Limited-time offer! Save up to 50% Off | Solutions starting at $6 each  

Introduction to Marketing Assessment

Added on - 23 Nov 2020

Trusted by +2 million users,
1000+ happy students everyday
Showing pages 1 to 4 of 11 pages
Introduction to marketingassessment
Table of ContentsINTRODUCTION...........................................................................................................................3MAIN BODY..................................................................................................................................3Marketing audit of current business performance.......................................................................3Evaluate organization current marketing strategy and market position......................................4Market segmentation and explain how these market segmentation help in growing businesswithin retail marketplace.............................................................................................................6Evaluate behaviour of buyers according to segmentation and justify marketing strategy tomeet requirement and move business forwards.........................................................................8CONCLUSION..............................................................................................................................10REFRENCES.................................................................................................................................11
INTRODUCTIONMarketing refers to the process of business which help in creating relation with customersand satisfy them. It also include strategies relate to promotion and selling of products andservices in effective manner which leads business forward by enhancing market share andprofitability (Armstrong and et.al., 2015). This report is based on Marks and Spencer which isfounded by Michael Marks and Thomas Spencer in year 1884. It is a British multinational retailorganization whose headquarter is in Westminster, London. They offer variety of product rangerelated to clothing, home products and luxury food items. Topics include in this report arecompany marketing audit, current marketing strategy and position, market segmentation andidentify customer group. Along with this it explain behaviour of customers and marketingstrategy to move business forward.MAIN BODYMarketing audit of current business performanceMarks and Spencer is a one the most popular clothing and accessories retail brand whichheadquarter is in London, United Kingdom. They are serving number of categories such asformal wear, casual wear, swimming wear, party dress, casual dress, eyes wear, hosiery and soon. The target audiences of Marks and Spenser are men, women and kids and high and middleincome group peoples. The respective company operating their business through more than 300full line stores and approx 900 stores are in UK (Malhotraand Malhotra, 2012). To understandtheir marketing audit Marks and Spencer conduct SWOT Analysis by which they able toanalysistheir current business performance and position. Through this respective company able tounderstand their internal strength which help them in achieving goal in effective manner and theyalso able to know there weakness that they can improve to get successful. Along with thisrespective company can identify their external opportunities and threats. Explanation of SWOTanalysis in context of Marks and Spencer are mentioned below:-Strength-It refers to the business or project characteristics which gives advantage to a companyform its competitors or separates them form rival. Strength of Mark and Spencer are mentionedbelow-Clear brand image:The respective company create itself as a high end goods thattargeting to premium segment of market. Clothing products which are offer by Marks and
Spencer are stylish, modern and sophisticated. Hence this refers as clear branding andtheir customers know what they are expecting and get from respective company stores.Innovations:Marks and Spencer is approx 150 years old company and they are in raceof one of the best retail clothing store, this become possible due to their innovation spirit.The respective company always come up with new design and ideas which is out of boxand creative.Weakness-It refers to the areas on which a company need to work on or improve so that they getsucceeded at marketplace in effective manner. Some major weakness of Marks and Spencer are -Inability to penetrate successfully in foreign market:Marks and Spencer is openingtheir stores in various foreign location but in some places they are facing unsuccessfulsituation (Wrightand De Hert, 2012). This happen because they not able to understanddemand and need of customers, respective company almost all designs are western nottraditional which seems as weakness.Misuse of brand name:Marks and Spencer is one of popular brand and there isavailability of fake products on their name. So they need to take action to protect theirbrand name and image.Opportunities-It refers to external factors which an organization can take or use to get effectivecompetitive advantage. Some of key opportunities of Marks and Spencer are given below-New segments:The respective company can introduce or launch new segment such asethnic and traditional wear which is not available in respective company. Through thissegment they able to attract more audiences.Threats-These factors are consider as those element which seem as barriers or detrimental ingrowth of company business. Some threats of Marks and Spencer are mentioned below-Competition:Marks and Spencer is one of the leading clothing retail store and theyhave numerous of competitors such as Uniqlo, Gap, Zara, United colors of Benetton,Tommy Hilfiger and so on.Evaluate organization current marketing strategy and market positionIt is very essential for every organization to do evaluation of their marketing strategy andmarket position because by this they get outline or guideline for developing strategies ineffective and appropriate manner (Nufer,2013). Marketing strategy refers to the portion ofoutline or guideline of business plan of overall plan of action which help a company in
desklib-logo
You’re reading a preview
Preview Documents

To View Complete Document

Click the button to download
Subscribe to our plans

Download This Document