The Impact of Promotional Strategies in Enhancing Growth at Marks and Spencer
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This dissertation explores the impact of promotional strategies on the growth of Marks and Spencer. It discusses the use of promotional strategies, challenges faced, and ways to overcome them. The relationship between promotional strategies and business growth is also examined.
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Business and Management Dissertation
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Table of Contents TOPIC..............................................................................................................................................4 The impact of promotional strategies in enhancing growth at Marks and Spencer.........................4 A) INTRODUCTION......................................................................................................................4 Overview of project area........................................................................................................4 Overview and data of Marks and Spencer..............................................................................4 B) Theoretical Background and Research Focus.............................................................................5 Literature Review...................................................................................................................5 Use of promotional strategies within the organisation...........................................................5 Several challenges faced by Marks and Spencer while implementing promotional strategies at workplace...............................................................................................................................6 Several ways through which Marks and Spencer could overcome challenges related to the implementation of promotional strategies at workplace........................................................7 The relationship between promotional strategies and enhancing business growth of Marks and Spencer...................................................................................................................................7 Research aim..........................................................................................................................8 Research Objectives...............................................................................................................8 Research questions.................................................................................................................8 Conceptual framework.....................................................................................................................8 C) Justification and Contextualization.............................................................................................9 Project Rationale....................................................................................................................9 D) Methodology.............................................................................................................................10 Research Philosophy............................................................................................................11 Research Approach...............................................................................................................11 Methodology and Research Design......................................................................................12 Data Collection Method.......................................................................................................12 Data Analysis........................................................................................................................13 Ethics....................................................................................................................................13 Sampling...............................................................................................................................13 Time Horizon........................................................................................................................14
TOPIC The impact of promotional strategies in enhancing growth at Marks and Spencer A) INTRODUCTION Overview of project area Promotional activities are acknowledged as the most important part of the marketing through which business entities can easily maximise their approach over large-scale customers and maximise their sales performance(Olson, and et.al, 2018). There are several forms of the promotional methods which are taken as the modern form of marketing method that develops range of opportunity for the businesses through which they can easily grab attention of the maximum number of the customers’ and influence their sales performance in rightful manner. Some of the common types of promotional strategies whose outcome is highly influential for businessentitiesarepersonalselling,advertising,salespromotion,directmarketing,and publicity. Along with this, it has also been analysed that the usage of promotional strategies is not beneficial for the business entity but at the same it is highly supportive for the customers too because they are getting adequate knowledge on the features of the products that is being offered by the company. As a result, customers can easily compare the products along with its additional features then compare it with other companies. In addition, it makes their purchase decision quite faster and effective. Overview and data of Marks and Spencer Marks and Spencer group plc is a multinational retailer of British. This provides various clothing items, home products and food products across the world. This company has locations of shops in 1463 areas across the world. Founder of this organisation was Michael Marks and Thomas Spencer. This company also sells the most popular brand i.e. Kellogg’s worldwide and it is a huge success. There are various promotional strategies used by M&S for promoting and advertisingit’sproductssuchasTelevisionadvertising,socialmediaadvertising,email advertising, surveys, free samples and trials, etc(Al-Omari, Alomari,and Aljawarneh, 2020). Marks & Spencer organisation use the most powerful strategies to attain objectives. This firm
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has been encounters many troubles in recent years. This embrace better business related practices to provide high quality of goods esteemed consumers. The strategy of this company plays necessary role in promoting best outcomes. In year 2006, company established new campaign that mainly focused on sustainability of marketing strategy. The Marks and Spencer wanted to assure that the each shopper was aware of origin and better products. The present investigation has been conducted on Marks and Spencer, a large-scale fashion based retailer, which has strong global presence. The company offers high quality of products and services to the customers, which ultimately provide them effective experience. It has been seen that product of this entity are offered at premium price range. With the motive of maintaining its sales figures and increasing it constantly, the respective company makes use of social media marketing with the motive of approaching maximum number of customers. B) Theoretical Background and Research Focus Literature Review Literature review is acknowledged as the effective section in every investigation, which supports researcher in gathering information on the proposed topic from several secondary sources that ultimately contributes in attaining proposed outcome. The section is useful as it allows investigator as well as readers to look the same topic with several viewpoints. For gathering maximum information on the proposed topic, respective investigator gathers have divided main topic into smaller section and then gathered information on each topic so that information associated with the same can be obtained in detailed manner. The main sections of this project are specified as below in detailed manner: Use of promotional strategies within the organisation According to perception presented by Mishra, A., (2015), promotion plays essential role in the growth of every business entity. This is so because; promotion mainly becomes the voice of the entity which spreads the message of company among its proposed customers and other associated people. There are ranges of promotional mediums, which have been selected by the management team of the entity. Some of the common among them includes television, radio, shopping outlets, billboards, magazines, and social media. In order to adopt these promotional methods the authorised person especially marketing head of the entity makes use of several promotional strategies that so that executive promotion effectively. According to Bradly (2019),
Promotional strategies of the business entities are selected by them on the basis of the core objective, goals and priorities of the company(Hoque, and et.al, 2018). Along with this, it can be further said that the main form promotional strategies are personal selling, advertising, sales promotion, direct marketing, and publicity. All of them are highly effective and useful for the business associations, which ultimatelyhelp them out in attracting maximumnumber of customers towards them that leads to attainment of several benefits supportive in the success of the organisation. The main benefits that are adopted by the business entities with the usage of effectivepromotionalstrategiesareincreasingbrandawareness,segmentidentification, increasing customer traffic and many others (Why Is Promotion Important for a Business, 2015). The overall result of these benefits is the increase in sales performance as well as profitability of the entity that leads to its growth. Several challenges faced by Marks and Spencer while implementing promotional strategies at workplace In the views of Kolowich, L., (2020), Implementation of promotional strategies is acknowledged as the most essential work within every company as it helps business association in influencing interest of the customers towards them. It has been analysed that business managers who are responsible for handling promotional activities. While doing so effectively, these managers also face some problems which can be seen as the core challenges for them. According to Wood (2016), Some of the main challenges which have been faced by large scale companies operating business at international market scale like Marks and Spencer’s while implementing promotional strategies are generating traffic and leads, providing ROI for your marketing activities, securing enough budget, managing your website, targeting content for an international audience, training your team, hiring top talent, delivering an account-based marketing strategy and others (8 of the Top Marketing Challenges Faced Globally, 2020). It can be further said that all of these challenges directly influences business performance of marketing head and might result in the delay of the organisational work(Petrou, Demerouti, and Schaufeli, 2018). As a result, due to lack of challenges business associations are not able to meet up their promotional objectives that could have negative impact over their sales performance as well as profitability in negative manner.
Several ways through which Marks and Spencer could overcome challenges related to the implementation of promotional strategies at workplace On the basis of the views expressed by the author named as Claudia, (2018), it has been analysed that even though, there are range of challenges which are being faced by the large scale companies while implementing promotional strategies but still these activities are mandatorily required to be implemented so that they can organisation can attain its proposed goals in terms of huge sales performance as well as profitability in rightful manner(Sun, Sun, and Strang, 2018) . Here, it has been determined that there are several effective ways which can be adopted by the large scale companies so that challenge faced by marketing managers could be managed and their influence over the organisational performance can be tackled effectively. Some of the common ways by which large scale companies like Marks and Spencer could overcome these challenges are use content marketing to drive more traffic, explore social media & email marketing for skyrocket engagement, run referrals for building trust, sponsor events for customer experience, work with brand ambassadors to increase brand awareness, use free samples, sales coupons & promotions to boost sales, adopt refunds & rebates strategies to guarantee quality, exploit fidelity programs & patronage rewards to increase customer loyalty and others(Bustinza, and et.al, 2019). All of these are highly influential and effective way by which challenges associated with the implementation of the promotional activities can be effectively managed. The relationship between promotional strategies and enhancing business growth of Marks and Spencer As per the opinion given by(Sinha, and Sheth,2018),it has been analysed that the usage of promotional strategies as well as business growth of the entity is highly related to one another. It has been basically observed that there is the directly proportional relationship between the promotional strategies as well as the growth of the company. This is so because, when business association adopts promotional strategies then they are able to attract customers towards them. This connection with the customers not only supports firm in maximising their sales performance but it also contributes in gaining competitive edge within the same marketplace in rightful manner. Away with this, it has been later determine that the business associations are adopting several methods for converting their business into the most successful among the all. Among these strategies, it is promotional strategies has been given as the main preferences by
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the company which leads to the attainment of the organisational sales objectives in quicker manner which ultimately leads to achievement of success in the quicker manner. In order to gather detailed knowledge on the chosen topic that is “Role of promotional strategies in enhancing growth of business organisation” , investigator have developed effective research aim, objectives and questions which are specified as below: Research aim The main research aim for the present investigation is “To investigate about the Impact of promotional strategies in enhancing growth of business organisation”. A case study on Marks and Spencer. Research Objectives To identify the use of promotional strategies within M&S group. To analyse the challenges faced by M&S group when implementing the strategies. ToassesdifferentwaysthroughwhichM&Scanovercomethechallengeswith implementing the promotional strategies and enhancing the growth of the business. Research questions Explain the use of promotional strategies within the organisation? What are the several challenges faced by Marks and Spencer while implementing promotional strategies at workplace? What are the several ways through which Marks and Spencer could overcome challenges related to the implementation of promotional strategies at workplace? What is the relationship between promotional strategies and enhancing business growth of Marks and Spencer?
Conceptual framework The above mention graph is related to the conceptual framework that affecting the marketing strategy related to business development to ease comparison through customer. Every product has the different feature and the homogeneity nature that mainly presented from dimensionofthepurpose.Internetinformationtechnologyplaysanecessaryrolein communicating with the customers and provide them information about the product or service in detailed manner. The focus of an organisation is to enhance the satisfaction level of customers so that they can sustain at workplace for longer time. C) Justification and Contextualization Project Rationale The main motive of conducting this investigation is to find out appropriate ways in terms of strategies for business associations through which they can attain appropriate business growth in the rapid manner. The respective investigation is highly important as it provides best Illustration1: Conceptual framework of marketing strategy
promotional strategies through which business entities can easily find out best possible ways that leads to the attainment of organisational success(Kasim, and et.al, 2018). In addition, it emphasizes on determining best possible ways that could be acquired by the large-scale companieswithwhichtheidentifiedpromotionalstrategiescanbeimplementedandits influential output can be attained by the same company in rightful manner. It can be said that business growth is acknowledged as the one and only motive of every organization for it puts range of efforts so that they can spread awareness about their product and services and attract their respective customers to make purchase for the same. As a result, it would increase sales performance of the entity and maximize its profitability in the quicker manner. Apart from this, it can be further that said that the current investigation would also develop the knowledge of the readers on the proposed topic as it allows them in developing their core understanding regarding different ways associated with the promotional strategies allows marketing head in executing theirworkofattractingmaximumnumberofcustomers,developingpositiveimageat marketplace,gaincompetitiveedgeetc.whichultimatelyleadstotheseattainmentof organisational goals as well as objectives. All of these clearly state that usage of the promotional strategies is highly supportive towards the business growth of the same entity. The present’s investigation would be completed in the timely manner as it includes the usage of secondary method of data collection. Along within this, it can be later said that the present investigation is supportive in fulfilling current need of the marketplace and business scenario because they are now a days promotion is day by day becoming one of the common way that is required to be adopted by the large-scale companies so that they develop strong brand image. This report would directly provide an over view or guidance to the business managers are facing problems related to the promotional strategies and its implementation within their respective company. Also, the findings developed with the same study will work as the blueprint forthemwithwhichtheycanattainsuccessinthesameindustry(Nageswarakurukkal, Gonçalves, and Moshtari, 2020). In addition, business managers can also become well prepared towards the proposed business problems and can take rightful method or the way through which they can easily rectify the issues challenges faced by them while implementing promotional strategies for their business growth.
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D) Methodology Research methodology is acknowledged as the effective section of the every investigation, which supports investigator in determining the accurate information on the same topic that leads to the attainment of the respective topic in the quicker manner, which ultimately contributes in drawing valid outcome on the same topic in rightful manner. This section includes range of methods and approaches that are acquired by the investigator for conducting effective research. Some of the methods as well as approaches acquired by the researcher are explained below in the detailed manner: Research Philosophy It is termed as the nature as well as belief of the investigator, which have been carried out by them while carrying out the investigation effectively. Interpretivism and positivism are two main types of research philosophy that have been carried out by the investigator as per the suitability of the investigation. With reference to the present investigation conducted on the topic is “To investigate about the impact of promotional strategies in enhancing growth of business organisation”, investigator have made use of positivism research philosophy as it is suitable in converting the gathered information in understandable format (Cazeaux, 2017). Therefore, positivism research is imperative for executing quantitative analysis and in this information will be gathered within descriptive manner as in this statistical and mathematical information area gathered which are suitable in measuring the outcome effectively. In addition, it provides support in obtaining outcome in the well-defined manner. Research Approach There are essentially two approaches within an investigation, which are inductive and deductive. Among such type of approaches, deductive approach is more suitable and used by investigator for doing investigation over interesting topic i.e. “To investigate about the role of promotional strategies in enhancing growth of business organisation”. This approach of research helps researcher to gather valid information easily(Subramony,and et.al, 2018). Deductive approach of study is not much appropriate for doing this research because it is mainly based on observation (Tuffour, 2017).However, in the context to this present investigation work, deductive approach will be effectively considering by the researcher, thus, it is best suitable approach to conduct descriptive evaluation as in this strategies are developed over the existing
theories and helps in assisting the work in right manner via making suitable decision. Hence, the approachisimperativeinprovidingsuitableinformationovertheaspectof promotional strategies via the help of creating theories and hypothesis. Methodology and Research Design Methodology: Qualitative and quantitative are two main forms of methods, which are used by investigator for analysing the gathered information from several sources. In the present investigation, the respective researcher has made use of questionnaire thus; it would be analyzed with the usage of quantitative method. The respective method is helpful in determining best possible outcome towards the same research problem with the usage of quantitative method. This method is also helpful in gathering information on the proposed topic within the available period. Research design:Research design is commonly acknowledged as the structure of the investigation that is adopted by the researcher for adopting maximum information on the proposed topic in rightful manner. Experimental, exploratory and descriptive are introduces three types of research design (Akhtar, 2016). With reference to the present study, the respective investigator makes use of descriptive form of research design in execute all research activities in appropriate manner. Whereas, the main reason behind not using experimental and exploratory research design is that it is not suitable for the present investigation thus if the investigator adopts this method then it will not be possible for them to adopt required research outcome in the appropriate manner. Data Collection Method Data collection is referred to as the method that is being adopted by the investigator in order to gather maximum information on the proposed topic. The data is commonly gathered through the usage of two main methods such as primary and secondary method of data collection. For gathering maximum information on the proposed topic, the respective researcher gathers information by using both the methods. In primary method, main preference is given to the questionnaire, as it is supportive in collecting maximum information from chosen respondent in well-defined manner (Eftekhari, 2019). Questionnaire is select over interview process because it is effective in gathering information from the wider population and can save time and efforts. Whereas interview is a lengthy process and takes, a lot time than questionnaire. On the other hand, in secondary method, the preliminary preference has been provided to the books, journals, online articles and others published reliable sources, which cover recent data. With the usage of
these sources belonging to the primary and secondary method, investigator would be able to gather maximum information on the proposed topic, which would lead to attainment of the proposed research outcome in appropriate manner. Data Analysis Thematic analysis will be used for analysis information or data about the chosen topic. It is consider as an analytical tool, which support in analysing of appropriate and valid information. Under this, different themes will be made which assist researcher to easily analyse information. Thematic analysis is important method for analysing quantitative information in accurate and appropriate manner (Taherdoost, 2016). Ethics Ethics plays essential role in every study. For performing all activities associated with the investigation researcher is required to consider several principles of ethics which includes objectivity, carefulness, confidentiality, legality, responsible publication, respect for intellectual property, honesty and integrity, and many others. In the execution of the research, ethics consideration is imperative for the researcher to effectively execute the investigation activities, therefore, in the context to this present investigation primary research will be considering gathering major information and for this, research ethics ensures the participants about the safety and security of their participant’s personal data. In addition to this, researcher also needs to provide consent to their participants for receiving their concern over the project. Sampling Sampling is comprehensively said to be as the method of selecting respondents’ from the overall population. Probabilistic and non-probabilistic are two main forms of sampling methods among which investigator have selected probabilistic sampling. In this, main preference was given to the random sampling method under this method in order to select 30 respondents. The main motive of selecting random sampling technique is that it is supportive in conducting investigation effectively without indulgence of any type of bias activity (Axelin, Raiskila and Lehtonen, 2020). In this employees of Marks and Spencer will be select to gather information about the progression of promotional strategies, therefore, employees are the best selection for sampling as they are very much close to the operations of the business and appropriate in providing suitable information about the business and its operations.
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Questionnaire Q1. Do your aware with the concept of endorsement and branding? (a)Strongly agree (b)Agree (c)Nether agree nor disagree (d)Disagree (e)Strongly disagree Q2. What the different strategies which can be used and considered by the management of Marks & Spencer in term of promotion and creating awareness? (a)Social media tools (b)Company website (c)Books (d)Magazines (e)Newspaper Q3.WhatarethechallengeswhichcanbefacedbyMarks&Spencerregarding promotion? (a)Technological advancement (b)Regulatory changes (c)Uncertainty (d)Fear of globalisation (e)High capital investment Q4. What are different plan of action which can be considered by administration of Marks & Spencer to overcome challenges of promotion? (a)Determine business environment (b)Have back of contingency plan (c)Consumer feedback (d)Demonstration of marketing value (e)Understanding consumer behaviour Q5. What is the importance of promotional strategies for Marks & Spencer? (a)Create a huge customer base (b)Increase sales
(c)Improve revenue (d)Develop marker position (e)Long term success Q6. Do you agree that promotional tools assist in making development in the success and business of Marks & Spencer? (a)Strongly agree (b)Agree (c)Nether agree nor disagree (d)Disagree (e)Strongly disagree Q7. What do you think that promotional strategies play an effective role in business expansion? (a)Yes (b)No (c)Probable (d)Improbable (e)Very improbable Time Horizon The Time Horizon is defined as the period within which the project is intended for completion. According to the research onion, there are two types of time horizons: cross- sectional and the longitudinal. The cross-sectional time horizon is when there is a pre-set time established for the collection of data. A longitudinal time horizon refers to the collection of data repeatedly over an extended period. In the context to this present investigation cross sectional time horizon will be implementing because it will be effective in providing suitable direction to completetheprojectwithinprovidedtimeduration.Themajorreasonfornotselecting longitudinal time horizon is that, there is no time limit as it woks over extended period. Limitations Alikeeveryinvestigation,therespectiveresearchtoohavesomelimitation.Main limitations among them are insufficient time, improper behaviour of respondents, limited funds, lack of resources and many others. The influence of these limitations on the completion of the project has been taken as negative.
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