Primark Essay

655 Words3 Pages
What major business lessons can be learned from the failure of Woolworths and the success of Primark? Challenged by big supermarkets such as Tesco and Wilkinson Selling DVD, CD records used to be very profitable for Woolworths. But nowadays Consumers have become more and more value-focused, fierce competitions began when some supermarket such as Tesco, Sainsbury, and Wilkinson started selling the same products. Music sales declined steeply, Woolworth’s market share dropped. Not only music, other areas are also challenged, attenuating Woolworths’ profit. No unique selling point A clear proposition is crucial. However, for Woolworths, It is no longer clear what the store is for. Woolworths' ranges were too broad. For example it was stocking more than 40 types of pencil case. Unlike the shoe polish, tea towels and cheap china…show more content…
The street-level name ‘Primani’ is given to Primark by his customers. The name Primani is a combination of Armani and Primark. It suggests that the retailer successfully competes in the arena of cutting edge, high quality designer fashion (Armani) and offers it at highly competitive prices (Primark). BL stay competitive Successful businesses should always look for new opportunities in the market. As the society is constantly changing, the taste of customers and other companies as well. The failure of Woolworths is that the company failed to move with the times. It is that there is no room for complacency when trends move as quickly as they have in the last decade. Customers have become more and more value-focused, in the case of Primark; its pricing strategy defined his great success. BL Understanding customers’ needs A successful company needs to understand their customers and satisfy them with the service, products, quality they desire. This is a key marketing strategy. Bl Need to have clear and strong selling
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