Strategic Marketing: Analysis and Recommendations for Marks and Spencer

Strategic Marketing

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Introduction and product description..........................................................................................1
Critical analysis of the market.....................................................................................................2
Segmentation, targeting and positioning.....................................................................................4
Recommended extended marketing mix.....................................................................................6
Discussion of implementation issues .........................................................................................8
CONCLUSION ...............................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
The term “Strategic Marketing” is referred as a process which consist of planning,
developing and implementing different action plans to gain a competitive advantage to the
company. Strategic marketing is the process through which a company effectively and efficiency
differentiates themselves from the other competitive company by focusing on its strengths and
potential capabilities to provide a better constantly a quality value to the customers in
comparison of their competitors by utilizing their strengths and potential abilities. The process of
strategic marketing is considered as a essential part of the company as it outlines and direct the
map of the company 's goals and objectives and what strategies are to be done to achieve them. It
includes the recognition of competition, identify the different competitive advantage for the
company and serve the customers with the better quality. (Chernev, 2018). The report is based on
the strategic marketing approach of Marks and Spencer Group plc which is major Brtiish
multinational retailer deals in clothing, food products and home products by having its own label.
The company has more than 1000 stores across the global world. The company is also offering
the online food delivery services in different parts of the countries. The report below includes the
introduction of product, critical analysis of the market, segmenting, targeting and positioning,
recommended extended marketing mix of the company, discussion of implementation issues
along with its conclusion.
MAIN BODY
Introduction and product description
The new product development strategy that is used by Marks and Spencer Group plc is a
wooden product selling. Marks and Spencer is the largest retailer in the global market. And as
being the largest retailer in the company id dealing with different clothing, different product
products and different home products for the customers. The company is using the strategy of
television advertising to promote their products and services to the customers in the market. As
dealing in food products, clothing and home products the company is now developing their
products and launching the new product line in wooden products in home products line. The new
product development is done in the home products lines. (Beirman, 2020). The new product
strategy of dealing with the wooden products. As the idea of launching new wooden products in
home products department can be proved to be profitable of the company. As the products made
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of wood are unbreakable so it can be last long as for the customer 's need. The wooden product
line makes the products like furnitures, tables, chairs, doors, frames etc. that are coming under
the home product line. As being the products of wood it is unbreakable and unrustable. So the
customers can avail the newly launched product with the high level of satisfaction among the
customers towards the product and company. As the newly provided wooden products can be
renovated again according to the choice and preference of the customers. The company is
providing the benefit to the customer to make their wooden products customized according to the
taste and preferences while purchasing so there will no chance of having any compromise with
the products and the customers will be able to buy the products of their choice. As being a
sustainable idea of launching wooden products the company is also giving their some to serve
the society also. Marks and Spencer is multinational retailer so it will be easy for the company to
launch new product in the global markets to gain profits for the company. It is necessary for the
companies like Marks and Spencer to keep working on their business growth strategies and can
launch new products in the markets to gain competitive advantage.
Critical analysis of the market
The critical analysis of the market can be made on the basis of market trends,
competitors, customer attitudes and behaviours and different issues present in the market. The
growth trends can defined as the rate of growth of the business company over a specific point of
time in the competitive market. The growth trends of the company can be measured in terms of
month, year,or decade according to the need of the markets. The growth trends of the company is
helpful to determine and have idea about the future market opportunities and the company 's
position in the market. In context to Marks and Spencer, the company is a leading multinational
retailer in UK. The company has long business story in the market with having one store in 1884
to more than 1000 stores serving across the global world. (Sahaf, 2019). As the company
employees more 70 thousand people across the global world with a majority of having female
employees more. The statistics represents the growth trend of Marks and Spencer from 2011 to
2017. The growth of the company is rising in the market as that it can be beneficial for the
company to have product development and launch new product.
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