Marketing Essentials: Applying the Marketing Mix for Business Objectives

This document discusses the ways in which organizations apply the marketing mix to achieve business objectives. It includes a comparison of different tactics used by organizations, with a focus on Marks and Spencer. The document also provides a basic marketing plan for Marks and Spencer, including segmentation, targeting, and positioning strategies. The content is relevant to the subject of marketing essentials and is suitable for students studying marketing or related courses.

Marketing Essentials

Contents
INTRODUCTION.....................................................................................................................................3
LO 2............................................................................................................................................................3
P3 Ways in which different organizations apply the marketing mix to the marketing planning process to
achieve business objectives.....................................................................................................................3
LO 3............................................................................................................................................................6
P4 A basic marketing plan for Marks and Spencer..................................................................................6
Conclusion and Recommendations..........................................................................................................9
REFERENCES........................................................................................................................................10

INTRODUCTION
Marketing is an organizational function that comprises of different activities such as
branding, promotion, advertising and distribution (BAMBANG and et.al., 2021). The purpose of
an organization behind conducting different marketing activities is to inform the target customers
about the products as well as services that are offered by it. The goal is to increase the overall
profitability as well as reach of the company among the customers. The respective report is based
on Marks and Spencer, which is one of the leading multinational retailers that is based in
London, United Kingdom. It was founded by Michael Marks and Thomas Spencer in the year
1884. The unique selling proposition of the company is that it sells high-quality clothing as well
as household products to the customers across different geographic locations. The report includes
a comparison between the ways in which different organizations apply the marketing mix to the
marketing planning process to achieve business objectives. It also evaluates the different tactics
applied by organizations to demonstrate how business objectives can be achieved. Lastly, a
marketing plan is also included with the application of the use of 7Ps of marketing in order to
achieve the objectives.
LO 2
P3 Ways in which different organizations apply the marketing mix to the marketing planning
process to achieve business objectives
Marketing mix can be defined as a set of actions that an organization uses in order to
promote its brand as well as products and services in the market. there are 7Ps in the marketing
mix, namely Product, Price, Place and Promotion, People, Process and Physical Evidence.
Marketing mix allows a company to make profitable and informed decisions regarding marketing
and become more competitive as well as adaptable in the existing market. Besides this, the
marketing mix also helps the marketers of an organization in planning, developing as well as
executing successful marketing strategies. The business is able to use its strengths in order to
conduct its operations smoothly and efficiently (Brennan, Canning and McDowell, 2020). Marks
and Spencer is a leading multinational retailer of clothing and household products. Over the
years, the company has constantly been able to keep up with the latest trends in the market by
implementing effective marketing strategies. The different ways in which organizations apply the

marketing mix to the marketing planning process to achieve business objectives are explained
below –
Product – Product refers to the item that is being sold in the market and it is important
for the product to deliver some value as well as performance to the customers. Marks and
Spencer is a popular and leading retail chain in the United Kingdom that offers a variety of
products to the customers in order to satisfy their needs and wants. The products are offered for
different age groups for both men as well as women. Some examples of the products include
blazers, shirts, trousers, sweaters, skirts, accessories, bags etc. The respective company also
offers household products such as furniture for dining room, bedrooms, living room as well as
lighting (Marks & Spencer Marketing Mix (4Ps) Strategy, 2021). The high-quality of the
products is what has helped the company in attracting a greater number of customers from all
across the world as well as retain the existing ones.
There is a difference between products as well as services such as products are tangible in
nature and they are designed in order to satisfy the needs as well as wants of the customers
whereas services are intangible in nature. Marks and Spencer operates different brands under its
name and it can be said that brands are important because they help the company in making a
memorable impression on the customers. It can also be said that product development is
important because it provides the customers with improved products as well as services. The
company can either offer a new product or enhance its existing products in order to attract a
greater number of customers. Lastly, the product lifestyle comprises of different stages and this
helps the company in developing effective strategies to conduct the business operations smoothy.
Price – It refers to the value that is put for the product and the price of the product
depends on different factors such as cost of production, the segmented that is targeted by the
company, demand and supply etc. Price can also be used as a factor to differentiate the products
of one company from the competitors (Erdmann and Ponzoa, 2021). Marks and Spencer has a
competitive pricing strategy as the company faces a lot of competition in the market. during
seasonal time, the company adopts dynamic pricing strategy. There are different pricing
strategies that can be adopted by the company such as cost-plus pricing, value-based pricing,
value-based pricing etc. Pricing is an important factor because it helps in determining the
demand as well as sales volume. Also, it helps in making decisions and making sure that

organizational goals and objectives are achieved. Pricing tactics take into account the market,
changes in the demand, competition etc. in order to enhance the overall profitability of the
organization. Marks and Spencer also faces competition from the online retailers.
Place – Place refers to the point of sale and one of the main aims of the respective
company, Marks and Spencer is to capture the attention of the customers and making it easy for
them to buy the products. The respective company is a leading multinational brand that operates
across different geographic locations across the world. It has retail stores in different countries
that attract thousands of customers each year (Garrod and Fyall, 2017). Channel management is
an important term that is used in marketing and can be defined as the process wherein a company
develops various marketing as well as sales strategies in order to reach the widest base of
customers. In context to Marks and Spencer, the company has various channels such as offline
retail stores as well as online websites in order to sell the products as well as services. On the
other hand, supply chain management can be defined as the management of the flow of goods as
well as services and also, includes different processes that transform the raw materials into
finished products. then respective company is focused on strengthening its supply chain
management so that the operations are conducted in an efficient manner. Logistics can be
referred to as the coordination as well as movement of resources from one place to another.
Marks and Spencer has an excellent logistics system that ensure that the finished products are
available to the customers as and when they need it.
Promotion – Promotion is an important component of the marketing mix and can be
referred all the activities that are undertaken by an organization in order to capture the attention
of the customers. Different promotional activities include word of mouth, press reports,
advertising, commissions and incentives. Using effective promotional strategies can help an
organization in reaching out to a larger base of customers and making them aware about its
products as well as services (Grönroos, 2017). Other promotional techniques also include
consumer schemes, direct marketing, prizes as well as contests. Marks and Spencer has
implemented integrated communication mix gives the company the potential results from the
campaigns. The different promotional tools that are used by a company in order to promote its
products to the customers such as sales promotion, advertising, direct marketing and public
relations.

People – People are another important component of the marketing mix and it is a known
fact that people within an organization play different roles in order to help the company in order
to achieve its goals as well as objectives. Different employees within the company are
responsible for carrying out different roles as well as responsibilities. For instance, the people in
the marketing function are involved in the roles such as customer interfacing as well as providing
support to the customers. Different people have different skills, attitudes as well as behaviors that
allow them to conduct their respective jobs in an effective manner such as delivering the
products and services to the customers.
Physical Evidence – It refers to all the tangible aspects of service delivery such as visual
as well as aural elements (Hanlon, 2018). Marks and Spencer has simple yet appealing retail
stores that attract the attention of the customers and encourage them to buy the products. The
staff at the store is always ready to help and assist the customers with anything that they’d need.
The company has its own website and retail stores across different locations in the world.
Process - The company has stores across different countries and the customers at a Marks
and Spencer store can choose what they wish to buy and pay the bill at the checkout counter. The
products that are offered by the company can considered to be the physical evidence. This can
include flowers, furniture, clothes etc.
LO 3
P4 A basic marketing plan for Marks and Spencer
A marketing plan can be defined as an operational plan that outlines the advertising
strategy that an organization should implement in order to generate leads as well as reach the
target audience. Marketing plans are important because they make the overall sales easier for any
organization. Besides this, it also defines the roles and responsibilities of the people within the
marketing department. The marketing plan also focuses on the allocation of the different
marketing resources in order to make sure that they are utilized in the most economical way
(INDONESIA, 2018). It is a valuable document for the respective organization, Marks and
Spencer because it helps in identifying the best practices and eliminate the ones that are not
profitable. The marketing plan is linked with marketing objectives as well as marketing strategies
as it guides the marketing manager to track the progress of the team members. marketing plans

can be evaluated as well as monitored by using various control and evaluation techniques such as
market-share analysis, efficiency ratios as well as efficiency ratios.
Company Overview
Marks and Spencer is a leading retailer of high-quality household as well as clothing
products (Leung and Chan, 2017). The company considers its employees to be one of the
greatest assets and thus, it is focused on delivering the best quality products to the customers in
order to make sure that their needs as well as wants are satisfied. Marks and Spencer is a
household name in the United Kingdom even today because the company has been able to adapt
to the changing environment by implementing effective strategies. As a result, the customers
prefer buying products from it as not only the quality is high, but also the products and services
are available at affordable rates.
Mission and Vision Statement
The mission statement of Marks and Spencer is to make products of aspirational quality
available to the customers. On the other hand, its vision statement is to be a standard against
which others brands are measured.
SMART Objectives
 To open a retail outlet in Venice within 4 months in order to enhance the existing
customer base by 15%.
 To increase overall sales of the company by 20% within 6 months by implementing
effective marketing strategies.
Segmentation, Targeting and Positioning
Segmentation – The company has divided the market into different segments based on
age, region, gender of the customers, their education and income levels etc. The market has also
been segmented based on the behavior of the customers (Nur and et.al., 2021). This helps the
company in focusing on their preferences and needs in an effective manner.
Targeting – There is a need for the company to set a target to ensure that it is able to run
its business operations smoothly. The target should be easily accessible and a budget should be
prepared for the same.

Positioning – The respective company has positioned itself as a brand that offers high-
quality products at affordable rates for different age groups. It should try to position itself in the
minds of the people in such a manner that they are able to differentiate the products of Marks and
Spencer from other brands.
Situational Analysis
Marks and Spencer deals with different types of products and thus, the company has to
deal with different internal as well as external situations. Currently, the company is successful
with its business operations of offering a variety of products as well as services to the customers.
SWOT Analysis
Strengths – One of the major strengths of Marks and Spencer is that it has a strong brand
identity. This will help it in capturing the attention of the people in Venice. Also, the company
offers a wide range of products that are of high-quality.
Weaknesses – Marks and Spencer is facing difficulties with attracting the young
customers due to a lack of availability of the clothing products at the retail store (Palacios-
Marqués and et.al., 2019). Also, the customers have been complaining about their shopping
experience on the company’s website.
Opportunities – There has been an increase in the overall demand for clothing items that
are of high-quality and affordable. Therefore, the company has an opportunity of expanding its
business operations in developing markets such as Venice. Also, another opportunity for the
company is to work on its website and make it more user-friendly as well as interactive.
Threats – Competition from the local fashion retailers is one of the major threats that the
company can face while expanding its business operations in Venice. Besides this, changes in the
demand of the customers is another threat that can affect the performance of the company.
Therefore, it can be said that it is important for the company to take into account these threats
and develop effective strategies in order to overcome the same.
Action Plan

The company should conduct a market analysis of Venice as this will help it in
understanding the strategies of the competitors (Palmatier and Steinhoff, 2019). Besides this, the
company will also be able to gather information regarding the customer needs as well as
preferences. As a result, the marketing team of Marks and Spencer will be able to develop as
well as implement effective strategies.
Monitoring and Control
Monitoring and control are the most important steps of the marketing plan because they
experts can monitoring the different activities of the plan in an effective manner (Taqi,
Gurkaynak and Gencer, 2019). If there are any errors or mistakes that are identified in the plan,
should be immediately rectified in order to make sure that there are no negative impacts of the
same on the performance or profitability of the company. The identified risks or errors must be
controlled by implementing effective control strategies.
Conclusion and Recommendations
From the above report, it can be concluded that marketing is an important component for
any organization and helps it in reaching out to a great audience. It also ensures that the firm is
able to attain its goals as well as objectives and there is an increase in the company’s overall
profitability. A marketing mix comprises of different elements such as product, price, place,
promotion, physical evidence, process as well as people. These help the company in ensuring
that the operations are conducted in an efficient manner. A marketing plan on the other hand,
guides the managers of the organization as to how can the products or services can be enhanced.
This also helps in understanding the needs as well as preferences of the customers in an effective
manner and thus, develop marketing strategies accordingly.
Recommendations
Marks and Spencer is recommended to build a strong marketing team that comprises of
experienced and qualified marketing professionals who can help the company in running its
business operations smoothly and in an efficient manner. Also, it is recommended that it should
strengthen its social media presence across various platforms such as Facebook, Twitter as well
as Instagram.

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Online
Marks & Spencer Marketing Mix (4Ps) Strategy. 2021. [Online]. Available through:<
https://www.mbaskool.com/marketing-mix/services/17122-marks-and-spencer.html>.