logo

Principles of Sales and Marketing Assignment - Marks and Spencer

   

Added on  2020-10-22

12 Pages4325 Words238 Views
Principles of Sales andMarketing

Table of Contents1: Introduction..................................................................................................................................32: Marketing Plan.............................................................................................................................32.1 Executive summary: ........................................................................................................32.2 Overview: ........................................................................................................................32.3 Marketing and sales concept............................................................................................32.3.1 Production concept: ......................................................................................................42.4 Segmentation-targeting-positioning (STP).......................................................................42.6: Competitive advantage ...................................................................................................82.7: Time scales of Helora......................................................................................................82.8 Marketing budget..............................................................................................................92.9 Ethical Marketing and sales practices............................................................................10Conclusion.....................................................................................................................................11References .....................................................................................................................................12

1: IntroductionMarketing plan refers to operational strategies which helps the company to reach theirtarget customer thus increasing their customer base and profitability. Strategies should be madeafter analysing and monitoring external & internal environment and competitors as directlyaffects the success of the strategies. In this report, Marks and Spencer product Helora is takeninto consideration. It is one of the major British multinational retailer which deals in clothing,home products, luxury, toys etc with headquarter in London, United Kingdom. In the reportmarketing and sales concept with STP will be discussed. Other than that marketing mix and timescales of the new product with ethical marketing will be scrutinized. Budget of new productHelora and how to achieve the maximum utilisation of resources available to M&S will beexplained.2: Marketing PlanMarketing planning is an amalgamation of different types of activities set by thecompany to achieve their business objectives within a set time period (Batra and Keller, 2016).2.1 Executive summary:In this plan different types of marketing theories and concept will be use for marketingmix, STP, marketing concept etc. Budget will be made for the market plan and how companycan achieve their pre set goals with back up plan if external environment changes. Companyshould follow ethical marketing practices while selling and promoting the product.2.2 Overview: Marks and Spencer is one of top brands in clothing and toys in the UK market. M&S islaunching a new toy “Helora”. It is a helicopter toy in which children can sit and fly thehelicopter up to 3 feet. It has no blades thus safe for the use in home or in park. It is an electricitytoy which charges in 2 hours and runs up to 1 hour.2.3 Marketing and sales conceptOne of the difficult task for the company is to acquire the new customers and retain theexistingcustomers. There are different types of marketing concepts which can be used by thecompany to enhance their profitability and sales which are described below,

2.3.1 Production concept: This concept states that customer will only buy those products which are in-expensive innature and easily available in the market (Armstrong et. al., 2015). If the company is producingproducts in high number than automatically production cost will decrease hence increase inprofit for company. Marks and Spencer should produce those products which are high in demandlike small toy cars as it will help company to increase their sales for a certain level.2.3.2 Product concept: It states that customers will only prefer those products which have greatquality and performance (Avlonitis and Lionakis, 2015). M&S should produce those toys whichhave good battery backup, easy to use as children will attract to those toys which are easy to use.Range of product should be big as different customers prefers different types of colour or size ofproduct.2.3.3 Selling concept: In this concept, if company is not advertising or promoting their productsthen customerwill not buy it due to less awareness (Usui, 2017). Main focus of selling conceptis to sell what company is making rather than what customer wants. M&S should invest in theirproducts promotion so that more customer would get attracted to it (Stark, 2015).2.3.4Marketing concept: Company makes the products according to the needs of the customer.This company thinks that consumers will automatically buy their product if it is according totheir needs and wants. M&S should conduct market research and find out what customer wantsand then make then make their products accordingly.2.3.4 Social marketing concept/CSR : This concept holds that company should make theirproducts according to the needs and wants of the customer besides this impact of their product onthe society or environment should be taken care of (Jones and Morgan, 2014). Customer are nowaware of their fundamental duties towards the environment and they won't buy anything whichare deteriorating the environment. M&S should considered all the factors before making anynew product in the market (Tyagi et. al., 2015). 2.4 Segmentation-targeting-positioning (STP)STP is an approach through which company reach to their customer with products theyrequired to satisfy their needs and wants (Magnusson, Peterson and Westjohn, 2014). It helpsM&S to save their funds on marketing or by reducing the excess production of goods.2.4.1 Segmentation: It refers to divide the market base into different parts so that accessible andpotential customers can be find out (Koponen and Julkunen, 2015). It is impossible to target the

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
Marketing Management: SWOT, STP, Marketing Mix and Recommendations for Marks and Spencer
|14
|4524
|287

Marketing Strategy of Marks & Spencer: STP Analysis, Marketing Mix, and Relationship Marketing
|11
|3501
|45

Marketing Plan for Marks and Spencer
|12
|3562
|1

Marketing Plan for Marks and Spencer
|16
|4378
|1

Marketing Mix and STP Strategy of Marks and Spencer
|12
|4289
|56

The Nature and Importance of Marketing Mix in Marketing Process
|9
|2512
|259