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Current and Future Trends of H&M

University: CENTRAL BEDFORDSHIRE COLLEGE

  • Unit No: 2
  • Level: Undergraduate/College
  • Pages: 15 / Words 3809
  • Paper Type: Assignment
  • Course Code: MARK1800
  • Downloads: 25
Question :

 This assessment will cover - 

  1. What is the role of marketing and also provide their interrelation and all the functional units for H&M.
  2. What are the elements of marketing mix through which the business objectives can be achieved in H&M.
  3. Evaluate all the marketing plan.
Answer :

INTRODUCTION

A study of exchange relationship and management is basically known as marketing . It is basically a method of developing relations with service-users and satisfying them. It is the primary component of business management as it is used to draw in ample amount of consumers (Akbar and et.al., 2017). The prior objective of marketing is to fulfil goals and objectives of an organisation. The following report is based on H&M which is a fashion merchandiser company. It was based in 1947 and has almost 4000 stores worldwide. It is known for supplying fast mode clothing to men, children,women and teenagers. In this report, current as well as future trends of marketing along with its concept is going to cover. Furthermore, it will focus on role and duty of a marketing manager in respect of  H&M. At last, it will determine merchandising influences and associate with other functional parts of the organisation.

MAIN BODY

1. Explain marketing concepts along with their current and future directions.

Marketing concept can be define as a strategy that could be implemented in an organisation for fulfilling requirements of the consumers. The core concepts of marketing is to identify the targeting customers and market. Through such marketing concepts, organisations can improve their sale and can improve their productivity (Baker and Magnini, 2016). Respective organisation is known to be largest fashion clothing retailer has some specific strategies for satisfying the needs of customers and build connections. Being a fast fashion clothing company, marketing department of respective organisation apply new trends and ideas for attaining a position in market area. Future and current trends of marketing is discussed here.

Recent ways: It can be define as development or a change towards something different or new. It effect the operations of the organisation directly or indirectly. H&M has their own strategies in order to for getting attached with their specified consumers. Such ways are:

  • Phone marketing: It is consider as highly ordinary as well as  cost impelling area where a company provide data of their services and products to service users by the means of calls and messages. H&m could also implement such strategies in order to give updates of new collection to the customers.
  • Online marketing: Respective company promote their brand through online advertisements. The main reason behind this approach is nowadays, consumers mostly grab information through online portals. Thus, respective company conducts advertisements and activities of sales by means of online applications.

Upcoming ways: Technology plays a major role in the area of marketing. Thus, modifications can be done in marketing aspects through advance technology. The prior objective of this trend is to enhance productivity and profitability. Such trends could be helpful for the companies who are indulge with service users at international areas and thus, it will help them to get related to the customers easily and can fulfil the needs and wants of their consumers. (Dessain, 2016). Physical techniques of marketing and advertisements are also getting attached   online so there are chances to analyse skill full modifications in upcoming ways of marketing.

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2. Determine several processes in marketing

It is a major idea which consist of analysis, promoting along with supplying of their services and goods to the customers based on their requirements. Marketing procedure is need to be conduct by marketing department of business for the improvement of analytical approaches. In context to H&M marketing department works wisely for analysing customers demands and requirements.

Situational analysis: Being a well known organisation, H &M usually implement unique methods of their organisation. They generally focus on external and  internal  factors which can effect their enterprise directly or indirectly and can impact decisions of their business. Respective organisation need to work on it partially as such factors may have negative as well as positive impacts on their business.  It will help them to build strategies for future perspectives.

Marketing strategy: Management of H&M work on planning practices after analysing the situations. Market research will help respective organisation by providing marketing data, that will facilitates the firm to select the specified customers and to attain a position in market. Marketing strategy involves positioning of products within the market, targeting customers and enhance productivity of org

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