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Principles & Practice of Marketing

   

Added on  2021-06-17

18 Pages5178 Words404 Views
Principles & Practice of Marketing Student IDPrinciples and Practice of MarketingUniversity NameDateProfessor Name1 | P a g e
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Principles & Practice of Marketing Student IDExecutive SummaryBrand equity is a ubiquitous tool in the hands of marketers and can compete with the competitionof various industries around the world. The value of a brand determines its market share andcustomer base. Marketers have the responsibility to take advantage of becoming a brand leaderin a specific area. The marketing war requires brand positioning and competitive advantage inthe dynamic context of turbulence in all business areas. The development of brand equity is thecompany's primary goal, and many models are researched to achieve this goal. David Aaker's(1991) customer-based branding strategy and brand equity model is an application in this areathat involves brand equity in brand awareness, brand relevance, brand loyalty, proprietary assetsand perceived quality. This report highlights the effectiveness of Marks & Spencer's currentbrand strategy, in particular, the brand equity model used by K L, Professor Keller and ProfessorAaker. Prof. Svend Hollensen's "Globalization" theory of the "Marks & Spencer" brand'sinternational marketing strategy is also included in this report.2 | P a g e
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Principles & Practice of Marketing Student IDContentsBackground......................................................................................................................................4Solution 1.........................................................................................................................................5Brand recognition........................................................................................................................6Brand identity..............................................................................................................................6Brand positioning.........................................................................................................................6Brand personality.........................................................................................................................7Brand affinity...............................................................................................................................7Effectiveness of Marks & Spencer current branding strategy.....................................................8Solution 2.......................................................................................................................................10Standardization and adaptation models.....................................................................................10Marketing Mix...........................................................................................................................11Conclusion.....................................................................................................................................14References......................................................................................................................................153 | P a g e
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Principles & Practice of Marketing Student IDBackgroundM&S firm is a UK based organization that has the great brand image of quality and reliability,with the support of high quality product and trained staff. The M&S has a strong business valuewhich supports the brand image and portrays M&S as a trustful entity. M&S has implementedsome strong strategies in the few key areas of retailing, which have proven to be extremelysuccessful time and again. Marks & Spencer's products are sold with a motive that customersreceive the desired quality, value and service. The key is to keep the loyalty and trust of the allthe customers. They prefer classical fashion clothes and are also planning to subdivide theproducts in diverse lifestyles. M&S organization Direct (online and directory shopping) haseasily improved in the customer convenience and service aspect, by helping companies reachnew generations of shoppers. The management team is supported by the development of strictinventory control systems and high standard specifications (GRZESIAK, 2015). The relationshipwith the suppliers is a unique model, of true long-term partnerships and involves commitments tohelp suppliers improve. They have introduced the "Top 100 Profile and manager BreakfastClub", in order to allow employees and managers to get together more often. This increases theinformation and communication flow between different departments, from the conference roomto the workshop. The company has invested in this specific department to ensure that allemployees are trained for the high demands M&S customers expect, and they provide links totheir major policies and explain how employees lift their concerns (Rogers, 2018). A goodexample for this is a recent "success-oriented" development plan based on brand value. This isplanned to help senior-level leaders to develop themselves and lead teams as well asorganizations to drive its business towards success (Araujo, 2016). This is a key component of4 | P a g e
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