Assignment on Marketing Audit of Marks and Spencer
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Added on 2020-10-23
Assignment on Marketing Audit of Marks and Spencer
Added on 2020-10-23
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INTRODUCTION TOMARKETING
Table of ContentsINTRODUCTION TO MARKETING...................................................................................1INTRODUCTION...........................................................................................................................3TASK...............................................................................................................................................3Marketing Audit of Marks and Spencer (M&S).....................................................................3Research on market segmentation.........................................................................................6Marketing Strategies...............................................................................................................9CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................13
INTRODUCTIONMarketing is an essential element which contributes maximum to the growth andexpansion of business irrespective of the size whether small, medium or large. For this marketingmanager is held liable to do market analysis in order to identify the buyer behaviour and marketconditions so as to cope up with them for the further expansion of business. The presentassignment report is discussing about proper market research that help Marks and Spencer(M&S) to identify their growth and several marketing opportunities. For this, PESTLE, SWOTAnalysis should be done along with competitors matrix, Boston consulting matrix and Ans-offmatrix. The project also summarises the different segments on the basis of which marketing planand strategies has been formulated. All other aspects has also been discussed under this reportwith the context of Marks and Spencer (Palmer, Cockton and Cooper, 2012 ).TASKMarketing Audit of Marks and Spencer (M&S)Marketing is an essential need of every organisation which help in identifying the actualmarket trends on the basis of which further actions are implemented in order to attain strongposition in market. M&S is one of the largest retailer organisation of UK which deals inproviding wide variety of products such as home products, clothing and luxury food products.Therefore, to maintain their existing position in market, it is essential for the management toconduct market audit in order to find out the actual market trends and on the basis of whichmarketing plans and strategies should be developed. Following points should be included whileconducting marketing audit:M&S is associated with lifestyle and retail industry which was founded in the year 1884. Thus, itis essentially required for M&S to analyse their brand through covering following points:SWOT Analysis of Marks and Spencer (M&S):It is important for M&S to sustain their brand position in competitive market due towhich it is necessary to identify their actual capabilities and strengths so as to make furtheractions for the betterment of an organisation. As M&S already has various strength andweaknesses that brings motivation to grab several competitive opportunities in easily manner.Due to high competition, faces lots of tough competition which required to make an effectivestrategy with an an objective of eliminating negative impact as quickly as possible. For this
purpose, SWOT Analysis are required to be conducted in order to analyse internal factors of anorganisation. Such SWOT Analysis are described as below:StrengthsWeaknessesM&S is one of the largest retail organisationwhich deals in selling multiple range ofproducts such as clothing products, food andhome products. The main objective of thisorganisation is to offer quality products andservices in order to maximise the satisfactionlevel of targeted customers. M&S achieve hugecustomer strength due to which their revenuesare always high. Providing products throughusing online platform also help in attractinglarge number of customers across differentnations which contribute maximum to thegrowth and expansion of company.M&S engaged in lots of issues related withreturn policy as well as in-store experience.This has make negative impact on the brandimage in market. It increases the chances ofshifting loyal customers to the products ofother brand as well. Poor scalability of the supply chain is also oneof the major weaknesses of M&S. As they aretrying to expand business at global levelthrough offering their products using onlineplatform but due to having poor supply chainthe company failed to deliver their products toall locations globally. As the company alsotried to reach their products to Asia and middleeast but failed to attract interest and buyingbehaviour of customers due to their oldfashioned and outdated designs.OpportunitiesThreatsShould required to expand its business to Asiawhere the demand of ethnic and traditionalwear are high. This will help company inincreasing their sales figure and revenue. M&S also required to introduce new marketsegment in order earn maximum profits. Apartfrom this, it is also required for company todevelop their website so as to facilitate targetedcustomers to buy their products without facingany difficulties.Due to presence of large number ofcompetitors such as Aldi, Asda, Tesco etc.bring lots of threats and challenges due towhich the presence of M&S in market comesin danger. This requires management to makean effective strategies and suitable plans inorder to enhance the qualities of their productson regular basis. Modification in exstingproducts according to the needs andpreferences which changes on frequent basis
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