Introduction to Marketing Assignment | Marks and Spencer

Added on -2021-02-21

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Introduction toMarketing Assessment
Table of ContentsINTRODUCTION ..........................................................................................................................1MAIN BODY ..................................................................................................................................1Marketing Audit.....................................................................................................................1Market Segmentation..............................................................................................................6Buying Behaviour...................................................................................................................7CONCLUSION................................................................................................................................8REFRENCES...................................................................................................................................9
INTRODUCTION Marketing is determine as a business procedure which is related to developingrelationship and fulfilling customers need and demand. For business management marketing isone of the main concept which help an organisation in promoting its business in effectivemanner. The main aim to marketing to determinedemand and supply of users so that companycreategood and services in effective manner (Anda and Temmen, 2014). Organization chosenfor given project work is Marks & Spencer that is established in 1884 by Michael Marks andThomas Spencer. Its headquarter is situated at London, United State and it is operating itsenterprise at global level. Topics that are included in this report are marketing audit whichanalysis business current performance and market position as well as it will also include set ofmarket segmentation which help company in succession of their business. Along with this it willalso include analysis of customers buying behaviour and marketing strategy in order to meetrequirement of service users. MAIN BODY Marketing AuditMarketing Audit is define as a method which provide review of marketing plan,strategies, objective, current activities and many more of a company. This will help managementof a firm in developing strategies that is connected with goods and services according torequirement of customers. There are various functions of marketing audit i.e. task surroundingsaccounting, sellingadministrationscrutiny, marketing schemescrutinize, marketing systemaudit, marketing function audit, market productivity audit and macro environment audit. Throughthese a company able to develop proper strategies as well as plans that helps to attainment ofadvanced profitableness and industry part (Baker, 2016). There are various type of method andapproaches which are used by an organisation in order to conduct marketing audit such asmarketing mix, porters five force, porters generic model and so on. The respective organisationis performing marketing audit in order to know as well as understand current businessperformance, marketing strategy position, for which they adopt several model which are explainbelow:- Marketing Mix:1
Marketing mix is consider as foundation model for a business that is used by a enterprisefor conducting and attain their marketing objective at company's target market. It is based onmajor four level of decision making products, price, place and promotion. It is generally adoptiveby respective organisation for promoting their business in effectual and proper way so that moreand more service users get attracted as well as encouraged to purchase offerings. In respect ofMarks and Spencer they adopt marketing mix in order to investigation their market and so thatthey can design their products and services accordingly that helps in attractingusers at vast ratio.Analysis of which is given below:- Product: It is define as tangible goods or intangible service which is provided bycompany in order to meet requirement of their potential service users. For thismanagement if a firm conduct proper market analysis so that they develop properproducts or services according to requirement of customers (Buhler and Nufer, 2012).There are several type of products offer by Marks and Spencer which are generally eco-friendly. They offer apparels, accessories, footwear, lingeries and so on for men andwomen as well as respective company also offer school uniform, dresses, shorts,swimwear, pyjamas, boots, shoes for kids. Along with this respective company also offerbeauty and home products like skincare, make-up, hair care, toiletries, bed, cooking wear,travel bags, luggage, artificial flower and many more. They also deal in wine, food andfurniture section which include products like sofa, footstools, table, red wine, rose wine,cake, fruits, cold meat and so on. Price: It is define as actual amount which is paid by service users for end productprovided by company. Price selected by a company is based on economy condition ofcustomers so that potential as well as target customers afford products in effective way.The respective organisation offer their products and services for upper as well as uppermiddle class peoples or society (Marketing mix of Marks and Spencer, 2019). They settheir product price according to diverse range, quality and convenience. The respectivecompany has its in house brand apparels for all sectors i.e. men, women and kinds whichmeans it is of high quality so that their price is based between medium to high range. Place: It is also consider as placement of products and services so that customers caneasily grab offerings. This is generally related with key elements of distribution ofproducts and services. Place decided by a company must be easily reachable by2

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