This report comprises a marketing audit and a marketing plan for the year ending on May 2012 for Selfridges. Through this report the board of directors will be able to analyse the marketing plan which was created to stimulate and increase in market share of Selfridges' brand. Secondary research and personal interviews with Marketing Director and Advertising Coordinator of Selfridges were carried out in order to collect reliable information needed for the marketing audit.
The marketing plan was then based on rigorous analysis of all the information collected throughout February 2011 and it is consistent with the current company's mission, vision, strategy and objectives, capabilities and opportunities. 1. 1 Situation Analysis With over 100-year history and tradition, Selfridges was recently voted the "Best Department Store in the World" at the Global Department Store Summit in New York.
Selfridge's chain of 4 branches in the UK follows the differentiation marketing strategy which is proving to be successful and assisted the company to reach sales of 809m and 8% growth in profits in the year ending December 2009. Selfridges' mission is to provide customers with a "standard for up-to-the-minute style, lasting quality and exceptional customer service" and its vision is not only to be the most famous UK's retailer but to be a business of entertainment and the marketing plan for the year has its base on these aspects of the company. Selfridges;Co name alongside with its brand are the most valuable intangible resources the company posses.
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The special limited edition of the Blackberry Bold coloured in Selfridges' trademark pantone 109 yellow was created to celebrate the company's 100-anniversary in 2009. 2. 4. 5 Competences According to Sally Scott, the company's Marketing Director, Selfridges' core competences are the ability to conduct market research and understand customer's expectations, maintaining a perception of luxury brand; and ability to effective manage its Human Resources. Selfridges' distinctive competence is the ability to entertain and innovate.
Continuous public and private events, the opening of galleries (ie.The Shoe Gallery), personalized goods, personal shopping and seasonal campaigns have attracted customer's attention and differentiated the company from its major competitors. 2. 4. 6 Capabilities Market One of the leaders in the departmental industry in the UK, wide brand recognition and loyalty, extensive understanding of its customer's wants, needs and expectations and innovation and entertainment differentiation. Materials Ongoing shop's refurbishment, investment on innovation for shops' design, mainly the big windows that are a major attraction to customers. Also refer to Intangible Resources on 2.
Men Please refer to HR and Skills on 2. 4. 2. Money Annual Budget for R;D, Marketing and Visual that are applied to provide a high quality store experience, entertainment and highly innovative quality goods. Also refer to Financial Resources on 2. 4. 3. Machines Please refer to Physical Resources on 2. 4. 1. 2. 5 SWOT Analysis Selfridges' strengths best match the first three market opportunities with a high level of implication for the customers and those can be an effective way of differentiating the company from the threats of a competitive industry and rivals with similar marketing strategies.
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