Marketing in Attaining Goals and Objectives

Added on -2020-02-05

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Marketing Principles andPractice
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1...........................................................................................................................................11.2...........................................................................................................................................11.3...........................................................................................................................................21.4...........................................................................................................................................31.5...........................................................................................................................................3TASK 2............................................................................................................................................42.1...........................................................................................................................................42.2...........................................................................................................................................42.3...........................................................................................................................................52.4...........................................................................................................................................62.5...........................................................................................................................................6TASK 3............................................................................................................................................73.1...........................................................................................................................................73.2...........................................................................................................................................73.3...........................................................................................................................................73.4...........................................................................................................................................83.5...........................................................................................................................................8TASK 4............................................................................................................................................94.1...........................................................................................................................................94.2...........................................................................................................................................9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11
INTRODUCTIONMarketing is the tool used by business organisation to build customer relation andintroduce and promote the product in the market. It also helps the company to enhance the salesand attaining goals and objective effectively and efficiently. So, the business organisationdesigns strategies and adopts practices to attract a wide range of customers. For betterunderstanding of the topic, Marks and Spencer has been chosen in the present report whichspecialises in selling of clothes as well as home and luxury products. Present report hasexplained the contribution of marketing in attaining goals and objectives and analysed theexternal factors influencing the same. This report critically reviewed different elements ofmarketing mix and methods of segmenting markets. TASK 11.1Marketing is the tool that is used by business organisation to promote or introduceproducts in the market to enhance its customer base. It is the process which helps in increasingsales, revenue and profitability of company (Prentice and Arnheim, 2013). Various associationsand bodies have given with different marketing definition as given below:The Chartered Institute of Marketing have given official academic definition ofMarketing as “Marketing is the part of management process that aims to identify,evaluate and meet customer’s requirements that contribute in enhancing the profitabilityof company.” (Spiller and et.al, 2013)The American Marketing Association has explained the concept of marketing as“Marketing is an activity and process that aims to create, communicate and exchangeoffering that creates value for customers, clients, organisation and the society at large”.(Palmer, 2012)Dr. Philip Kotler has suggested that marketing is the science and art of researching,creating and delivering value to meet the needs of a target market. (Armstrong and et.al,2014)1.2Marketing plays a crucial role in management process that aims to attain goals and objectives oforganisation in the following ways: 1
Increasing the sales and profit: It helps Marks and Spencer to identify the needs andexpectations of customers and designs their products accordingly (Fletcher and Breitling,2012). If the product is as per the requirement of consumers, it will enhance the sales andultimately contribute in increasing profitability of company. Marketing has contributed inattainment of goals and objectives in the following ways:Introduce a new product: Business can reach at the desired position if the products orservices offered have created a positive image in the minds of public and marketing playsmajor role in creating position of the product (Spiller and et.al, 2013.). Marketingincludes various promotional activities to introduce the product in market.Expand market share: If company wants to enhance its market share, they can designmarketing strategies such as using innovative packaging and creating awareness about theproduct. 1.3The management of Marks and Spencer designs marketing strategies by considering variousexternal and internal business environment. External factors play a crucial role ininfluencing the marketing functions which are explained in the following ways:Economy: Economic condition of country affects the marketing policies of Marks andSpencer. For instance, at the time of recession, people do not have sufficient liquid fundsto spend on the products. So, the demand of products gets declined (Reinecke, Manningand Von Hagen, 201). As a result of it, company allocates less amount of funds onmarketing and focuses on the promotion of necessary goods.Legal: The government's laws and regulations have a great impact on company's policies.For instance, imposition of new taxes affect the purchasing power of consumers and thus,to keep a reasonable price of product, company cuts cost on its marketing. Social: Marks and Spencer designs its marketing strategies as per the preference andexpectations of society as a whole. Nowadays, people prefer internet to surf about anyproduct or service as a result of which companies use search engine optimizationmarketing tool to create awareness about the product. 2

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