The Importance of Marketing to Organizations in the Twenty-First CenturyHarrods is a department store located in Knightsbridge that deals mainly in selling luxury goods in London, UK market (Tim 2006, p. 6). The Harrods brand applies also to other enterprises in collaboration with the Harrods group of companies that include Harrods Bank, Harrods Aviation, Harrods Estates, and Air Harrods. Harrods is therefore, a diverse company providing services and goods in a variety in the market locally and across the globe. Being the second-biggest shop around UK, dealing with luxury products, Harrods has to have the best marketing in London and beyond borders to reach out to customers.
In the current global market for luxury products, there have been many and upcoming suppliers who are presenting fantastic offer to customers and are winning the day by getting more and more customers by day making the business quite competitive and one that needs serious approaches in marketing (Dennis 2001). This paper is a case study of Harrods as a company selling luxury products highlighting how marketing in the 21st century has been of importance in the company operations and the state of the company as expected in the future following the marketing trends.
It also in the next part of the assignment highlights five of the most used marketing strategies by Harrods including internet marketing (establishment of a website), Rewards system, social sites marketing (face book, twitter), online shopping and free delivery, community engagement (offering opportunities for career development) among others. To Harrods as a company marketing means reaching out to customers via all means to advertise the luxurious products and convincing the customer beyond every doubt to make a choice of the respective product from the company in the presence of many other upcoming and vibrant industries across London and global.
They include Pink Zebra UK Ltd, Lets Just Create Ltd, Gemstone Bears, and Mongoose Moon among others (Philip & Kevin 2009, p. 65; Paul, Chris & Kelly 2008; The London Insider 2008). In the 21st century, many things have changed and marketing is not an exemption because there are new trends in marketing and new mediums developed (Tim 2006, p. 6). The global shift in the 21st century has rendered many organizations as without options in the introduction of Modern Marketing Systems.
It is the most relevant marketing strategy in maximizing profits and reaching the goals of respective organizations (Dennis 2001). This has been the challenge for many organizations including Harrods. The company works moderately in reaching such heights and using the approach to enlarge the niche and increase the number of customers (Philip & Kevin 2009, p. 65; Paul, Chris & Kelly 2008; The London Insider 2008). Modern Marketing Systems is generally an industry leader involving the use of Micro site Marketing.
Modern Marketing Systems (MMS) majorly specialize in developing highly monetized niche micro sites and this is what Harrods has been working on to go in line with the new advances (Chris & Colin 2000, p. 34). The company has developed websites and linkage to the same with a goal of maximizing Internet marketing and making the best out of this initiative. Because of this, the last years’ Harrods fiscal report indicates an increase of sales by an approximated 12% as compared to the previous fiscal year (Tim 2006, p. 6).