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Consumer Buying Behaviour of M&S

   

Added on  2021-02-19

12 Pages3804 Words68 Views
Introduction to MarketingAssessment

Table of Contents1 INTRODUCTION........................................................................................................................32 MAIN BODY................................................................................................................................3Marketing Audit..........................................................................................................................3Marketing Segmentation.............................................................................................................5Marketing Research....................................................................................................................7Consumer Buying Behaviour......................................................................................................8Marketing Strategies...................................................................................................................93 RECOMMENDATION..............................................................................................................104 CONCLUSION...........................................................................................................................10REFERENCES..............................................................................................................................11

1 INTRODUCTIONMarketing is defined as activities which is undertaken by organisation in order topromote selling and buying of goods and services (Marketing, 2019). It includes advertising,delivering products to users, business or society. Similarly, marketing strategy is defined asforward looking, long term approach to plan for achieving sustainable competitive advantages.The organisation given for assignment is Marks and Spencer which was established at UnitedKingdom in 1884. It is retail organisation dealing in clothing, food products, home products andothers. This reports various marketing audit, strategy, research, segmentation and consumerbuying behaviour of Marks and Spencer for running their business in competitive market. 2 MAIN BODYMarketing AuditIt is defined as systematic, evaluation, analysis, comprehensive and interpretation ofbusiness marketing environment. This includes internal & external, objectives, goals, principles,strategies in order to ascertain areas of issues, opportunities and recommendation for enhancingperformance organisation's marketing performance (Frösén and et. al., 2013). This is conductedby third person who is not member of firm. The different components of marketing auditincludes macro environment, task environment, marketing strategy, organisation, system,productivity, function. It should be based on comprehensive, independent, systematic andperiodical. The marketing audit of Marks and Spencer has conducted with helps of PESTLE andSWOT analysis which are described below:PESTLE AnalysisThis is defined as tool that is used for monitoring and analysis of macro environmentalfactors which has impacted performance of organisation. There are six elements of PESTLEanalysis which are as follows:Political Factors- It includes government policy, foreign trade, tax policy and otherswhich impact business and their performance. Marks and Spencer has to follow rules andregulations of government such as Health and Safety act to provide high quality products toconsumers. The free trade agreements has leads to decline in sourcing cost which is positiveimpact for respective organisation. While performing business at international market, cost is

high which is negative impact for business (Pestle Analysis On Marks Spencer Marketing Essay,2019). Economic Factors- This factors includes inflation rate, interest rate, inflation rate andothers. Marks and Spencer has affected through discounted pricing which is performed bycompetitors. The respective organisation has faced problem in selling product as they only focuson quality where as consumer want both quality with high value. This has impacted in positiveand negative way where falling in prices of oil leads to affect store and increase in value of dollarcreate advantage to organisation. Social Factors- There are different social factors such as income, growth, age, career,health and safety and others (Gichangi and et. al., 2012). With change in demand of consumerscreate advantage to M&S for creating new products and services. This helps in generating highprofits and brand value in competitive market. Sometimes, it also leads to failure of business incase if they don't like products and services provided by respective organisation. Technology Factors- The factors of technology includes innovation, research anddevelopment, automation and so on. Marks and Spencer has good network for online and socialmedia for creating awareness and providing products to consumers (PESTLE Analysis of Marksand Spencer (M&S), 2017). If it follow modern technology then it can produce maximum whichhelps in generating profits. Similarly, if respective organisation does not follow technology intheir business then leads to failure. Legal Factors- There are various legal laws which has to be followed by Marks andSpencer such as health and safety, copyright, patent, employment, consumer protection andothers. Respective organisation has to follow various legislations in order to protect health andsafety of consumers and employees. If they follow such laws in business then they can createadvantage in market. This helps in creating goodwill and brand value in competitive market. Thefollowing of unethical practices such as bad packing, wrong information about products leads tofailure of business. Environment Factors- This includes different factors such as raw materials, carbonfootprint, climate, weather. Marks and Spencer has developed green policy that is called Plan Afor safety of environment. It is also focusing on becoming carbon neutral, ethical trading, zerowaste to landfill and others. If it follows CSR activities and other for safety of environment then

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