, M.A., Kumar, A., Ali, S.M., Paul, S.K., Sultana, R. and Rezaei, J., 2020. Critical success factors for a circular economy: Implications for business strategy and the environment. Business strategy and the environment, 29(8), pp.3611-3635.
• Oliveira, M., Sousa, M., Silva, R. and Santos, T., 2021. Strategy and human resources management in non-profit organizations: Its interaction with open innovation. Journal of Open Innovation: Technology, Market, and Complexity, 7(1), p.75.
• Peter, M.K. and Dalla Vecchia, M., 2021. The digital marketing toolkit: a literature review for identifying digital marketing channels and platforms. New trends in business information systems and technology: Digital innovation and digital business transformation, pp.251-265.
• Saura, J.R., 2021. Using data sciences in digital marketing: Framework, methods, and performance metrics. Journal of Innovation & Knowledge, 6(2), pp.92-102.
• Suoniemi, S., Meyer-Waarden, L., Munzel, A., Zablah, A.R. and Straub, D., 2020. Big data and firm performance: Market-directed capabilities and business strategy roles. Information & Management, 57(7), p.103365.
• Tamburri, D.A., 2020. Design principles for the General Data Protection Regulation (GDPR): A formal concept analysis and its evaluation. Information Systems, 91, p.101469.
• Yasa, N., Giantari, I.G.A.K., Setini, M. and Rahmayanti, P.J.M.S.L., 2020. The role of competitive advantage in mediating the effect of promotional strategy on marketing performance. Management Science Letters, 10(12), pp.2845-2848.

Online

• Kumaravel, 2023. Importance of marketing. Online. Accessed through :< https://www.linkedin.com/pulse/importance-marketing-management-kumaravel-m>