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Fundamental of Marketing - Case Study Example

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[FUNDAMENTAL OF MARKETING] (Name) (Instructor/Tutor) (Course/Subject) (Institution/ University) (City, State) (Date) How Dixons has applied a Formal Marketing Planning Process in devising its Marketing Strategy Dixons Retail Plc is an international retail and service operation with more than one hundred million customers, both online and in its stores (Jobber & Ellis-Chadwick, 2012, p, 66)…
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Fundamental of Marketing

Download file to see previous pages... It expanded into the European market by acquiring Elkjop, a leading Nordic retailer, and this led to further growth of the business. Further acquisitions include UniEuro in Italy, and other acquisitions in Ukraine and Russia. In Russia, Dixons explored a joint venture with an existing ElDorado, but decided not to pursue the joint venture (Jobber & Ellis-Chadwick, 2012, p, 66). Dixons Retail Plc expanded into Ireland, Greece and the Czech Republic to become Europe’s largest specialist electrical retailer and services company (Jobber & Ellis-Chadwick, 2012, p, 66). All along, Dixons Retail Plc has developed a robust business model, in which the customer has not always been in the heart of the company’s business planning. Initially, the group’s competitive position was focused on the product-focused approach. The company used the ‘stack-em high—sell-em cheap’ positioning statement (Jobber & Ellis-Chadwick, 2012, p, 66). The company’s products were sold in brightly coloured stores that attracted customers by being packed with new and exciting electrical goods. Customer satisfaction was not a central focus to this strategic approach; hence it was overlooked (Jobber & Ellis-Chadwick, 2012, p, 66). However competitors had not missed out in this aspect. Given the marketing environment, Dixons Retail Plc had to devise a marketing strategy to maintain its market share, and even perform better in the market. A formal marketing planning process outlines how the elements of a marketing mix will work together to ensure maximum effectiveness (Grensing, 2013, p 21). The marketing planning process defines marketing goals. It also outlines the strategies that will be used to meet the marketing goals and the tactics, which will be implemented to achieve the marketing strategies (Grensing, 2013, p, 21). Dixons Retail Plc, when devising its marketing strategy, applied a formal marketing planning process, as described next. First, Dixons Retail Plc formulated a mission statement by devising a meaningful statement of the purpose and direction of business. The company devised a transformation strategy which would include the customer at the heart f the business. This approach was to be guided by a new positioning statement ‘bringing life to technology’ (Jobber & Ellis-Chadwick, 2012, p, 67). According to McDonald and Mouncey (2011, p, 27), a strategic marketing plan should begin with a mission or a purpose statement. Therefore, Dixons had formulated a new mission or purpose statement to set objectives that its new marketing planning process had to achieve, in the form of a transformation strategy. Second, there were overall objectives that were meant to shape Dixons Retail Plc’s marketing plan or transformation strategy. In this case, Dixons Retail Plc had five, clear objectives for its strategic plan. The objectives include that of laying focus on the customer (Jobber & Ellis-Chadwick, 2012, p, 67). Therefore, Dixons retail Plc was to put the customer at the heart of the business, in devising its strategic marketing plan. Another objective that Dixons Retail Plc set to achieve was that of focusing the portfolio on winning positions (Jobber & Ellis-Chadwick, 2012, p, 67). Thus, the company’s strategic marketing plan would involve investing in areas or markets where it would be assured of obtaining and retaining many ...Download file to see next pagesRead More
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