Importance of Strategic Marketing Planning for Marks & Spencer

This report discusses the importance of strategic marketing planning for Marks & Spencer, a UK-based company. It covers the understanding of corporate strategy and the application of strategic marketing planning theories. The report emphasizes the role of strategic marketing planning in achieving organizational goals and objectives.

Strategic marketing
planning

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
TASK...............................................................................................................................................3
Understanding of corporate strategy............................................................................................3
Application of strategic marketing planning theories..................................................................4
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................8
Books and Journals:.....................................................................................................................8

INTRODUCTION
Every organization has own goals and objectives that they want to be achieving
efficiently and effectively (C. Dou and Fu, 2018). For the purpose of accomplishment of goals,
organization tries to make strategy so that their path becomes clear. For success and growth
organization need promotion of goods and services in the market. It can be done with a good
marketing plan which is termed as a strategic marketing plan. Strategic marketing planning is an
essential component that decides success and growth of organization. In this context Marks &
Spencer is undertaken to show the importance of strategic marketing planning. It is the UK based
form which headquarters in London, England. They deal in selling home products clothing and
food products with their own label. This report covers the importance of corporate strategy
relevant strategic marketing plan. It also covers some theories of strategic marketing plan which
helps in getting goals.
MAIN BODY
TASK
Understanding of corporate strategy
Any organization that wants to survive in the market for long term period, they need a
proper strategy which helps in giving direction. Strategy is the way to accomplish their goal and
objectives. A company can do anything with the help of a good strategy. They can lead the
business world and take competitive advantage. For company's success and growth, they need to
make a corporate strategy. Corporate strategy refers to a plan in which an organization can see
their long term vision (Grünig and Kühn, 2018). They make a plan for creating corporate value
which assists in achievement of customer satisfaction. It also helps in motivating workforce of
organization so that every employee gives their best for the purpose of achievement of goal.
Marks & Spencer is a large organization which need a good corporate strategy so that they can
run their business very well. It is identified that marks and Spencer already doing very well with
the help of their business strategy. It is identified that every organization goes for making a
perfect strategy due to huge competition in business world. A day today rise in competition gives

a reason for formulating a business strategy that assist in beating with their competitors. Marks &
Spencer is lying in top 10 retailer of UK (Fransinatra, Iskandar and Gustika, 2020). In the past
few years it is analyzed that retailing factor facing intense competition so that's why Marks &
Spencer try to overcome with their competitive strategy. There are some advantages of corporate
strategy which are mentioned below:
Strengthening decision making: It is identified that strategic management is concerned
with identification of objectives. Marks & Spencer has an objective that they become the leader
of the business world by attracting more and more customers. For that purpose they tried to build
customer loyalty which leads to some decision making. Corporate strategy helps in strengthening
decision-making that taken by management of marks and Spencer.
Give directions: An organization can achieve their goals and objectives only when they
have clear directions from board of members. Board members are the person who takes decision
in the making of strategy (Haleem, Jehangir and Ullah, 2019). With the help of good strategy it
gives clear direction to the subordinate and superior level so that they can perform accordingly. It
reduces ambiguity between functions.
Competitive advantage: it can be clearly seen in the global market that competition is
raising at a very fast speed. So it is very necessary for every organization especially for Marks &
Spencer that they make strategy very well (VESELİ). It assistant taking competitive advantage
even in a tough competition conditions.
It is analyzed that corporate strategy plays a very significant role in the success of
organization. Marks & Spencer can accomplish their goals with the help of a perfect strategy.
They can efficiently and effectively accomplish targets with the help of strategic marketing
planning theories (Hughes and et. al., 2018). Theories are the fundamental principles of business
which be used for analyzing the situation and take actions accordingly.
Application of strategic marketing planning theories
Now it is clear that corporate strategy is very important but it is also not neglecting by
companies that this should make strategy in marketing department. There are theories which help
in accomplishment of goals and objectives. It is very necessary for success and growth of
business. Strategic marketing theories are mentioned below:

Segmentation
It is the first theory in which Marks & Spencer need to identify their target market so
that they can divide into small groups with their similarities. It is essential for satisfying their
needs and wants according to their tastes and preferences (Jayawarna and Dissanayake, 2019). It
is very obvious that every consumer has not same needs and wants so that's why company needs
to segment the market for presenting their products to a particular segment. For the segmentation
marketers and business owner of Marks & Spencer, they need to identify the segments on the
basis of behavior, demographics and desires. It assists in taking decision for what products need
to provide that targeted by a company. This theory helps in strategically segmented the whole
market according to the similarities. It assists in providing the best products to their segment
customers.
Life cycle
A product life cycle has a specified time period after lapse of time company need to
change their products or modify them for providing best quality of products to the customers.
Marks & Spencer always focus on market research so that they can identify the needs of their
potential customers. With the help of market research they can analyze the behavior of the
customers and try to modify their products accordingly (Korkmaz, 2020). They just not modify
but also introduce new product for the satisfaction of customer. It assists in giving a tough
competition to their competitors and take advantage in the competitive world.
Marketing mix
Marketing mix is a combination of all essential components such as product, place,
promotion, and price. These entire four Ps are very important for the success and sustainable
growth of organization (Oriaso, Dulo and Ochuodho, 2020). For sustainability they need to
identify the demand of their products so that they can determine their profit margin with the help
of deciding price. Marks & Spencer is big retailer which needs to identify the reach of their
customers and then take decision about place. They investigate that now people are trying to buy
their products online so that's why Marks & Spencer launch their website for ordering the
products online. But it is very important for company that they promote goods and services in
such a manner which every customer take benefit from them.

Relationship marketing
Customers are very important for Marks & Spencer and that is the reason for creating
and building customer loyalty in the organization (Ngige, 2017). They focus on building long
term relations with their potential customers so that they can retain in their organization for long
period. It is the best tool for attracting their customers through providing good offers and
discounts. For building relations with customers firstly need to provide some benefits to the
existing customers. Marks & Spencer provide loyalty card to their existing customers who are
continually purchase goods from their company. They also can attract with the help of offering
high quality products. It assists in expanding the customer base that is the ultimate goal of Marks
& Spencer. Customer base is referred to expanding the operations and functions of marks and
Spencer.
Brand equity
Marks & Spencer is recognized by their name & which assist customers to differentiate
their products. It is identified that brands attract customers and influence their behavior. So that's
why company need to add values to their products which helps in building brand equity in front
of their customers. For creating brand equity company needs to focus on brand awareness so that
all people know the name or symbol of Marks & Spencer (Oger and et. al., 2020). In the survey,
a researcher ask from customers that from where they want to buy. Customers gave a reply that
they want to buy a product from a branded company. This survey shows that customers get more
attracted with brand equity.
All above strategic marketing planning theories are helps in achievement of
organizational goals and objectives. Companies should apply these theories according to the
situations. It assists them to take a good decision. It is very necessary for every organization who
wants to survive and sustainable growth in the market.
CONCLUSION
It is concluded that a company needs a plan from which date that guidance to take for
the richest apps in order to accomplish their set goals. It can be done through a good strategy
which is made by top management of organization. It is not easy to make a strategy because it

lays many things that should be considered while making a strategy. It is very important for
organization that they should focus on following a process of strategic marketing plan so that
they get our flexible and perfect plan for achievement of targets. This report covers strategic
marketing planning theories which make the process easy for company. Theories give many
benefits to company e so that's why they need to apply them according to the situation.

REFERENCES
Books and Journals:
Chien, C. F., Dou, R. and Fu, W., 2018. Strategic capacity planning for smart production:
Decision modeling under demand uncertainty. Applied Soft Computing, 68, pp.900-909.
Fransinatra, Z., Iskandar, Y. and Gustika, G. S., 2020. THE EFFECT OF MANAGEMENT
EDUCATION TRAINING CENTER (ETC), STRATEGIC BRAND MANAGEMENT,
AND MARKETING MANAGEMENT ON PERFORMANCE OF ETC INDRAGIRI
HULU REGENCY. Jurnal Manajemen dan Bisnis, 9(2), pp.26-44.
Grünig, R. and Kühn, R., 2018. Strategic Planning. The International Encyclopedia of Strategic
Communication, pp.1-11.
Haleem, F., Jehangir, M. and Ullah, Z., 2019. Strategic Planning and SMEs Performance: A
Developing Country's Perspective. Journal of Business & Economics, 11(2), pp.33-49.
Hughes, P., and et. al., 2018. Planning to improvise? The role of reasoning in the strategy
process: Evidence from Malaysia. Asia Pacific Journal of Management, 35(2), pp.449-
470.
Jayawarna, S. and Dissanayake, R., 2019. Strategic Planning and Organization Performance: A
Review on Conceptual and Practice Perspectives. Archives of Business Research, 7(6),
pp.155-163.
Korkmaz, G., 2020. The Moderating Effect of Internal Audit in Strategic Planning
Implementation Success. Istanbul Management Journal, (88), pp.57-84.
Ngige, C. D., 2017. Strategic Planning and Productivity in Organizations: A Study of Selected
SMEs in Anambra State. African Journal of Education, 3(4), p.122.
Oger, R., and et. al., 2020. A decision support system for strategic supply chain capacity
planning under uncertainty: conceptual framework and experiment. Enterprise
Information Systems, pp.1-45.
Oriaso, S., Dulo, F. and Ochuodho, Z., 2020. Role of Strategic Planning for Public Relations in
Organisations.
VESELİ, A., Assessment of Critical Success Factors for Strategic Planning: A Case Study of the
Residential Construction Company in Kosovo. İş ve İnsan Dergisi, 7(2), pp.171-187.