Principles and Practice of Marketing Assignment Solution

PRINCIPLES & PRACTICE OF
MARKETING

CONTENTS
INTRODUCTION.................................................................................................................................1
TASK – 1..............................................................................................................................................1
Overview of Marks & Spencer..........................................................................................................1
Marketing strategy of the company...................................................................................................1
Pricing strategies of Marks and Spencer............................................................................................2
TASK – 2..............................................................................................................................................6
Evaluation of the application of sales promotion and discount tactic in M&S and its effectiveness..6
CONCLUSION.....................................................................................................................................8
REFERENCES......................................................................................................................................9

TABLE OF FIGURES
Figure 1: Price strategies matrix................................................................................................3

INTRODUCTION
Throwing light towards marketing, it is a crucial part of each and every organization.
It is simple mixture of all the activities that influence the alterations to possession of products
or items. Thus, it can be said that marketing is a complete system of actions related to
business for planning, fixing price, promoting the product and distributing it efficiently. Out
of all these four, pricing elements plays a very important role and the existence of the
business is majorly dependent on this factor (Jobber and Ellis-Chadwick, 2012). Pertaining to
this, the current research study will also discuss different pricing strategies and tactics being
used by a high street clothing retailer. In this regards, Marks & Spencer, a multinational
clothing retailer of UK will be taken into account. As a marketing consultant of the company,
the main aim is to evaluate the pricing and marketing strategy being adopted by the firm. The
later part of the report will apply the theoretical aspect of the pricing policy and will
significantly analyse the effectiveness of tactics.
TASK – 1
Overview of Marks & Spencer
M&S is a British retailer having around 895 stores all across the world. It is one of the
largest clothing retailer in UK. Most of the business of their domestic stores generally sells
clothing as well as food both. The company has also expanded their business into varied areas
like furniture, food, homeware and technology. The success of the company is very much
dependent on its pricing as well as marketing strategies. They have adopted a three aspects
i.e. market orientations, marketing mix and marketing segmentation. M&S always strives for
value and low prices and works for its development (M&S, 2018). In addition to this, the firm
has also acquired around 35 outlets and build partnership with Tom Spencer. The main vision
of the company is to provide quality products to its customers along with better services and
value. Marks & Spencer holds almost 17 percent of the total clothing market of United
Kingdom. The products are of excellent quality. Furthermore, the organization also adheres
to top-down approach towards management and is being watched under the close supervision
of its former chief executive officer.
Marketing strategy of the company
For several years, the major marketing philosophy of the company was clearly
producing high quality products under its well-known brand at reasonable price and
advertising by word-of-mouth. Nevertheless in recent years, M&S suddenly trailing down its
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