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(PDF) Marketing Management

   

Added on  2020-12-29

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MARKETINGMANAGEMENT

Table of ContentsINTRODUCTION...........................................................................................................................1Marketing Audit..........................................................................................................................2Review of Marketing Mix...........................................................................................................7New Marketing Mix..................................................................................................................10CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13

INTRODUCTIONMarketing refers to a process of business under which relationships are created and thecustomers are satisfied. Marketing is one of the most important functions of a business. It helpsthe organisation to advertise and promote its activities and gain customer attraction and attentionin order to earn required profitability and achieve set growth. The activities of marketingincludes selling, advertising and distribution. These activities allow the business to promote itselfand gain a required market reputation within its customers base, its competitors and the overallindustry which the business is a part of. The chosen organisation for the present report is Marksand Spencer. M&S is a major British multinational retailer headquartered in Westminster, London. Theorganisation specialises in selling of high-quality clothing, food products and home products.Along with it, it is listed in London Stock Exchange with being a constituent of the FTSE 100Index (Aghazadeh, 2015). Founded in 1884, by Michael Marks and Thomas Spencer in Leeds,M&S started selling branded goods such as Kellogg's Corn Flakes in November 2008. Theorganisation is currently having 959 stores across the United Kingdom, under which only 615 ofthem only sell food products. The company in 1998, became the first British retailer which madea pre-tax profit of over £1 billion. However, in the recent past the company has seen to be facingissues related to growth and development and on 22nd May 2018, it was confirmed that over 100stores of the organisation are going to be closed by 2022 in a radical plan. It is yet to beconfirmed that more stores are going to be closed or not. The organisation is one of the leadingorganisations in the selling of retail products and services and its marketing practices are one ofthe best which tends to allow the organisation to reach set growth and development.Retail refers to a process in which consumers goods and services are sold to thecustomers through multiple distribution channels in order to earn required profits. The industryof retail is valued at USD 23 billion in 2017. The major products today sold in the retail marketsincludes food, apparels, furnitures, jewellery etc. These stores are classified as convenience,speciality retailers, internet retailing etc. The market of retail is seen to be highly competitive inthe economies which are developed such as North America and Europe. The developingcountries economies are still instrumental in driving market growth including countries such asLatin America, Middle East and Asia-Pacific. The consumer spending typically accounts foraround two-thirds of Gross Domestic Product which is a key indicator of health of a retail1

market. The increasing strength of the online shopping is been a major drive in the growth theretail industry in the last decade. Along with this, the growing penetration of smartphone acrossthe countries which are driving the e-commerce channel, also, the Internet of Things (IOT) isseen to be reshaping the overall retail industry. However, the price variation between the offlineand online stores is the biggest challenge which the industry is facing in its retail market growth. Marketing AuditMarketing Audit refers to a process in which a comprehensive, systematic, analysis,interpretation and evaluation is done of the business marketing environment, both external andinternal. The objectives, strategies, goals and principles are ascertain to the areas of opportunitiesand problems with recommending a plan of action in order to enhance the marketingperformance of Marks and Spencer. Below done is the Marketing Audit of Marks and Spencer: (Source: Marketing Audit, 2016)Macro Environment Audit: The Macro environment audit tends to include all the external factors impacting the marketing performance of Marks and Spencer. The below explored PESTEL analysis showcase the macro environment of the organisation:PoliticalThe political situations of the United Kingdom are not supportive enough for2Illustration 1: Components of Marketing Audit

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