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Marketing Principles of Marks & Spencer

   

Added on  2019-12-04

16 Pages4380 Words73 Views
Marketing Principles
Marketing Principles of Marks & Spencer_1
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Various elements of marketing process................................................................................11.2 Benefits and costs of marketing orientation..........................................................................22.1 Analysing macro and micro environment using appropriate tools and techniques..............22.2 Segmentation criteria for products in different markets.......................................................52.3 Choosing a target strategy for selected product....................................................................62.4 Impact of buyer behaviour on different marketing activities in different buying situations62.5 Positioning options for selected product/service...................................................................73.1 Development of product to sustain competitive advantage..................................................73.2 Distribution Strategy.............................................................................................................73.3 Pricing strategy......................................................................................................................83.4 Promotional activity..............................................................................................................83.5 Additional elements of extended marketing mix..................................................................8TASK 2............................................................................................................................................94.1 Marketing Mix for two different segments...........................................................................94.2 Differences in marketing products and services to businesses rather than consumers.........9CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
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Illustration IndexIllustration 1: PESTLE analysis.......................................................................................................4Illustration 2: Factors of macro environment...................................................................................51
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INTRODUCTIONMarketing principle is a process which is helpful in understanding the needs and wants ofthe customers and developing product or services which would satisfy them. There are fourelements which are involved in marketing principles. These elements are very helpful in carryingout market research which helps in knowing the customers requirements (Jobber and Ellis-Chadwick, 2012). These process is very important for the firm, as it helpful in competingeffectively with the competitors. It helps in knowing preference and strategies which can beadopted to attract customers and in competing effectively. Mainly elements like product, place,price and promotion are used in marketing principles. Present report is about Marks & SpencerBritish retail which is headquartered at London. This report covers, understanding the processand concept of marketing. Further, it covers understanding the concept of segmentation,targeting and positioning. Lastly, it covers the use of marketing mix in different context.TASK 11.1 Various elements of marketing processIn the marketing process there are mainly four elements involved which are helpful inachieving the goals of attracting more and more customers. Marketing process of M&S isdescribed as below:Scanning the environment: There are few tools which M&S uses in order to scan theenvironment. Tools like PESTLE analysis, value chain and SWOT analysis (Sheth and Sisodia,2015). These types of tools are very helpful in knowing the ways through which the firm canachieve their desired goals and objectives. Marketing strategy: According to this process mainly three types of strategies are used whichare targeting, positioning and segmenting. According to segmentation customers are divideddifferent age groups or gender vice. Targeting means to target to specific category andpositioning is referred to design the brand image.Tactics of marketing: This is very important in determining the factors which affects thedemand. In this context there are mainly 7Ps used which are product, price, place, promotion,people, process and physical evidence.2
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