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Strategic Marketing Planning and Managing Innovation in Business - Desklib

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Added on  2023-06-18

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This report focuses on strategic marketing planning and managing innovation in business, using Marks & Spencer as a case study. It covers environmental analysis, corporate and marketing objectives, marketing strategy selection, segmentation, targeting, and positioning, and assessment of the 7Ps of marketing. The report provides insights into the latest marketing trends and strategies, and how businesses can adapt to changing market conditions.

Strategic Marketing Planning and Managing Innovation in Business - Desklib

   Added on 2023-06-18

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Managing Innovation in
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Strategic Marketing Planning and Managing Innovation in Business - Desklib_1
TABLE OF CONTENT
INTRODUCTION...........................................................................................................................4
Explaining environmental analysis.............................................................................................5
Corporate and Marketing objectives............................................................................................7
Describing marketing strategy selection......................................................................................8
Segmentation, targeting, and positioning.....................................................................................9
Assessment of 7P's.....................................................................................................................11
Implementation, control and evaluation.....................................................................................12
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14
Strategic Marketing Planning and Managing Innovation in Business - Desklib_2
INTRODUCTION
Strategic marketing planning can be understood as highly crucial for operative rise
towards new functional parameters, for building new pathways and strategies for higher effective
performance growth avenues. Brexit and Covid-19 has shaped business structured efficiencies
variedly within retail industry frameworks, and impacted customer’s preferences for new
services. For this report, M&S has been taken as retail company which is one of the best retail
fashion company having varied range of fashion clothing and services which has extended huge
brand goodwill. The report will examine focus on latest expertise correlated toward market
environment analysis, corporate and marketing objectives for gaining new revenue targets within
changing business environment. Study will further expand research based upon new evolved
marketing strategies, targeting and positioning including globalization phenomenon for extensive
commercial growth targets heading for larger consumer’s growth. The research will further
expand analysis on latest marketing mix factors, implementation and control aspects for gaining
extensive competitive benchmarks into shape.
Strategic Marketing Planning and Managing Innovation in Business - Desklib_3
Explaining environmental analysis
It is important to have proper knowledge about internal & external environment to get
appropriate understanding of business. Marks and Spencer as being international organization
got affected from changing scenario due to Brexit & covid 19. Its influence can be understood
by implementing SWOT & PESTLE analysis.
SWOT evaluation
Strengths
Marks & Spencer has clear brand
image in retail industry with having
private labels (SWOT analysis of Marks
& Spencer, 2021).
There is availability of diverse
employees & products that aids in
having innovative practices in
organizational processing.
Weaknesses
Lack of customer satisfaction due to
inability to penetrate successfully in
foreign markets (Suciati and et.al.,
2020).
Supply chain scalability is the one of
the biggest weakness of organization.
Opportunities
International expansion opportunity due
to its good brand recognition (Suciati,
and et.al., 2020).
Digitalization has increased reach of
firm to targeted segment.
Threats
High level of competition is available
in retail industry .
Depreciation of sterling post brexit
Government regulation has increased
that are creating threat to M&S.
PESTLE analysis
This technique helps in assessing information regarding external environment so that
better approach to tackle with arriving problems can be identified. It comprises following factors:
Political Factor
Brexit has highly affected the Marks & Spencer practices in the terms of trade regulation that
has created hurdle for the progress of company. Every nation has different political culture that
is affects smooth process. In times of covid 19 operating in foreign nation due to instability of
Strategic Marketing Planning and Managing Innovation in Business - Desklib_4

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