Marketing Plan for Launching Jewelry in UK Market - Desklib

This report provides a marketing plan for launching jewelry in the UK market by Marks & Spencer. The report includes a SOSTAC model, STP analysis, SWOT analysis, marketing mix, and budgeting. The company aims to increase sales, revenue, and customer satisfaction till 2023.

Principles of Marketing

Executive summary
Marketing is the process of promoting and advertising the products and services of the
company so that they can ensures the higher sale and revenue. In this report, SOSTAC model is
being made in order to make the marketing plan for the further implementation of strategies and the
action plan. The new products is going to launch in the UK market with huge investment as the
people are having the good buying capacity to buy the premium products. It is recommended to the
company to be cost efficient and focus on their weaknesses so they can get high sales till 2023.
They have planned to grow their firm with high revenues and customer satisfaction so it is
suggested to take feedbacks from the customers so as know their capabilities.

Table of Contents
INTRODUCTION................................................................................................................................4
Introduction of the company............................................................................................................4
SOSTAC..........................................................................................................................................4
CONCLUSION....................................................................................................................................7
REFERENCES.....................................................................................................................................8

INTRODUCTION
Marketing is the task to introduce, distributing, selling, advertise and promote the goods and
services of a business entity in an effective way so as their profitability. It is done by creating,
delivering, exchanging offerings and communicating (Buhalis, 2022). This report is going to
provide a description on the company’s executive summary, their background for their new offering.
Then this report gives a summary about the present situation of the company. There an analysis of
marketing strategy based on Segmentation, Targeting and Positioning. There is an evaluation on
marketing mix with the application of strategies. Marks & Spencer is a British company that serves
in a retail sector and their headquarters exist in London, England. It was founded in 1884 by
Michael Marks and Thomas Spencer. This company is operating widely in most of the countries and
they have captured high quantity of customers of diversified fields without much problems.
Introduction of the company
Marketing refers to the activities which are related to the selling, advertising, promoting and
distributing the products of an organization. There are different types of marketing techniques that
are content marketing, digital marketing, outbound marketing, public relations, word of mouth,
inbound marketing, telemarketing, direct mail and many more (Chakraborty and Dash, 2022).
Marks & Spencer deals in clothing, food and home-based products as well as they have been named
in the London Stock Exchange and FTSE 250 Index. The company was founded by Michael Marks
and Thomas Spencer and they established it in 1884. They are more focusing into the quality of
their products, so they don’t compromise in the terms of costs incurred. The company has
introduced itself into the food sector since 1948. They maintain the health and safety norms as per
the policies of the organization. Their brand image is known for serving the product that is worth
the value a customer is willing to pay for, but several times there were big threats in their
reputation. Now the organization is introducing a new product that is jewelry for the first time in the
existing market that is UK.
SOSTAC
It stands for situation, objectives, strategy, tactics, action and control. This framework is
used for the purpose of making a basic strategy in marketing that can be used in many business
activities. These all elements are specified below as follows –
Summary
Marks & Spencer is standing in the market as a reputative retail brand. The company has
been successful in selling their varied products as their customers who have the demands for the
qualitative goods have made a profitable turnover for them. Their strategies applied till now always
matches with the level of demand they are getting in their market (Kandil, 2022). The company has

an advantage over their rivalries as they are leading among all the departmental stores and home-
based products. They have not occurred loss whenever they launch any new product because they
witness and research growth in the nations to know their capability whether they will be able to deal
appropriately or not. They are planning to bring jewelry in UK.
Objectives
The company is planning to introduce a new product in the specified market, the new
product in which they are planning to deal is jewelry. From 2020 to 2023 they want to be fully
potential in the terms of sales, profit and customer satisfaction (Kim, Tylor and Chang, 2022). The
company is going to increase their sales for the next 20 months up to 5,000 million euros, they want
to increase their revenue for the next 18 months up to 2,000 euros for this product. They want to
serve locally and attain most of the customer’s satisfaction. They are planning for an efficient cost
saving for launching this product as it going to take a lot of investment of the company that it had
never did on any previous product. They will be aiming for maintain their reputation and growth in
the retailing sector.
Situation Analysis
A marketing strategy is known for the plans made and executed by the business in order to
approach new customers and maintain the existing customers. The company is going to implement
some marketing strategies for their good sales. This is explained in two types of models that are
mentioned further –
 STP – This is a concept of marketing that gives a description on the ways a company position
their goods and services by targeting a market with efficiency. There are three terms in this
concept which are mentioned further –
1. Segmentation – Marks & Spencer have customers of varied background and for launching
this new product they need to concentrate for advertisements among the high class and
middle-class segmented group (Kotur and Dixit, 2022). The product is affordable as per
their targeted market but even then, they need to divide their customers into categories as
per their age, gender, region, attitude, values and etc. They will be going to analyze their
satisfaction after receiving the product.
2. Target – They are going to analyze the profitability which can be earned from the particular
category of the segmented group. They will be setting cost according to the potential of their
existing customers. They would predict a steady growth at the starting because of the heavy
investments made (Kuo, Lin and Liu, 2022).
3. Positioning – They need to plan their goods and services according to the needs of
customer. Marks & Spencer will be focusing on the customer to value their goods and
services in terms of quality the most as comparative to the other substitutes. So they will be

offering better quality and service than their competitors.
 SWOT
Strengths Weaknesses
 They have attained the most
reputation worldwide as they are better in
expanding their business into new markets
than their competitors.
 They have acquired most customers
and they are already well experienced so
this is their advantage.
 Marks & Spencer had a loss in sales
recently so this will be a problem for
spending further.
 They don’t have some latest
technologies which serves as a drawback as
they have to rely on manual processing.
Opportunities Threats
 They can expand more globally
when they will be profitable in their project
as the other nation’s customers will be
waiting for their products.
 They can get help from the online
platforms such as Amazon and eBay so that
they can get high sales and customer
approach.
 They will be facing a very high
competition because the competitors have
already acquired market in the product.
 Their competitors have the updated
automation and technology through which
they serve good customer experience but
Marks & Spencer is going to take time for
adopting those technologies.
Tactics
This defines the way the organization is planning to achieve the heights of success which is
explained by the marketing mix model as follows –
 Marketing mix – This involves some strategies that helps the organization to achieve the
decided profitability through sales of products and services.
1. Product – The product in which they are going to deal is jewelry, this can be divided into
some categories of stones (Lu, He and Xu, 2022).
2. Place – They will be selling in market of UK that involves the manufacturing and
distributing within the nation itself. They will be developing more distributing channels.
3. Price – Their price will be set according to their existing customer’s willingness to spend
and also the cost incurred on the manufacturing of jewelries.
4. Promotion – They will be going to introduce firstly on the television and magazines of the
country. They will be approaching some influencers on social media and also, they will post
on their account to aware their fan following.
5. People – They are the persons that are related to the activities of the organization. They will

be shifting their managers and employees from previous stores to the new ones.
6. Process – Their operations will be carried in the country on an offline as well as online
mode.
7. Physical Evidence – The physical evidence is their headquarters and stores within the
nation.
Action
The company is going to implement new strategies suitable to the operations of their new
products. The budget they have set for their all investments, operations and for future will be
100,000 million euros that includes their goods, manufacturing, employees, research, setups,
marketing and many more expenses will be done by the company (Snorrason, 2022).
Controlling Monetary
They will be controlling and reviewing all their expenses and other finances with the help
of KPI and benchmark. KPI is a tool by which an organization measures the actual and the desired
performance of the company also finds out the deviation in it.
CONCLUSION
This report now concludes with the description of introduction of the company that
describes the company is a well known, valued and reputed one. Then there is a deep research on
the SOSTAC framework, in summary its is analyzed that the company has gained reputation form
their existing customers, in their objectives the company has aimed to target their existing
customers in local market to launch a new product, situation explains about the strategies and other
measurements taken by the company. In STP model the company has segmented the high class
society, they have targeted the potential consumers that are willing to spend, they have positioned to
be more qualitative comparative to their competitors. Then SWOT analyses is done in order to
know their threats and weaknesses for their product, hence the company will be recovering their
weaknesses before they promote their product in market. Tactics of the company mentions some
aspects of 7Ps that evaluates for company to improve upon their cost of pricing and the techniques
of promotion. Hence the action describes a heavy budget invested by them and they should measure
their finances from KPI tool for controlling monetary.

REFERENCES
Books and Journals
Buhalis, D., 2022. Tourism management and marketing in transformation: editor’s statement and
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In Encyclopedia of Tourism Management and Marketing. Edward Elgar Publishing.
Chakraborty, D. and Dash, G., 2022. ‘The New Normal’and the Strategies of Marketers to Attract
Consumers. Indian Journal of Marketing. 52(1). pp.58-62.
Kandil, E.S., 2022. A critical view of the principles of photorealism movement in design
Advertising Design in Virtual Reality, Augmented Reality and Interactive Design as a
Model. Journal of" Research in Art Education and the Arts. 22.
Kim, L., Tylor, D.A. and Chang, C.Y., 2022. Marketing Your Practice: Setting Yourself Apart in a
Competitive Market, Online Reputation Building, and Managing Patient
Experience/Satisfaction. Otolaryngologic Clinics of North America. 55(1). pp.125-135.
Kotur, A.S. and Dixit, S.K. eds., 2022. The Emerald Handbook of Luxury Management for
Hospitality and Tourism. Emerald Group Publishing.
Kuo, Y.F., Lin, C.S. and Liu, L.T., 2022. The effects of framing messages and cause-related
marketing on backing intentions in reward-based crowdfunding. Journal of Retailing
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Lu, L., He, Q. and Xu, X., 2022. Clinical Misunderstandings of Enterprise Precision Marketing
Under the Background of Wireless Network. In International Conference on Cognitive
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Snorrason, H., 2022. Funding of official statistics. Statistical Journal of the IAOS, (Preprint), pp.1-
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