Analysis Of Harrods

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TABLE of CONTENTS Introduction - Page 3 Where is Harrods? Marketing Environment Analysis: PESTLE Analysis - Page 4 Porter’s 5 Forces Modes – Page SWOT Analysis - Page 8 Where does Harrods want to be? Mission Statement, Aims and Objectives - Page 9 STP - Page 10 How is Harrods going to get there? Marketing Mix: The 4Ps - Page 13 The 3Ps - Page 16 How well did Harrods do? Control and Evaluation - Page 18 Conclusion - Page 20 INTRODUCTION Officially founded in 1834, Harrods is today recognised as one of London’s landmark. It’s one of the most successful and luxurious department stores in London. With the motto “Omnia Omnibus Ubique” (All things for all people, everywhere), Harrods makes sure to carry the title of exclusiveness. This report will discuss about how external environment affects Harrods’s modus-operandi and the appropriate marketing strategies that they have to apply in the future. I- Marketing environment analysis: where is Harrods? PESTLE Analysis - by Ahmad Gadafi Bin Zailudin(L016MRMR0214) – 869 words  Political The government plays a vital role in making business policies. For example, the UK government in 2014 budget the government has introduced a rise of 40% in the tax. As a consequence, the lending interest rate falls but the taxation is still high. Since 2010, the growth of GDP in UK was at -11% and by 2013, the GDP growth was at -6.6%, this is a good indication though it is at slowest rate. The government forecasts that by 2019, the GDP will rise of 0.2%. The consumer’s behaviour towards this economic recession will change and therefore affect the retail industry. Harrods will need to spend more money and investment in order to float or maintain business sustai... ... middle of paper ... ...e year to February 2, 2013, taking revenues to a record £716.3m. During the 53-week period, Harrods grew total profit after tax to £632m, up from £89.5m last year, with a major boost from the sale of trademarks for £541m. A customer satisfaction is another method of evaluating business performance. The brand Harrods earned trust of millions across the globe and numbers verify this fact. Up to 300.000 people visit London store on peak days and majority of them non-Britain visitors. CONCLUSION It is more or less predictable that Harrods will have a long-lasting success in the retail industry as some people look for the high standard products. Despite the different everyday challenges that Harrods has to face, Harrods is still looking forward to an expansion while maintaining a strong relationship with their customers through different kinds of means. . .

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