Marketing Strategies for Business Expansion

This assignment delves into the essential marketing strategies businesses need to implement for successful growth and expansion. It emphasizes the importance of understanding local customer needs, adopting advanced technology for logistics and service delivery, and utilizing effective pricing strategies like penetration or skimming pricing. The assignment also highlights the significance of international marketing strategies for companies seeking global market entry.

BUSINESS
REPORT

Table of Contents
EXECUTIVE SUMMARY.............................................................................................................1
1. INTRODUCTION.......................................................................................................................1
1.1 Background of the study.......................................................................................................1
1.2 Purpose of the research.........................................................................................................1
1.3 Scope of the study................................................................................................................2
1.4 Methods of the investigation.................................................................................................2
1.5 Outline...................................................................................................................................2
FINDINGS AND ANALYSIS........................................................................................................2
The 4 P'S of the Marks and Spencer...........................................................................................2
SWOT analysed for Marks and Spencer....................................................................................3
Importance of International marketing to the Company.............................................................5
CONCLUSION................................................................................................................................6
RECOMMENDATION...................................................................................................................6

EXECUTIVE SUMMARY
The present report examines the international marketing strategies which is used by
Marks and Spencer to for gaining competitive advantage in international market. The purpose of
this report is to provide the information to company which is important and help in improving
the marketing strategy. Since from last few years the organisation has expanded its business in
different countries and sales different types of products and services. The objective of this report
is to measure the 4ps of the firm and perform SWOT analysis. Further the significance of
international marketing for Marks and Spencer is evaluated. At last recommendation is provided
on the basis of finding and analysis. The present report help in developing deep understanding
related to different marketing strategies which company can use for expanding its business at
international level.
1. INTRODUCTION
1.1 Background of the study
Marks and Spencer is one of the retail based company which is specialised in the selling
of home product, clothing, luxury food products etc. There is continuous change in the trend and
marketing due to which making personalised customer services is become essential part of their
image. Therefore, Marks and Spencer has decided to adopt new product and services so that it
can easily (Appiah-Adu and Amoako, 2016). Further, the organisation has expanded its business
in different countries and sales different types of products and services. The aim of the firm is to
promote both internal and external marketing environment. Its marketing strategy has been a
concentration on promoting customer consciousness on all employees in its also branches.
1.2 Purpose of the research
The purpose of the report is to evaluate different marketing strategies and conduct SWOT
analysis of the company. The present report will also evaluate the existing marketing strategies
which is adopted by the Marks and Spencer. Along with this it also assesses the importance of
international marketing to the company (Armstrong, G., Kotler, P., Harker, M. and Brennan, R.,
2015). The weakness adopted by the firm and strategies to overcome it will also identify. At last
recommendation is provided for more effective strategies.
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1.3 Scope of the study
The present study will help in developing deep understanding related to different
marketing strategies which company can use for expanding its business at international level.
Further this study help company in using marketing mix elements effectively and efficiently for
selling its products and services
1.4 Methods of the investigation
The methods of investigation which are used in this research secondary. All the information is
collected from the books and journals in order to make research effective. Further, for marketing
mix elements adopted by the company is investigated. The information for the study is come
from different range of sources on the basis of which appropriate suggestion can be provided
1.5 Outline
The present report is separate in two main sections ta is finding section which provide
information related to the marketing which is related to Marks and Spencer and a
recommendation section which provide specific suggestion in order to run the proposed business
in an effective manner.
FINDINGS AND ANALYSIS
The 4 P'S of the Marks and Spencer
Product
Marks and Spencer has maintained the culture through producing quality products with
the aim of providing the best value to the customers. Along with this company is also engage in
making continuous improvement in its existing product according to the demand of the
customers (Turnbull and Valla, 2013). Product is important element of the marketing mix if
company do not focus in making improvement in its product then it leads to impact the customer
base. Further, products which Marks and Spencer produce are mostly like by its customer as
because it focus on delivering the quality products.
Price
There is huge competition in the retail sector due to which Marks and Spencer is involved
in its price in order to ensure that customer remains for the longer time. . Company make sure
that is product sold at reasonable price so that people can easily purchase it without thinking of
its price (Czinkota and Ronkainen, 2013). The firm also used penetration pricing strategy so that
it can easily retain its customer for longer period of time. Further, company make sure that all the
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product which is sold must be of reasonable price of less than it competitor price so that people
prefer to buy its company product instead of switching to other brand.
Place:
The Marks and Spencer is selling its product in different countries through online and it
also has physical store so that people can easily purchase its company product. For selling
product in all over the world, With this goal company has opened its different stores in 9
countries and in throughout UK. Marks and Spencer mostly open its store in city area so that
people can easily travel for purchasing its company product.
Promotion
The organisation has different energetic promotion culture with the aim to maximise
communication to the customers (Armstrong, Kotler and Brennan, 2015). Further, company have
its own website on which it continuously promotes its product with reflecting its benefits and the
way it can be purchased. With a professional and articulated customer services online the
organisation easily communicate with its customers. Apart from this the firm also pay great
attention on its all stakeholder who are important for its firms. Its different stakeholders who are
treated as a critical for the company internal environment are customers and employees.
SWOT analysed for Marks and Spencer
Strength
Marks and Spencer has many strength which are as follows
High recognition of the brand: The organisation is famous in selling quality product due
to this reason company is highly recognised (Appiah-Adu and Amoako, G.K., 2016). Its brand
value is high as the consumers can easily go through Marks and Spencer its shop and purchase
the products. Further the organisation believed on value for money as because of this reason its
sales quality product to its customers.
Wide variety of product:
The organisation have different variety of products in its store as it lead to provide choice to
customers. It also started selling vegetables and fruits so that it can increases its customer base
and make good profit. Company always modify its product according to the taste and preference
of its customers so that sales can be enhanced.
Customer services:
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Marks and Spencer focus on improving its customer services. It is one of the effective
method in order to make good relation with its customers (Sah and Fugh-Berman, 2013).
Further the organisation resolved customer queries on time so that customer do not get
dissatisfied or switch to other brand product.
Shopping environment:
The organisation focus on making its customer feel more convenient and comfortable at its
physical store. All the products in the stores can be seen immediately by the customer which
make easy to select the product which customer want to buy
Weakness
Manual working increase in the cost:
The organisation is not using old techniques instead of using new technology which lead to
increase in time and cost of the productivity (Jarach, 2017). There are many advance technology
is introduced in the market which can be adopted by the Marks and Spencer that time and cost
can be minimised.
Lack of promotional activity: The organisation do not focus on promoting its product and service
due to which less people are aware of it. The organisation used old traditional method of
promotion such as newspaper etc. As in modern era it is important to new use new promotional
strategy.
Strong competition:
There is strong competitor in the market with other retail store due to this company unable to
survive in competitive market. There are many retail organisation who are making same types of
products and services, as it lead to provide chance to customer to choose among them. Further it
is a popular brand therefore company need to protect it from getting misuse by others.
Opportunities
There are many opportunities available for Marks and Spencer with the help of this company can
easily accomplish success. The opportunities are as follows:
Marks and Spencer can develop its own website for selling product and services. This
help company in selling product online. People can easily make purchase by seeing products
online as it helps to save the time of people. Company can also show product and its features
online so that people can easily make decision which type of product they want to buy.
Implementing advance technology:
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Company can easily implement advance technology which help company in making
innovative products and services. With the use of new technology company can easily sales its
product and save money and cost (Grönroos and Grönroos, 2016). New technology assist in
saving time and more innovative product can be developed with the use of technology.
Market segmentation:
It is process with the use of company can easily split its customer in a market into various
groups. Marks and Spencer has opportunities to use new techniques for marker segmentation.
Through increasing the branches in different geographical area. Through establishing a new shop
it makes easy to minimise the maintenance cost and increase profit. Therefore, by keeping in
mind all the feature it is easy for the firm to expand its business with the support of market
segmentation
Threats
Changes in the social environment
It is one of the biggest threat which company is facing at present. Marks and Spencer is greatly
influence by the social environment. Therefore, it is not easy for the firm to make changes in its
product regularly with the changes of taste and preference of customers (Chari, Katsikeas and
Robson, 2014). For instance people move from one country to another and their different culture
affect the people who live in that nation such as dressing, eating etc as according to these Marks
and Spencer needs to make changes in its product and modify them accordingly.
Changes in government policies:
There is continuous change in the government policy due to which company is unable to
make huge profit and it becomes great threat for them. It is important for the firm to make
changes in its way of working according to the government policy. Further, company is
operating its market in other countries due to which company need to ensure that it adopt the
policy of those nations in order to sale their products and services.
Changes in the needs and demand of customer it becomes easy for the firm to
Importance of International marketing to the Company
International marketing is important as because it helps firm in increasing profit and
gaining competitive advantages. In present era's business survival is depended on its presence in
the global marketing. Therefore, lots of efforts which company need to put in order to improve
its effectiveness, if company is operating its business globally. Further through improving the
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effectiveness it becomes easy to make important decision (Solomon, 2014). Marketing is
important for Marks and Spencer because it sales it products in developing countries that is
India. In the upcoming international market, marketing assist organisation in innovating new
products which are line with the future market trend. Further it assists company in expanding
business successfully, accumulate more capital, enhancing profit and increase in production
facilities. Apart from this for accomplishing the working solution in international marketing
company can borrow from other highly diversified company which have fared well in the
international marketing. There are different method which Marks and Spencer can adopt in
order to improve its marketing strategies and accomplish its goals an objective (Armstrong,
Kotler and Brennan, 2015). Marks and Spencer is employs with different types of strategies for
international marketing efforts. First strategy is investing and tapping the international market as
it can be done for using the business principal. Further, with the involvement of the employees it
is become easy to make decisions.
CONCLUSION
In the modern era, international market is essential in today's business. Advance
technology help company in establishing business in all over the world. With the use of
marketing mix elements company can easily accomplish success. The organisation can modify
its product and services according to the needs and wants of customer so that it can easily gain
competitive advantages. There are different marketing strategies which company can adopt so
that it can easily expand its business in other outcries. Further it is important for the company to
analyse the market before establishing business so that company can make changes in its product
and in price accordingly. The challenges which company is facing is related to the adoption of
the flexible strategies. Further it is concluded that company need to work toward the developing
working solution which help company in developing strategies which assist them in addressing
the weakness. There are many opportunities company have in order to run its business
successfully. Company can adopt new technology which help in reducing the cost and time in
productivity.
RECOMMENDATION
Marks and Spencer is retail based company who is operating its business in different
nations. The achievement which are made by the company shows that company is carried out
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business successfully at global level. There are different way through which company can easily
increase its sales and profit by adopting new technologies.
 It is recommended that to reach the customer company need to use new promotional
strategies so that it can easily target large number of customers. With the use of social
networking sites such as Facebook, twitter etc Marks and Spencer can easily promotes its
products. Further, company can use email marketing for sending promotional offer to its
regular customers.
 Online selling help company in targeting large number of customer in all over the world.
It helps customer in selling products and services through making online payment.
 Further it is suggested that company need to invest in high level of business survey
company can easily expand its business in upcoming market as it help in expanding
market base.
 The company required to engage in local professional in their targeted region which help
in identifying the real customer need in such markets.
 For product logistic and fast track services company is required to adopt up to date
technology. For using advance technology company can provide training and
development facility to its employees.
 There are different types of pricing strategy which company can used in order to survive
in competitive market. There are different types of marketing strategies such as
penetration pricing strategy, skimming pricing strategy etc which company can adopt
after deterring its targeted customers
 At last it is recommended that company can easily expand its business in international
market with the help of international marketing strategies.
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References
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