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Effective Marketing Strategies for Enhancing Sales and Profitability of an Enterprise

   

Added on  2019-12-03

13 Pages3748 Words260 Views
MARKETS AND MARKETING
Effective Marketing Strategies for Enhancing Sales and Profitability of an Enterprise_1
EXECUTIVE SUMMARYMarketing is regarded as one of the effective way for developing awareness in the marketregarding range of products along with services. It supports organization in accomplishment ofoverall aims along with objectives. Therefore, main stress of every company is on developmentof effective marketing strategies so that sales revenue along with profitability level of the firmcan be enhanced easily and it is fruitful for business in every possible manner. For conductingthe present study organization chosen is Marks and Spencer which operates in retail sector andwell known in the market for range of products it delivers to its target market. Company is one ofthe UK’s leading retailers where 1330 stores are present worldwide. Applicability of PESTLEanalysis has shown that government rules and regulations, unfavorable economic condition,change in taste and preference of target market, improvement in technology, introduction of legallaws and environmental factors affects overall operations of Marks and Spencer. Further, allthese factors influences all the operations carried out by business and to deal with themmanagement has taken corrective actions well in advance. Further strengths of company are highquality products, long term relationship with suppliers, weaknesses involve lack of customerfocus, opportunities are expansion in e-business and threats involve high level of competitionetc. Further, large numbers of challenges are present which are associated with segmentation,targeting and positioning. One of the main issues linked with segmentation is to decide theappropriate way through which entire market can be divided such as on the basis of age,behavior, perception etc. The main challenge associated with targeting is to decide theappropriate technique through which customers can be targeted. Company has to ensure whetherdifferentiated, concentrated or multi segment targeting is beneficial for enterprise. Hence, fromthis it can be concluded that large number of challenges are present in the market which areassociated with segmentation, targeting and positioning.
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Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1: MARKETING ANALYSIS.............................................................................................1TASK 2: UNDERSTANDING STP................................................................................................32a) Concept of segmentation, targeting and positioning.............................................................32b) Organization approach to segmentation, targeting and positioning......................................5TASK 3: STRATEGIC RECOMMENDATIONS..........................................................................63A) Improving current approach to segmentation, targeting and positioning.............................63b) Recommendations for improving current approach to STP..................................................7CONCLUSION................................................................................................................................7REFERENCES................................................................................................................................8APPENDIX....................................................................................................................................10
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INTRODUCTION Marketing is linked with the aspect of developing awareness in the market and promotingthe range of commodities so that target market can be easily influenced to buy them. Further, inthe modern era every business enterprise is adversely affected due to rise in level of competitionin the market and this prevents firm from accomplishing desired goals along with objectives(Brbaklic, 2012). Therefore, main stress of every company is on development of effectivemarketing strategies so that sales revenue along with profitability level of the firm can beenhanced easily and it is fruitful for business in every possible manner. For conducting thepresent study organization chosen is Marks and Spencer which operates in retail sector and wellknown in the market for range of products it delivers to its target market. Company is one of theUK’s leading retailers where 1330 stores are present worldwide. Further, e-commerce platformof business is quite effective and organization is indulged into practices of selling high qualityand value products to 33 million customers. Marketing analysis of firm has been carried out inthe present study along with various elements of marketing. TASK 1: MARKETING ANALYSIS In order to carry out marketing analysis of Marks and Spencer different models have beenapplied with the help of which it is possible to know the range of issues being faced by enterprisewhile carrying out operations in the market. Such models are as follows:PESTLE analysisPolitical: This factor is associated with the laws and regulations being developed bygovernment which firm has to comply with so as to operate efficiently in the market. Itinvolves payment of tax, duties and environmental regulations (Carrillat and d'Astous,2012). Further, regulatory authorities have introduced many guidelines for entire retailindustry of UK such as safety, environmental and health. Marks and Spencer has takeninitiative of fair trading through cutting salt and fat content in food and recycling.Therefore, in this way political factors have affected overall operations of Marks andSpencer.Economic factors: This factor is associated with the economic condition of the country.At present country like UK is adversely affected due to inflation, recession and other typeof unfavorable conditions (Dawes, 2009). Due to this reason Marks and Spencer is notable to charge high prices for its products as condition such as inflation has affected1
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