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Marketing Plan of Marks & Spencer: Assignment

   

Added on  2021-02-17

18 Pages5955 Words44 Views
MARKETING

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1 ...........................................................................................................................................1Role of marketing strategies and plan in organisation with relevant theories of marketing.......1TASK 2............................................................................................................................................5Development of marketing plan .................................................................................................5CONCLUSION..............................................................................................................................14REFERENCE.................................................................................................................................15

INTRODUCTIONMarketing is an activity, instruction and process of creating, communicating withcustomers, delivering and exchanging offers and product review with clients, partner, customersand society through social media or door to door at large scale – by American MarketingAssociation (AMA). Present study is based on Marks & Spencer company which is a multinationalretailer company founded in 1884, deals in clothing, home products, food, cosmetics and furniture(Lovelock & Patterson, 2015).It is also listed in London Stock Exchange. Over thousands of employees are working with thiscompany.Reports will include the role of marketing strategies in the company. Further it discussesnext three years segment and the strategy of marketing to increase sale in the market and positionof brand and also its relevant theories. Last point explains the marketing plan of Marks & Spencerto achieve business growth structure and profitability in relation to its competitors.TASK 1Role of marketing strategies and plan in organisation with relevant theories of marketingMarketing includes research, adverting, targeting work and communication either throughmail or often related to public. Company's whole establishment depends upon the process ofmarketing. Marks & Spencer is a multinational retailer company specifies in selling clothing, homeproducts, cosmetics and food products and financial services (Kotler & et.al., 2017). Marks &Spencer has the biggest achievement in terms of success and profitability from the day of itsestablishment and also earn reputation by way of delivering quality products, innovation andservice and products at reasonable price which in return give a valuable marketing.Marketing strategies supports business in knowing more about competitors and makingchanges in existing strategies so that business can satisfy its consumers to great extent. One of themajor role of marketing strategy and plan is to choose correct target market where firm can meetthe needs of buyers and can make them loyal towards the brand. Marketing strategies play the roleof price fixer, as it supports in taking right decision about price (De Mooij, 2018). Furthermore, italso plays the role of resource utilizer in the firm. By this ay company can know about wastage ofresources thus, can manage its resource well. It is beneficial in order to fix advertising budget. This

aids in developing a systematic procedure through which overall scope of business can bedetermined easily.For maintaining the position in the market, marketing strategies plays an important role.The role of marketing strategy is to do the comprehensive, systematic, analytical, evaluation andinterpretation of business in the marketing environment both in the internal and external affairs ofthe company (Chaffey & Ellis-Chadwick, 2019).Marketing strategies aids in analysing actualpositon of firm and conduct operations accordingly. This is beneficial for the firm in order to gainsuccess and increase demand of products to great extent.SWOT analyses is considered as most essential marketing theory that supports business inidentifying its internal position or internal environment of organisation. SWOT analysis furtherelaborated as Strength, Weakness, Opportunities and threats of the internal and external affairs ofthe company matters. All these elements support marketing manager in designing effectivestrategies and preparing worthwhile plan so that enterprise can fulfil its marketing objectivesuccessfully.STRENGTHMarks & Spencer has numerous strength to adjust place in the market. There are 3 pointswhich clearly identifies its strength in different streams- Market Experience ~ Marks & Spencer ismultinational retailer company (Tuten & Solomon, 2017). It works with numbers of big companiesin UK and abroad and also have a strong network in the market. They have the best track record inthe field of inventing or bringing new products in the market. Brand Recognition ~ Company hastheir own branded labels. From the years ago Marks & Spencer had invested a huge amount tomaintain the brand portfolio which in return is so useful to launch new product in the market. It'sthe policy of the company that whatever the demand may be, low or high the quality should beappropriate and at its best. International Stores ~ Marks & Spencer company has many onlinemarket, stores and website which enable company to have a wider range of business (Marks &Spencer SWOT Analysis, Competitors &USP, 2019). Over thousands of employees are a part oftheir business.WEAKNESS : As per the growing era the expenses also increasing it's up to the company that how theycan survive with this recession wind as Marks & Spencer faces a huge recession period in

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