Knowledge and Understanding of Different Areas of Marketing

Knowledge and
understanding of
different areas of
marketing

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................4
Marketing audit of business current performance ......................................................................4
Evaluation of organisation current marketing strategy as well as position. ...............................6
Proposal of two sets of market segmentation used by company. ...............................................7
Market research of business. ......................................................................................................8
Buying behaviour of customers towards an organisation...........................................................9
Justification of chosen marketing strategy................................................................................10
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
In a business, knowledge and understanding customer needs is very important. All
businesses have extended thair knowledge whether it is regarding customer needs and wants or
the experienced staff. If a business wants to be successful then they must have the quality to
share their knowledge. Understanding customer needs as well as knowledge must not be applied
only by maultinational companies but it is also useful for low marketing firms. There are
different areas of marketing like market research, search engine marketing, content marketing,
direct marketing, video marketing, social media marketing and so on. Knowledge and
understanding of different areas of marketing includes a marketing audit which involve
understanding the market place, understanding customer base, understanding and knowing about
4P's of marketing, the sretangths, weaknesses, threats as well as opportunities and establishing
market strategy to be successful. The below report includes marketing audit based on current
performance, evaluation of marketing strategy, sets of market segmentation, market research. It
also includes buying behaviour of customers as well as justification of marketing strategy. The
below report is based on Mark and Spencer. It is a british multinational retailer which has
specialisation in clothing sector, home products as well as food products. It was founded in 1884
by Michael marks and Thomos spencer(Luque-Martínez, Faraoni and Doña-Toledo, 2019).
MAIN BODY
Marketing audit of business current performance .
Marketing audit refers to the analysis which is done in systematic way in context with the
business marketing environment which is both in the internal as well as external form. Marketing
audit is important for a business because it provides a reference point for all sort of marketing
activities and also provide certain portrays which helps in enhancing efficiency as well as
company performance. There are many components of marketing audit like task environment
audit, marketing strategy audit, macro environment audit, marketing function audit, marketing
productivity audit, marketing system audit, marketing organisation audit. The marketing audit
involve both internal analysis as well as external analysis. With reference to external analysis, it
involve PESTLE analysis. Pestle analysis includes political factor, economic factors, social
factors, technological factors, legal factors, environmental factors. The pestle analysis of Mark
and Spencer is explained as below:-

 Political factors:- In accordance with european committee decision, there was free flow
of trade among them as well as other countries in context with foreign trade regulations
which helps companies in importing their products. So, in case of Mark and Spencer their
competitiors were having an advantage of high cost structure because company faced
decreased costs because of fair trade policy and they faced an impact of Brexit which led
to implications on their company. Due to Brexit, old plan of actions used by company
was not accepted by company(Paschen,Kietzmann and Kietzmann, 2019). Economic factors:- Economic factors involve interest rates, inflation rates, economic
growth and so on. In case of Mark and Spencer, they focused on their strategy regarding
providing all good quality products to consumers but company also faced financial crisis
due to which they faced loss in demand for quality products because customers were not
having much income due to which they are not spending much on brand high quality
products. It also had crisis with small local retailers in context with pricing strategy and it
all happened because of Brexit. Social factors:- There are many changes in social trends which company also faces. The
company also had one focus that to expand its name around whole world. Consumer
purchasing decision is influenced by social, cultural and personal factors. The company
faced loss in their customers because most of people connected the brand with past but
company tackled it in an effective way by providing ready meals all over the world and is
now at the top position(Finch, Nadeau and O'Reilly, 2018).