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International Marketing Management of Marks and Spencer : Assignment

   

Added on  2020-07-22

26 Pages8977 Words55 Views
INTERNATIONALMARKETINGMANAGEMENT

Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................31.1 Discuss reason behind development of international marketing in firm with its Pestleanalysis...................................................................................................................................31.2 Assess the elements and process of marketing concept and cost and benefits of its presentmarket.....................................................................................................................................5Analyse STP marketing strategy of organisation...................................................................8TASK 2............................................................................................................................................92.1 Discuss the international marketing research techniques.................................................9Discuss the uses of techniques and evaluate method for entering market...........................11Discuss the distribution channels for export of products and services.................................14Analyse how international investment decisions are made by the firm...............................16TASK 3..........................................................................................................................................183.2 Difference between marketing mix and extended marketing mix..................................213.3 Discuss the role of marketing mix in sustaining competitive advantage.......................22CONCLUSION..............................................................................................................................23REFERENCES..............................................................................................................................24

INTRODUCTIONInternational marketing management plays a major role in research of foreign marketswhich helps the companies in establishing their market in new country and also provides stabilityin products, customers and profits. It is an application of marketing in more than one country andalso there is a connection between global marketing and international marketing which stands ona same level. Further, this report will analyse the factors and techniques used by Marks andSpencer for international marketing management. M&S is the leading fashion retailer of UK andnow has expanded its market into food industry to gain major number of customers across theglobe. Further, the company is planning to expand its market in new countries so theinternational marketing manager of M&S will evaluate the marketing concepts and Pestleanalysis to research about macro environment of the organisation. Moreover, the report will evaluate marketing research techniques use by the manager andsegmentation, targeting, positioning of the market in response to products and services launchedby the firm. Besides, the marketing manager of Marks and Spencer will analyse the investmentdecisions made and how the company maintain its sustainable development globally. Hence, thereport will focus on basic marketing tools used by the manager when the company plans toexpand its boundaries within the foreign market. Marks and Spencer basically deals in Apparelstherefore it is important for the company to evaluate the market trends in order to servesatisfactory services. The firm has 30 stores in United Kingdom with 45 different departments ofclothing. The focus of company is to maximize profits and revenue by offering services keepingin mind taste and preferences of buyers. It was formed in 1884. The quote and vision ofenterprise is “don’t ask the price, it's a penny". TASK 11.1 Discuss reason behind development of international marketing in firm with its Pestle analysisIn today’s competitive market, firms are facing a lot of problems in marketing of theirproduct. For the expansion of business it is important for the firms to use some techniques toencourage the marketing of the firms' product and services. Marketing of product at internationallevel is the most significant method to improve the sales and to capture the target market. Firmsprefer international marketing to know the demand of their products in other countries(Rothaermel, 2015). This helps them in making the product more reliable towards theinternational customer. It helps in improvement of the product marketing policies. Branding of

the product at international level makes the belief of foreign customers towards the firms. Andthe companies will get the opportunity to expand their business at the international level. In thecontext, As an international marketing manager of Marks & Spencer in UK. We have done ananalysis of the company’s international marketing requirement. It has been considered that thecompany wants to expand its business in other countries also in order to enhance its productscredibility in the international market. In this analysis we have recognised some marketing concept elements which are helpfulin determination of marketing needs at global level of Marks and spencer such as customersmind set or its psychology towards the products of the firm. It is the main element for thecompany marketing policies to know the actual preference of the customers towards theproducts. It is being recognised that the consumer get influenced through many ways and toconvince them to purchase the products. Due to changes in marketing policies of the competitorsthe consumers get affected and they will prefer to change their mind-set towards the product ofthe competitors. The company has to analyse the competitors marketing methods to grab thecustomer's attention and have to make necessary changes in the products and services andmarketing policies. Another element is company's marketing mix which covers all the elements of the marketingsuch as:Product: It is an important element of the marketing which means to identify the rightproduct for the market which is targeted by the company. Price: It is the priority of the company to make the price of the product relevant for thecustomers, so that they take interest towards the product.Place: The Company has to find the correct place for the marketing of product because itwill boost the credibility of the product and helps in finding their targeted customers forthe sale of the product. Promotion: After determining the other three elements, we have to recognise themethods through which we can promote the product and services to the customers.Further, analysing the element we move towards the steps must be followed towards themarketing of the business at international level (Hairand et.al. 2012).Determination of goals: The initial stage of marketing at international level starts with theclear identification of the goals to be achieved by the company. In this process we have to

analyse the objectives of the Marks and Spencer towards their international businesspromotion.Analysis of the situation: For the further promotion and marketing of the product in othercountries we have to recognise the situation or the condition of the market of theparticular country in which the company want to expand its business. With the SWOTanalysis, PEST analysis of the company we will analyse the situation (Hodgkinson andHealey, 2011). Focus on the marketing strategy: After analysing the situation we have to develop aperfect strategy and have to focus to follow up of the strategy. We have to sure that thestrategy which we are implementing should make positive effects on the marketing of theproduct of Mark and Spencer.Decisions towards the marketing elements: fore marketing at international level we haveto take decisions regarding the influence of marketing mix. Selection of the correctelements has been done for the expansion of the business. Such as development of theproduct, decisions towards the pricing, distribution, organising of the promotionalactivities.Follow up and control: This stage of the process at which the proper plan or effectivestrategy has to be followed by for the marketing and development of the company'sinternational business. 1.2 Assess the elements and process of marketing concept and cost and benefits of its presentmarketFor the purpose of the marketing at the international level there is a requirement ofanalysis of cost and benefits for the company. Orientation of the marketing makes a clearanalysis of the cost of promotion of the product at the international level and the benefits for thecompany. Orient ion of marketing of the company focuses on the fulfilment of the customerdemands and to satisfy the customers of targeted country. It will completely make the companyaware about the preference of the customers. In relation to this, for the marketing of the productof the Marks and Spencer marketing orientation is necessary to satisfy the demand of the productof the targeted customers and provide them satisfaction. It is also done to analyse the cost andbenefits of the marketing for this company. We have recognised that the marketing orientation

makes the customers aware about the products and helps in changing the psychology of thecustomers. It will reduce the cost if the product will satisfy the customer needs and the customerswill give the preference of their products to the other.For the further analysis of the marketing at the international level we have used PESTLEanalysis to clear the impact of the factors that will affect the promotion and development of theproducts of Mark and Spencer. This analysis consist some factors which are as follows:Political factors: These are factors which include the rules and regulations made by thegovernment for the marketing of the product. It has been recognised that differentcountries have their own regulations developed by the governments which will affect thecompany’s marketing strategy and will affect the cost and benefits of the marketing forthe company. In this factor we have recognised some political factors that influence thebusiness of the Marks and Spencer. We have to develop fair trade policies at internationalmarket so that the company would achieve the goals without any interference of thegovernment policies, marketing of the product which are not up to Standards will affectthe norms and the company will face the critical condition in the market, products whichwe are promoting will contain the good elements and will not harm the customer. Wehave to take care of health and safety of the customers. Thus, these factors will provide anegative impact on business operations of Marks and spencer.Economic factors: These are the factors that influence the current economic conditionsof the company in the international market. Due to the recession in the economy of thecountries the companies economically affected and there marketing conditions atinternational level is different quite low. There are various factors such as rate of interestprevailing in the country which will affect the business of the mark and Spencer; Interestrate fluctuations will affect the price which influences the marketing of the product.Demand and supply of the products in the market, this is also factored which will affectthe business. Changes in the demand and supply in the international market will affect themarketing strategy of the Mark and Spencer. It will influence the company to change itsstrategy to achieve the target market. Recession in the country will affect the buyingbehaviour of the customers which influence the companies to reduce their prices andinfluence the marketing strategy. These economic factors have also provided negative

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