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Introduction to Marketing - M&S

   

Added on  2021-02-19

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Introduction toMarketing

Table of ContentsINTRODUCTION...........................................................................................................................1TASK ..............................................................................................................................................1Marketing Audit..........................................................................................................................1Market Segmentation..................................................................................................................5Buying Behaviour.......................................................................................................................6CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9

INTRODUCTIONMarketing refers to the process of promoting goods and services to potential customers inorder to increase sales as well as to earn high margin of profits (Anda and Temmen, 2014). It isimportant part of an organisation which help in their growth and development. This report isbased on Marks and Spencer which is a public limited company which deals in sales of clothing,food and home products. Its headquarter is situated in London, United Kingdom and it wasfounded by Michael Marks and Thomas Spencer in 1884. This company has several brands suchas Blue harbour, M&S Energy and many more. This report explains about market audit whichhelps in determining current performance of respective company. With aid of this marketingaudit, company implement strategies which will help them in their growth as well as alsoenhance their position at marketplace.TASK Marketing AuditIt is define as a type of analysis, evaluation and interpretation of internal as well asexternal marketing environment (Baker, 2016). In order to enhance organisation performanceand its position at marketplace, marketing audit helps in setting goals, objectives and strategiesso that problems can be ascertain and opportunities can be explore. Marketing Audit is notconducts by the member of a company rather it is conducted by the third person. There arevarious elements of marketing audit such as macro environment audit, task environment audit,marketing strategy audit and so on. These components of marketing audit will help in definingactivities of marketing department that is performed in a company. Along with this, it also helpsin determining overall performance of an organisation. Marketing audit of Marks and Spencer iswell explained with the aid of 4P's of marketing mix and porters five force model. It is describedas follows:Marketing Mix:Marketing MixMarks and SpencerProductAs it is one the top most retail industry that deals in production of clothing.This company produces eco-friendly products as well as fair trade goods formen, women and children (Marketing mix of Marks and Spencer, 2019). Itnot only offers clothing but also provides food and home products such as1

furniture for living room, dining room and many more. This companyprovides different as well as high quality products at reasonable price.PlaceThis company has its branch across the worlds such as Morocco, Finland,Kabul, Canada (Buhler and Nufer, 2012). France and various otherinternational countries. It operates its main business in United Kingdomhaving approximately 850 stores. This company has its website as well asonline sites on Instagram, Facebook and other social sites. Through this, theyare able to generate lead which help them in increase their sales by providingtheir customers goods and services through home delivery. Respectivecompany also provides international delivery of limited goods.PriceThis company mostly provide their products to upper and upper middleincome groups of people and set their price accordingly. The price which theyset for their goods are valuable because they provide diversified range,convenience as well as high quality commodities. As due to increase incompetition at marketplace, respective company adopt competitive pricingstrategy. Due to this strategy they set price of their premium products betweenmiddle to high range. The motive of this company to adopt competitivepricing strategy is to face competitors in order to increase its mass marketconsumption.PromotionRespective organisation promotes their goods and services with the help ofadvertisement on media, social sites and other sources. They also take aid ofdigital marketing so that they can target their potential audience. For doingpromotion, this company provides their loyal customer special discounts andoffers at the time of season sale. In order to promote their services andproducts, Marks and Spencer apply in-store strategy which help them inmaking their promotion more effective. Porters five force model:It is a organisation analysis model which help a business to gain competitive advantageover their competitors (Bühler and Nufer, 2015). This model explains about reasons of different2

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