Contemporary Issues in Marketing: Marketing Mix at Marks & Spencer

This report examines the nature and importance of the marketing mix within the marketing process, focusing on Marks & Spencer (M&S). It defines marketing and its role in business success, highlighting the importance of effective marketing strategies for gaining a competitive advantage. The report explains the marketing mix as a set of actions and tactics used to achieve marketing objectives, emphasizing its components: product, price, place, and promotion (4Ps). It details how M&S applies the 4Ps to its clothing and beauty products, including product development, pricing strategies, distribution channels, and promotional activities. The report concludes that a well-implemented marketing mix is crucial for identifying customer needs, setting viable prices, ensuring product availability, and conducting effective promotional campaigns, ultimately leading to business growth and development.

Business Management
BMP4004
Contemporary Issues in Marketing
The nature and importance of the
marketing mix within the marketing
process
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Introduction
Marketing is defined as the activity that is undertake by the organization for the
purpose of promoting organizational products and services in market. It plays important role
in the success of business through enhances organizational sales and revenue. In current
business environment, effective marketing strategies facilitates business to gain competitive
advantages over other competitors. In this report chosen organization is major British
multinational retailing organization founded in 1884 by Michael Marks and Thomas spencer
and headquarter situated in London, England, United Kingdom. Respective organization
dealing in clothing, home as well as food products. This report covers different dimensions
of marketing that helps business to understand current market trends, customers’ needs
and requirements. Application of marketing as well as marketing mix is explained that
enable business to develop effective and efficient strategic goals. Along with that practical
application of marketing mix and detailed Ps of marketing such as product, price, place,
promotion is mentioned in this project report.
An explanation of marketing
Marketing is the activities that is used by the organization for promoting
organizational products and services in specific market place. It included various activities
like advertisement and promotion of products with the objective of seeking attention of
customers. Marketing plays important role in enhancing organizational sales and
profitability of organization and maintain differentiate positioning in the minds of
customers. In recent time period, it is important for business to adopt marketing in business
for attracting customers and retaining them with organization for longer period of time
(Balducci and Marinova, 2018). There are various activities and function are included in
marketing such as advertising, delivering products to customers as well as other businesses.
It is the process of creating, exploring and delivering value to target market and customers
with the objective of satisfying their needs and demands. Marketing also included the
application of information and technology that enhances organizational efficient and
effectiveness. Marks and Spencer uses different modes of marketing such as social media
marketing, internet marketing and other for the purpose of attracting large number of
customers that enhance organizational sales and profitability.
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An explanation of marketing mix
Marketing mix is defined as the set of different actions and tactics that are used by
organization to attain marketing objectives in specific target market. Marketing mix is the
tool that supports sales operations of organization. Through implementing marketing mix,
organization can easily recognize and understand needs, demands and preferences of
customers.
Marketing mix includes multiple areas of focus as a part of a comprehensive marketing plan.
It is classified into various parts such as product, price, place and promotion that enable
business to reach wider customer base. Execution of marketing mix facilitates marketing
professionals to take better decisions that are related to launching new products or revising
existing one in the market (Hill, 2017). Marks and Spencer concentrates on implementing
marketing mix in organization for the purpose of leading market place with full efficiency
and effectiveness. There are various tools and techniques are included in marketing mix
that are used by organization to manage and control marketing operations in efficient
manner.
A brief theoretical explanation of 4Ps marketing mix
As marketing mix is considered as the combination of different marketing activities that are
undertake by organization in order to promoting specific products and services in market
place. Marketing mix enable business to develop effective market strategies and plan. It has
significant role in growth and development of business in competitive market place.
Marketing mix enables business to take decisions that are related to introducing new
product or launching existing products with modifications as per needs and demands of
customers. It is defined as the most important tool for business to develop as well as
implement strategies in business with great efficiency and effectiveness. It facilitates
organization to produce quality product and sell it at economic prices that enable business
to attract higher customer base (Goldberg, Fishbein, and Middlestadt, eds., 2018). There are
various variables are included in marketing mix that are related with each other in some
extent so Marks & Spencer ensures proper utilization different factors of marketing in
business operation and in the process of promoting product in market. Business adopts
various marketing strategies like product innovation, promotion, setting economic price and
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effective planning that enable business to maintain efficient position in market that provides
it various competitive advantages. Marketing mic enable respective organization to identify
potential customers, determine viable price of products, make products available to
customer and conduct promotional activities for attaining success. It is considered as the
never ending process that stats from analyzing customers’ needs and demand and
continued to provide them quality products and services. It enables business to assess
current marketing situations in efficient manner. Elements that are included in marketing
mix that are mentioned below:
Price: Price is defined as the monetary value of a product on which customers are
ready to purchase them. There are various factors are considered by the marks and Spencer
before setting prices for an item such as cost of production, pricing strategy of competitors
and demand of particular product in market. Effective pricing enables business to maintain
strong positioning in the minds of customers and different organization form its rivals.
Dynamic pricing strategy should be adopted by the organization that attract customers
towards brand. Pricing plays dominant role in the success as well as failure of particular
product and service in market.
Product: Product is defined as the physical item that have value for customers and
satisfy their needs and wants. Main objective of products is to provide maximum of
satisfaction to customers so they retain with organization for longer period of time (Baron,
Harris and Hilton, 2018). Marks and Spencer provides wide range of product that enable
business to attain higher market share. Organization conducts market research to analyze
customers’ needs and demands before producing products because efficient product
delivery is important for developing strong goodwill in market.
Place: It is most important part of marketing mix that is related to placement or
dispersion of products to customers. It is considered as the place where organization
actually sells their products and services. There are various platforms like online sites,
websites, retail store, etc. are used by the organization that make products available to
customers.
Promotion: Promotions are defined as the activities that is used by the organization
to communicate with customers and enhance awareness regarding organizational products
and services that are served by organization. It includes various activities such as social
media, advertisement and sales promotion. Effective promotional strategies help
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organization to gain attention of targeted customers, attract them and convince to purchase
certain products for organization.
Introduction of product/service
Products are defined as the physical item that are provided by organization to customers
whereas service has intangible aspect that cannot be touched, customers only feel it. Marks
& Spencer is the multinational organization that provides range of products and services
worldwide. Major products that are offered by the respective organization is clothing and it
targets youth mostly. it is important for the Marks & Spencer to concentrate on different
approaches of selling that enhances overall sales of organization in specific period of time.
Along with clothing, organization also provides beauty products to huge number of
customers (Salmon and Tordjman, 2020). Respective organization analyses needs,
demands and preferences of customers and provide them accordingly that enhances
customer satisfaction level and retain them with organization for longer period of time.
Organization ensures quality of their products and services are offered to customers that
provide them better experience with organization.
Application of 4Ps marketing mix to the selected
product/service
Marketing mix included 4Ps such as product, price, place and promotion that enable
business to gain competitive advantages in market over other competitors. In current
business environment, organisation concentrates on developing policies, strategies and
plans that are related to the marketing mix. Organisation analyse each and every aspect of
marketing mix and use them to provide better product and services to customers. Marks &
Spencer provides clothing and beauty products to customers at international level.
Organisation uses marketing mix to take products related decisions (Finne and Grönroos,
2017). Concept of marketing mix enables business to develop effective planning for attain
attention of potential customers. Implementation of marketing mix facilitates business to
attain higher efficiency and effectiveness in its operations as well as provides competitive
advantages that leads it towards growth and development.
Product
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Product is referred as the physical output that is produced by the organization for the
purpose of selling in specific market place. Now these days’ organizations are concentrating
on the quality of products that are offered to customers that enhances organizational sales
as well as customer satisfaction. Marks and Spencer majorly deals in clothing and beauty
products that have higher demand in market. Organizational operational and product
management department ensure that quality products are provided to customers that
enhance their experience with organization. Respective organization conducts market
research with the objective of assessing current market trends, customer’s needs and
demands that produce products accordingly that provide satisfaction to customers (Slack,
and Brandon-Jones, 2018). Marks and Spencer has separated research and development
department that concentrates on developing new products as per customers’ requirements.
Price
Price is defined as the monetary value of products that is establishes by organization
through concentrating actual cost of product production and organizational profitability
expectations. Marks & Spencer has its own house brand for clothing for women, men and
kids. These house brands are priced between medium to high because of their premium
quality. Now organization uses competitive pricing strategy due to higher competition on
market place. Respective organization uses dynamic pricing strategy in the period of
seasonal time and provide more discount to attract higher customer and put old stock in
sale at lesser price. Organization also consider cost, competitor’s strategy and other aspects
to set price of their product and services.
Place
Place is the most important element of marketing mix that is related to selecting efficient
geographical location for providing products and services to customers. Organizations
ensure that its products and services are available to customer when they want to purchase
them. Marks & Spencer is the international brand that is operating more than 1000 stores in
various countries (Roberts, Kayande and Stremersch, 2019). Organization also have its
own website from where customers can purchase products as well as home delivery as well.
All these aspects enhance organizational sales and profitability in specific market place.
Promotion
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Promotion is considered as the most important element of marketing mix that is related to
conducting advertisement, sales promotion, social media campaigns and other for attracting
customers towards organization. It is very important for the business to conduct
promotional activities to gain competitive adge over its competitors. Marks & Spencer
selects its marketing strategies carefully and align its advertising campaigns with digital
marketing as well as store strategy. Organization uses TV ads, mobile ads and social media
campaigns that attracts number of customers towards organization (Gordon and
Langmaid, 2022). Promotional activities and actions facilitates business to reach customers
across the globe and spread awareness of products on market as well as persuade
customers to purchase products and services.
Conclusion
As per above report, it can be concluded that marketing is the important activities
that is used by the organization with the objective of spreading awareness of organizational
products and services in market place. It is important for the organization to implementing
marketing activities for identifying customers’ demands and current market trends in
efficient that lead business towards systematic growth and development. Form the above
discussion, it can be concluded marketing mix included various aspects such as product,
price, place and promotion that help business to provide quality product at affordable price
that provides better experience as well as retain them with organization for longer period of
time. marketing management department of organization ensures that all marketing
activities are run in efficient manner and grab the attention of higher number of customers.
Businesses uses social media campaigns and internet marketing that enable business to
attain higher market share and customer base.
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References
Balducci, B. and Marinova, D., 2018. Unstructured data in marketing. Journal of the
Academy of Marketing Science, 46(4), pp.557-590.
Hill, T., 2017. Manufacturing strategy: the strategic management of the
manufacturing function. Macmillan International Higher Education.
Goldberg, M.E., Fishbein, M. and Middlestadt, S.E. eds., 2018. Social marketing:
Theoretical and practical perspectives. Psychology Press.
Baron, S., Harris, K. and Hilton, T., 2018. Services marketing: text and cases.
Bloomsbury Publishing.
Salmon, W.J. and Tordjman, A., 2020. The internationalisation of retailing. The
Retailing Reader, p.364.
Finne, Å. and Grönroos, C., 2017. Communication-in-use: customer-integrated
marketing communication. European Journal of Marketing.
Slack, N. and Brandon-Jones, A., 2018. Operations and process management:
principles and practice for strategic impact. Pearson UK.
Roberts, J.H., Kayande, U. and Stremersch, S., 2019. From academic research to
marketing practice: Exploring the marketing science value chain. In How
to Get Published in the Best Marketing Journals. Edward Elgar Publishing.
Gordon, W. and Langmaid, R., 2022. Qualitative market research: a practitioner's
and buyer's guide. Routledge.
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