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The target customer of Harrods according to Amannda Hill, she has no interest in segmenting the customers of Harrods based on spending habits. Hill believes ‘You have to think about Harrods from a product perspective like a collection of incredible niches and each part is so distinctive. You can’t bucket Harrods customer into any neat group, which makes our approach even more customer-centric’ (Rogers, 2109). We at the agency totally agree with Hill’s Logic, so, we will just present the pen portraits of the kind of individuals we analysed through the primary research method of Observation. We looked into the style, lifestyle, Shopping behaviour and also brief market research of the annual income of consumers who visit Harrods both Online and In-Store. They have been broken down into age, Generation, Income, Digital Use behaviour, and Shopping Behaviour.

Due to my primary research of Survey, Interviews and Observations, I have seen that there are first of all 3 main spenders at the luxury retail store. According to a sales associate who was being quite discreet about their answer, she expressed if she had to put it into percentages, and according to the highest spenders, it would be Asians (65%), Nigerians (25%), and Arabs (10%) (Sales Associate, 2019).

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For the survey, I had over a 100+ responses. This was a bit insightful to see ho individuals saw the luxury flagship store in Knightbridge.

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For the competitor analysis, we are going to analyse the Direct and In-Direct competitors.

For my secondary research, I identified direct competitors as Selfridgees, Harvey Nichols & Liberty Lodnon.

Indirect Competitors would also be Fortnum and Mason, My Theresa, Matches Fashion and Net-A-Porter.

I used a brand positioning map to place the market placement of these brands.

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Here we have the retailer's overview of Colours, Typography and Moodboard.

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Innovation Drivers In The Retail Industry

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Innovation Drivers In The Retail Industry

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In week 2, I went to Harrods and I discovered a lot of issues with the store. As someone who isn’t a frequent shopper on their online platform, going into the store for the first time was purely exciting, but once I got into the store, the excitement died out due to the overwhelming issues I encountered.

Description:
I finally decided who I wanted to build an innovative branding campaign for, and I picked the retailer Harrods. I picked Harrods because I saw the potential to rebrand in the technology scene due to the fact that its one of the longest standing retail stores that still stand till date.

Once established, I started with Primary research method being observation. I decided to go into the competing retail stores. I haven’t gone to all yet, but so far I went to Harvey Nichols. I first of all realised how coherent the concession stores were in correlation with the brands identity.

Feeling:

Evaluation:

Analysis:

Conclusion:

Action Plan:

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In Week 3, I took a task to research what could be seen as innovative in Luxury Retail in this day and age of technology. Innovation could be anything; Sustainability down to Technology.

With my research process, I started looking up innovative Drivers in the retail industry. Once I got a grasp of this, I started to compile imagery to go with my moodboard and my idea, which is Virtual Reality to make the Harrod's shopping experience easier for both new and current customers.

I ran a little focus group where I asked different people questions about their shopping experience in Harrods so I know where they are lacking innovation and how I can propose a new idea to make it better.

I got 3 main responses, but the final response from a past student at Marangoni and good friend of mine, Vanessa Cole summed up the answers by the two other participants. (Also, because Padlet won't let me upload more than one image in this section).

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n Week 3, I took a task to research what could be seen as innovative in Luxury Retail in this day and age of technology. Innovation could be anything; Sustainability down to Technology.

With my research process, I started looking up innovative Drivers in the retail industry. Once I got a grasp of this, I started to compile imagery to go with my moodboard and my idea, which is Virtual Reality to make the Harrod's shopping experience easier for both new and current customers.

I ran a little focus group where I asked different people questions about their shopping experience in Harrods so I know where they are lacking innovation and how I can propose a new idea to make it better.

I got 3 main responses, but the final response from a past student at Marangoni and good friend of mine, Vanessa Cole summed up the answers by the two other participants. (Also, because Padlet won't let me upload more than one image in this section).

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For Harrods, in order to maintai the essense of Luxury and Quality service, I needed to ensure the goals I have set for the objectives needed to be measurable. For the Objectives set above, I used the SMART model to make sure my objectives were Specific, Measurable, Achievable, Relevant and Time bound.

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Media Strategy Development and Implementation

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Media Strategy Development and Implementation

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How Harrods is reinventing the luxury retail market with 'Dynatrace'

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How Harrods is reinventing the luxury retail market with 'Dynatrace'

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Resilience and Determination required to go the extra mile and exceed customer expectation.

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Using the same old Harrods Transformation Plan to be more INNOVATIVE

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Using the same old Harrods Transformation Plan to be more INNOVATIVE

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To conduct my research, Since my focus is mainly in the digital aspect of Harrods, how to present Harrods brand image of “Heritage” and modernise it.

I will be looking at the shopping experience both online and in store.

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Disadvantages of Trad. Marketing:
- Little interaction

- No control over timing

- Cost; recurring costs can prove to be  ahige investment that may not prove to be a good return on investmenet.

- Limited customisation options.

- Poor Campaign Measurement

Why does it still matter? How can Harrods benefit from this?

-

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- Try to avoid a too small segment; if too small, we can lose the buying power of that group as well as create a segment with non-quantifiable metrics.

- Large Segments: If the segment doesnt have a legitimate need for the product, or the buying power, the ROI won't be positive.

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Here, we have differentt shoppers who have given feedbback.

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how long do you need to go around all harrods...

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Harrods, London: "how long do you need to go around all harrods..." | Check out 6 answers, plus see 18,768 reviews, articles, and 10,241 photos of Harrods, ranked No.28 on TripAdvisor among 7,510 attractions in London.

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n Week 3, I took a task to research what could be seen as innovative in Luxury Retail in this day and age of technology. Innovation could be anything; Sustainability down to Technology.

With my research process, I started looking up innovative Drivers in the retail industry. Once I got a grasp of this, I started to compile imagery to go with my moodboard and my idea, which is Virtual Reality to make the Harrod's shopping experience easier for both new and current customers.

I ran a little focus group where I asked different people questions about their shopping experience in Harrods so I know where they are lacking innovation and how I can propose a new idea to make it better.

I got 3 main responses, but the final response from a past student at Marangoni and good friend of mine, Vanessa Cole summed up the answers by the two other participants. (Also, because Padlet won't let me upload more than one image in this section).

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How is my clients image?
Is my client image consistent ?
Has my client image had changes/ develeoped?

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How are my clients campaigns ?
Which image did  client adopt/choose to sell?
Have my client campaigns changed?

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Who are my client competitor for (for style and target)?

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What does the customer of my client look like?

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Support image research with screenshot of Harrod Campaigns

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Executive summary

RESEARCH METHODOLOGY

Introduction

BRAND AUDIT

HERITAGE AND HISTORY

BRAND EQUITY

BRAND IDENTITY

BRAND PERSONALITY MODEL

BRAND MOOD BOARD

BRAND DNA

Brand leverage

BRAND ELEMENT
Keller's 6 Factors

LOGO

ICONS AND PRINTS

PACKAGING

TARGET CUSTOMER

MARKET SEGMENTATION

PEN PORTRAITS

CUSTOMER MOODBOARD

COmpetitor Analysis

BRAND POSITIONING MAP

POP/POD DIRECT

DIGITAL STATISTICS & POPULARITY

POP/POD INDIRECT

DIGITAL STATISTICS & POPULARITY

Branding Proposal / Strategy

MEDIA MIX

BRANDING SMART OBJECTIVES

RACE FRAMEWORK

MARKETING SWOT

BRANDING CONCEPT MOODBOARD

CONCEPT VIDEO

3 c’s

Budget & Schedule

reflective journal

INTRODUCTION

DESCRIPTION

FEELINGS

EVALUATION

ANALYSIS

SWOT

OBJECTIVES

CONCLUSION

ACTION PLAN

APPENDIX

SURVEY

FOCUS GROUP

INTERVIEW 1

INTERVIEW 2

OBJECTIVES

CONCLUSION

references

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Fashion Campaign Videos;
www.nowness.com

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www.lebook.com

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- Face recogniton and AI. Recognise your age based on your looks, age etc.

Face detection technology. C onnect to thr current App.

Innovate the retail experience without affecting the brands.

Research on QR Codes.

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Press Release - The Amanqi Edit Pop Up II

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For my survey, I made posts for each platform - WhatsApp, Instagram, Twitter and Facebook to get a wide range of answers.

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n Week 3, I took a task to research what could be seen as innovative in Luxury Retail in this day and age of technology. Innovation could be anything; Sustainability down to Technology.

With my research process, I started looking up innovative Drivers in the retail industry. Once I got a grasp of this, I started to compile imagery to go with my moodboard and my idea, which is Virtual Reality to make the Harrod's shopping experience easier for both new and current customers.

I ran a little focus group where I asked different people questions about their shopping experience in Harrods so I know where they are lacking innovation and how I can propose a new idea to make it better.

I got 3 main responses, but the final response from a past student at Marangoni and good friend of mine, Vanessa Cole summed up the answers by the two other participants. (Also, because Padlet won't let me upload more than one image in this section).

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xhttps://dvtk.us/galeries-lafayette-champs-elysees

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The question may linger through your mind, “What else could Harrods do that could be more innovative?”. In the fast paced world we live in, technology is taking over every industry, and now the fashion industry too. In a world of uncertainties and the constant change in the  retail industry, we have to bring about the best innovation strategies to  best suit the needs and the attention of our day to day fashion consumer.

For this proposal, my team and I had to think, what is Innovation? We believe the definition that best suit our proposed brand strategy for our client Harrod’s was “..the multi-stage process whereby organizations transform ideas into new/improved products, service or processes, in order to advance, compete and differentiate themselves successfully in their marketplace” (Sambrook et al, 2009). With our strategy, we want Harrods to improve their services through world class innovative technology to advance themselves successfully in their marketplace.

Consumer interests have really seemed to shift in the world of Tech and Retail. ‘..more than three out of five consumers feel retail technologies have improved their shopping experience’. (Jordan, 2019) Our client is currently under a £200M redevelopment scheme to make shopping experience easy, smooth and interesting for the modern luxury shopper (Rogers, 2019) However, we had to do things differently for our client, as the new Marketing and Customer Officer, Amanda Hill expressed that she doesn’t believe in the traditional marketing way of customer segmentation, as she believes it makes the work ‘lazy’ (Rogers, 2019) We had to look into the consumer’s lifestyle and needs and created a new strategy from there. We had to think about Harrods from a product perspective, and change our approach in our marketing strategy to our Luxury Harrods Consumer on a One-To-One bespoke relationship through technology - with the use of Augmented Reality and QR Codes. With Harrods, the strategy isn’t to change it totally, rather, it’s our Onus to make sure it remains relevant and push it forward.

We are imploring Harrods in this new redevelopment phase to explore the increasingly important role of content in the digital environment, as its been proven that the digital experience online has doubled the retailers online sales conversion rate, so imagine what could happen if they do this in-store? The role of tech for luxury retail brands will not only help in commerce, but also discovery.

To wrap up the proposal, the management summary, role of tech in luxury retail, protecting the brand's heritage and innovation is taken into consideration to provide a holistic outlook. The marketing mix proposed is based mainly on the information gathered, both primary and secondary, qualitative and quantitative, implementing relevant strategies that could possibly work.

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Harrods is one of London’s most famous department stores. Set up in 1824, Harrods was created by Henry Harrod who was initially selling furnishing tidbits such as linen and drapes. After this, he moved into groceries, moving to various locations such as Whitecross Street, Borough Street and Cable Street (Park Grand Kennsignton, 2017).

The Great Exhibition came along in 1851, and due to the massive influx of international visitors, Harrods moved to benefit from this. Charles Henry’s son, Charles Digby ,who actually made created a successful retail business, expanding from groceries and homeware to pharmaceuticals, perfumes and stationary, and eventually employing about a 100 employees by the year 1880. (Park Grand Kensington, 2017)

Despite a few pitfalls, such as the department store burning down in 1883, this didn’t stop them, rather they came back better and exceeded all expectations. Harrods has proven that in the brands DNA, resilience and determination is required to go the extra mile and exceed customer expectations (Dynatrace, 2017).

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In order to bring a strong proposal, our agency has to fully understand every bit of the brand. In this section, we will be looking at the Brand Equity (Heritage and History), Brand Identity, Brand Personality Model, Brand Moodboard, Brand DNA & Brand Leverage. Once we gather this information, It will help us to have a better understanding towards the brand, think like it, and also really master it’s tone of voice.

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Using Keller’s (2012) 6 factors, we can see how the Luxury Retailer, Harrods, stand out with their brand elements.

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a rare and precious brand. One of the world’s famous names, its reputation has been built on extraordinary glamour and vision. It is a theatre of dreams that astonishes us with its breathtaking range. Harrods has always offered constant innovation, service and quality to people all over the world.

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Harrods Logo has actually evolved since the 1800's. The logo whcih they've now settled with is deeply engraved in the minds of both the old and young. The Logo represent glamour, Luxurty, and exclusivity. While the colour palette showcases all those elemtns but in an interesting way, british heritage. The deep green and the gold.

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Looking at the brand's packaging, Harrods expressed in their Corporate Identity that they have an "Inimitable reputation and people from all over the world come to experience it for themselves. Most want to take something of Harrods home with them, whether it's a Harrods products or simply a carrier bag. Our products and packaging are powerful representatives of our brand, and use the brand identity in it's simplest form". (Harrods, 2014)

They clearly understand the power of not just their branding, but also the importance the packaging itself carries. It is seen as prestige and of a reputable high class.

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Another brand element is the Harrods Reward Card. Th4 cwrds are black and quite sophisticated. It really sticks the branding and the luxury and exclusive elements. However, most people have complained the value and how hard it is to build points.

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Harrods Rewards Card

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Harrods Rewards Card

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In order to fully understand the brand DNA, we looked at it from 6 different aspects - Story, Value, Tone of Voice, Design, Products and Services and Mission Statement.

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Brand Identity (Kapferer Identity Prism) (1) 

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Brand Identity (Kapferer Identity Prism) (1) 

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Brand Identity (Kapferer Identity Prism) (2) 

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Brand Identity (Kapferer Identity Prism) (2) 

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Respondents from the interviews conducted, they saw Harrods as ‘Glamorous’, ‘Upper Class’ and ‘Sophisticated’. Harrods has always resonated to the concept of Luxury and Glamour, and this has been the imagery that passed across from one individual to another.

Aeker’s brand personality model is another aspect that would really help us understand the brands human like personality, but also how people see the brand as well, backed up by my primary research from Interviews, Focus Group and Survey.

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- Zara AR Shopping Experience Video. Use this as an example for what you need for Harrods.  Another way to implement at harrods, there will be signs on the wall or floor that state where the AR would work.

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Testing the Zara AR in-store, windows and packaging - @elenacorchero #YoSTEAM

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How to define SMART marketing objectives

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When identifying specific marketing objectives to support your long-term goals, it is common practice to apply the widely used SMART mnemonic.

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Dr Philip Kotler defines marketing as "the science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit. Marketing identifies unfulfilled needs and desires. It defines measures and quantifies the size of the identified market and the profit potential. It pinpoints which segments the company is capable of serving the best, and it designs and promotes the appropriate products and services."

Marketing objectives are goals set by business houses to promote its goods and services to its consumers within a specific timeframe. Marketing objectives are the strategy's set to attain the overall growth of the organisation.

When it comes to a particular product, a company's marketing strategy may include increasing product awareness, providing information about product features, and reducing consumer resistance.

A marketing audit is performed, which lets a business firm to establish its strengths, weaknesses, opportunities, and goals, after which the organisation may redefine its objectives.

The marketing objectives are significant as they assist us in realising how effective we are and they help us stay focused. Objectives are useful only if they are grounded and realistic.

Marketing objectives are short-term achievements to help achieve long-term goals, which are mostly set on a weekly or a monthly timeline. These objectives should help a business analyze what a business wants to achieve from its marketing strategy. As Tony Robbins says "setting goals is the first step in turning the invisible into visible" It is not about setting unrealistic marketing goals you will never meet. The goals have to eventually walk the talk. The process of setting goals gives a clear picture of what needs to be accomplished and setting positive results. Marketing goals properly planned and executed are the stepping stones to financial achievement.

TYPES OF MARKETING OBJECTIVES

Evaluating and considering the marketing plan is essential while determining your marketing objectives. There are various types of marketing objectives, but the four main types are profitability+ objective, market share objective, promotional objective, and growth objective.

PROFITABILITY OBJECTIVE

A profitability objective is a marketing objective that regulates the amount of expected income based on the promotional strategy. Profitability is a business's ability to earn a profit as an objective in doing business. Businesses that are not financially profitable are likely to struggle, fail and ultimately close their doors. Profitability defines an organisations ability to sustain a business. There are four profitability objectives:
1. Net profit Margin
A business net profit margin tells how much a retailer makes after the business has paid its expenses, salaries and taxes. This is displayed in ratio to net sales and shows how much a retailer is making for every dollar of merchandise sold.
2. Asset turnover
Asset turnover is an equation that explains what a retailer can make annually for each dollar it invests in the business assets. It involves taking retailers total sales and dividing it by total assets.
3. Return on assets
Return on assets is the equation formed when you divide a retailer's net profit by his total assets.
4. Financial Leverage
Financial Leverage explains its use of debt in its overall capital structure. To determine this, divide total assets by net worth.

Goals

A common business goal is to run a profitable organisation, which typically means increasing revenue limiting expenses.

The goal of a profitability objective could consist of increasing annual sales by 15 percent or gaining five new accounts each month.

Return on assets shows the percentage of profits a company makes relative to its resources.

Examples

An expense objective could involve finding a new operating facility that decreases the rent by $2000 a month or cutting monthly phone and utility bills by 10 percent.

If a business has a net profit margin of 40 percent, they are making 40 cents for each dollar of sales generated.

A retailer who has an asset turnover rate of 6.0 is earning $6 in sales for each dollar it invests in assets.

A retailer with $20,000 in assets and a $3,500 in net income would have a return on assets of 1.75 percent.

At the end of 2016, Marcy's had $15.53 billion in debt and $4.32 in equity, leaving it with a 3.59 score in financial leverage.

MARKET SHARE OBJECTIVE

A market share objective determines the percentage of market share an organisation aims to capture. Increasing market share is one of the most important objectives of the business. The main advantage of using market share as a measure of business performance is that it is less dependent on macro environmental variables like the state of the economy or changes in tax policy.

Goals of market share objectives

Increasing market share is the ultimate goal of any business. Market share growth is an unavoidable objective of a comprehensive marketing plan.

Tracking the company's rate of new customer acquisition is an effective way to gauge a marketing plans contribution to growing market share.

Examples of market share objective

A market share objective can be to achieve a market share of 25 percent for product 'A' within three years of launch.

The objective could also be to increase the percentage of customers who rate services as excellent from 75%to 80% within two years.

PROMOTIONAL OBJECTIVE

A promotional objective aims at promoting its goods and services. It is the desired level of awareness of the product. The promotional objective is a part of the overarching strategy. Creating a brand identity with imagery and punchlines is the first stage of a marketing campaign, followed by expanded messaging, either through email or social media.

Promotional objectives need to be defined and planned. You should first decide what you want to accomplish and then decide what you want to offer as incentives.

Goals

Increase business- The primary objective of business is to attract new customers. This can be done through a variety of promotional actions like running targeted advertising campaigns, holding special events, launching a social media blitz, etc. The objective is to reach potential new customers and give them an incentive to encourage business.

Increase sales- Once the organisation has its set of clients, the next promotional activity is to increase their spending, which means that the objective is to get customers to buy additional products or more expensive products than the ones that initially brought them to business.

Encourage repeat business- This objective aims at converting one-time customers into regular customers by providing special offers, notice of sales, special perks, and two for one offers designed to keep them coming back.

Brand awareness- Brand awareness is also one of the significant goals of marketing. This can be accomplished in part by being consistent in all marketing messages and using inexpensive promotional products.

New product Introduction-The objective of promoting a new product launch is to expand a company's reach into new markets, while still retaining its existing customer base.

Examples

Using customer rewards cards that track what the customer purchases and generate coupons for similar products.

Collecting customer contact information and putting the one-time buyers on a mail advertising list.

Give away items such as fridge magnets, pens, cups with a company logo or image.

A cleaning company might introduce home repairs; the objective is to attract new customers seeking home repair services while cross-selling existing customers who already use the company for their cleaning needs.

GROWTH OBJECTIVE

A growth objective analyses the current business size and determines or plans the growth strategies to achieve the desired amount of growth. Growth is an essential objective that contributes to increased revenue. By developing business strategies focused on growth, companies can increase their market share, realise sales efficiencies, and increase brand awareness, all of which translate to greater profits.

Goals

The goal of any enterprise is to grow your business operation. Goals which include decision making in a firm so that it can narrow the gap between the present and projected earnings.

Competitive landscape- Some organisations aim at growth to react to changes in the competitive landscape. Growth is a strategic objective that helps a company to position itself better against its competitors.

Customer preferences and attitudes- Customers preferences and attitudes change regularly. The goal of a growth objective of a company may be to react to those changes.

Examples

If you own a franchise unit. The goal might be to open five more units within a five year period. In such a case the objective includes exploring a new city every quarter or reducing your franchise fees by fifteen percent for the next six months.

Providing better products or service than its competitors.

Maintaining or developing a strong market position for a specific product or in a particular market where competition is high.

Companies seek to provide better services through economies of scale.

Marketing goals are not the same as marketing objectives. Marketing goals can be long-term and short-term goals. Marketing goals should fit into your company's financial objectives which can be expressed in units sold, dollars, market share, sales, ROI on advertising expenditures, awareness, sales conversion rates etc. Marketing goals are long-term achievements. Objectives are smaller steps within the marketing goals. Marketing goals are about being realistic considering what can be achieved, how motivated you are, the resources you have at your disposal. Motivation and capability are the keys to set realistic, achievable goals.

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Marketing Objectives: Types, Goals, Examples

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Dr Philip Kotler defines marketing as "the science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit. Marketing identifies unfulfilled needs and desires. It defines measures and quantifies the size of the identified market and the profit potential.

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At the core of any great marketing plan is a list of strategic and clear marketing objectives.

Marketing objectives are a brand's defined goals. They outline the intentions of the marketing team, provide clear direction for team members to follow, and offer information for executives to review and support.

Marketing objectives are a pivotal part of a marketing strategy. Without defined goals, a brand will struggle with achieving its plans because it won't be clear on what it wants to do. Click & Tweet! A straightforward plan is required to know what you hope to do and how you plan on doing it.

So if you're developing a marketing strategy that has a vision but lacks a concrete list of marketing objectives - use this guide to improve and upgrade your plans.

You will be far more likely to reach your goals when they are defined, outlined, and compiled into a clear list of measurable marketing objectives.

How to Choose Marketing Objectives

The first step in creating a useful list of marketing objectives is reviewing the options you have for your strategy.

While there are many goals you can outline in your marketing plans, some of the most frequently used marketing objectives examples include the following goals. Consider the stage and position of your brand, and select two or three marketing objectives to focus on.

Example Marketing Objectives
Promote New Products or Services
If your upcoming plans include launching new offerings, your marketing objectives should include promoting those new products and services.
Grow Digital Presence
If your brand doesn't have a large footprint online, your marketing plans may be to start search engine optimization (SEO) and grow your visibility in search engine rankings as well as social media platforms.
Lead Generation
If your pipeline isn't full, you may want to focus on lead generation tactics that grow your email list and fill your client relationship management (CRM) system with qualified prospects.
Target New Customers
You may choose this goal if you already have a loyal client base but would like to expand out and reach new audiences, customers, and clients.
Retain Existing Customers
Rather than focus on new customer acquisition, you may want to focus on keeping the existing customers you already have.

If your brand is new or only known to a small audience, one of the marketing objectives to focus on could be expanding your reach and getting more people to learn about your brand.
Develop Brand Loyalty
If audiences already know your brand, you may want to focus on building not just awareness, but a deeper brand affinity and loyalty.
Increase Sales and/or Revenue
If you are selling products or services, you may want to focus on selling more of those offerings. This is one of the marketing objectives that will increase revenue and the amount of money coming into your business.
Increase Profit
This marketing objective is different from increasing sales and revenue, because you may increase your profit through means other than selling more. This objective may include cutting expenses and overhead, selling more items that have higher margins, or other changes that increase profit (which may not necessarily increase revenue).
Expand Into a New Market
If your brand is already well-known or successful in a specific industry or geographic area, you may want to expand out into a new target market, vertical, or location.
Grow Market Share
Instead of growing into a new area, you may want to expand your footprint in your current market. This objective helps you get more available customers in your industry or geographic location.
Build Industry Authority
Another way to grow your visibility in an industry is to become an expert in the field. You can focus on establishing your brand as an authority in your vertical.

It may be tempting to look at this list and want to choose five, 10, or even all of the marketing strategies. But it's important to note you should keep your list of marketing objectives relatively short. Take time to focus on two to three objectives at a time, and then create plans to revisit and refocus on other goals at a later time.

How to Define Clear Marketing Objectives

Once you know which marketing objectives you want to focus on, it's time to drill down into the details of those goals.

It's not enough to just outline the marketing goals you want to accomplish. You also need to validate your plans and make sure they are practical, useful, and reasonable. Click & Tweet! You must check to see if your objectives are SMART.

SMART marketing objectives are:

Specific: The goals are clearly defined and outlined so the whole team understands the objective and why it's important.

Measurable: The goals have key performance indicators (KPI) and benchmarks that allow you to measure your success.

Achievable: The goals are within the ability of your company and team. While you want to set a high bar, you also need to remember to set goals within your means, so you don't set your team up for failure.

Relevant: The goals are relevant to your brand mission and direction of your business. You should have good reasons for each of your marketing objectives.

Time-Bound: The goals need to have a timeline that indicates when the objectives begin and end.

The types of marketing objectives that work best are SMART. So use this method to check each of your goals to make sure they are worth pursuing.

The types of marketing objectives that work best are S.M.A.R.T. Click To Tweet

KPIs to Assign to Marketing Objectives

Once you know your marketing objectives and goals, it's time to figure out how to measure them.

As mentioned above, successful goal setting requires placing KPIs and benchmarks on your plans. You need to assign numbers, deadlines, and metrics to each of your marketing objectives.

KPIs and marketing metrics allow you to evaluate progress along the way and assess results at the end of your campaign. Without benchmarks for your goals, you will have no way of knowing if your work was successful.

So as you lay out your marketing plan, assign relevant KPIs that will help you assess and measure the output of your work. Examples of KPIs you could use include the following metrics.

Example KPIs for Marketing Objectives
Sales Growth
When looking to improve your sales, keep an eye on your revenue (amount of income coming into your business) and/or number of units sold. Both of those metrics will help you gain insight into whether your sales are growing. Monitor changes over specific time frames as well as during the duration of campaigns or marketing initiatives to see trends and fluctuations.
Changes in Profit
Changes in profit, or ROI , don't necessarily mean increases in revenue or sales. It specifically monitors your profit margins, which is how much you take in after your expenses and costs.
Market Share
Your market share is the portion of a market that your brand or product controls. This metric helps you compare your company to others in your industry and identify ways to reach your growth potential. To measure changes in your market share, you need to know your current share of the market.

To find your market share, consider the total revenue and market size of your industry or geographic location. Then divide your company's total revenue by the total revenue of the market. This calculation will give you an estimate of the percentage of the market your brand controls.
Lead Generation
There are many ways to measure lead generation metrics. Depending on your marketing objectives, determine which metrics will measure your success best.

Number of leads: total number of new leads brought in

Increase in leads: percentage change in lead generation compared to other time frames

Cost per lead: amount of money spent to acquire one new lead

Conversion rate: percentage of your traffic that becomes a lead after visiting your website

You can also break down these metrics into SQLs (sales qualified leads) and MQLs (marketing qualified leads) to get an even more detailed look at your data.
Related Reading: 12 Effective Lead Generation Strategies with Examples New Customer Acquisition
When in a growth phase, you should keep an eye on new customer acquisition and the metrics that help you monitor growth. KPIs that measure customer acquisition include the following metrics.

Number of new customers: amount of new customers acquired over a certain period

Increase in new customers: percentage change of new customers compared to other time frames

Cost per new customer: amount of money spent to acquire a new customer

Lead-to-customer ratio: percentage of leads that become paying customers

Lifetime Value of a Customer
If you're focused on marketing objectives that relate to your current customer base and keeping those shoppers and clients happy, consider these metrics.

Number of repeat customers: number of customers who return

Customer retention rate: percentage of customers who return

Lifetime spend: average amount customers spend with a company over their lifetime

Learn how to calculate customer lifetime value (CLV) Customer Spend
You may also want to look at metrics that relate to individual, one-time purchases. Monitor the average spend per customer to see the most common ticket sizes for each shopper or client.
Conversion Rates
When running campaigns that have intended results (such as a customer making a purchase, a website visitor signing up for a free trial, an audience clicking on a link in an email, etc.), you should always monitor the conversion rates.

Conversion rates are the percentage of people who perform the desired action when presented with an option to act. Track conversion rates for all of your landing pages, website opt-ins, emails links, free trial sign-ups, or any other call to action in your marketing campaigns.
Website Metrics
When your marketing objectives include digital plans, it's important to keep an eye on web analytics and online KPIs that tell you how well your site is performing.

Sessions: number of visits to a website

Unique visitors: number of unique people who visit a website

Page views per visit: average number of pages a website visitor views on a website

Bounce rate: percentage of website visitors who leave a site after viewing only one page

Time on site: average amount of time that website visitors stay on a site

To view these stats: use Alexa's Site Overview Tool. Enter your site URL and produce a report to view data for these metrics.
Social Media Engagement
When engaging in digital strategies as they relate to social media, you may also want to utilize KPIs as they relate to social performance.

Increase in fans/followers: amount of new followers/fans acquired over a certain period

Number of comments: number of comments left on your posts or updates

Number of shares: number of times your content was shared

Number of opt-ins: numbers of leads generated through your social campaigns and/or posts

Traffic to website from social media sources: percentage of your website traffic that is referred by social media sites

Related Reading: Create a winning social media marketing strategy in 7 steps SEO Performance
If your marketing plans include improving your visibility in search, monitor KPIs that show improvement in your SEO status. To get an accurate look at each of these metrics, use Alexa tools to keep track of (and improve) your numbers.

Alexa Rank: a measure of how popular a website is compared to other websites (the lower a website's number, the more popular it is)

To check your Alexa Rank: use the free version of Alexa's Site Overview Tool to view a site's score in the U.S. as well as across the world.

Number of sites linking in: number of websites that have published a link to a website

To view a website's number of backlinks: use Alexa's Sites Linking In Tool. The report includes the total number of sites linking back to the target site, as well as each linking site's global Alexa rank and the webpage that includes the link.

Keyword share of voice: percentage of searches for a target keyword that lead back to a website

To check your brand's online share of voice against your competitors: use Alexa's Competitor Keyword Matrix. Enter your site URL along with up to nine competitors. When the report is ready, use the filter to find information related to your target keyword. Enter the keyword you want to research in the filter for "Include terms." Then view the percentage of the target keyword that you and your competitors claim.

To see which brand has the highest share of voice for a term: use Alexa's Share of Voice Tool. Enter the target term and view the brands that have the most visibility for the phrase.

As you go through this list of KPIs, consider which metrics will offer the best insights related to your goals and objectives. Assign numbers and use benchmarking to monitor your progress toward accomplishing your goals.

Taking the time to assign metrics and review your results will help you gain insights into which strategies worked and are worth additional time and resources. It will also help you improve your processes and find more success in the future.

Marketing Objectives Help You Achieve Your Goals

Even the most ambitious and inspired marketing strategy can't succeed without an important element - clearly outlined and measurable marketing objectives. Click & Tweet! So as you create upcoming marketing strategies, use this list of objectives, guidelines for SMART goals, and list of KPIs to create plans that are defined, outlined, measurable, and far more likely to succeed.

For more help with reaching your upcoming marketing goals, sign up for a free trial of Alexa's Advanced Plan. The plan includes the tools mentioned in this post along with dozens of other reports and features to help you research your competition, make better marketing decisions, measure your results, build your online authority, and reach your upcoming goals.

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How to Define and Measure Marketing Objectives: A Start-to-Finish Guide

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At the core of any great marketing plan is a list of strategic and clear marketing objectives. Marketing objectives are a brand's defined goals. They outline the intentions of the marketing team, provide clear direction for team members to follow, and offer information for executives to review and support.

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Insight Into the Behaviour of Consumers at Harrods

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Insight Into the Behaviour of Consumers at Harrods

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Disclaimer: This work has been submitted by a student. This is not an example of the work produced by our Essay Writing Service. You can view samples of our professional work here.

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Harrods is one of the world's most well-known department stores situated on Brampton Road in Knightsbridge, in the Royal Borough of Kensington and Chelsea, London, England; It was established in 1849 as a small grocery store with only two helpers. Today, it offers its customers with everything from food to fashion, furniture to sportswear plus 20 in-store restaurants serving every kind of cuisine imaginable from pizza to sushi. Services range from piano tuning to fitting saddles. Must-see sights include the Food Halls, the Egyptian Hall and the Pet Department. (Visit London)

Harrods after tenure of great success has lately seen a falling trend in its sales. Harrods, therefore, has further studied the behaviour of its consumers more closely in order to know the reasons of this unfortunate decline in sales. This report contains an analysis of this study, external influences and how they can be used positively to augment the sales; It mentions the strategies Harrods can use in order to get the same honourable and prestigious position back in the marketplace.

Task 1: Impact of External Influences

An insight into the behaviour of consumers at Harrods

Harrods is a high end departmental store which offers a great range of products and services. Once opened as a small grocery shop has now matured to become a good example for posh and glamorous shopping, complementing itself on its motto "Omnia Omnibus Ubique which means that 'All things, for all people, everywhere'. It is famous about Harrods that you can buy anything you can name at Harrods, from a hair pin to furniture. (go there guide)

Consumer behaviour is a study of when, how and where people buy or do not buy certain products or services. When buying a product, consumers usually go through several stages which can be named as need recognition, information search, evaluation of different purchase options, purchase decision and post purchase behaviour e.g. a need arise when you see your current television set is out dated and pretty old fashion or may be its broken. You decide that you want a new television and then start looking for different options transferring yourself to the next stage and you start looking for which television to buy and from which place; this is the stage when Harrods should come in the mind of a consumer. Then a consumer evaluates between different available options which Harrods has advantage of providing consumer all under one roof and then finally he buys a product. (East, 2008)

Harrods is considered a glamorous shopping place. Though nearly everything is available at Harrods but the target market segment that Harrods focuses on is the upper class. This is the market segment the management at Harrods keeps in mind while carrying out its marketing activities. People visiting Harrods may belong to any age group but majority of them belong to the social class A and expect a service that is up to the mark. They expect that the product available at Harrods would belong to the highest of the qualities available.

Marketers define four types of buying behaviours and it is based on the type of products that the consumer intends to buy. All four types of buying behaviors can be witnessed in the consumers at Harrods as a vast range of products are available at Harrods.

Complex buying behaviour

This where the person purchases a high value brand and inquires about a lot of information before the purchase is made. This may be when a consumer is buying a very expensive outfit of Paul Smith Black at Harrods

Habitual buying behaviour

This is when somebody purchases a product out of routine e.g. a daily newspaper, sugar or salt. This is applicable for a consumer buying grocery from the grocery section

Variety seeking buying behaviour

It is when the person likes to shop around and try out with different products. Some consumers at Harrods do not have the particular brand in mind beforehand when they shop for any product so they experiment different brands.

Dissonance reducing buying behaviour

This is the type of behaviour when buyer is extremely concerned with the purchase of the product, because the purchase is expensive or occasional. An example could be buying expensive furniture at Harrods. (Micheal.R.Solomon, 2005)

The management at Harrods needs to keep all these consumer behaviour theories like what makes consumer buy a product, what kind of behaviours can they adopt while shopping at Harrods in mind and factors can cause a change in consumer buying patterns in mind while they take their management decisions. They specially need to be aware of the expectations of their consumers and what exactly they want from Harrods in order to improve and find the loop holes which might be leading to a fall in sales.

External Factors may influence Buying Behaviour

Consumer behaviour can be affected by various factors that may be highly uncontrollable by marketers. These external factors may include the opinion of your friends, the values and the way you are brought up, the media, the culture, certain groups you interact with etc. All of these external factors are mentioned in details with respect to the consumers of Harrods as follows:

Culture

Culture does influence consumer behaviour; culture is defined as our attitudes and beliefs. The point that we need to know here is the way these attitudes and beliefs are developed. As a person matures, a child is influenced by his parents, siblings and other family members who may educate them about rights and wrongs. They learn about their religion and culture, which helps them develop these opinions, attitudes and beliefs.. (Micheal.R.Solomon, 2005)

Geographical Culture

Harrods needs to understand the culture of people living in London. The way they are brought up and what their values are. Do people living in London like to go to glamorous shopping places like Harrods? Are they comfortable shopping at such high end places? What are their buying trends and do they prefer large shopping places over small ones? Can people living there afford to buy expensive or do they usually spend this much on average? All these questions need to be answered in order understand the psyche of consumers living in London and cater them according to their needs.

If we go back into history, UK is a class based society and some remains of such behaviour are still existent. People who belong to a high class do like to show off and go to high end places but as time is passing this frame of mind is changing. This change of mind may be one of the factors leading to fall in demand for Harrods.

Subculture

Subcultures can be defined as members that possess beliefs, values and customs that set them apart from other members of the same society. There can be nationality, ethnic, racial, geographical or religious sub cultures.

People belonging to various parts of the world and belonging to various sets of beliefs and norms live in London, which leads a complex set of people who may have different beliefs and norms mixed up. Understanding and catering to all of them is not very realistic but Harrods needs have knowledge regarding major subcultures so that its products are designed according to it and their do not hurt anyone's beliefs and norms. (Leon G Schiffman, 1997)

Global Culture

In order to make sure that the products it is offering is in line with the Global culture, Harrods needs to study the global trends of buying behaviour as well. Generally people around the globe have started preferring large shopping malls over small specific buying areas. This facilitates a consumer in a way that all the products are available under one roof. As people are getting more and busier with their work lives, this saves time.

Moreover the world is also moving towards better quality products and services. Designer clothes and fashion apparel are getting popular. Brands are getting global. This trend of customers goes in favour of Harrods. Multinationals have the brought the consumer base to one platform which in a way has helped marketers to understand complex behaviours. (my library)

Reference Groups

Reference group is an actual or imaginary individual or group concealed of having significant relevance upon an individual's evaluations, aspirations and behaviour.

Marketers have seen that reference groups can strongly influence buying behaviours. Reference groups are particular set of people some people may look up towards to that have an impact on consumer behaviour. So they can be only a band like the Savage Garden or your direct family members. Marketers have grouped reference groups into classes to comprehend the way the influence more clearly. (Micheal.R.Solomon, 2005)

Types of Reference Groups

Normative:

Some group and individuals are more powerful than others and affect a broader range of consumption decisions. A very good example would be family. Your upbringing really has a strong influence on your likes and dislikes, definitions of right and wrong. Family values and practices usually do not change and develop basic standards of behavior. If a family is used shop from department stores rather than individuals outlets or it may be particularly Harrods then this practice may be passed on to further generations as well and this how the cycle goes on. (M.Khan, 2007)

Comparative:

These are the people you compare yourself to and can relate to e.g. friends, neighbors or a club you are a member of. Some of these may be ones you aspire and want to imitate. A person may start shopping from Harrods because a friend of his shops from Harrods and he likes it very much and recommended him as well. (M.Khan, 2007)

Reference groups can further be divided into direct and indirect reference groups: direct are the ones you have contact in person with and indirect may be the ones you may not have direct contact with such as celebrities. (Balythe, 2008)

Marketers cannot directly manipulate your direct reference groups or use them for their benefits but indirect reference groups can easily be used by marketers. Harrods needs to study about its consumers' reference groups and use them in its favour. If Harrods serves its existing consumers really well they will automatically prove to be a resourceful reference group for some potential consumers. They can also use celebrity endorsements referent powers. (Wagner, 2003)

Opinion leader

Opinion leaders are the people who have greater knowledge about a certain thing than a lay man so you respect their views and that may influence consumer behaviour. Most of the times it would really affect the behaviour if the thing to buy is a highly technological product, may be a hi-tech computer and the opinion leader in that case may be a computer expert. (CL Tyagi, 2004)

Economic Environment

Economic environment has a great influence on buying behaviour. People usually spend more during good economic times and during an economic boom and likewise less during recessions.

Lately aggregate demand around the globe felt due to global recession. People were out of jobs and businesses were heading towards a downfall which left people with less disposable incomes on hand to spend. This may also be one of the factors leading to Harrods' reduced sales. (Angus Deaton, 1980)

Competition

Competition is another factor which influences the consumer behavior. This provides consumers with more options available so they start comparing between the available options and selects the one which benefits them the most. Harrods has a few potential competitors mentioned below:

Selfridges

There is store called Selfridges & Co. It is also one of the largest areas in the world with 540,000 sq.ft of selling area. It is located on the Oxford Street which is a prime posh location. Like Harrods, it is also famous among consumers for providing a large range of products and services. The difference between Harrods and Selfridges could be that Selfridges is more focused towards entertainment as it has 15 bars, cafes and restaurants inside the area. It has two more smaller department stores, one in Manchester and the other in (business week)

Marks and Spencer

Another strong competition would be Marks and Spencer (M&S). It is a British retail chain and it has 330 department stores and over 340 food location all over UK. It does not operate in UK only but has over 300 locations in countries including Indonesia, South Korea, India and China. The factor that differentiates M & S from Harrods is that it core range consists of mid-priced household items, fashion apparel and other products whereas Harrods is designed for the best or may be for everything rather a narrowed specific price range.

M & S has been in this market for more than 100 years and has been ranked as the no. 1 supplier of women wear. Moreover, the company makes 90% of its sales in its home country which certainly is UK. It can give Harrods a tough competition if Harrods get even a little bit lenient in its services (business week)

Fortnum & Mason

This is 300 year old department store. It is very famous for its food which includes jams, teas, and sauces. It also supplies Queen with annual Christmas puddings. It has five restaurants and though it generates most of its sales from food but it also sells gifts, luggage, household products, cosmetics etc.

Though its product range and the area of focus are not exactly same as Harrods but it can be counted as a competition and was mentioned by a number of consumers at Harrods. (business week)

Task 2: Recommended Positioning Strategy

Perception

A study of human perception can also help marketers to understand the consumer behaviour. Perception is the process by which people select, organize and interpret their sensations; where sensation is how are sensory receptors (eyes, ears, nose, mouth, fingers) to basic stimuli such as light, colour, sound, odor and texture. Like a computer system human mind also processes the information in order to perceive things. (Martin E Evans, 2009)

This is the age of sensory marketing. Marketers make use of impact of sensations on consumer's product experiences. They use vision, hearing, touch and taste in order to create an image of the brand in the minds of the consumer to create a competitive advantage. Marketers try and create brand's unique association with the sensation. (Hawyer, 2008)

Harrods may use a certain trade dress which is colour combination an organization uses so frequently that consumers start associating that brand with that colour combination. Whenever they see that colour combination around their mind recalls the brand in sub-consciousness. This is how marketers create an image that can last very long in the minds of the consumers through our sensations; as consumers start associating those brands to different things.

Consumer's perception about the brand consists of both its functional attributes as well as the symbolic attitudes. Functional attitudes may include its price; its features etc. and symbolic may include its image. Marketers have discovered that consumer's evaluation of a certain product is more dependent on what it means rather than what it does. This meaning has more to do with product's market position and it may be more to do with our expectations of the product as communicated by its colour, packaging and styling rather than the product itself. (Kathy Niel, 2007)

Therefore, Harrods should use these tools of sensation in order to create an image of Harrods that consumers cannot forget; an image that stays in the minds. It should create a certain sensation so that consumers can associate the brand with that sensation. This automatically attracts a consumer towards a brand as it creates a certain impact in the minds of the consumers that lasts for very longer periods of time.

Attitude

Attitude is actually a learned behaviour. They may be favourable and unfavourable attitude for a product or a service. Marketers say that attitudes have the quality of motivation, they can lead consumer towards certain behaviour or can even stop him from doing so. Harrods should try and develop a positive attitude about itself in the minds of the consumers. (Micheal.R.Solomon, 2005)

Harrods have had certain issues which may lead to a negative attitude. Harrods in order to maintain its glamorous image threw a lady out from the store. Eilene Kadden, from California, was ejected from the store because she did not have the right image; she was too fat. Such kinds of incidents adversely affect the image of the brand and such incidents can lead to negative attitudes for the brand in the minds of the consumers. Harrods should respect its customers irrespective of race, colour, ethnicity and physical attributes of a person.

Tri-Component Attitude Model

According to this model attitude consists of three components which are cognitive, affective and conative components. (Micheal.R.Solomon, 2005)

The cognitive component consists of person's cognitions i.e. his knowledge and perception about the brand. This may be formed by a combination direct exposure and from other sources. Harrods should create a positive impression in the minds of the consumers through its image, service and behaviour.

The affective component is more about the feeling of the consumer. How related and emotionally attached he is to the brand. A family might be shopping from Harrods from last three generations and may develop an emotional attachment to the store. These emotions can further affect the actions of the consumers. They van be negative as well.

The Conative component deals with the actual behaviour of the consumer, it is also called the consumer's intention to buy.

This model can help Harrods to develop a positive attitude among its current and targeted consumers. Harrods should try to factually as well emotionally create a positive feeling about the brand.

Self

Self-concept is the beliefs that customer holds about himself. It can be positive as well as negative. At times you feel that a part of you is more positive. People buy products which they can relate to themselves. What is the reason that social class A is the major consumer at Harrods? It is that all the products are designed keeping the social class as a target market segment and so they can relate to it.

Positioning Strategy

This is the way a brand portrays itself and places itself in the minds of the consumers. Positioning a brand is a very crucial task. This is what can either make a brand or break a brand. When a marketer targets a certain market segments, it intends to different itself from the other brands through its competitive advantage.

How to Position

When a brand is to position itself, the very first step when a business decides to enter the market to describe the market in which the brand is to enter and to struggle. The market where Harrods is to compete is London. It is posh area where people spend money to avail highest quality products and services. The next step would be to collect information from the relevant consumers about what perception do they have regarding the competing brands in the market. Harrods needs to understand what attributes regarding the shopping stores are most favourable in the minds of the consumers. It needs a complete knowledge about the likes, dislikes, preferences and frame of mind of the relevant consumers it intends to target. It needs to determine the share of mind of all the competing brands which are mentioned above including Selfridges, Marks and Spencer, Fortnum and Masom. It needs to rank the competitors and the attributes which would be hard to compete. At the end it needs to position itself using the combination of the preferable attributes and attributes of the brand itself to capture a territory in the minds of the consumer.

Era of Marketing

This is the age of Marketing. Marketing a brand is becoming more important than the product itself. The Marketers study the market in detail, segment the market into different segments based on demographics and psychographics and then select the most profitable segment as the targeted segment. All the products and services are then designed keeping that particular segment in mind. All the decisions are also taken in accordance to that particular targeted segment. (Gerit Antonides, 1998)

Harrods instead of taking decsions keeping the products and services in mind, needs to take decisions keeping the preferences of targeted consumers in mind. If a certain brand in preffered and renowned in US but people in UK prefer other brands over it which may even be of slightly lower quality, opting for that brand of better quality would not be sensible decision. Harrods has taken some bad decesions in the past to save its glamorous image; it has kept a range of brands which are not even liked by most of the people in London which is a failure for Harrods to understand the psyche of its consumers.

Suitable Positiong Strategy for Harrods

The three major positioning concepts known among the marketers and they are functional, symbolic and experiential position. Functional position is when the firm shows itself as the solution to problems. It promotes the benefits that can provide and gain a favourable position.

Symbolic postioning is when a organization uses its image, belongingness and egoistic image which provides the comsumers with social meaningfulness. This is the kind of positioning suitable for an organization like Harrods and this is what it has been doing in the past as well but a certain change is needed to make this symbolic position better. These changings would be mentioned further in the report.

Experiential position is when an oraganization makes use of the consumers sensory and cognitive stimulation and the concepts of perception to create an image in the minds of the consumers that consumers can relate to.

Harrods Current Positioning

Harrods has positioned itself as a high-end, glamorous, luxurious and high end department store. It has not positioned itself as a department store but as an unforgettable experience. Harrods has a reputation for excellence and a motto "Everything for Everybody Everywhere". Consumers know it as a place where you can buy everything. From sugar and potatoes to luxurious cars, everything is available at the Harrods. The major component or competitive advantage that Harrods has used is its grand image and variety.

Repositioning Harrods

Some of the Harrods policies to maintain its high end image has in turn adversely affecting its reputation. The incidents of forcing people out due to their physical appearance and strict dress code rules make customers inconvenient and lead to a negative impression. Harrods need to add a component of humbleness in its positioning statement. The feeling that one gets when he hears about Harrods is of arrogance and attitude. A tinge of humbleness needs to be added to the image in order to create a positive impression.

Harrods should try and create an image of an environment friendly organization. People once protested against Harrods' selling animal fur. Such kind of incidents would not happen if you have you have a complete knowledge about you're the culture and values of targeted consumers and people around.

Harrods should encourage the brands operating inside the store to promote green environment and produce as many environment friendly products as they can and take steps for protecting the environment from every kind of pollution. This will lead to a responsible image about in Harrods in the minds of the consumers which will definitely in turn improve the sales.

Online and Offline Positioning Messages

As mentioned under the heading of repositioning Harrods, Harrods needs to promote a tinge of humbleness with its glamorous image. The current motto used by Harrods is "Everything for Everybody Everywhere" and "All things, for all people, everywhere" which portrays that literally everything is available at Harrods.

Messages like "Everything that you need because we care!" would promote an image of care and responsibility on part of the organization. This would portray that the organization is not selfish about its own benefits only. The attitude of the employees in the store will automatically depict the position and set a mark in the minds of the consumers.

Moreover for offline positioning, Harrods can launch campaigns for environment protection. It can sponsor such activities in order to create an impact and show that it actually cares and contributing towards the society.

Conclusion

Harrods is a very famous and well known brand. It has successfully achieved its targets and continuously improved and expanded over the years. Its management worked efficiently to satisfy the needs of its consumers. It was clear and focused on the segment it was targeting and therefore tailored its products accordingly.

Due to some external factors and some of the bad decisions that Harrods took declined its sales. The image that Harrods was enjoying is slightly damaged but its not late to make for the mistakes in the past.

Moreover, every firm needs to innovate and re-position itself according to changing environment. Harrods in order to earn its position back needs to make slight changes in its positioning. It should get more humble towards its customers and promote environmentally friendly products.

Task 3: Individual Critical Reflection on Learning Outcomes

Critical Reflection on Learning Outcomes

Before the start of the module, I was not sure of whether it will further enhance my learning or not. The theories I was to expected to apply in the module were the ones I had already studied several times so I was not looking forward to any further new learning and experience.

As I started working on the module and started gathering information about Harrods, I realized that my perception about the module was entirely wrong. Though I didn.t learn anything new in the module but it gave me an opportunity to apply what I have learned in a real life situation. All the concepts and course material that I studied in the course was practically applied to solve the given problem of reduced sales.

Moreover, while I was studying for the course I had an impression that most of the concepts mentioned in the course books are only for theoretical purposes and are not used or helpful to the firms in real life situations. My opinion was proven wrong while I working on the module as I saw that firms do use these concepts and they do help them in understanding the behaviour of consumers which is critical for their success.

This module was a great experience. Though collecting information and analysis was a little tough and tiresome but it was worth it. The data collection on the external factors influencing the consumer behavior was really difficult; classifying it and coming up with useful results and conclusions was even more troublesome. This module specifically enhanced my analytical skills and improved my confidence of practically applying theoretical knowledge.

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East, R. (2008). Consumer Behaviour.

Gerit Antonides, W. F. (1998). Consumer Behaviour.

go there guide. (n.d.). Retrieved august 2010, 28, from go there guide: http://www.gothereguide.com

Hawyer, W. D. (2008). Consumer Behaviour.

Kathy Niel, S. P. (2007). Consumer Behaviour Implications for marketing strategy.

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Wagner, S. (2003). Understanding Green Consumer Behaviour.

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Insight Into The Behaviour Of Consumers At Harrods Marketing Essay

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Disclaimer: This work has been submitted by a student. This is not an example of the work produced by our Essay Writing Service. You can view samples of our professional work here. Any opinions, findings, conclusions or recommendations expressed in this material are those of the authors and do not necessarily reflect the views of UK Essays.

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https://www.harrodspartnerships.com/campaigns/case-studies

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Keler’s brand equity model would be used to see how consumers see the Luxury Retail store, Harrods. Aeker (1991) described the brand equity as a ‘set of brand assets and liabilities linked to a  brand, it’s name and symbol that adds to or subtracts from the value provided by a product, a service to a firm and/or to that firm’s consumers.

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Harrods has a monopolistic brand identity which is characterised by a strong, single master brand. In this approach, customers make choices based on brand loyalty. The brand logo is usually used in different colour variations with a subsidiary brand name. Brand extensions use the parent’s identity and generic descriptions. (Dvornechuck, 2017)

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With Harrods having a monopolistic brand architecture, they are of course expected to broaden their offerings and services such as Real Estate, Food, Beauty and more.

Using the Ansoff Matrix, we would be looking into how Harrods is leveraging their brand.

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The customer moodboard for Harrods was concluded based on the primary research conducted from Small interviews as well as observation from being in the store. I made the moodboard based on the results of the most people I saw there, ethnicity, lifestle and fashion sense.

The results showcased in the moodboard based on observation was mothersw who came to the luxury retail store with their children, as there is this whole persona and excitmenent in the childens faces of the toy section of the store. Also, the population of shopper in terms of gender were mainly women, ranging from the Middle East, China and Africa. They tend to stay at the little cafe's for brunch, or even diwn to business meetings.

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The main Issue we found based on Primary Methods of research (Surve’s, Interviews and Observation) was that Navigation around the Luxury Retail store is a massive problem, not just for shoppers that are experienced, but also for the new shoppers as well a few new employees too. I myself was a victim to this.

So, the process of research to find how to make navigation easier. Through my secondary research, I came to find that they had an in-store navigation through the app, and a lot of people didn’t know Harrods even had an App. So the first solution is to create:

1. Awareness: We needed to bring about awareness of the App, and therefore what it can do for you that the website can’t.

1. However, the app isn’t so easy to navigate around and it’s not as aesthetically pleasing. Neither can you book 1-1 private sessions and much more.

1. The issue with the bookings and other services, based on Focus groups, most respondents said they would rather have this in person as they enjoyed the store more of an experience compared to shopping online.

After there is a build up of momentum and even possible incentives like a 20% off discount code just for joining the app, we can now have an automatic app tour in terms of what it has, the services, how to navigate your way around the app and much more. Once we create that familiarity to the app, we give the users an inside exclusive to new additions to the department store in correlation to E-newsletters.

The main idea is to bring people into the store since Harrods has invested £200m+ into store renovations, and this will obviously attract more people to see the new and exciting in-store services. Now, the innovative branding campaign is about navigation around the store and also a few other services. I have thought of the idea of service help spots in different parts of the store, inside and outside to control the traffic and chaotic confusion within the store. These help spots will help everyone navigate their way around, almost like a personal assistant. You say where you want to go, route your way, and then you scan a QR code on the screen of the help spot through the app and the navigation through the app will navigate you to all the places you’ve plotted on the app, and if you have restaurant reservations, appointments or pick up, we will be introducing the Harrod’s Help Bot which will be in the form of the yearly Harrod Bears for Kids and the well known Harrods Doorman for regular people. This will create easy navigation and also a fun touch. You can ask the bot questions about what’s in stock, or any special events happening and RSVPing. This will help everyone both young and old and really put Harrods on the map for the technological innovation.

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What we aim to achieve with the Innovative Branding Proposal is:
1. Create more enagagement on the App and their instagram accou t by pooling in Gen Z & X.

2. Create a more comfortable and seemless shopping experience in store through tech savvy technology.

3. Showcase this on social media platforms, E-newletters and attract more people towards the App.

4. Using the well known Green Man as the face of the App.

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We have the opening start of the new harrods app rebrand.

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Here we have the stages the introduction of the app will show and also what the final product will look like when it's finally being implemented.