Critical Success Factors for Marks & Spencer: Responding to Changing Trends and Reducing Prices

PRINCIPLES OF MARKETING 1
Understanding the Principles of Marketing
Component B
Business Report
10 April 2017

PRINCIPLES OF MARKETING 2
Executive Summary
The intent of this report is to frame critical success factors for Marks & Spencer and
recommending marketing strategies to attain these factors. Marks & Spencer is one of the
famous brands of the United Kingdom, which is involved in offering home products,
clothing, and food products with a huge number of stores across the world. The report has
framed two critical success factors for the company i.e. responding to changing trends and
customer needs and reducing prices. From the analysis, it has been analyzed that company is
incapable to cover the Asian market due to increasing traditional and ethnic clothing demand.
Therefore, it is recommended that the company must involve in offering traditional wear in
the Asian market. In addition, the company is changing high prices due to its premium
quality clothes, however, in order to survive and give strong competition in the market, it
must reduce its prices.

PRINCIPLES OF MARKETING 3
Table of Contents
Executive Summary...................................................................................................................2
Introduction of Marks and Spencer........................................................................................4
1 Critical Success Factors......................................................................................................5
Strength..............................................................................................................................5
Weaknesses........................................................................................................................5
Opportunities......................................................................................................................5
Threats................................................................................................................................5
Target Market.........................................................................................................................5
Market Segmentation.............................................................................................................6
2 Critical Success Factors......................................................................................................6
Strength..............................................................................................................................6
Weaknesses........................................................................................................................6
Opportunities......................................................................................................................6
Threats................................................................................................................................6
Target Market.........................................................................................................................7
Market Segmentation.............................................................................................................7
Marketing Mix.......................................................................................................................7
Product...............................................................................................................................7
Price....................................................................................................................................7
Place...................................................................................................................................7
Promotion...........................................................................................................................8
People.................................................................................................................................8
Physical Evidence..............................................................................................................8
Process................................................................................................................................8
Recommendations......................................................................................................................8
1 CSF......................................................................................................................................8
Product...............................................................................................................................8
Promotion...........................................................................................................................8
Place...................................................................................................................................9
Physical Evidence..............................................................................................................9
2 CSF......................................................................................................................................9

PRINCIPLES OF MARKETING 4
Price....................................................................................................................................9
People.................................................................................................................................9
Process................................................................................................................................9
Conclusion................................................................................................................................10
References................................................................................................................................11