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Marketing Strategy Assignment : Marks & Spencer Group

   

Added on  2021-01-01

13 Pages4174 Words28 Views
Marketing

TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK...............................................................................................................................................11.1 A marketing audit of the business’s current performance and an evaluation of theorganisations current marketing strategy and position in the market.........................................1CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10

INTRODUCTIONMarketing is the activity of business in which marketers promote and sell their productsand services, which includes research and advertising. This activity is done to satisfy customers(Armstrong, Kotler and Brennan, 2015). It is the process in which a product is brought in themarket which includes researching, targeting market, segmentation, pricing, strategies forpromotion, etc. Marketing audit means investigation and analysis of marketing activities,objectives and goals. The audit must be comprehensive i.e. it should cover all areas, systematic,independent, and periodical. Mark & Spencer Group is a multinational retailer company in London, United Kingdomfounded in the year 1884 by Michael Marks and Thomas Spencer. The company deals in theselling of clothes, home ware products, and luxury food items. It also started selling brandedproducts like Kellogg's Corn Flakes in 2008. This report will undertake a marketing audit of thebusiness's current performance and evaluation of organisation's external strategies and position inthe market. Apart from this, it will cover two sets of marketing segmentation to be proposed forsuccessful targeting of the market. And lastly, it will show how the chosen customer group willgrow the business within the retail industry. TASK1.1 A marketing audit of the business’s current performance and an evaluation of theorganisations current marketing strategy and position in the market.The broad, systematic, analysis, assessment and interpretation of the business esituations, its objectives, goals, strategies, etc. is known as marketing audit. It determines variousdefects, problems, internal and external marketing environment and compares marketing plans ofthe company with its actual performance. Marketing audit is basically conducted by the thirdperson and not a member of the company. Any organisation, conducting a marketing researchmust keep some key points in mind such as: - Comprehensive: Marks & Spencer marketing audit must be such that it should cover allthe areas of marketing, those areas where the problem prevails (Mullakhmetov andAkhmetshin, 2016).Systematic: The audit must be systematic, i.e. the analysing and evaluation of micro andmacro factors, objectives, marketing principles, strategies and other activities that1

influence the organisation's marketing performance must be systematically done by Mark& Spencer. Independent: The audit can be done in 6 ways; self-audit, audit from across, from above,company auditing office, company task audit and outsider audit. The best one for Marks& Spencer is the outsider's audit, in which the external party is the auditor to a company,who is independently working without partiality. Periodic: The marketing audit is basically conducted only when some problem arises inthe market. But, it has been suggested to conduct marketing audit regularly so theproblem in Marks & Spencer can be corrected at its source. Marketing strategy of a company refers to the future long term planning for business toachieve its objectives and goals. It is essential for any organisation. The focus of company'sstrategy is to make sure that its products and services must meet customers’ needs, to build longterm customer relationship. In the year 2004, Marks & Spencer withdrew all its operations andbegan focusing in the local market (Baumgarth, Kaluza and Lohrisch, 2016). This was a gooddecision that they took, because there were many faults that have taken much time for correctionalong with big losses. It was time, when M&S is recovering and identifying new opportunities tomove into the international market along with a proper planned and structured method to targetthe international customer’s retail market. M&S has done careful analysis of its past mistakesand then has created its future plans. Afterwards, the company was mainly focusing on restoringits stableness by improving its products marketing. Further, it sets future foundations forenlargement. The company has decided to change itself from the niche and create its marketshare in the UK. These measures prove that M&S is clear about its future vision & mission. Withthe points discussed above, it has been proved that to go ahead with the current internationalstrategy, they have to understood the demand in the global market and must apply their strategyaccordingly. Word of Mouth Marketing2

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