Strategic Marketing Planning and Managing Innovation in Business - Desklib

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.

Managing Innovation in
business

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

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.

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

political environment has affected negatively to sales factor of organization. There has been fear
of spreading infection so political culture has become stricter as compared to previous.
Economical Factor
There is rise in inflation rate due to pandemic situation floatation of money in market has
been reduced as compared to previous. Factors like income, saving, interest, employment, etc are
included in economical element as these highly influences functioning of Marks & Spencer
(Saudi, 2021). There are certain changes in fiscal & monetary policy of UK after Brexit that has
reduced flexibility of operating. There is lack of availability of employees and buying pattern of
customer has changed as compared to previous,. Post Brexit & pandemic crises have negatively
impacted sales making capacity of M&S.
Social Factor
Consumer purchase is highly affected by culture, social values, norms,. Etc. so before
launching any product for the targeted audience it becomes important to focus on these
components (Agyekum and et.al., 2021). Market trends keeps on changing Which affects
customer taste & preferences. It is important to give focus on prevailing circumstances to get
higher sustainability. Pandemic has decreased customer purchasing capacity due to lower
employment opportunity as lock down has shut most of the companies for certain duration.
Technological Factor
This is one of the most important indicator of change as it change son rapid pace. In the
present era, there is increase in utilization of technological devices in form of making purchasing
by using online business based platform. Concern regarding health & safety has inclined which
has forced customer to prefer more self-checkouts and obtain online based shopping. Brexit has
bought various technological updating which has positively affected M& S. in times of covid
there is more focus on online purchasing pattern which is decreasing store based sales.
Legal Factor
There has been implementation of various legislation after Brexit which has encouraged
fair trade, sustainable production, discrimination law, consume & data protection, etc.
Government guidelines in respect to meeting with customer demand has completed modified that
has implemented higher focus on hygiene, etc. It ahs become complex to deal with customer’s
present time.
Environmental factor

Pollution, climate change, recycling, attitude towards green practices etc are required to
emphasis to have smooth functioning to appropriate deal with arising pandemic challenges.
Corporate and Marketing objectives
M&S has been structurally expanding key corporate and marketing objectives, which
further plays strong role for operative innovation towards connected key goals for higher
operative growth targets. Corporate and marketing objectives after covid-19 and Brexit has
further evolved towards keen new paradigms variedly and for further strengthening business
goals diversely, as pe new benchmarks shaped in retail industry. Extended functional growth on
corporate and marketing objectives evolved on commercial competitive arenas plays strong role
for leveraged functional growth. Higher determinants being shaped strategically at M&S enables
business products to be diversified which fundamentally evolves rise on goodwill, adds to
competitive parameters extensively. The fashion retail has been evolving profoundly within
significant channels, in corporate and new significant marketing operations for innovative
business goals. The corporate and marketing objectives can be analyzed as follows (Effective
Marketing Strategies in 2021 Have These 5 Elements, 2021).
 M&S, as one of the best retail company within fashion industry has marketing objectives
correlated towards corporate functional goals for new strengthened functional rise
diversely. The fashion industry is also correlated to bring on keen untapped functional
growth rise variedly for significant commercial benchmarks rapidly for higher
competitive profits in revenue aspects. It further correlates towards significant business
standards engagement as per new competitive priorities and varied untapped productive
targets, which governs excellence rapidly (Ighravwe, and et.al, 2020).
 M&S also has scope for building new marketing corporate objectives, which further
expands productive competencies innovatively on wider business operatives by bringing
digital marketing at framework. With covid-19, the significant changes functionally
evolving in business strategies can be also further operatively analyzed by digital
business goals heading on towards best customer’s preferences. The brand aims to invest
variedly on high rapid commercialization within key benchmarks for significant channels
engagement aspects.

 M&S aims to expand corporate and marketing objectives within competitive retail
industry by evolving towards new strengthened up rise within revenue, where target is to
increase customers untapped parameters by 70 %. This can be also analyzed as one of the
crucial aspect, which keenly evolves primitive rise within corporate marketing
parameters significantly and to leverage strengthened innovation. Corporate and
marketing objectives are significantly correlated towards significant channels expansion
innovatively, bringing evolvement towards functional growth aspects leveraged
fundamentally.
Describing marketing strategy selection
In order to deal with prevailing changing circumstances Marks & Spencer require to
focus on such marketing strategy that help getting sustainable growth and development. For
this purpose organization can implement Ansoff Matrix which includes following strategies:
Market Penetration
This is one of the crucial part of Ansoff matrix that provides assistance in achieving
good position in industry. It focusses on utilizing existing product n current market through
penetrating strategy. It can be exerted by decreasing prices, increasing promotional
practices and acquiring competitors in the same market. M&S will be able to get growth
through this strategy.
Product Development
It is concerned with developing new product to cater existing market so that changing
taste and preferences of customers can be focused. M&S as being international
organization can utilize this specific approach to meet the demand to its customer in
effectual manner. This becomes possible by R&D, merging with competitors and forming
partnership with strong competitors to get advantages of available resources.
Market Development
This is associated with entering new market scenarios fundamentally and
expanding key functional goals for extended competitive scenarios actively, which further opens
up scope profoundly (Alyamani, 2020).Market development leverages significant commercial
growth arenas by entering into new channels actively, expanding key customer’s satisfaction

parameters and untapped professional goals. M&S by market development aims for higher
business revenue rise diversely, and extend channels based on specific competencies as per latest
targets. The market development goals further will enable to diversify channels and functional
operative lines, based on technical business channels for larger revenue rise actively within key
productive technical horizons.
Diversification
This is associated and specifically correlated towards evolving within new
channels of products, services within online and offline parameters variedly for higher
competitive business positioning. M&S by diversification on new products and services in
fashion clothing, will be able to specifically evolve towards latest customer’s preferences and
strengthened ideologies based services. Diversification further leverages scope for enhancing
customers experiences vividly, enhancing working operational rise diversely and to primitively
connect on latest business goals profoundly (Suciati, Kurniawan and Iswahyudi., 2020).
Segmentation, targeting, and positioning
Segmentation:
With an emergence of pandemic, it has been identified that the sales of a company is
affected adversely and that is why, there is a need to again segment the people so that it will help
to improve the financial performance. Marks and Spencer segment the people on the basis of
demographic information in which age, gender, income considered (Nugroho, Hidayah and
Badawi, 2018). With the help of such segmentation, business can understand their customer's
need and try to meet them effectively. On the basis of age, company segment people whose age
is fall under 18 to 55, whereas both male and female are segmented. Moreover, upper class and
upper middle class people are also segmented on the basis of income because they can afford the
products easily. Segmenting further opens up scope for extended new business channels
profoundly, towards actively heading on functional channels within fashion retail industry
paradigms. M&S aims to segment customers specifically as per informative growth on specific
preferences and for primitive keen rise diversely within global standards competively, within
fashion retail industry paradigms.
Targeting:

Marks and Spencer uses differentiated marketing in which each of the products are
different from each other so that customers are highly attracted towards it. In addition to this,
with the help of chosen to target strategy, company identify the market segments and also
concentrate on each sub-products. For example, specific sports shoes are used which are sell to
the trainers only (Sheikh, Ghanbarpour and Gholamiangonabadi, 2019). This in turn reflected
that with this choosing targeting strategy, M&S can easily differentiate themselves from others
and now, it also focuses upon the personalized in order to grab attention of many customers
towards it. Targeting further opens up scope for new competitive business strategies evolvement
and development of leveraged functional growth scenarios rapidly evolving towards extensive
business frameworks. M&S targeting strategy by differentiated marketing opens up scope for
larger functional growth, extended channels on consumer’s engagement aspects which enhances
strengthened rise diversely.
Positioning:
M&S aims to further position its business strategies in retail services based on products
and services quality rise parameters fundamentally, and luxury quality standards for functional
growth rise diversely. The fashion company is also known for bringing new customers extended
larger target market paradigms, by evolving on digital networks rapidly and potentially evolve on
extended new business channels rapidly. Positioning further extends channels for new
strengthened rapidly, within keen channels primitively for new strengthened working expertise
innovatively. Positioning strengthens working ideologies rapidly and monitors industry
positioning goals actively, for new technical standards rise evolved competitively. The brand has
stringent positioning based upon products and quality scenarios, for new competitive business
goals and determinants correlated towards new professional growth targets evolved significantly.
This can be also analyzed by strengthened business frameworks an ideologies shaped up
practically, on which M&S is one of the best fashion brand evocatively expanding key channels
for strengthened business services innovatively. High quality standards and best quest paradigms
evolved among competitive fashion retail services, extends functional rise diversely on working
horizons for extended commercial growth.
From the above analyzed aspect within STP parameters at M&S, the recent strategic
planning scenarios have concluded the varied scenarios profoundly within recent horizons for
higher revenue goals. Recent scenarios of Covid –19 and implementation of new strategies

pertaining towards innovative functional commercialization have examined M&S scope to
further diversify variedly and expand key productivity.
Assessment of 7P's
In order to assessment of 7P's Marketing mix will be used by the company. It refers to the
set of action, tactics that a company uses in order to promote the brand of a market. The 7P'\s are
as mentioned below: Product: M&S has a brand image at global level because it is a wide product portfolio of
all the age group that keep attracting people towards it. The quoted business deal in
clothing for men, women and kids (Marketing mix of Marks and Spencer, 2020). Further,
it also has its own footwear section for all the age group and also offer food and wine to
their customer without compromising its quality. Along with this, company further sell
gift items and home decoration products that helps to meet the customer demand. Place: M&S is one of the top international brand who have more than thousands store in
more than 50 countries and majority of them are in UK. Also, after the outbreak of
pandemic, company's financial performance got affected abruptly and that is why, the
expansion of the firm got delayed (Kurnianto and et.al., 2019). There are many other
countries where it has a strong presence such as Turkey, Spain, Ireland, France etc. Price: Cited firm uses competitive pricing strategy in which it focused upon quality
rather than quantity. Also, due to chosen pricing strategy, customer have more options to
choose from the offered products that helps to increase competition. Apart from this,
during season time, M&S uses dynamic pricing strategy where it offers discounts on the
products on its old stock so that it will help to attract customers. Promotion: M&S have its good command over the advertisement and promotional
activities (Mukonza and Swarts, 2020). The business uses digital marketing strategy in
which social media platforms has used to provide correct information to the customers.
Also, it uses print media, TV advertisement, mobile ads in order to promote the products
globally. Apart from this, quoted business also run a special loyalty program names as
'Sparks' that helps to add points in the customer's account which they can spent during
shopping. Physical evidence: A brand image and its unit at 50 countries can be consider as a
physical evidence. Also, the brochures, employees, building, logo, offering products are

also physical evidence which are related to the quoted business. The company also have
its own website where customer can buy products and recognize as a physical evidence. Process: The stores can b found at mall, sub-urban and rural areas and each section of a
store is divided perfectly that helps to provide better shopping experience to their
customer (Hanaysha, 2017). Such that each section have their own sub-section and there
are many cash counters that assist customers to decrease their waiting time. Sign boards
are also designed for customers and customer also claim the reward point as well.
 People: there are around 83000 employees working globally and these are the key people
who reflect the brand. Also, customers and suppliers are another key people of M&S that
reflect the image and represent firm in a market as well.
Implementation, control and evaluation
The role of implementation, control and evaluation in strategic planning plays high
essential role in strategic planning for new functional growth evolvement variedly and
strengthened functional growth benchmarks dynamically. New control tools, implementation
further enhances scope for extended market competencies profoundly based upon targets
completion and also towards untapped professional competitiveness. M&S, as one of the best
fashion retail company aims to further head on implementation, control and evaluation done
variedly for significant rise on new strategies frameworks actively. KPIs, are highly essentials
for analyzing key control factors for evaluative synergies and control on business operations
significantly. This further correlates towards understanding implementation, evaluation tools
which are as follows (Saudi, 2021).
 Evaluating recent marketing aspects within customer’s satisfaction growth and brand
value surveys holds high essential role, where M&S will be heading on towards gaining
reviews form customers on digital networks. Within this aspect, revenue per client is one
of the most effective easiest KPI, for measuring productivity and engagement on digital
websites. Average client attendance and retention rate evaluation within KPIs, will enable
to further correlate focus on gaining new strengthened functional growth rapidly among
key business frameworks in strategic planning goals. Company aims to harness
innovation rapidly within strategic planning growth standards, and to further be advanced
on keeping check at functional aspects within long term operations.

 Control and evaluation also further keeps check towards expanding key customer’s
targets, where professionally M&S aims to analyze KPIs within larger extended business
frameworks for higher competitive scenarios. M&S with new digital business strategies
aims to head on functionally towards untapped competitive avenues, where revenue
growth horizons are further worked on strategically rapidly. This also correlates
extensive focus towards building new key channels for retaining consumers evolvement
on stores, digital websites which enables brand to enter into untapped targets. Role of
implementation, control and evaluation extends commercial rise on primitive growth
standards for quest rise diversely within new strategic potential arenas (Agyekum and
et.al, 2021).
CONCLUSION
From the above analyzed aspects within report, it can be concluded that M&S business
strategies within changing business frameworks due to Covid -19 and Brexit implementation has
profoundly evolved on strategic planning. The report has concluded detailed examination on
M&S corporate business objectives, where the functional aspect are significantly correlated
based o high customers specific domains. Study has concluded further swot and pestle model
analysis, STP framework and evolved rise towards untapped progressive frameworks for new
strengthened rise diversely. The report further has also evolved keen avenues connected towards
channeling evaluation, control techniques and specifics correlated towards marketing mix
paradigms variedly. M&S has been functionally evolved in recent horizons within digital
frameworks competitively and determinants correlated specifically for new rise on profits,
consumers engaged goodwill within recent time.

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