This report explores the role of marketing in Marks & Spencer, including concepts, current and future trends, and the responsibilities of marketing managers.
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TABLE OF CONTENTS INTRODUCTION...........................................................................................................................1 MAIN BODY..................................................................................................................................1 Concepts of marketing and analyze the current and future trends that transform the marketing functions......................................................................................................................................1 Roles and Responsibilities of marketing and how it’s affecting the role of marketing manager4 Critically analyze how marketing influences and interrelates with other functional units..........6 CONCLUSION................................................................................................................................6 REFERENCES................................................................................................................................7
INTRODUCTION Marketing is an important department which must be look over for smooth running of businesses in an organization for its overall progress. It is interconnected with development and designing of product, sales, promotion, improving retention rate and many more such functions. This report purpose is to understand the contribution of marketing in Marks &Spencer, which is a British multinational company. It will include about the roles, responsibilities with marketing concepts at an organizational structure. This report will describe about the processes related to marketing that will help in boosting the marketing functions. Lastly, it will include a PowerPoint presentation on the critical analysis of influence of marketing in the market. MAIN BODY Concepts of marketing and analyze the current and future trends that transform the marketing functions The concepts of marketing have paved a path of widespread reach to customers and promotion of products and services at global level. There are mainly four major concepts followed by Marks & Spencer such as Product, Selling, Marketing and Societal-Marketing. Their implications affect the STP for a product or service (Gill, 2018). It supports in market segmentation to develop diverse profiles for proper identification of targeted market segments so that an evaluation can be done. Further, its advantages must be developed and selected with relation to positioning of that product. Lastly, a marketing plan to be chalked out for achieving profits. CONCEPTAREAS OF FOCUSOBJECTIVESDECRIPTION ProductProductsTo increase demands by customers to gain profits Thisfocusesonthe qualityofM&S productsat reasonablepricing, whichwillleadto littlemarketing effortstosellit 1
(Stark, 2015). SellingProductsTo enhance sales by increasing productivity and quality to attain revenues Through digitalizationlike Facebook,mobile apps and more with promotional activities likecontests,offers, discountsetc.can assistinan aggressiveselling effortinfetching M&Scustomers attention (Ramaseshan,Ishak and Rabbanee, 2013) MarketingRequirementsand needs of customers Toimprove customers satisfaction Thisincludesan understandingin contextofM&S customers’needs effectively to combat thecompetitionby employing integrated marketing strategies Societal-MarketingPublicwelfarewith satisfying customers Toaccomplishall organizationalgoals aswellas responsibilities towardssocietyon the whole M&Smanagement has incorporated CSR tobuildabridge between profitability, welfareofsociety andconsumer’s needs. 2
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Figure1. Core marketing concepts Analysis of current and future trends: Trends are based on the fundamental approaches to bring attention of customers towards M&S products and latest advancements. There has been plethora of current as well as future trends implemented by this company, which are as follows: ď‚·Customer Relationship Management (CRM)- It emphasis on the M&S execution of various technologies, processes and tactics while managing their businesses to form a relationship with the clients. E.g. M&S website must be updated so that when visitors click on it, they can get the entire information regarding upcoming events, newsletters and more. ď‚·Search Engine Optimization (SEO)- There are factors like keywords, content, viral marketing that can support M&S to advertise and promote their products effectively with cost effectiveness. ď‚·Social Media Marketing- It has turned out to be the biggest platform in present time and future as well for promotional activities and advertising products conveniently (Tiago and VerĂssimo, 2014). Using tools like Facebook, twitter, website, email etc. can expand in the loop of interaction with their customers through a transparent channel. 3 Marketing Concepts Product Selling Marketing Societal- marketing
Mobile communications- These are considered as the potential center to deliver the targeted market with proper ads or texts as the vogue of tele-marketing is still prevalent and has relevancy. User generated content- This involves user generated content through facial coding while M&S customers would be conducting a website log-in procedure (Zolkepli, 2016). It is slowly reaching the mainstream market, yet will be adopted completely by 2020 as it will help consumers to avoid the unnecessary material available online while making their buying decision. Roles and Responsibilities of marketing and how it’s affecting the role of marketing manager Communication-This is one of important responsibilities to have a clear and transparent channel for pursuing the objectives, goals and mission of M&S to increase their revenues. Internal Channels of M&S:During their campaigns, or other advertising methods, the M&S management must design the digital marketing tools in appropriate manner that can help in circulation of their products effectively. E.g. Brochures, leaflets, newsletters related to their product etc. Channels outside M&S:Agencies which can be hired for promoting their products or retailing through collaborating with different e-commerce companies can assist them in selling of their products on larger scale. Defining strategic plans-They are the creators of developing the ideas or concepts related to the product development and promotion as well (Jobber and Ellis-Chadwick, 2012). Their emphasis is on minimizing the operational costs and aligned these with respect to targeted markets, competition by strengthening more on M&S objectives. Improving Sales support-There is a direct link between sales and marketing. M&S must have laid a mechanism of high quality to speed up the growth. In this regard, they can distribute supplies or stock materials to gain prospects. Monitoring competition-It is crucial for M&S to have a tab on their competitors every move which is used to measure Return of Investment. Along with, this aids in understanding the departments requirements to stay ahead by delivering products with quality and time efficiency. 4
Tracking trends-With the help of this, M&S can keep a track on their competition as well as gain knowledge about their own positional location in the global competitive markets. Transmitting values of company-The marketing team of M&S can be able to convey any updation or messages through a consistent mode so that they can create proper image and brand awareness in the pool of other companies (Harrison and Lock, 2017). Encouraging innovation and cordial relationships with marketing partners/shareholders- They must surprise their company’s shareholders, employees and clients through employing programs, retention techniques, promotions and more. With the above context, the marketing managers play a pivotal role in embracing all the responsibilities. These managers can lead the brand reputation on their shoulders by assigning the tasks to all the staff from other departments in proper manner. They are the designers of advertising campaigns to promote M&S product or service properly. They only decide the market segmentation with identification of marketability of a launch for a product or service (Hartley and Claycomb, 2013). For this, these managers should be able to perform a complex research of a product, which comprises of Swot analysis in both marketplaces, i.e. traditional and non-traditional ones. These are mainly responsible for assessing the negative publicity in all arenas so that they can bring credible solutions. The following are the processes of marketing which boost the opportunities, selection of targets, development and management of marketing mix through appropriate analysis to aim the right customers. Defining the Problem or Opportunity:It is important to know the problem areas to provide results by availing suitable opportunities found in the market. Here, MIS (Marketing Information System) can be implemented as pricing and selling with distribution is an important component of its functional unit. M&S can initiate this process by concentrating on the benefits that can be incurred for longer success and growth. Developing Research Plan:This consists of variables like product, price, place and promotion so that M&S can develop an effective program by blending the mix with allocated resources to optimize the revenues in terms of marketing and promotion of product or service. 5
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Collecting Relevant Data and Information:The service management of marketing of M&S must be vigilant to conduct their research on both qualitative and quantitative standards. This will affect their customers’ retention power as it will put insights on the pricing matrix to appeal their potential buyers. This step must be done on an unambiguous, open ended methodology to have a more controlled hold on the activities of production. Analyzing Data and Report Findings:This is significant step as evaluation of analyzing information can laid the assumptions either in a true or false modes. A formal and articulated finding can help the functional parameters such as financing, distribution and selling with correct results (Cross, Belich and Rudelius, 2015). These are considered as the major functional components which must be reflected in this phase to gain an understanding regarding achieving their objectives. Taking Action:This emphasis on the corrective implementation of marketing campaign of M&S to utilize the findings of the testing done with respect to selling, promotion and financing.The entire business environment can collectively put their sincere efforts to evolve in positive direction by exponentially increasing profits, revenuers and productivity of employees. The road to discovery of marketing functions with respect to processes can be successfully resolved, if proper guidance and support has been imparted by M&S management, especially the managers. Critically analyze how marketing influences and interrelates with other functional units Enclosed in a PPT. CONCLUSION It is summarized that the role of marketing and its functions with proper guidance by managers can accelerate the growth and development of M&S. Furthermore, this company can followguidelinesto analyzethe current trendsto make itspromotionalgimmicksmore effectively. Along with, their marketing team can refer few futuristic trends in mind to gain customers attention promptly and quickly leading to minimize the costs and maximizing the profits.Inadditiontothis,marketingmanagers’contributiontowardstheentireproduct development with administration has also been described briefly so that M&S can define their responsibilities according to demand of market and targeted consumers. 6
REFERENCES Books and Journals Cross,J.C.,Belich,T.J.andRudelius,W.,2015.Howmarketingmanagersusemarket segmentation: An exploratory study. InProceedings of the 1990 Academy of Marketing Science (AMS) Annual Conference(pp. 531-536). Springer, Cham. Harrison, F. and Lock, D., 2017.Advanced project management: a structured approach. Routledge. Hartley, R.F. and Claycomb, C., 2013.Marketing mistakes and successes. Wiley. Jobber, D. and Ellis-Chadwick, F., 2012.Principles and practice of marketing(No. 7th). McGraw-Hill Higher Education. Ramaseshan,B., Ishak,A. andRabbanee,F.K., 2013.Theroleof marketingmanagers' commitment and involvement in marketing strategy implementation.Journal of Strategic Marketing. 21(6). pp.465-483. Stark, J., 2015. Product lifecycle management. InProduct Lifecycle Management (Volume 1) (pp. 1-29). Springer, Cham. Tiago, M.T.P.M.B. and VerĂssimo, J.M.C., 2014. Digital marketing and social media: Why bother.Business Horizons.57(6). pp.703-708. Zolkepli, I.A., 2016, July. Changing Consumer Culture in The Wake of Web 3.0: Mobilizing Online Crowd Competency and Expertise Through Crowdsourcing Engagement. In3rd European Conference on Social M di R h Media Research EM Normandie, Caen, France (p. 440). Online Gill,K.,2018.MarketingFunctions.[Online].Availablethrough:< https://www.pinterest.com/keyounggill/marketing-functions/>. 7