Marketing Management of Marks and Spencer

   

Added on  2020-10-22

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Marketing management of Marks and Spencer
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Table of ContentsIntroduction.................................................................................................................................................31) A background statement to outline the industry, market positioning as well as the present USP............32) A marketing audit for overall market attractiveness and potential for market growth.............................53) A competitor analysis of the three main industry players........................................................................84) Critically defended new marketing mix actions to achieve gaps between the company’s present marketing strategy and external environment............................................................................................10Conclusion.................................................................................................................................................12References.................................................................................................................................................13
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IntroductionMarketing managementis all about directing the overall resources of organization in order todevelop as well as implement strategies so as to reach at desired consumer base. This is donewith an aim to enhance the sales of company with respect to the product and service offering.The scope of marketing management of the company is dependent on the business size and theindustry where it operates (Walters, 2014). The marketing management is said to be effectivewhen the company utilizes resources to enhance consumer base; improve opinions and alsoincrease the perceived value of business (Papasolomou and et.al., 2014). The present study hasthus made an attempt to study the retail industry of UK and the operations of Marks and Spencerwith respect to its market positioning; unique selling proposition; market attractiveness andpotential for market growth. Emphasis of the report will further be on carrying out competitoranalysis of the main industry players in retail market of UK. 1) A background statement to outline the industry, market positioning as well as thepresent USPOutline of retail industryThe retail industry of UK is quite dynamic, diverse as well as innovative in nature as it providesproduct and services as per the need and preferences of consumers. The country had further beenfound to leading in the western world with respect to varied offerings (Vilkey and Dehbid,2016). In more specific terms, London has been acting as a magnet for new brands on account ofits market size, maturity as well as presence of increased transparency with respect to theoperations. It has also shared a good history of success on account of locals and touristpopulation who consider London to a shopping hub which has resulted in booming of manyretail firms in the city and all over UK (West, Ford and Ibrahim, 2015). Structural changes arealso taking place within the industry on account of advancements in electronic commerce as wellas technology followed by an increased demand for right physical space which is also prevalentin the good location. The industry has also been considered to be vital for the overall UK economy as just in the year2016 the company generated around£358 billion of retail sales. It has further been known to bethe largest private sector employer and has a presence of around 290315 outlets all over UK. On
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a negative note, with the onset of 2017 the retail sector of UK has presented a huge competitivescenario on account of various well-known brands such asDebenhams; Next; Primark; H&M etcthat are in fight with each other for grabbing the overall market share. There has further been aconstant shift in overall preferences of consumers such as online and mobile shopping followedby the presence of brexit issue which is creating a challenging journey for almost all the retailersincluding Marks and Spencer. Positioning in marketMarks and Spencer has been in this industry since 1884 and in a time span of more than acentury the company has changed the way people think and feel about retail world in UK(Cazzura, 2011). It is further true that the company has faced a few hurdles in the past times butit has also shown itself as a brand that remains true to its values and has also maintainedconsistency with corporate image followed by continuing to evolve itself (Schlegelmilch, 2016).As of now the company is known as one of the premier brands and has also been able to surviverecession, dry times, certain controversies such as segregating toys by gender as wellbanningthe words ‘gay’ and ‘Jesus Christ’ in gift messages among others. In spite of all this ithas been able to maintain a good presence in the UK market and has an existence of more than300 stores within Britain alone. Jones, Forsythe and Kemp, (2015) has also added that marks andSpencer is quite devoted towards its brand purpose being making every moment special for theconsumers. This has helped the company to hold the overall position in the market in spite of thedifficult trading environment.The company has further kept itself committed to the overall mission being providingaspirational quality that is accessible to all. The firm has thus made an attempt to evolve itselfwith the needs and preference of consumers but still has not lost the sight of its heritage (ManuelMartínez-López and Vargas-Sánchez, 2013). Present unique selling propositionMarks and Spencer during the era of 60s were known to be a solid old fashioned store that soldunderwear but now they are one of the most popular stores of UK (Papasolomou and et.al.,2014). From a long time, Marks and spencer was known to provide good clothing that was alsoregarded as its USP. According to Espiner and Atkinson (2016) the best thing about Marks andspencer was about beautiful basics; quality knitwear, well-tailored clothing and good hosiery and
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