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Introduction to Marketing | Assignment

Added on - 23 Nov 2020

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INTRODUCTION TOMARKETING
Table of ContentsINTRODUCTION...........................................................................................................................3K1 Understanding different areas of marketing and relationship between them along withapplication to international business organisation..................................................................3K2 Markets and their operation for goods and services across a...........................................5global environment................................................................................................................5K3 Relationship between organisation and its customers......................................................6K4 Appreciation of the development of appropriate tools and tactics within a changingenvironment............................................................................................................................7S1 Ability to identify, interpret and analyse approaches to communication in a...................9marketing environment..........................................................................................................9CONCLUSION.............................................................................................................................10REFERENCES..............................................................................................................................12
INTRODUCTIONMarketing is the combination of several processes which includes creating, delivering,exchanging and communicating offering to the customers, society and client at massivepopulation (Molesworth, Scullion and Nixon, 2010). In addition to this, marketing managerenhances the brand value of product along with organisational name. This report is based onMarks and Spencer, which was founded by Michael Marks and Thomas Spencer in 1884. It isone among the renown British multinational retailer of United Kingdom. This assignment willdiscuss about different areas of marketing and their internal relationship with the organisationalcontext. Other than this, understanding of markets where Marks and Spencer can operate theirgoods and services across global environment is included in this assignment. Further relationshipbetween organisation and customers will be elaborated. In addition to this, tools and techniquesalong with tactics which company can use within a changing environment is mentioned in thisreport.K1 Understanding different areas of marketing and relationship between them along withapplication to international business organisationMarks and Spencer is one of the renowned company which deals in retail sector sand itsheadquarter is in United Kingdom. Firm is largely operating its business across the globe and inreturn they are getting maximum benefits. According to recent market scenario, there aredifferent areas of marketing which Marks and Spencer can look after various areas andapproaches before launching or establishing their business. Moreover, different areas ofmarketing are explained below:Advertising:This is a current tool and techniques that is used by most of the companiesfor making its customers aware of products and services provided by firm. In context with Marksand Spencer, they are making attractive and creative advertisements which company isdisplaying in mass media and other social platforms (Dief and Font, 2010).Data/Analytics:In order to run a business in an effective manner it is crucial thatcompany gathers data so that on the basis of which firm can analyse performance at global level.In other terms data helps in knowing potential customers which further enable firms inmanufacturing goods and products as per choice and preferences of consumers. In relations ofMarks and Spencer, they are using these data in evaluating a valid conclusion and makingeffective marketing decision which is gradually increasing its performance level.
Marketing Research:In this, company collects qualitative and quantitative data andanalyses information on the basis of which decision about product is being done as a result itguide firm in making goods for their potential customers. Marks and Spencer is conductingmarket research for getting information related to choices and preferences of customers.Product pricing:Through analysing market scenario, company can fix their prices forexample: If Marks and Spencer will keep low rates than they will attract a large number ofcustomers towards their organisation which will directly increase sales and productivity in aspeculated time frame (Engelen and Brettel, 2011).Customer services:Each company manufacture goods and services in order to gainmaximum benefits thus, Marks and Spencer are manufacturing goods and services according tocustomer's needs and wants which is enabling them in maintaining a better relation withcustomers.Direct marketing:With the help of this, company mostly try to interact with customersusing filters, leaflets, street promotion, catalogues and many more. Marks and Spencer forpromoting their activities they are using this techniques.Above mentioned points are some of the areas of marketing which Marks and Spencerare taking into consideration and there is a direct relationship between one another. For example:firm can use data analysis for advertising purpose as M&S can now develop creative and usefuladvertisement after going through data or information that are provided to Marks and Spencer.Effective advertisement will directly grab attention of maximum number of people which willfurther improve sales and profitability. Therefore, for Marks and Spencer in order to increasetheir brand image globally all these marketing areas are helping them in achieving their settargets and goals. For example: advertisement can be the strong element that can attract largenumber of person as it can be broadcast at international level and Marks and Spencer has itsoutlets in various country so they can purchase their preferred products and items.K2 Markets and their operation for goods and services across aglobal environmentMarket segmentation is a term that classify buyers into different groups or segmentswhich have some commonality in them. This approach is very helpful in targeting a specificcustomers who perceive the full value of certain products. Thus, Marks and Spencer uses thisapproach on the basis of three criteria i.e. homogeneity, distinction and reaction. Further in
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