(Solution) Marketing Mix of M&S
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Added on 2020-12-29
(Solution) Marketing Mix of M&S
Added on 2020-12-29
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MARKETINGMANAGEMENT
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1MAIN BODY...................................................................................................................................1Background Information..............................................................................................................1Marketing Audit...........................................................................................................................2Marketing mix of M&S...............................................................................................................6Marketing mix actions.................................................................................................................8CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11
INTRODUCTIONMarketing management is defined as the discipline that every organization focuses onespecially on practical applications of marketing techniques, orientation, methods used inside theorganization. It plays a vital role in success of an organization especially in retail sector.Retailing can be defined as a process through which products or services are sold to customersthrough various channels in order to earn profit. In this assignment marketing analysis of Marksand Spencer organization will be done which is a retail firm (Lucas and Soler, 2016). Thisassignment will lay emphasis on background information of M&S, Marketing audit, marketingmix of Marks and Spencer and new marketing mix actions in order to achieve gaps betweenM&S's present marketing strategy and external environment. MAIN BODYBackground InformationRetail sector industry is a part of countries economy where businesses sell consumergoods or services to public through stores, internet etc. This industry is responsible fordistribution of finished goods, products or services to their customers (Stobbs, Weller and Zhou,2016). Marks and Spencer is one of the major British multinational public limited organizationthat operates in retail sector. Their main headquarter is in London and operates in more than1450 locations present globally with more than 80,500 employees working with them. Out ofthose 1450+ stores approximately 950 stores are present in UK and within those 950, 615 ofthem sell only food products. Marks and Spencer was originally founded in 1884 by ThomasSpencer and Michael Marks who lived in Leeds United Kingdom. Main products sold by M&Sare high quality home products, cloths, food products. In 2008 they also started selling brandedgoods like Kellogg's corn Flakes. Marks and Spencer is present from more than 135 years butthey gained establishment in 20th century. In 1988 they were the first British retailers who madepre-tax profit of £ 1 billion but after this whole company fell into a slump due to which itsstakeholders were surprised and shaken.Marks and Spencer are famous for their high quality cloths but their cloths are mostlyfamous in older generation and are marked as a non trendy stores (Camilleri, 2019). Most of thepeople think that they sell out fashioned and non trendy cloths which least attracts youngergeneration. However their high quality and low price products attract more customers. They sellwide variety of products which is also one of the reason that attract more customers as people get1
more and more choices to choose from whether it is for cloths, food products or home productsthey have wide variety of products. They have more than 1200 suppliers that provides them withwide range of products to be chosen from. M&S consist of wide range of popular designerbrands such as Big&tall, Collezione, Blue Harbour etc. These brands together helps Marks andSpencer to grow and strength their market presence globally (Palmer, 2016). As per recentstatistics their overall revenue is £ 10,300 million. They also consist of popular food brandnamed under then which is M&S Energy and also have their own Bank named as M&S Bankwhich is owned by HSBC bank. Currently they are trying to expand their business more byselling wide range of kids wear, lingerie etc. Marketing AuditMarketing Audit can be defined as a thorough review of a companies marketing plan,strategies, objectives, current activities etc. Main goal of marketing mix is to identify areas thatare working and the areas that need improvement and are not working. Here marketing Auditingof Marks and Spencer will be conducted an the basis of marketing strategy (Marx and Wouters,2015). There are many components of marketing Audit which are described below of Marks andSpencer Organization.Macro Environment Audit- PESTLE AnalysisIn this all the external factors are included that can influence marketing performance ofthe company. These external environment forces have a major impact on M&S and these forceswill be explained with the help of PESTLE Analysis. It is a framework that will helps inidentifying problems that can be experienced by Marks and Spencer. Political Factors: M&S has been favoured through European committee for free trade flowagreement among European countries and all the other countries that comes under foreign traderegulations. This has reduced their overall sourcing cost and has made importing products muchmore easier and can be done in less time as compared then before (Bocken, 2017). One of theirmajor disadvantage is their high cost structure in international market due to which theircompetitors have taken a huge advantage of their high cost structure and a but of its market shareas well. Due to lack of clarity of UK government on energy efficiency scheme M&S initiativeshave been negatively affected. Economical Factors: One of the major negative economical effect on M&S is their competitorsdiscounted price. As Marks and Spencer is only focused on high quality products due to which2
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