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
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