Principles and practice of marketing - Marks & Spencer Assignment
Added on 2021-02-20
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Principles andpractice ofmarketing
Table of ContentsINTORDUCTION...........................................................................................................................3TASK 1............................................................................................................................................3TASK 2 ...........................................................................................................................................6TASK 3............................................................................................................................................8CONCLUSION................................................................................................................................9REFERNCES ................................................................................................................................10
INTORDUCTIONMarketing term refers to the activities that is undertaken by the company for promotingthe selling and buying products & services. Marketing practices and principles is a concept thatrelates to the environment of the business where it describes the retailing, marketing language,advertising, promotion etc. This present research is based on the Marks & Spencer is amultinational retailer in UK where it is specialized for selling high quality of clothes. It is listedin the stock exchange market of London. This report will study about the SOSTAC modelapplied on the company and analysing the micro environment according to the situation and alsopromotion, place and product of the tactics. Further, it will examine the needs that undertaken theeffectiveness of organization where the SOSTAC strategy used in UK. Moreover, it will describethe current marketing strategy used by the organization and implemented in the internationalmarkets (Ashworth, Kavaratzis and Warnaby, 2015). TASK 1Micro environment in situational analysis.Micro environment involves all the factors which affected the strategy of business,performance and decision-making process for moving the business in Indian market. There aresome factors which analyse the situation of the Marks & Spencer in Indian market which are asfollows;Political factor:- India is one of the largest democracy country in the world where it runsfederal forms of the government. It easily influences the decision-making process of movingMarks & Spencer in Indian market because the political environment of India is generallyinfluenced by the policies of government and also there are several ideologies of political parties.It is one of the biggest step which taken by the Marks & Spencer to move the business in Indiabecause the taxation system is fully developed such as income tax, sales tax, services tax that isgood for the Marks & Spencer to move the business. From having a stability in the politicalenvironment helps the organization for getting settle down and also helps in making a powerfulmarket share. Economic factor:- The economic environment of India is good for moving the Marks &Spencer in India market because economy of India is stable where company get easily licensingfor set their business in the market of India (Chaffey, 2016). As per the economic policies ofIndia it gives reduction for the licensing of organization, liberalization for foreign capital & so
on. From having constant improvement in the Indian economy helps the business for take theshare of Indian market. It is very good for the Indian market that Marks & Spencer moving theirbusiness here because the environment of business gives opportunity for investing. The tradestructure of India is a beneficial term for Marks & Spencer because it gives facility to transportgoods from one to another.Social factor:- India having a gigantic market of customers with its total population.India has huge market which is the biggest opportunity for the multinational companies andMarks & Spencer as well. India offers so much cheap labour and also the labour forces reach to160 to 170 million (Eastman, 2017). It is easy for Marks & Spencer to afford labour force atvery cheap price. Form this factor Marks & Spencer encourage to outsource their business tooperate in India. India determines so many religions, ethnic and lingual which is salutary for thecompany for operating their business here. It has so much attractive market in so many sectorsand standard of living is gradually improving day by day which is good for Marks & Spencer togives a fashion statement in Indian market where people easily adopt it with new fashion trends. Technological factor:- India is one of the most technology advanced country because itis one of the country for outsourcing the company. It is an advantage for Marks & Spencer whereIndia gives and online shopping facility to their public, it gives E-Shopping, development of thebusiness strategies which is very much beneficial for Marks & Spencer because from that iteasily sale their product's and services to online and also gives huge variety of clothes and makesthe new fashion statements. It's easy for Marks & Spencer to advertise their brand in the marketand also make a share in Indian market. With so many advanced technology customers easilyaware about the Marks & Spencer brand. Technology factor easily helps in increasing sales andrevenues from providing so many facilities to their customers.Environmental factor:- From last decades India growing and developing day by daybecause of so many factors but there are so many challenges faced by India in the Environmentof India such as resources depletion, floods, pollution, biodiversity loss and diversion ofcustomers as well. From applying the SOSTAC model it gives a situation to make the productaccording to the environment and also keep in mind that it does not harm the environment ofIndia (Evans and French, 2019). From having environmental challenges it is very difficult tosurvive in the market of India. Marks & Spencer has to keep in mind that each and every productis not harm the environment of India and their customers. It generally involves the growth and
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