Primark Marketing Strategy & Marketing Mix (4Ps)
Marketing Strategy of Primark analyzes the brand with the marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion). These business strategies, based on Primark marketing mix, help the brand succeed in the market. Let us start the Primark Marketing Strategy & Mix to understand its product, pricing, advertising & distribution strategies:
Quick Glance:
Primark Product Strategy:
The product strategy and mix in Primark marketing strategy can be explained as follows:
Primark is one of the leading retailer brands having multi-brand products available. Primark has a large range of products from men’s wear, women’s wear, children’s wear, accessories, footwear, lingerie, home wear, hosiery and much more. Since a huge share of customers are women, the company focuses more of the women’s wear. This focus is based not just on the products, but also in terms of marketing and floor space allocated. Its wide offering in its marketing mix product portfolio include Men’s wear, Women’s wear, Kid’s wear, Home accessories, beauty products, tech products etc.
It has a few sub-brands like Opia, Cedarwood estate and Atmosphere in its portfolio as well. Primark has a New Arrivals section to engage customers and to make them curious about the on-going trends in fashion and lifestyle. Apart from that, the have limited edition stock which targets selective customers and enhances the ‘perceived value’ of the brand as it offers a sense of exclusivity to the customers.
Image: Wikimedia
Primark Price/Pricing Strategy:
Below is the pricing strategy in Primark marketing strategy:
Primark’s quality of products is arguably lower than that of its contemporaries. Hence, the core competence is its on-trend product with less pricing.
The company produces simple trends, manufactures the most popular sizes and therefore utilizes economies of scale to pull the prices down for the end users. Amazon’s dynamic pricing has enabled Primark to price its products as per the behavior and buying patterns of the online visitors. This will help to bring frequent online buyers and thus increase the overall revenue stream. The average annual revenue of the company is in the range of $7 billion.
Read more about Primark
Primark Place & Distribution Strategy:
Following is the distribution strategy in the Primark marketing mix:
Primark positions itself as a brand for ‘tweens’ who want to keep up with the latest trendy products but have a budget constraint too. Hence, its target age group is between 16-30 years. It has hundreds of stores across U.K, U.S.A, Ireland and Europe. There are prime locations of these stores including places like Manchester, Liverpool, Cardiff, Belfast, Oxford Street, New Castle, etc. Primark has a strong distribution channel with more than 300 stores in Europe and a lot of similar kind of outlets in other countries as well. It has also expanded in Germany, Spain and France and set up outlets to increase its customer base. It uses economies of scale to offer products at low cost.
With the growth of online business, Primark offers a complete ecommerce experience for online shopping and home delivery for its customers.
Primark Promotion & Advertising Strategy:
The promotional and advertising strategy in the Primark marketing strategy is as follows:
Primark is one of the few brands which does not resort to any sort of marketing as such. It relies on word of mouth marketing. The reason for this could be lack of skilled workers, digital marketers, advertisers, or simply budget constraints. Another reason could be lack of flexibility by top level management to resort to any kind of change in its promotion strategy. This resistance to change could be a form of complacency, because the company’s sales is decent without any promotions. The lack of consistency across the Primark bricks and mortar stores may also have a negative effect on the brands image, particularly with no ecommerce to support them.
Since this is a service marketing brand, here are the other three Ps to make it the 7Ps marketing mix of Primark.
People:
Primark has employed over 70,000 employees, which are being paid similar to the way its competitors like Zara and H&M pay. It targets teens and young adults aged between 16-30 years who are fashion conscious and try to get the new and trendy clothes at low prices. The employees are well trained to be polite towards customer enquiries and efficient to proactively help customers do their shopping.
Process:
Primark has a strong distributive channel, which ensures timely delivery. But, during the peak hours, the in-store customer experience is something to be thought seriously by the top management. The process carried out, including the customer experience, employee training and timely delivery has to be improved.
Physical Evidence:
Primark’s biggest physical evidence are their stores. The low pricing strategy has a downside too. Since the prices are fairly low, the brand was initially hesitant to put its merchandise on the online platform. This is because the cost of shipping will be higher than the product price itself. This will discourage the online buyers to purchase the product unless they’re making a bulk purchase to compensate for the higher cost of delivery. Hence this concludes the Primark marketing strategy and marketing mix.
About Primark:
This fast fashion budget retailer has gone from strength to strength, providing a winning combination of ‘on-trend’ product at low price points. Primark aims to cater to its customers by providing the trendy products with as much convenience as possible. It was started in June 1969 in Ireland and now has over 70,000 employees. It was earlier named “Penneys” which was later changed to “Primark”. Currently, it has its business in several countries in Europe, operating in over 300 stores.
This makes it one of the largest clothing retailers in Europe. Along with convenience, it promises an exciting buying experience and a pleasant retail environment.
This article has been researched & authored by the Content & Research Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.
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