Introduction to Marketing Assessment

Introduction to
Marketing
Assessment

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Marketing audit of existing performance of the business......................................................1
Evaluation of existing marketing strategies along with market position of the enterprise....5
Proposal of two sets of marketing segmentation criteria........................................................6
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
Marketing assessment is termed to the chance for evaluating organisation current marketing
practices, tactics along with upcoming plans for line up them with budgets to profit objectives. It
is study related to evolution of various commodities or services including analysing market
trends, conducting market studies as well as assessing competition (Armstrong and Et. Al.,
2015). Companies uses the concept for examining other businesses, establishing performance
benchmarks, forecasting potentials, setting integrated marketing programme and aligning
expectations for better identifying services together with pricing. The report is prepared by
considering Marks and Spencer which is one of well popular retailing business which brings
great values and quality in food, clothing and other products. Its headquarters are located at
Leeds, UK. The founders of the company were Michael Marks along with Thomas Spencer in
the year 1884. The report includes marketing audit of current performance of the business and
evaluation of marketing strategy with position. It also involves a proposal about two sets of
marketing segmentation criteria that could be targeted by business in successful modes.
MAIN BODY
Marketing audit of existing performance of the business
Overview of entity
Marks and Spencer is global retailing organisation which is recognised for its freshness,
innovative credentials together with huge quality. Its aspiration is for becoming popular for
wearable styles, quality home products and eatable essentials. It has in total 1400 stores in
around 57 countries and more than 50 global websites. It also provide wide types of financial
services such as current account facility, insurance plans, credit cards, savings account and
mortgages across the globe.
Marketing Audit
Marketing audit is characterised as full exploration along with analysis of overall
marketing environment of the company in which all strategies, tactics and targets related to
particular marketing activities are assessed properly (Baines and Et. Al., 2017). It is an important
mode for an enterprise to assess its marketing plan through asking the department members
about what is working and what is not. With this, managers of business concerns make
adjustment addition to corrections wherever and wherever necessary. It is useful to getting back
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with the brand, services, commodities and re-focusing towards efforts of entire marketing
workforce. In case with Marks and Spencer, managers of marketing function conducts marketing
audit through tools concerned with external environmental audit as well as internal
environmental audit (Tools to conduct marketing audit, 2020). For this regards, marketing audit
for current performance of Marks and Spencer is undertaken below:
External environment audit: Within this marketing audit, entire types of external
elements or factors are taken in considerations which are uncontrollable in nature. It is analysed
that all performances of a company are subjected to technological automations, regulations
governed by regulatory agencies, economical situations and so on that can impact negatively on
decisions framed by the marketers and entire operational efficiencies. In context to Marks and
Spencer, administrators uses PESTLE framework as effective tool for external marketing audit.
PESTLE analysis provides good synopsis about external environment situations for the purpose
of examining current performances of the entity. It comprises various factors that help in
understanding business position, operational directions, decline or growth in market and so on.
Marketing professionals of Marks and Spencer have undertaken external marketing audit to
analysis external factors which can impact the designed marketing processes. The evaluating of
all macro factors are below:
Political factors: Environmental laws, stability in political system, tariffs, trade barriers
and policies framed by government of a nation are all political factors. It can be said that political
factors are the degree or extent in which government authorities intervenes in operations of an
industry and economy of country (Burgess and Steenkamp, 2013). In UK, it is seen that political
system is stable that provides huge opportunities to companies including Marks and Spencer to
perform activities related to marketing effectively for further expansion. However, when some
restriction are imposed by the legal authorities on company in context to its marketing then it
may lead to influence its performance drastically.
Economic factors: Economic growth, disposable consumer income and business cycle are
some of economic factor that are considered by Marks and Spencer managers in order to analyse
existing performances. It is seen that UK has globalised economy which assist top management
team of the company to analyse economic factors for framing decisions for marketing strategies
according to findings. However, Bank of England has increased its interest rate which affects
margins of profit of the company and hence impacts of its performances too.
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