Introduction to Market Assessment

This document provides an introduction to market assessment, focusing on marketing activities, market segmentation, market strategies, and more. It explores the case of Marks and Spencer and their launch of a new product. The document includes insights on market segmentation, STP (Segmentation, Targeting, Positioning), and market positioning.

Introduction to Market
Assessment
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Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Overview of Marks and Spencer............................................................................................3
Market segment......................................................................................................................4
Market Strategies....................................................................................................................7
Marketing Mix......................................................................................................................11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13
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INTRODUCTION
Marketing refers to activities a organisation undertakes to sell the shopping for or
promoting of a product, service, or good. It is one of the primary components of industrial
organization manipulate and commerce. Marketers can direct their product to distinctive groups
or right away to consumers. Marketing is the activity, set of institutions, and methods for
creating, communicating, delivering, and converting offerings that have charge for customers,
clients, partners, and society at large. Marketing is critical because it allows groups to maintain
long-lasting and ever-present relationships with their audience. It isn't a one-time fix, it is an
ongoing approach that lets in groups flourish. It engages: Customer engagement is the coronary
heart of any successful industrial organization (Beverland, 2021). This report is based on
“Marks and Spencer”, is a primary British multinational store with headquarters in London,
England, that specialises in promoting clothing, domestic merchandise and meals merchandise,
frequently of its personal label. It is indexed at the London Stock Exchange. This company serve
their service and products in different countries with high satisfaction of customer. This report is
based on the scenario of launch product of Marks and Spencer company that is “cosmetics” The
below report includes the Market segmentation which cover STP, market strategies and market
mix.
MAIN BODY
Overview of Marks and Spencer
This company is multinational based retailer which is deals in vital range of products
such as clothing, footwear, accessories, perfumes and many more. Headquarter of this industry is
in London.
Value: The Marks & Spencer emblem is built on key values of first-class, value, service,
innovation and trust. Overall, the emblem's 'mission' is to make inspirational first-class on hand
to everyone, thru the intensity and variety of its products.
Vision: The brand's 'vision' is to offer a fashionable in opposition to which its competition
can be measured, from purchaser experience, to take care of the surroundings and network and to
the running surroundings for employees.
Objectives: An agency wishes to keep an basic goal of their agency. If the agency set
every year targets then it is simple to gain for them and for that reason Marks and Spencer set
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distinct targets for every year. The agency is elevating their degree of targets nearly each year
The gift motto of the agency is to enhance the customer’s and the stakeholder’s revel in, as they
recognize in the event that they enhance their revel in within side the commercial enterprise then
the achievement will come automatically. Their goal is to boom their degree every year basis.
Every year, the organization is making plans to increase their income margin
Market segment
A market segment refers to a sub-organization of clients that percentage not unusualplace
traits including interests, geography, age, demographic, or lifestyle. Commonly utilized in
advertising strategies, marketplace segments assist organizations optimize their service or
product to match a given segments needs. Segmentation allows entrepreneurs to be greater green
in phrases of time, cash and different resources. Market segmentation lets in organizations to find
out about their clients. They advantage a higher expertise of client's want and desires and
consequently can tailor campaigns to client segments maximum possibly to buy products. M&S
makes use of demographic segmentation to choose its goal markets for its products (Flegel and
Leggatt, 2021). M&S goals its clients into unique companies through age, profits, social class,
and occupation. M&S goals the 30 plus age organization with excessive profits and government
occupation. It additionally bases its marketplace segmentation via value.
STP
The STP advertising and marketing version (Segmentation, Targeting, Positioning) is a
acquainted strategic method in cutting-edge advertising and marketing. It is one of the maximum
normally carried out advertising and marketing fashions in practice, with advertising and
marketing leaders crediting it for efficient, streamlined communications practice. STP
advertising and marketing makes a speciality of industrial effectiveness, choosing the maximum
treasured segments for a enterprise after which growing a advertising and marketing blend and
product positioning approach for every segment. As Market maintains to expand, so do
possibilities for segmentation, focused on, and positioning. So whether or not you are state-of-
the-art to STP or a pro veteran, it may be beneficial to take inventory and double-take a look at
you are using each danger you get to reach, have interaction with, convert and interact
customers. The STP version is beneficial while developing advertising and marketing
communications plans because it allows entrepreneurs to prioritize propositions after which
expand and supply personalised and applicable messages to interact with one of a kind
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audiences. The three-step funnel includes marketplace segmentation, marketplace focused on,
and product positioning. Within research-primarily based totally marketplace segmentation
phase, organisation is aiming to pick out a foundation for the segmentation in their goal
customers, and decide essential traits to distinguish every marketplace segment. When
developing your focused on and positioning approach, you ought to examine the capacity and
industrial beauty of every segment, after which expand precise product positioning for every
decided on segment, along with a tailor-made advertising and marketing blend primarily based
totally to your information of that segment. There are three key elements in STP which are
explained below as;
Market segmentation: Strategy & segmentation: According to the marketplace the
enterprise Marks and Spencer divide the marketplace in few segments. Segmentation assists the
enterprise to preserve sustainability of their business. Marks and Spencer divide their target
market in few parameters. According to the demographics, the group divides the clients into age,
gender, training et cetera, geographically through country, location or state. Psycho graphically
through clients’ attitude, values, chance aversion et cetera. The behavioural sample additionally
determines the consumer’s retention on their products (Gravelle, 2021). It additionally allows to
apprehend the purchaser and in step with that, the enterprise takes essential steps. Then the group
wishes to enhance through concentrating at the consumer’s delight factor.
Market targeting: aleven though with an moral commercial enterprise shape Marks and
Spencer is jogging a hit commercial enterprise. Still they want to keep a few marketplace
orientated goal of their commercial enterprise to keep sustainability withinside the employer.
According to the dimensions and potentiality, the employer wishes to set a goal. Calculating their
hazard and possibilities the employer want to assess every year goal as a way to benefit from it.
Money is a big count number in this, they want to installation a every year finances and in
keeping with the finances the employer want to a few brief action. Marks and Spencer wishes to
installation a goal this is without problems reachable to them. If the goal isn't plausible then they
need to consider an opportunity goal for his or her employer.
Market position: advertising blend facilitates the business enterprise to place their
merchandise and enterprise shape properly. Four P’s are there withinside the blend advertising
policy. The 4 P’s are product, place, charge and promotion. Marks and Spencer desires to
awareness on those 4 factors to enhance greater. For example, the group desires to devise their
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merchandise in line with their clients need. As the business enterprise offers with apparel and
meals enterprise, thus, the business enterprise desires to pay attention on their customer’s
alternatives greater and in line with that the enterprise desires to be unique on their charge list.
Tactics and Action
To make the garb and the Cosmetics enterprise extra a success Marks and Spencer wishes
to make a plan or methods at the beginning and consistent with the methods they want to take
action. At first, the agency wishes to growth their enterprise valuation extra than before. It is
handiest viable with the aid of using figuring out their clients and their marketplace place. Marks
and Spencer is an area in which the clients get sparkling ingredients and exceptional garb brand.
Thus, they want to enhance their exceptional of the meals products; they want to supply it as
sparkling as viable. On the opposite hand, the agency wishes to increase their garb series so one
can the customer’s want in one-of-a-kind nations in one-of-a-kind regions. The organization
wishes to become aware of their perfect clients with the aid of using distinguishing the clients
into target market and constant clients (Jerez-Jerez, 2021). As handiest their unswerving clients
can help them to increase their enterprise, it additionally brings motivation within side the
paintings place.
To analyze the internal environment for new product company can adopt SWOT model so
that they can understand strength, weakness, opportunities and threat.
Strength Weakness
Turning in a excessive first-rate product and a large
patron is the principal energy of the business enterprise.
Customers usually get a selection of garments and
sparkling meals gadgets from Marks and Spencer. The
business enterprise has many alternatives for the
vegetarian and the non-vegetarian humans in meals
section. Apart from that, they supply a great buying
enjoy to its clients of their retail shop. In addition, they
do now no longer restrict themselves most effective in
promoting the product however additionally they offer a
great after promote carrier to the clients,
The business enterprise is not able to draw the more
youthful generation, as there may be lack within side the
garb segmentation of their retail shops. Apart from that,
there are numerous instances wherein the clients bitch
approximately their on-line buying enjoy. On the
opposite hand, Marks and Spencer has many stores,
however, the promoting ratio is has now no longer
elevated in evaluation to the variety of stores.
Opportunities Threats
Within side the twenty first century, the net network has
revolutionised the face of the enterprise. Thus, the call
Nearly each day new corporations are launching their
enterprise with exclusive concept and perspective. Thus,
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for of the business enterprise’s product is growing
hugely. This system could be very consumer friendly,
thus, its reputation can also additionally come as a large
possibility to them. The fashion of wholesome
consuming is these days a large fashion, for this reason,
the business enterprise now providing sparkling and
style of ingredients to their clients. The globalisation is
supporting the business enterprise to take their enterprise
internationally.
the opposition is large within side the marketplace.
Organisations like Wal-Mart, Zara, Subway, and Tesco
are few of the principal competition within side the
marketplace. Along with that, the alternate within side
the social marketplace is acting as the brand new venture
in the front of the Marks and Spencer, as clients wants
and call for are converting nearly each day. Apart from
those elements, a few political, inexpensive elements are
also there that decide the advertising and marketing
scenario of the Marks and Spencer.
Market Strategies
It is refers to a business's average sport plan for accomplishing potential customers and
turning them into clients in their merchandise or services. ... A thorough advertising method
covers "the 4 Ps" of advertising: product, price, place, and promotion. Promotion, pricing,
distribution, and product standardization and model have an effect on sales, consumer and
economic overall performance of firms (Lappi, 2021). The examiner shows that the effect is
mediated via way of means of advertising method implementation success. Marketing method is
critical as it defines the way you speak your fee to others. You can supply your advertising
method file to anyone: colleagues, advertising agencies, contractors, salespeople, etc. and they
may recognise precisely who you are, what you do, and why you do it.
Market strategy of company: M&S emphasizes to offer a not unusual place message on
all medium of communications. Marks & Spencer makes use of print media, TV advertisements,
cell advertisements and different social media campaign. The enterprise makes use of its very
own internet site to sell its brand, garments for women, guys and kids.
To analyse the external environment for new product Pestle model is covered below so that
company can analyse all factors thus industry can operate their business in right direction to
achieve goals.
Political factor Free exchange: One of the maximum fine factors of
present day politics is the loose exchange that has been
installed among a mess of countries. Marks and Spencer,
which mainly operates within side the United Kingdom,
however additionally have places abroad, advantages
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significantly from this.
Free exchange lets in Marks and Spencer to import
overseas merchandise on the market of their shops at
less expensive expenses than otherwise, whilst retaining
a wholesome income margin. While loose exchange has
been round for pretty a few times, specifically for
European brands, the United Kingdom’s selection to
depart the European Union may have an effect on this.
Economical factor Discount opposition of Marks and Spencer Price has
continuously been a big element inside facet the retail
industry; but the last few a long term have seen
numerous rate variety stores pop up inside facet the
United Kingdom. From rate variety apparel stores to rate
variety supermarkets, the ones new opposition are
stealing away market percent from Marks and Spencer
brand, thru encouraging customers to revel in similar
products at heaps lower expenses. In fact, Marks and
Spencer’s 1999 choice to replace to the use of remote
places carriers have become probable fuelled thru the
ones reduce rate opposition.
Sociological factor Non-contemporary-day Marks and Spencer isn't always
ant any new name inside aspect the United Kingdom.
Having been spherical for the cause that 1800s, the retail
chain is now a own circle of relatives name maximum of
the youth, the elderly, and absolutely everyone in
among. However, this long-reputation reputation has had
an unfortunate consequence: customers are beginning to
partner Marks and Spencer with the past. As new and
contemporary-day retail chains pop up every year,
Marks and Spencer’s reputation also can moreover
emerge as a far much less contemporary-day logo for
customers — mainly extra younger customers.
Technological factor Online purchasing Another huge fashion in retail is that
of on-line purchasing. As you’d expect, Marks and
Spencer has already installed a sturdy ecommerce
presence, presenting nearly all in their items from garb
to foodstuffs to domestic merchandise.
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M&S takes the conventional technique to on-line
purchasing with their garb items, turning in items
immediately to buyers. However, it seems that Marks
and Spencer does now no longer supply meals items, in
contrast to a few different principal meals shops within
side the UK.
Legal factor The legislation in each nation are ever-changing. Marks
& Spencer constantly behaviour education periods on
regions which include fitness and replace them each
unmarried 12 months a good way to maintain
themselves up to date with the modern-day legal
guidelines and legislation.
The emblem got here beneathneath public scrutiny
whilst it became accused of failing to defend its
personnel in addition to the employees from capability
threat of publicity to asbestos. The Marks & Spencer
keep in Broad Street became getting being renovated on
the time whilst ceiling tiles containing the cancer-
inflicting fabric fell right all the way down to the floor.
The organization however, did not cope with the whole
trouble and became a blind eye toward the whole
trouble. They had been ultimately convicted of expenses
certainly considered one among whom became primarily
based totally at the Health And Safety at Work Act 1974
a good way to take measures for organising norms
toward the protection of the employees. They convicted
for each the offences and fined 500,000 kilos for every
offence
Environmental factor Sustainable produce Wanting to hold their photograph
as a luxurious emblem, Marks and Spencer has pledged
to come to be a extra sustainable store on several
occasions.
This pertains to a mess of Environmental elements
which are found in the purchase of meals, garb, and
domestic merchandise (consisting of carbon emissions
from production procedures and deforestation for
farming land). Marks and Spencer’s circulate to come to
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be a extra sustainable store is not anything too unique,
however, as many different UK shops have pledged to
do the same.
Marketing Mix
This refers back to the returned to the set of actions, or tactics, that a corporation uses to
promote its brand or product inside aspect the market. The 4Ps make up an regular marketing
and marketing combination - Price, Product, Promotion and Place. Identifying and arranging the
elements of its marketing and marketing combination permits a industrial corporation to make
profitable marketing and marketing choices at every level. These choices help a industrial
corporation: Develop its strengths and restrict its weaknesses. Become more competitive and
adaptable in its market. In phrases of Marks and Spencer corporation, they release new variety
this is cosmetics in order that corporation ought to undertake the advertising blend techniques for
higher achieving and growth. Marketing Mix of Marks & Spencer analyses the brand/corporation
which covers 4Ps (Product, Price, Place, Promotion) and explains the Marks & Spencer
marketing and marketing approach (Mintah and Addy, 2021). There are several marketing and
marketing strategies like product/service innovation, marketing and marketing investment,
consumer enjoy etc. which have helped the brand grow. Marketing approach helps organizations
advantage industrial corporation goals & objectives, and marketing and marketing blend (4Ps) is
the extensively used framework to define the strategies. This article elaborates the product,
pricing, marketing and marketing & distribution strategies used by Marks & Spencer.
Product: Marks and Spencer company deals in vital range of products. Company wants to
launch new product of their own brand in cosmetics range so that they can increase their ranges
in each section to increase their reaching in marketplace.
Price: Generally the cost of latest product amongst medium to higher magnificence because
of its pinnacle magnificence quality. But M&S despite the fact that follows a competitive pricing
approach due to the fact the customers now have greater options to choose from because of the
advanced competition. Marks & Spencer moreover faces competition from on-line stores and
exceptional large retail players. The organisation moreover follows a dynamic pricing approach
as for the duration of seasonal time it offers greater reduce fee on products to get greater
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customers and commonly the vintage stock is placed available in the marketplace at a lesser rate
as compared to newly arrived stock.
Place: Marks and Spencer Company serve their services and products and different
countries so that they can provide their new products in various countries. company perform all
activities through technology and digital platforms.
Promotion: Marks & Spencer chooses its marketing and marketing approach very carefully
that lets in you to align its business advertising marketing campaign with digital marketing and
marketing and in keep approach. M&S emphasizes to provide a common location message on all
medium of communications. Marks & Spencer uses print media, TV advertisements, mobileular
advertisements and one-of-a-kind social media advertising marketing campaign (Murphy and
Spencer, 2021). The employer uses its non-public net web website online to promote its brand,
clothes for women, men and kids. Customers can find blogs and fashion tips on its net web
website online. Marks & Spencer moreover promotes its season sale to its dependable customers
thru giving them specific discounts. M&S moreover runs a completely unique loyalty program
‘Sparks’ which gives elements to the customer’s account at the concept of amount spent on
shopping. This reward elements can then be spent on future purchases from Marks & Spencer
stores.
CONCLUSION
It is concluded the above report, marketing activities are important for company to
promote their brand and increase productivity. In above report company launch new product to
increase their range of products so that they can reach more potential people in different market
nations. Through STP, company can segment, target and set position of their new product.
Marketing strategies are important to avoid any other competition around them.
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