Importance of Strategic Marketing Planning for Marks & Spencer

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