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Marketing, Resource and Strategic Management

   

Added on  2020-01-07

31 Pages11336 Words146 Views
Marketing, resource andstrategic managementSubmitted by Dhanushka Rangajeewa

TABLE OF CONTENTSINTRODCTION..............................................................................................................................1EXECUTIVE SUMMARY.............................................................................................................1TASK 1............................................................................................................................................1Enclosed in PPT..........................................................................................................................1TASK 2............................................................................................................................................11.1................................................................................................................................................11.2................................................................................................................................................21.3................................................................................................................................................52.1................................................................................................................................................62.2................................................................................................................................................73.1................................................................................................................................................93.2..............................................................................................................................................113.3..............................................................................................................................................13CONCLUSION..............................................................................................................................14REFERENCES..............................................................................................................................163.2..............................................................................................................................................203.3..............................................................................................................................................22CONCLUSION..............................................................................................................................23REFERENCES..............................................................................................................................24

INTRODCTIONMarketing plays a crucial role for enhancing the value of a product or services. Itprovides assistance to companies for gaining the attention of customers. In addition to it, this isrequired for the firm to make effective strategies so that marketing objectives can be attainedeffectually and within stipulated period. For better understanding of the subject, Marks andSpencer (M&S) has been taken into consideration. A strategic management should be adopted ina business because the several traits are there which laid emphasis on the working of the businesswhich is a great threat to the persons delivering it. It is one of the multinational retailer in UKwhere the company specialises in offering luxury foods products, home products and clothing. Itis a public limited company which has established in 1884 by Michael Marks and ThomasSpencer. The renowned company has around 83,069 employees who are presently working in thefirm. However, existence of the firm is in different part of the world which resulted in 1382stores. In context to this, the cited organization also became the first British retailer who madepre tax profit more than £1 billion. EXECUTIVE SUMMARYPresent report is prepared with the purpose of analysing marketing situation of M&S.This document is also going to include appropriate tools and techniques to develop a newproduct by Marks and Spencer. In addition to it, the prepared document also contains the use ofSMART objectives of the company. Further in this report the strategic management of mark andspencer has been studied through which effectiveness and efficient capabilities of theorganization is measured which in turn gives a mobile power to the persons working their. Theseobjectives have helped the company to identify the process of implementing changes. In thisreport, new product is launched which assisted the firm to enter into the Asian market.TASK 1Enclosed in PPTTASK 21.1M&S is one of the major retailer in food and merchandise industry. The firm hascompleted its 129 years where they initiated business from single stall to a multinational1

company. As per the existing business plan and strategies, the company focuses on assistingcommunities, reduction in wastage, focusing on recycling of products. In addition to it, the citedfirm aims at sustainable clothing and other products. The company has given great importance tothe corporate social responsibilities in order to contribute towards society. In context to this, theorganization is focused on improving its quality and tries to make shopping easier. According tocurrent strategy, the venture also focuses on reducing carbon emission occurs due to production.In order to develop new product, the cited firm can adopt new product developmentstrategy. However, the process initiates with idea generation, screening, concept development,business analysis, test marketing and commercialization.1.2M&S is one of the leading brand in UK where the organization has ample of resourcessuch as financial, physical, human etc. The resource availability and possible barriers of thecompany can be analysed with the help of Value chain analysis method. Mainly, the citedmethod is consists of various activities in the process which is stated below (Morgan, 2012).Primary activities2

Inbound logistics: The management of the cited organization receives raw material or inventories from its suppliers. Initially, the company has restricted itself from taking raw material from English suppliers. Further, the firm started receiving material from the different countries. It has made good relations with the suppliers so that good quality of raw material can be attained by the firm. It helps in getting raw material at optimum cost for the operations of the company. It leads to help in effective production of goods and services by the firm.Operations: In terms of operations, it is found that the firm adopts direct selling of the homeproducts and other goods. However, the same process of distribution is being followed by theorganization. The organization has adopted machines for the development of product and wholeprocess has converted in electronic and smarter way. It has assisted the company to maintaintransparency in the operations. In context to it, the stated process will aid the organization tolower down the cost and also at minimum time (Ward and Peppard, 2016). Outbound logistics: firm makes sure about the fast delivery of the products. M&S offers fast services to the consumers if they order online products. It has increased the demands of the products of the mentioned organization. In addition to it, the management has offered effective training to the employees so that duplication of work can be eliminated.Marketing and sales: Sales and marketing seems to be the most important factor that is considered by the management. In this competitive era, the firm tries to achieve demand and needs of the customers. The cited organization has established several outlets all over the world. However, the firm focuses on the strategies plans and policies which helps in contributing in the success of the firm. In addition to it, with the use of effective measures the cited company can 3Illustration 1: value chain analysis(Source: Lasserre, 2012 )

increase its sales. Different marketing and advertising techniques can be adopted by the company. It will help the organization to enhance its market shares at global level.Services: The organization aims at providing fine services to the customers. It is seen that firm has friendly working environment, quality of products and effective communication within the organization. It leads to enhance the value of the products of the company (Garrigos-Simon, Lapiedra Alcamí and Barberá Ribera, 2012). Secondary activitiesInfrastructure: In terms of physical capabilities of the company it has good infrastructure wherethe designs of outlets is uniform. The locations of these stores are generally near to the customerreach. It helps the company to attract large number of customers towards its products.Human resource management: The organisation has skilled and qualified employees at theirworkplace. The human resource manager of the firm makes sure effective recruitment andselection process in the company. The management also focuses on the effective training anddevelopment programmes for the subordinates. In addition to it, (Proctor, 2014). Technological development: M&S has adapted various measures so that product quality can bemaintained. In addition to it, the firm keeps implementing the required changes that helps themto offer required product quality. It is seen that the operations of the company has becomesmarter by using electronic form. With the use of this the staff is connected with each other. It isthat, every departmental store of the company is digitized and computerised cash registers. Inaddition to it, the company uses loyalty cards in order to make payments.It has suggested above that the firm can enter into the Asian market to grow and expandeffectively. However, the company may face certain barriers while opening new stores in Asianmarket that are given below (Morschett, Schramm-Klein and Zentes, 2015).Laws and regulation: This can be one of the major barrier in entering into Asian market. Thelaws and regulations of Europe and Asia are purely different. However, M&S may face issues interms laws and policies of India and China. In addition to it, changes in norms of countries mayaffect the business of M&S.Culture: This can be another barrier that can be faced by the company. Here, the company faceissues in the terms of ethnics wear, language and taste and preferences. It is seen that Asia comesunder Middle East where the diversity in culture is totally different from UK. To understand theneeds and demands of the consumers, it is necessary for the firm to hire employees from the4

local market for their stores. It can become a barrier for the firm as it is not possible to overcomeeach and every need.Income level: It is seen that India is a developing country where the living standard ofconsumers is tended to rise. In context to it, higher income people can only afford the products ofM&S. It may happen that the firm may not able to earn appropriate amount of profits (Mok,Sparks and Kadampully, 2013).Communication: This can be the another issue that can affect the business in Asian market. Thelanguage used in India and China is totally different. The firm can try to opt common languagebut its not possible to gain the attention of all the customers. It is important to use effectivecommunication techniques in order to deliver the required information efficaciously to thecustomers.1.3In order to monitor the effectiveness and success of a developed plan, the cited companycan adopt various measures.GAP analysis: This can be the most useful method to monitor the effectiveness and success of abusiness plan. With the help of this method, difference can be analysed between the actual andestimated performance of the business. This analysis is been taken into account to measure theperformance of business through which effective techniques can be developed also strategic one.For the same, It will help the Mark and Spencer will be able to compare the needs so thatcorrective actions can be taken by the management. It leads to improve the methods andtechniques that is adopted by the company. By considering this tools, the management will beable to allocate the resources effectively. It can help into reducing the wastage and use the samefor the future projects (Hollensen, 2015). Consumer satisfaction: Evaluation of plan can be done with the help of analysing the consumersatisfaction by taking feedbacks. The management of the firm can ask for feedbacks by thecustomers in order to know their satisfaction level. Most important purpose of business is tosatisfy the customer and that needs to be achieved by the said organization. Analysing this factorcan help the company to identify the level which has maintained by the company. In addition toit, the organization will be able to provide the best for future context.5

Demand analysis: Analysing the demand can help the firm to monitor its progress. It will helpthe company to determine the willingness of customers towards the product. Demand analysis ofthe firm will make them show whether the product manufactured by them has demand or not.This measure will assist the firm to plan promotional activities (Evans, Stonehouse andCampbell, 2012).Financial analysis: As per this, the financial statements of the company are analysed. With thehelp of this, the revenue earned can be identified. However, the company can consider thisanalysis so that proper monitoring can be done effectively. With the help of this analysis, themanagement of the firm will be able to assess the viability and stability. On that basis the firmwill be able to make comparisons between actual and standard ones. In addition to it, thedeviations can be eliminated and corrective measures can be taken into consideration.2.1The cited organization is going to launch retro wear for the customers. This will be forthe age group of 20 years to 60years. Adoption of this idea will help the company to offersomething new to the customer. In context to this, the firm can adopt ansoff matrix in order toplan for the new product. With 5the help of this method the managers of the company will beable to set missions in order to design the product. Here, four growth alternatives are statedbelow.Market penetration: In this strategy, the management of M&S can use its existing policies andprocedure in order to grow and expand. This process will help the company to increase itsmarket share. This can be done with the help of decreasing price of products, enhance inpromotion and distribution etc.Product development: The company is going to launch its new i.e. retro wear. So the citedorganization can adopt new product development strategy in order to gain market share. For thesame, the firm will be required to conduct the research and development process. It will help thecompany to analyse the taste and preferences of the customers. In addition to it, the firm can takeacquisition of the rights of someone else product. Diversification: In this process, the company can grow with the help of introducing newproducts in new market. As the firm is adopting retro wear for the consumers, the firm canlaunch this in India especially for women. It is seen the company can expand its operations in6

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