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Marketing of Marks and Spencer Assignment

   

Added on  2021-01-01

15 Pages4054 Words138 Views
Marketing

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1 What is marketing?............................................................................................................11.1 An explanation of marketing activities.............................................................................11.2. Market segmentation.......................................................................................................21.3 The marketing mix...........................................................................................................3TASK 2 Market research.................................................................................................................42.1 The aims of market research and market analysis............................................................42.2. Different research methods..............................................................................................52.3. Market analysis tools.......................................................................................................6TASK 3............................................................................................................................................63.1 Methods used to e-market products and services.............................................................63.2. Managing online image...................................................................................................7TASK 4 Applying your learning......................................................................................................84.1. Using market analysis techniques...................................................................................84.2. Interpret findings of market research..............................................................................94.3. Present findings.............................................................................................................10CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11

INTRODUCTIONMarketing is termed as a process or action of business in order to promote and sellproducts and services by way of marketing research and also advertising (Armstrong, Kotler,Harker and Brennan, 2015). In the following report, Marks and Spencer has been taken intoconsideration. It is a major British multinational retailer headquartered in Westminster. In thisreport, various marketing research methods and techniques has been analysed. Further, varioustypes of market segmentation has been discussed. In addition to this, marketing mix has beendiscussed of Marks and Spencer.TASK 1 What is marketing?1.1 An explanation of marketing activitiesMarketing is a social process in which groups receive what they need through creationThis is an economic action related to the sale, dilation, and advertising.Marketing activities take different formsIt is based on a team of diverse techniques in terms of continuously collecting, analysingand processing information and also making the decision-making process much easier andsmoother.Marketing is also a system of economic activity that leads in meeting the needs ofbuyers. They are termed as observations and anticipated changes in the environment to adaptand communicate with the environment (Babin and Zikmund, 2015).The mattress strategy is part of the overall business strategy. It has a functional nature;implementation of the strategy to practice. The development of a comprehensive marketingstrategy of a company may include the following activities:Formatting the mission and vision- The mission and vision statement is a declarationthat is narrower, future oriented of a purpose and aspirations of a particular organisation Market opportunities- It is a tool that leads in identifying and accessing attractiveness ofa business opportunity. It is also a part of business planning or process in terms ofstrategy. It becomes necessary to analyze market so that they can determine probableprofit and revenue from it.Target selection of marketingactivities- A target market is that group of activities whichis defined as a group that is more likely in buying product or service of a particular1

company. This will help them in adopting marketing activities accordingly that mayattract large number of customers towards the brand.Market segmentation- It is that process that leads in division of potential customers intoparticular group or various segments as per different characteristics. The segments thatare created are basically composed of consumers that may respond to marketingstrategies.Precognition ofdemand- This is termed as extra sensory perception that would allow aperson in order to perceive future events.Determination of quantitative goals- The company must try to determine about thequantitative goals. This will help them in attracting huge volume of customers andcompany may reach the boost.Elements of Strategy are:MissionorganizationRolemeans place1.2. Market segmentationMarket segmentation is based on patterns andprocedures No less important is the segmentation of the market before we start selling for a wide scale Segmentation is aimed at increasing sales effectiveness by adjusting the marketing strategy The task is to identify uninterested and in certain marketing activities convince the product or service or exclude that the company could save time and money.The criteria can be divided into two groups:Referring to theconsumerCriteria relating to the purchase There are usually four main segmentation elements The first two include the characteristics, for example, it consists in adapting cosmetics orclothing to clients (Burns, Bush and Sinha, 2014).For example, clients with the same geodemographic characteristics (age, back, profession) have different needs and requirements for certain services.Market segmentation strategies 2

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