Market Planning

Review Changing Perspectives In Marketing Planning Marketing Essay

According to Lamb, Hair McDaniel, they states marketing planning is a plan involves designing activities relating to marketing objectives and attach with the capability of changing marketing environment. It contains with the issues of product lines, distribution channels, marketing communications and pricing.

The case study (company) I have chosen for this assignment would be Prada, a luxury fashion company. I would hereby explain the elements and importance of a marketing plan to enable Prada enhance competitiveness and successively helps to increase their market share.

Task 1: LO1 - Compile marketing audits

Review changing perspectives in marketing planning

Referring from Winchester et al (1997), marketing plan is an all-purpose tool that enables the management to know everything related the company. It is an indication that shows management what is the flaws of their plan, how to succeed in their goals and redefine the direction in a new market or new product against the competitors. Nonetheless, it shall be responsive that a good marketing plan must contain with the consideration of changing perspectives.

Prada was first introduced by Mario Prada in 1913. It mainly emphasize with high quality leather production on handbags, suitcases, shoes and trunks. However, in 1978, when Miuccia Prada took over the company, they had been struggling against competition of Gucci. From it, Miuccia Prada notices they need to change their perspectives in their marketing plan; they need a new appearance product to beat down Gucci. Therefore, she decided to redesign some of Prada’s old favourites with the purpose of remains customer and attract new customer. The Black classic bag sales were successful and help Prada recognised as a symbol of upper class elegance.

By 1990, Prada management noticed that their product range is only suitable for upper class consumer and not middle class customers. From it, they...