Analyse Marketing Strategy of M&S

Added on - Dec 2020

Trusted by 2+ million users,
1000+ happy students everyday
Showing pages 1 to 4 of 13 pages
INTRODUCTION TO
MARKETING
Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Marketing audit to analyse current performance of business......................................................1
Research on Market segmentation...............................................................................................5
Analyse current marketing strategy and to meet requirement of suggested segment..................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10
INTRODUCTION
Marketing is referred to those activities which are carried out by an organisation to
promote products and services offered by them. It involves different aspects like selling,
advertising, promoting and delivering products of consumers and other business organisations. It
will involve all those actions and activities which will benefits the company in sustaining strong
ties with their potential customers(Bacik, Gavurova and Fedorko, 2015). This assignment is
written in context with M&S which is a Britain based multinational company which is situated in
Westminster, London, UK. Organisation is a renowned retailer and specialises in offering home
products, clothings and luxurious food products to its customers. This assignment will cover
market audit so that current performance of business along with position and market strategy
within market can be acknowledged. Beside this, two sets of market segmentation are discussed
to target business successfully. At last, understanding of buying behaviour and research to justify
marketing strategy is mentioned.
MAIN BODY
Marketing audit to analyse current performance of business
Marketing is the process by which individuals became interested in the services or
products offered by an organisation. To perform marketing in a proper manner, firm is required
to conduct market analysis and research so that opinion & preferences of ideal customers can be
acknowledged. Marketing procedure pertains to the different aspects of business like sales,
distribution methods, advertising product development etc. Marks and Spencer is a renowned
multinational company which specialises in dealing with clothes, home and food items. At
present company is operating more than 1000 stores in UK where more than 600 stores provide
luxurious food items only(Baker,2014). As company is operating globally, it faces tough
competition to sustain a visible presence within marketplace. In this regard, it is essential for the
company to perform marketing audit so that actual business performance of M&S can be
acknowledged in a clear and accurate manner. In order to perform marketing audit, it is essential
to analyse micro environment, macro environment and market strategies of M&S in a detailed
manner.
1
Ansoff matrix:
It is strategic planning tool which allows senior managers, marketers and executives to
formulate market strategies so that high growth can be achieved in future. In accordance with
this this analysis, there are four kind of strategies:
Market penetration:In this strategy, M&S will try to grow with the help of their
existing products and services in existing marketplace. It this regard, M&S will be
required to increase their market shares. To enhance their market shares, company can
decrease price of their products, increase distribution and promotion or overtake rival
companies.
Market development:Here, M&S will try to expand its presence in new marketplace
with the help of existing services or product. To attain this, company can target different
customer segments or enhance its presence in foreign market. This strategy will bring
more benefits to M&S if they will have unique product technology that can leverage new
market(De Mooij, 2018).
Product development:In this strategy, M&S will be required to develop new services
and products by targeting existing market so that high growth can be achieved. In this
regard, company will be required to invest high in R&D initiatives so that those product
can be developed which will be widely accepted by company.
Diversification:This is considered as a risky marketing strategy as company tires to
enhance its market shares by introducing new products or services into market. This
strategy requires product and market development, if one of this aspect will fail, M&S
can face high loss of revenue and market shares.
At present, M&S is using market penetration strategy so thatcompany can enhance its
revenueand profitsby increasingthe salesof exitingproductsand servicesin existing
marketplace. To understand market position of company, SWOT and PESTLE analysis is carried
out below:
SWOT analysis of M&S
SWOT is abbreviated as strength, weaknesses, opportunities and threats. It is a strategic
planning tool which is used by a company to understand its strengths and weaknesses in a proper
manner along with opportunities and threats which can impacts the business in a considerable
2
Desklib Logo
You are reading a preview
Upload your documents to download or

Become a Desklib member to get access