Table of Contents
2.0 Competition Research.
2.1 Overview of Zara.
2.2 Overview of H&M.
2.1 Elements of the marketing mix.
2.2 Compare how Zara and H&M use the various elements of the 7Ps marketing mix in their marketing planning processes to achieve business objectives.
3.0 Marketing plan.
3.1 Situational analysis.
3.2 SWOT Analysis.
3.3 Marketing objectives.
3.4 Strategic Marketing.
3.5 Marketing mix.
3.6 Action plan.
3.7 Measures for monitoring and evaluating progress.
Marketing is important to know why the business is doing and what the necessity of the business needs (Alvarez and Manuel, 2019). Marketing audit means the process of evaluation and interpretation of a business or organization. According to Blades (2019), this process goes through a systematic and comprehensive analysis describing its objectives, goals and environmental factors. Market competition research refers to the strategic approaches to the data collection and analysis of various resources and finances of a rival business organization. This includes several factors of that farm including strengths, weaknesses, opportunities and market growth. One business gets connected to the recent information of their competitors in the marketplace. A marketing plan is an overall business procedural action theories, rules and policies in which the company set their goals for months or years.
This strategic plan includes an overview of the company and the recent position of the resources management and market growth. This paper aims to summarize the various marketing essentials the Zara— a fashion house needs to identify and proceed to implement in their business. Then, the report is going to give an overview of Zara and one of its competitors call H&M. Next, this paper compares how Zara and H&M use the various elements of the 7Ps marketing mix in their marketing planning processes to achieve business objectives. Finally, this report is going to develop a marketing plan for Zara, that will Design and produce a detailed coherent, evidence-based marketing plan to meet marketing goals and objectives.
2.0 Competition Research
2.1 Overview of Zara
Zara is one of the largest fashion retailers situated in Galicia, Spain. The company spread out all most all over the world leading their more than 2259 outlets around 88 countries (Blades, 2019). Zara was founded in 1975 by Amancio Ortega and the business is the flagship collaborating store of the Inditex group— the world’s largest apparel traders. The fashion house also collaborates with the most famous brands and owns Pull&Bear, Bershka, Massimo Dutti, Zara Home, Stradivarius, Oysho, and Uterqüe. In the UK, Zara has established its market growth serving-man, women, kids, Art supplies, Bedroom, Fragrances, Living | deco, Kitchen | dining, Bathroom, Kids, Homewear, bags and shoes to the customers and other accessories (ZARA, 2020). The sales share of the company is 62.2% by 2019. The ITX index of Zara is -1.48% which means that the profits of the company is 1.55 billion euros ($1.71 billion), compared with €1.41 billion a year earlier in 2019. The sales of the company rose from 7% to €12.82 billion which helped the growth of all the brands and regions and the Like-for-Like (LFL) sales grew 5% by 2019. Zara considers the customers as the best revenues over all the achievements and does the best services and products to their customers.
2.2 Overview of H&M
Fashion retailers around the world are getting in touch with remote corner customers of different castes and colors. H&M is one of them who offers a group of brand collections including COS, Weekday, Monki, ARKET, Afound etc. The Hennes & Mauritz AB was first launched their Hennes store in 1947 in Swedish city Västerås (H&M, 2020). The company serves home appliances, Cushions & Cushion Covers, Decorations, Bedding, Homewear, Home Storage & Organizing and mainly fashion clothing for men, women, kids and many sorts of accessories. The company operates in 74 countries with over 5,000 stores and 126,000 workers worked there full-time. Germany is H&M’s largest market. In 2019, 3.5 billion U.S. dollars were generated as revenues from that country alone. The company made profits in million U.S. dollars 1,813.92 by 2019. The business offers its customers with best services with better relationship management.
2.1 Elements of the marketing mix
Marketing mix refers to the approaches the marketers consider for their products and business promotion. There are various types of elements of the marketing mix. 4P’s and 7 P’s etc. can be best fits for the analysis of the business several mixes factors (Lopez, 2020). The 7Ps elements are Product, Price, Place, Promotion, People, Process, Physical evidence, Product, Price, Place, Promotion, People, Process, and Physical evidence. All these factors define the business growth, development, future, and the actions the company needs to take for their management of the operational functions related to marketing. Marketing mixes are discussed within the business context strategy to connect and continue communication with the clients.
The marketers make their customers loyal to their products and business name, a brand so that they can be advertising. The marketer wants to know the demands and choices of the clients and their tastes. The company generates its services with the latest updates of styles and tastes for attracting clients. The 7Ps elements and environmental factors analysis help the marketers to satisfy the needs of the clients. All the components of the marketing mix impact each other. They make up the profits plan for a company and controlled right, can give it a boundless success.
Figure: Elements of Marketing Mix Source: Lopez (2020)
2.2 Compare how Zara and H&M use the various elements of the 7Ps marketing mix in their marketing planning processes to achieve business objectives
Product is the processed raw materials and generated and shaped goods by the manufacturer with the brand, logo, styles, and respective technic application (Tesfa, 2019). Zara serves various products and services to their customers such as clothing, beauty, accessories, shoes, swimwear, and perfumes. They tailor the man, woman, kids dress and fashion items. Products are the main object by which they can attract the customers and want to make them loyal as advertising. H&M is another fashion retailer in the UK that serves its customers with an apparel business chain and generally serves home appliances, Cushions & Cushion Covers, Decorations, Bedding, Homewear, Home Storage. They make their products unique to increase cut them in the market. Their main goal is to improve the value of the product to make profits………………………..