International Marketing Marks & Spencer Concepts Introduction
Added on -2020-07-23
INTERNATIONAL MARKETING Marks and Spencer CONTENTS INTRODUCTION 1 TASK – 1 1 P1 Scope and key concept of International Marketing in Marks & Spencer 1 P2 Rationale for M&S Factors to want to market internationally 2 Opportunities and challenges in the International Market 2 TASK – 2 3 P3 Evaluation of important criteria and selection process for M&S while entering in international market 3 P4 Market entry Strategies 4 TASK – 3 5 P5 Global Versus local debate in Marks and Spencer 5
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INTERNATIONAL MARKETINGMarks and Spencer
CONTENTSINTRODUCTION.......................................................................................................................................1TASK – 1....................................................................................................................................................1P1 Scope and key concept of International Marketing in Marks & Spencer............................................1P2 Rationale for M&S Factors to want to market internationally............................................................2Opportunities and challenges in the International Market........................................................................2TASK – 2....................................................................................................................................................3P3 Evaluation of important criteria and selection process for M&S while entering in international market......................................................................................................................................................3P4 Market entry Strategies.......................................................................................................................4TASK – 3....................................................................................................................................................5P5 Global Versus local debate in Marks and Spencer..............................................................................5P6 Elements of marketing mix of Marks and Spencer in international context........................................5TASK – 4....................................................................................................................................................7P7 International marketing approaches adopted by Marks and Spencer..................................................7P8 Competitor analysis............................................................................................................................7Recommendations to maximize the opportunities in the international context........................................8CONCLUSION...........................................................................................................................................9REFERENCES..........................................................................................................................................10
INTRODUCTIONMarks and Spencer is a general retailer selling merchandise such as apparels, gifts, foodproducts, home furnishing etc. They have their operation in America, UK, Europe and Far East.It is the Britain’s leading retailer brand (Wilson and Gilligan, 2003). In addition to this, the firmis also involves in financial service segment, which account almost 3 percent of the company’stotal profit. The mission of M&S is to offer quality products and services to the customers and isbased on majorly five principles i.e. healthy relationship with the suppliers, narrow products andservices at reasonable prices, providing support to local industry, promotion and selling productunder a single brand name (Cavusgil, 2001). In the current report, a case study of Marks andSpencer is being analyzed and discussed. It will focus on internationalization of the company andvarious factors affecting this process. Further, the report will analyze the marketing strategies,plans and activities that Marks and Spencer needed to internationalize. 1
TASK – 1 P1 Scope and key concept of International Marketing in Marks & SpencerFor many organizations, the term international marketing was considered as aninteresting luxury. But, now it is the need of every business. Today, firms need to raise theirprofits by fragmenting their national markets and seek market opportunities at the global level(Alon, 1999). International marketing is very important for Marks & Spencer to standardizeglobally and to adapt internationalization in order to enter into a particular desired market in newnation. Marks and Spencer started its process of internationalization in the year 1940. Since, thefirm is working in the market where there is intense competition. There are many factors whicheffect its operations (Briggs, 1992). All the activities related to the business of M&S such asdevelopment, marketing and production involves people from all nations to work together. Thescope of international marketing increases with the opening up of business in the global market.The firm can perform numerous type of business such as import, export, joint venturing,contractual agreement, fully owned manufacturing etc. Furthermore, M&S is also very particularin relation with the technological, economic and social aspects. If they effectively want to stay inthe market they have to update themselves with the growing trends in the market. Thus, it is clearthat the key drivers that affect the working of Marks and Spencer are nothing but onlinepurchasing and changing fashion trends, as it is beyond their control. For a company like M&S, who is supporting international expansion, it is vital to tailorits marketing mix elements and marketing strategies so that the demands and needs of thecustomers are fulfilled in the target market. These elements cannot be standardized, they needs tobe modified according to the culture, language, values, beliefs, education, taste and preferencesof that particular country. P2 Rationale for M&S Factors to want to market internationally There were many external as well as internal factors that affect the internationalization of Marksand Spencer. Some of these factors are as follows:2
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