Introduction to Marketing Assignment : Mark & Spencer
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Added on 2021-02-20
Introduction to Marketing Assignment : Mark & Spencer
Added on 2021-02-20
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Introduction toMarketing
Table of ContentsINTRODUCTION...........................................................................................................................1MAIN BODY...................................................................................................................................1Marketing audit to analyse current performance of business......................................................1Research on Market segmentation..............................................................................................5Analyse current marketing strategy and to meet requirement of suggested segment.................7CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10
INTRODUCTIONMarketing is related to those process which is adopted by a company to promotes itsproducts and services in order to attract a large number of customers. There are various factorswhich are included in the marketing like advertising, selling, and to deliver the products tocustomers. These all the activities is adopted by the company for increasing their customerrelationship as well as their brand value. This file is based on the Mark & Spencer which is aBritain based multinational company, its headquarters are situated in the Westminster, London,UK. M&S is leading in the a range of products such as quality clothing, home products, and foodproducts. This report will cover the marketing audit of business so that the current performance,current marketing strategies and position of the business can be identify. Moreover, two sets ofmarket segmentation are described to run business smoothly and effectively. At the end,understanding of buying behaviour of customers and research to determine suitable marketingstrategy is described.MAIN BODYMarketing audit to analyse current performance of businessMarketing audit is used by the organisations for identifying, evaluating, and interpretingthe business marketing environment(Krishna and Schwarz, 2014). It is very helpful tool for theorganisations as it helps to know about the internal and external factors of the organisation. Also,it described about the goals, strategies, and principles so that they able to understand the issuesand opportunities in their business strategies and plans so they able to enhance their marketingposition and performance. As M&S is operating at multinational level and they have almost 1000stores in UK in which almost 615 are serving only food products. Because of their hugepresence, it is necessary for them to do marketing audit which will help them to evaluate theiroverall performance in an effective manner. In order to perform marketing audit, it is essential toexamine micro environment, macro environment and market strategies of M&S in a elaboratedmanner. Ansoff matrix:It is an effective tool which is adopting by companies to analyse and make plan variousstrategies for growth and succession. This tool include four factors within which helps an
organisation to grow and also helps to analysis the risk within these factors. There are describedbelow about these factors: Market penetration: This strategy will help the M&S to grow their existing productsand services in the existing market.(Kotler, et. al., 2017). With the helps of this strategythey able to increase their market share, for this they can decrease the prices of theirproducts, increasing the advertising and distribution, and driving out competitors.Market development: In this strategy M&S will try to enter in a new market with theirexisting products. For attaining huge customers base in new market, they can targetdifferent customers segments or increase its presence in foreign market. It will be helpfulfor the M&S if they are producing their products according to the new technologies andanalysing the customers behaviour.Product development: This strategy refer to the condition when a company is focussingon the development of a new product in the existing market. For applying this strategysuccessfully, M&S have to more invest in R&D to identify the strategies of competitorsand customers behaviour which will help them to produce products according to thatwhich results higher sales and brand value. Diversification: This strategy is related to that condition when a company focus on theproducing new products to enter in a new market. It is most risky strategy, for succeedingin the market by this strategy, M&S needs high research and plan of the new market anddeveloping the products. At present, M&S is using market penetration strategy so that they able to increase theirprofits by enhancing the sales of its existing products in the existing marketplace. For betterunderstanding the market position of company, SWOT and PESTLE analysis is carried outbelow: The internal marketing environment:The internal marketing environment can greatly impact on the organisational overallactivities. For identifying the internal environment of the business M&S will use the SWOTanalysis for this study(Sheth and Sisodia, 2015). Swot analysis is that acronym which representall the internal factors like strength and weaknesses of the organisation, and also tell about theopportunities and threats of external organisation. This concept will help the business to developthe awareness about all the factors which can effect on their organisational performance and
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