Introduction To Marketing Assesment
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Added on 2021-02-19
Introduction To Marketing Assesment
Added on 2021-02-19
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INTRODUCTION TO MARKETINGASSESSMENT
Table of ContentsINTRODUCTION...........................................................................................................................1MAIN BODY ..................................................................................................................................1Marketing audit of current business performance.......................................................................1Organisation's current position and marketing strategy in market..............................................4Market segmentation to target customers...................................................................................5Role of selected customer groups in growing business within market place..............................6Market strategies.........................................................................................................................6CONCLUSION................................................................................................................................8REFERENCES..............................................................................................................................10
INTRODUCTIONMarketing is referred as the procedure in which business organisations gets peopleinterested in the products or services. It is carried out with the help of market analysis andresearch so that interest of ideal customers can be acknowledged in a proper manner (Bacik,Gavurova and Fedorko, 2015). It is a business process in which strong relation with customers isformulated to earn high profits. This assignment is based on Marks & Spencer which is a UKbased manufacturer and retailer dealing in cloths, home products and food items. Company isheadquartered in Westminster, London. This assignment is going to include about market auditso that current performance of business is acknowledged in a proper manner. Current marketstrategy and position of company is discussed along with appropriate market segmentation.Beside this, tactics to grow business are mentioned. Also, understanding of buying behaviour isdemonstrated and justifications for chosen market strategy is given in brief. MAIN BODY Marketing audit of current business performanceMarketing audit is an important framework which is used by organisations to assess theirmarketing objectives and targets in an appropriate manner. With the help of market auditing,internal and external aspects that can impacts the business environment can be acknowledged ina proper manner (Baker, 2014). In order to acknowledge different factors that impacts M&S,market audit is performed below:SWOT analysisSWOT is a framework which helps the company in identifying their strengths andweaknesses so that required modification or changes can be carried out in a proper manner. Thisbusiness tool will benefits M&S in acknowledging their potential threats and opportunities sothat business can achieved expected results without any complexities. Strengths WeaknessesCompany offers high end valueproducts and services to theircustomers. Due to which, company hasa clear brand image in the mind ofexisting and potential customers. Company has a successful presence inUS, Europe and UK but in case ofAfrican and Asian continents they arenot able to gain attention of customersin a positive manner. 1
M&S has also introduced their privatelabels like North coast, Per Una, Indigoetc. due to which brand recall ofcompany has improved considerably. Company invests heavily on logistics,IT and systems due to which theyposses a robust e-commerceinfrastructure. This benefits them inachieving high sales and revenues. Consumers which are using products ofM&S exhibits low level of satisfactiondue to ambiguous return policies and in-store experience (Engelen and Brettel,2011). Company has a poor scalability insupply chain. Even company is tryingto provide global access through onlinestores but their delivery and supplychain processes are not efficient. Opportunities Threats Company can formulate theirspecialised websites where differentproducts such as clothes, food productsand home items will be offered inaccordance with the product range ofcustomers (De Mooij, 2018). M&S can expand their presence inAsian and African countries so thatthey can get access to large customerbase. This will help them in becomingglobal leader. Due to discounted price andstandardised quality, other retail storesin and outside UK such as Zara, H&Metc. are giving tough competition toM&S. Company is operating at global leveldue to which business is exposed todifferent political and legal procedures.Constant change in these policies canimpact M&S in a negative manner. PEST frameworkPEST analysis is a business tool which assists an organisation in identifying thoseexternal factors that can influence business and its operations in a considerable manner. Thisanalysis will include information regarding political, social, technological or economical aspectsof a nation in a proper manner. In context with M&S, PEST analysis is mentioned below:Political factor: These factors are related with the trade tariff, tax rates and stability ofgovernment of a nation. UK is a politically stable nation but due to Brexit, country faces2
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