Introduction to Marketing: A Comprehensive Analysis of Marks & Spencer

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Introduction to Marketing Assessment
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Table of Contents
Introduction......................................................................................................................................3
Marketing audit of the business’s current performance..................................................................4
Evaluation of the organization’s current marketing strategy and position in the market................6
Proposal of two sets of market segmentation criteria targeted by the business...............................8
Suitable market research................................................................................................................10
Conclusion.....................................................................................................................................12
References......................................................................................................................................13
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Introduction
The comprehensive analysis of all the external environmental factors, changing trends in the
market, the barriers of new entries, high level of competition, an increasing level of risks,
effective & efficient opportunities and all the available resources with the company & its
constraints, is being termed as the "Market Assessment". With the help of this effective process,
the detailed analysis & the objective evaluation can be enhanced in order to know about the
potential of the new product or the new concept of business or the new investment in the
competitive market. “Marks & Spencer” is one of the highest leading retailers in the country of
U.K. The organization develops & retains the strong level of commitment to make its customers’
each & every moment very special by providing them the higher level of quality, the clothing
products, food substitutes, home products (Hair, et al, 2012). All these products are being offered
by “Marks & Spencer” in its local stores as well as at the International level.
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Marketing audit of the business’s current performance
The complete team or the department of the marketing are being included in the in enhancing the
effective marketing audit of the business organization. The main objective or the main purpose
of the effective process of marketing audit is not to criticize the particular efficient activities. The
most suitable & appropriate business practices are to be found out in order to look out whether
these available practices can prove to be the most efficient for the complete business
organization or not.
The U.K. organization “Marks & Spencer” is been transforming day by day. The complete
business organization is becoming more relevant for all its large number of existing customers &
trying its best in order to gain the attraction of the potential or the new ones. The market growth,
aims & objectives of the business, all the external factors (political, social, economic,
technological, environmental), five factors of porter, strengths & its weaknesses, all these points
& analysis is being done with the effective process of the “Marks & Spencer’s” marketing audit.
“Marks & Spencer” is the most unique retailer being the grand heritage of all the branding values
& for all the efficient customers. Based in U.K., the business organization sells out its products
in around 57 Countries considering the 1,463 stores & the online websites in around the whole
World. Approximate 81,000 employees are being recruited in the organization of “Marks &
Spencer” who serve & provide in around 32 million customers (Hair, et al, 2012). Also, the
efficient business programs are being conducted by the company in order to transform itself &
ensuring or enhancing the highest potential of its brand. "Marks & Spencer" aims to deliver the
long-term sustainable products, enhancing the higher & profitable growth for all the investors, its
employees & also the surrounded societies & people.
The organization “Marks & Spencer” includes all the external factors in its marketing audit in
order to measure its current business performances, these are:-
 Political Factors: The organization considers the effective business rates & all the
business reforms which can affect the organizational business strategies & practices.
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 Economic Factors: The entry of the Japanese Companies in the U.K. market. And the
factors of recession all are being considered as the economic factors.
 Social/ Legal Factors: All the social factors are very necessary to be considered such as
the ethical working conditions must be ensured in all the operating activities of the
organization.
 Environmental Factors: These factors are the major part of the marketing audit of
“Marks & Spencer” as because all the marketing strategies to be framed by the business
organization must be in accordance to the environmental factors such as the unseasonable
weather & all the other environmental conditions (Kim and Eunju, 2012).
 Technological Factors: As the organization operates its business online also, hence it is
necessary for it to consider the factors related to technology while conducting the
marketing audit. These factors include the online security and also the increase in online
sales.
 With the help of the effective enhancement of the marketing audit in the organization of
“Marks & Spencer”, it can gain or increase the deep understanding of all its framed
marketing structures in accordance to all the defined company's standards in the context
of quality, effective innovation, building up the customers' trust & enhancing the standard
quality of services. "Marks & Spencer" with the help of a marketing audit can be able to
respond to the financial crisis & all the economic recessions in an effective & appropriate
manner (Kim and Eunju, 2012).
Following are the described strengths, weaknesses, opportunities & the threats of “Marks &
Spencer”, or the complete SWOT analysis of the company:-
Strengths
 The effective retail figure in order to take the action for the environmental awareness &
the “honorable trading”.
 The positive reputation & the enhanced image of the brand.
 The successful market penetration at the international level.
 Most efficient in tracking the level of inventory.
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Weaknesses
 Not effective & efficient in understanding customer needs through the internet or online.
 The option of “next day” for delivering the products is not available with the customers
(Jobber, et.al. 2012).
 The poor control of the stock management & its lack of availability.
 The unfocused target market.
Opportunities
 The high level of demand for online shopping in the retail sectors.
 The reform rates of the business.
 The trending desires & increasing needs of the customers.
Threats
 The dramatic increasing causes of Global warming.
 Increasing fluctuation in the climatic measures or the weather.
 The new entries of the Japanese companies increasing the level of recession.
 The breaches of online security (Jobber, et.al. 2012).
Evaluation of the organization’s current marketing strategy and position in
the market
The concept of “marketing strategy” is the most essential part or the effective section of the
business plan which frame out the overall pan of the business organization in accordance to all
the perspectives of the customers. The ‘marketing strategy’ enables the business organization to
think about what goals it wants to achieve for its business & how all its marketing efforts can be
utilized effectively in achieving the defined organizational goals. The marketing strategies
include the target market, position statement of the business, the ethical values, defined efficient
goals, appropriate pricing strategy, the SWOT analysis and also the factors of budgeting &
planning.
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"Marks & Spencer" has been developed the effective approach of "Plan A" whose main motive is
to create the long-term sustainable values of the business. The business organization believes in
the fact that the environmentally & the socially sustainable business is more successful as being
compared to the other business organizations. "Marks & Spencer" has always retained that
effective business practices in accordance to the benefits of the society & to improve the
business performance for the longer period of time (Rossi, et.al. 2012). The top-level
departments of "Marks & Spencer" had been identified the fact that the increased risks of the
environment & the inequality in it is creating the whole World very complicated, uncertain &
also unpredictable. It requires higher trust & increasing hard work in order to retain all the
existing customers & also to call the new or potential ones. The increasing pressure on the
effective natural resources, restricting the entry of the organization in accessing the raw materials
& making the effective globalized channels of the supply chains more volatile, in considering all
these factors the "Marks & Spencer" has been developed the effective approach of Plan A. The
effective Plan A was being launched in the year 2007 for applying & implementing the holistic
approach in order to resolve out the increasing issues of the sustainability. This plan is being
designed by the organization in order to enhance the sustained success in the future. “Marks &
Spencer” is being committed in order to develop & retain the sustainable future which creates a
positive impact on all its existing as well as the potential customers. With the establishment of
the effective & efficient approach of "Plan A" the business organization tackles all the major
issues including the changes in the climate, wasting of the limited available resources, the
partnerships & the effective health (Rossi, et.al. 2012). By utilizing the effective Plan A the big
issues can be tackled with implementing the efficient core values such as the inspiration,
innovation, integrity, and many more. All the behavior & attitude of the complete business
organization is being influenced by these effective core values. “Marks & Spencer” promise its
customers with its unique saying: “Making Every Moment Special”.
“Marks & Spencer” need to improve its effective performance in order to enhance the
competitive position in the big market and because of the new entries into the U.K. business
industry. The business has to strengthen its market position. With the effective implementation
of “Plan A”, “Marks & Spencer” can enhance the increased level of sustainability in the future
success in the big & competitive market. “Marks & Spencer” has been positioned as the
“premium brand” in the competitive market or the industry. All the customers of the organization
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are being provided with effective products at the premium level of the price. The customers pay
the premium price for the high-level brand of "Marks & Spencer". The prices are being set with
the perception of the premium brand according to the minds of effective customers (Rossi, et.al.
2012).
Apart from the effective approach of “Plan A”, “Marks & Spencer” need to implement the
effective & efficient marketing mix including the 4Ps which are Product, Price, Place, and
Promotion. The products which are being offered by the organization of "Marks & Spencer"
must be in relation to the changing trends & the modern groups of the variety of people. The
factor of price includes that the organization keeps lower price & delivers its customers a higher
level of quality so that they can remain with the business organization for a longer period of
time. The factor of place involves that the organization must offer its products at the place where
the potential customers can easily access those products. The promoting factor includes the
effective promotion of the products. The more “Marks & Spencer” will promote its products, the
more its profitability will get enhanced & the sales will be increased (Calo, 2012). The effective
marketing strategy is used to combine all the effective 4Ps of the marketing mix in order to attain
the aim & objectives of the business organization.
Proposal of two sets of market segmentation criteria targeted by the business
Dividing the potential customers into certain groups or into segments on the basis of similar
attitudes, behavior or different characteristics, called the effective process of "Market
Segmentation". Those effective customers or the people are being segmented into the groups
who respond favorably or effectively towards all the marketing strategies being implemented by
the top-level departments of "Marks & Spencer". The target markets are being determined by
“Marks & Spencer” on the basis of different criteria including the clothing department so that the
big market can be explored in an effective manner with the help of “demographic and
geographic” market segments (Calo, 2012). Following are the effective segments or the sets of
the market segmentation which can be used by the organization of “Marks & Spencer” in
enhancing all its effective & smooth organizational operations:-
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 Demographic Segmentation: Women are the identified target of “Marks & Spencer” in
the area of clothing department. The company satisfies the demand of every level of age
group, but the main target is the women above the age of 20 years. The colorful clothes
are being preferred by the teenage girls moving to get the unique styles of clothes.
According to the factors of media & the role models, their tastes & preferences, their
needs, demands all get changed, as per the modern trends of the economy (Wang,
2012).
 Geographic Segmentation: This segmentation includes the geographic developing of
the market such as the building up & developing the stores in different territories, by
implementing the effective approach with which the customers can be easily be
provided with their purchased products. According to the changing climatic measures,
the trends, patterns & styles of the target customers get changed. The effective pattern
of the business deals of "Marks & Spencer" are in accordance with the changing season.
Apart from these above two sets, “Marks & Spencer” can go through with the other segments
also, which are being described as below:-
 Behavioral Segmentation: The regular customers of "Marks & Spencer" are the
premium customers. The satisfaction level of all its customers is at the topmost or at the
apex level. The premium regular customers enable a higher level of profitability in the
business organization & also increase the sales of the products (Wang, 2012). All these
customers have full faith & trust towards the retail company of "Marks & Spencer" as it
emphasizes more on the lower cost & enhances the higher level of quality in the sold
out products.
 Psychographic Segmentation: Although the social class & the personalities of all the
people are at a similar level but they all possess the different & unique lifestyles. During
the implementation of effective transactions, the changing buying behavior can be
known & understood effectively. With the help of this effective market segment, the
marketers of "Marks & Spencer" can offer & deliver effective & high-quality products
for the chosen target market.
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Suitable market research
The term "market research" includes the most effective & completely organized efforts in order
to gather the most suitable & the relevant information in accordance with the chosen target
market or the potential customers. In order to give the tough competition to all the new entries in
the market, the effective study of the market research is being considered as the efficient factor.
With the help of conducting research on the market, the market needs, market size & also the
prevailing competition in the market can be effectively gathered & collected. "Marks & Spencer"
can implement the most effective method to conduct market research from the available two
methods, these are being described below:-
Primary Method of Research
This method is the first-hand gathering for collecting the complete new data & information with
the help of the primary sources. It involves the new analysis, being designed by the business
organizations for some certain or particular reasons. The effective data is being gathered &
collected from the original sources of data (Saunders, 2012). The higher degree of control is
being ensured over the collected information. The effective & most well-defined research plan
must be implemented in order to enhance the method of primary research. Following are the
sources of primary research:-
 Interviews: It can be conducted in different ways, but the most effective way is to
ensure the one-to-one discussion. With this, the effective individuals can be found out
rather than the groups. The method of interview is the effective mix of both the
qualitative as well as the quantitative data, on the basis of the questions framed by the
interviewer.
 Surveys: The surveys can either be conducted online or directly with the person. With
the help of effective research, the qualitative findings can be drawn out. The
implemented surveys ensure the high level of accuracy within the target market. The
method of surveys is the most effective ways in order to develop the appropriate
marketing strategies & business practices (Saunders, 2012).
 Test Markets: It includes the effective group of individuals which is being used by the
business organizations to identify & represent the large audience of the target market. As
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the "customer microcosm and manageable size of the sample", the test market can be
understood in a better way.
Secondary Method of Research
When on one hand, the primary method of research gathers the specific & the highly targeted
data/information, on the other hand, the second method of research provides the "valuable
insight" which can be collected in comparatively lower cost. Following are the sources of the
secondary research:-
 Competitor Benchmarks: These are the most valuable, practical & frequently used
source for conducting the secondary research method. The growth metrics or the effective
indicators of the key performances can be measured with the effective process of
benchmarking. Also, the performance level can be measured among the different
business organizations (Scotland and James, 2012). The fundamental core principle of the
business is the “process of benchmarking”.
 Publications of the Government & Statistics: The business organizations can use the
already published data or the statistics by the government as the secondary sources. The
legal data or the information identified by the legally published statistics can be very
beneficial by the business organization in framing up their effective business strategies.
“Marks & Spencer” can gather or collect the data from both the research methods. As the
primary sources are very costly, hence it can use the secondary sources for implementing its
effective business strategies for ensuring the sustainability in the future growth & the success. It
is necessary for the organization to select & implement an effective method of research in
accordance with the effective target of the market (Scotland and James, 2012).
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Conclusion
It has been concluded from the complete assignment that the business organization must analyze
& determine the effective methods of research for implementing the effective marketing
strategies in the overall business organization. According to the changing needs & changing
external environmental factors, the business must change its policies in order to meet the
increasing trends of a large number of people. The effective knowledge & deep understanding
has been enhanced in the context of different areas of the marketing. The different relationships
among all the stakeholders of the company are been determined. The market has also been
assessed in an effective manner for enhancing the operations for all the delivered the goods &
services across the global environment. The effective relationship must also be enhanced
between the overall organization & its customers. It has been concluded that "Marks & Spencer"
need to implement those tools & techniques which are in accordance to the changing internal &
external environment.
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