Principles and Practice Marketing Assignment - Marks and Spencer

Added on - Nov 2020

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Principles and Practice
Marketing
Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
SOSTAC model to the current marketing strategy of the organisation.......................................1
TASK 2............................................................................................................................................6
Evaluation of effectiveness of current SOSTAC strategy...........................................................6
TASK 3............................................................................................................................................8
Implementation of current strategy in international market........................................................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10
INTRODUCTION
Principles and practice of marketing are two major terms that are focused by business
entities conduct promotional activities within the market. In order to aware customers regarding
products and services that are offered by the company it is very important to take these
components in to consideration in order to form effective strategies. There are four main
principles of marketing (Armstrong and et.al., 2014). These are product, price, place and
promotion. The organisation which is selected for this report is Marks and Spencer which is one
of the largest retailers in the world. It is mainly established in UK and now planning to expand
business and open stores in Latvia.
This report covers various topics such as implementation of SOSTAC model and
evaluation of the effectiveness of this model. Apart from this, assessment of current strategy of
the organisation is also discussed under this assignment.
TASK 1
SOSTAC model to the current marketing strategy of the organisation
SOSTAC model:Thismodel was developed by PR Smith in year 1990. It is a
combination of six different elements. These are situational analysis, objectives, strategy, tactics,
actions and control. It contains general marketing strategy which can be applied in commercial
situations. With the help of it organisations get ready for marketing campaigns in which
marketers try to aware clients regarding the products that are manufactured, distributed or
produced by company. It helps managers and other top executives to formulate better decisions
and plan to strengthen position of enterprise in the market (SOSTACmodel,2019). As Marks
and Spencer is willing to expand its business in Latvia so for this purpose it is very important for
the company to focus on all the components of SOSTAC model. It can help to analyse that the
project will attain success in future or not. For Marks and Spencer all of them are as follows:
1
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