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Developing Marketing Strategy Assignment | Mark & Spencer

Added on - 07 Jan 2020

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DEVELOPING MARKETINGSTRATEGY
TABLE OF CONTENTSINTRODUCTION.....................................................................................................................................3TASK 1.......................................................................................................................................................31.1..........................................................................................................................................................34.1..........................................................................................................................................................31.2..........................................................................................................................................................42.1..........................................................................................................................................................4TASK 2.......................................................................................................................................................61.3..........................................................................................................................................................62.2..........................................................................................................................................................6TASK 3.......................................................................................................................................................73.1.........................................................................................................................................................74.1..........................................................................................................................................................84.3..........................................................................................................................................................9CONCLUSION........................................................................................................................................10REFERENCES.........................................................................................................................................12
INTRODUCTIONOrganizational strategy comprises the goals and objectives of a business in a structural format.Marketing strategy is considered as the base pillar for any plan (Abuznaid, 2009). The report willinvestigate mission and vision, objectives, plans and strategies of “Mark & Spencer” (M&S) which is awell settled brand in the market of clothing. There are manykey factors that impacts on environment ofthe organization .The report will also include strategic and marketing plans along with its approachesand evaluation followed by the implementation of same over the corporation culture.TASK 11.1Strategies are the mechanisms used in achieving objectives, mission and vision of theorganization. Strategy is the outer frame according to which each and every plan within corporation isprepared. They have many impacts on each and every functional area of the corporation. Like any otherfirm, strategy of “Marks and Spencer” is having a high impact on its marketing plan. Company is usinghigh pricing strategy as it mostly deals in luxurious products (Ahmad, 2009). As per high pricingstrategy, organization will have to target the high level income group and also people who are havinghigh purchasing power. Accordingly, age category should will be considered as age defines thepurchasing habits. Company will have to make use of advertising mediums depending on the strategysuch as business magazines and internet.Firm can also use low pricing strategy, for instance, “Penetrating pricing” to attract largecustomer base. This is an initial stage model and benefits the organization while it keeps its firstfootsteps in the target market for introducing fresh arrivals. The whole operational structure getsaffected from the strategies put in use and a need arises for company to update accordingly. Hence,marketing plans too need modifications timely. In penetration pricing policy, products are launched at alow price in market so as to retain new customers, so the marketing plan should be made according tothe strategy (Ali, 2010). A group of middle income should be targeted in this plan. Local mediums ofadvertising and promotions can be put in use to reach at the maximum level of population.Marketing planMarket research:- At first, manager of the organization recogniezs product value and strategies ofbusiness organization to face competition.Planning:- After recognizing actual market position, strategies are prepared for implementing action toincrease productivity and profitability of organization.
Developing action plans:- Under this process, developing strategies are performed through effectivecoordination of each employee regarding team building and proper working efficiency to reach out theset goals.Evaluation:- In this process, manager of the entity evaluates organization's performance critically. It ishelpful for creating balance and incraesing efficiency of business to strength business and competitivestrategies.4.1Strategy means a structural format of plans and procedures. So, strategic objectives are thegoals to be achieved for successful and smooth functioning of any business organization. These goalsshould be prioritized as per their importance in the long-run of business activities. “Marks andSpencer” being a multinational brand has adopted a well-built structural format for achieving itsstrategic objectives (Andonova and Zuleta, 2007).Plans plays a crucial role as it supports in attaining strategic objectives of an organization withinstipulated time period and predetermined budget in the desired manner. For example: marketinginnovative products in the target market is one of the strategic goals of firm. Through proper planning,company will have the knowledge of all prerequisites for launching new product or innovation in themarket. A plan should be prepared with considering the points such as target market, pricing policy fornew arrival, promotional activities and advertising techniques as well as the place product with its besteffect over customers can be launched (Gary, 2011). A plan also prepares organization for competitor’sstrategies. So accordingly, company will make its move to beat the competition. Including this,marketing plan is essential for reaching out strategic objectives efficiently.In this regard, marketingmanager of Marks and Spencer recognizes place for managing inventories and providing products tocustomers in easy and convenient manner. However, under this process, place related to producingeffective services of consumer is concentrated that is helpful for strategic management of organizationalso remains helpful for achieving customer satisfaction at high level. It influences productivity andprofitability of entity for providing effective services and making place in competitive market.1.2Marks and Spencer has made a positive and strong brand image in market with the help of itseffectual plans and strategies. Following are some of the vital components which are essential for amarketing plan of organization:-Research is the initial step before making any business plan. So, in case of marketing plan, the
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