In any business organization marketing is one of the dominant parts that integrates and link up all the business matters. Every business organization has a business strategy which draws up the all business activities which are going to be implemented but the marketing plan works as guideline to execute the business plan. Marketing plan refers to the clarification of the customer value, value pricing, placing the value, and promoting the value to the customers accordingly (Kotler, 1986). Here this report describes how PESTLE concept influences the marketing plan of the company like Hilfiger, SWOT analysis of Hilfiger for man. It also depicts how the new appointed manager will develop marketing plan strategy for Hilfiger. Finally, this report will be covered by the ethical dilemma in executing the marketing plan the marketers face and how they should come out with a solution when facing ethical dilemma regarding the execution of the marketing plan.
Task 1: Essay on how to compile marketing audits
Marketing audit starts with identifying the current marketing plan involved with the organization and finding whether there is anything to be changed in the plan or the marketing plan to be changed on a whole. It starts from the market place and ends up in the organization with superior customer value to be distributed to the market place according to the customer needs (Pankova, 2013). All the activities starting from market place and ending up in the organization comprises the whole marketing plan.
1.1 A review of the changing approach to marketing planning using the case study of Hilfiger
Traditional Marketing Planning
Traditional marketing planning starts with identifying the key marketing activities, estimating the total ...
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...activities. Ability to understand the underlying needs of the customers quickly was the Hilfiger’s key strength (Hilfiger SWOT Analysis, 2016).
• Weakness- Though Hilfiger has become the big industry player with the passage of time, it has got certain weaknesses. For example, Hilfiger is less concerned with the diversification strategy.
• Opportunity- Since its starting Hilfiger is concerned with the market diversification strategy which offers the huge potentiality to Hilfiger. It has also a huge opportunity to undertake new product development strategy to enter into the sectors too.
• Threats- Hilfiger is completely based on garments sector. For this reason it has achieved the competitive advantage in this sector. But if this sector collapses, then the brand Hilfiger will be lost. That is why, they should take brand diversification strategy as early as possible.
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