Marketing Essentials: Analysis of Mark and Spencer's Marketing Plan

This report provides a detailed analysis of Mark and Spencer's marketing strategies, encompassing various aspects of the marketing mix. It begins with an introduction to the marketing concept and explores the roles and responsibilities of marketing functions within Mark and Spencer, including distribution, pricing, product management, financing, marketing information management, selling, and promotion. The report then examines the interrelationship between marketing and other functional departments such as HR, production, and finance. A comparative analysis using the 7Ps of marketing is conducted, comparing Mark and Spencer with McDonald's and Starbucks. Furthermore, the report evaluates the company's marketing plan, including objectives, strategies, and a SWOT analysis. The marketing and financial plan are also reviewed, with conclusions drawn about the effectiveness of the strategies. The report aims to provide a comprehensive understanding of Mark and Spencer's marketing approach and its alignment with broader organizational goals. The document is contributed by a student to be published on the website Desklib. Desklib is a platform which provides all the necessary AI based study tools for students.

Marketing essential

Table of Contents
INTRODUCTION...........................................................................................................................1
P1.....................................................................................................................................................1
Marketing concept ..........................................................................................................................1
Role and responsibilities of marketing functions in mark and spencers.....................................1
Distribution ................................................................................................................................1
pricing.........................................................................................................................................2
Product/service management......................................................................................................2
Financing ....................................................................................................................................2
Marketing information Management..........................................................................................2
Selling ........................................................................................................................................3
Promotion....................................................................................................................................3
P2.....................................................................................................................................................3
Interrelationship of marketing and other functional departments. .............................................3
Marketing and HR.......................................................................................................................3
Marketing and production...........................................................................................................3
marketing and finance.................................................................................................................4
P3.....................................................................................................................................................4
Comparing all three MC Donald, Starbucks and mark and spencers with the help of 7p's of
marketing.....................................................................................................................................4
Different marketing mix..................................................................................................................4
P4.....................................................................................................................................................6
Evaluation of marketing plan for mark and spencers .................................................................6
Various objectives and strategies of marketing for furniture by mark and spencer....................6
Strategies to complete these objectives.......................................................................................7
Marketing and financial plan......................................................................................................7
SWOT analysis ..........................................................................................................................7
Conclusion ......................................................................................................................................8
REFERENCES................................................................................................................................9
REFERENCES..............................................................................................................................13

INTRODUCTION
Marketing is the set of organization, process, activity, delivering, interacting and exchange
particular offers, which have financial worth for the customers, clients, partner as well as society.
Marketing is connected to the science and arts of exploring, making and delivering profits
according to the market needs which are targeted. Marketing direction means company is
focused on needs of customers and they have to bring innovative products. Market process is to
find opportunities, target markets, develop marketing mix and company have to manage the
efforts of marketing.
Mark and spencers is British multinational retailer store and their headquarter is located in
Westminster, London and they have speciality in selling high quality clothing, home products
and food products. Mark and spencer was founded in 1884 by Michael marks and Thomas
spencer in Leeds.
Roles for interrelation with and organization functional units. Roles and responsibilities of
marketing functions and how the responsibilities relate with the wider organizational context.
Then apply marketing mix P's to the process of planning. An at the end production and
evaluation of basic marketing plan for company.
P1
Marketing concept
Concept of marketing is a belief that companies must determine the needs and wants of
customers on first and first in order. On the basis of those needs companies can take their
decision and they will decide that which product will going to produce which satisfy customer
needs, in comparison with other competitors.
There are some functions of marketing which are market research, finance, setting prices,
distribution, product management, promotional channels, matching product to
customers(Campbell, Martin and Fabos, 2018).
Role and responsibilities of marketing functions in mark and spencers.
Distribution
Deciding the perfect ways to find customers who want our companies products. Having an idea
about the product is a good thing but if these products were not able to reach to the customers
then company will not going to earn anything. So mark and spencers have to focus on
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distribution process where they have to set up shops in different areas to target the customers
who are interested in our products. One thing mark and spencers have to follow that is they have
to take their products and services to the customers because they can't setup their shop in every
area so delivery or distribution is important for earning(Lane, 2016).
pricing
Roles of mark and spencers while setting prices are they have to set correct price for their
product this could be challenge for the company. If prices were high they will lose their
customers but if prices were low then they will steal themselves their profits. Responsibility of
company is to do some market research and then put a correct price through trial and errors.
Main aim is to Communicate and setting up the prices of products and services.
Product/service management
Once mark and spencer done with determining the whole target market and prices of their
products and services are set, then the aim of the company is to manage the products or services
effectively. The main role of the company is to look for development of product make
improvements and changing in design and respond to the needs and wants of the customers and
keep the products or services fresh.
Financing
Money make money if we want to earn then we have to invest as well. This is also important
function of marketing because we have to decide the budgets to run the activities of market,
needs necessary funds for operations of the company like invest in loans to advertise or promote
our products. Giving financial help to customers so they can able to purchase the products and
services of the company.
Marketing information Management
By using information after the research in market, company have to look about those customers
who wants the products of their company and according to market research they have to think for
rival companies, and observe the trend in the market and what are the competing products.
Improvement needed in the business for decision making and the performance of business and
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marketing activities. They have to decide what they gonna sell and how it will help them to
compete with competitors(Malhotra, 2015).
Selling
Mark and spencer have to focus on selling and with the help of direct communication company
can communicate to the potential customers to decide and satisfy their needs.
Promotion
Every company knows how to promote their products. Mark and spensers also knows through
advertising they will attract new customers and the existed customers will also come back. With
the help of different ways like, social media, online marketing and different source of promoting
our products, we can reach to the more customers, so promotion have a great impact on the
company(Larson and Draper, 2015).
P2
Interrelationship of marketing and other functional departments.
Marketing has various roles and responsibilities in case of mark and spencer company.
Marketing helps the company to attain the goal a well as objectives and targets by creating
various marketing plans. Key elements of marketing which are relating with the mark and
spencers are:
Marketing and HR
Benefit from the cooperation of both marketing and HR when they will work together. These
benefits convert into benefits for consumers, employees and potential employees. Cooperation
with the HR can spread brand messaging through the whole company with the help on internal
communication(Purvis, 2015).
Marketing and production
Marketing and production both are important for mark and spencer. When we work in a group
there is a need of management. Marketing and production work together for a new product. What
actually people wants it will be find by marketing and production shows the way to marketing
that what they will need to produce the product and by adding new features it will change price
and time of production. By working together on a product that both the market wants, and they
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can produce it efficiently. Making right products by working together at the correct price,
without over selling the capacity of production(Rowley, 2017).
marketing and finance
Bringing people of finance into the decisions of marketing can make finance people feel
possessive for every decision that is made. Finance group feel more friendly when you share that
what are the reasons of your plans because finance people actually wants the business more
successful. Build a strong physical contact in both the groups together this will enhance finance
along with marketing. For supporting other business company have to put the team in the central
position. Mark and spencer teach that how to integrate marketing and finance into the
environment which aims at maximizing financial performance as well as values of customer
too(Pike, 2018).
P3
Comparing all three MC Donald, Starbucks and mark and spencers with the help of 7p's of
marketing.
Different
marketing mix
Mc Donald Starbucks Mark and spencers
Product Sandwiches, chicken
Mc Nuggets, snack
wraps, French fries,
oatmeal, shakes, Mc
Flurry desserts,
sundaes, soft drinks
etc.
Fresh brewed coffee,
hot and iced espresso
beverages, iced coffee,
coldbrew, frappuccino
coffee, Starbucks
refreshers and teavana
teas etc.
Skin care, lotion
creams, talcum
powder, body spray
and mist, shower gel,
make-up, fragrances,
clothes, home products
and food products etc.
Price Follows cost based
pricing. Same as other
competitors like
burger king etc and
Starbucks follows
competition based
pricing. The prices of
Starbucks coffees are
Mark and spencers
follows quality and
social class pricing.
They look for
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provide good quality
in normal prices.
higher than MC
Donald or other
companies coffees.
customers 1st and
provide good quality
products according to
the class of customers.
Place It is worldwide
located. Depends on
the size and
demographic condition
of company And it
follows hub and spoke
model of distribution.
It is located in most of
the countries.
Starbucks follows
direct retail system to
sell its products.
It is also located in all
over the world. Mark
and spencers sell their
products via outlets
and by opening online
sores.
Promotion Mc Donald provide
new products in the
market and by using
these strategies they
will promote their
product which are
Advertising, sales
promotions, public
reactions and direct
marketing.
The best thing which
Starbucks is using to
promote their product
is Starbucks card. It
will help to promote
their company by
referral system. They
also use similar things
advertising, sales
promotions and public
reactions.
Mark and spencer is
using both the
strategies which are
above the line and
below the line to make
it presence felt. They
re promoting their
company through
print, digital and visual
medium.
People Delivery crew
members, fast friendly
service by workers and
they will assure
customer satisfaction
at the restaurants.
Starbucks already have
a massive workforce.
They are building
diverse workforce.
Starbucks is known for
investing in employees
training and
development.
Youth people work in
mark and spencer but
there is not age
restriction anyone can
work in mark and
spencer.
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Process Food producing is
transparent to
customers. Adopting
new method of
packaging and
distribution. They
invent new and
innovative equipments
for cooking.
Customer service is
good. Starbucks is
busy place and
employees have to
treat customers
efficiently. Interaction
with the consumers
starts with greeting by
a Starbucks
employees.
Mark and spencer
consider top retailers
of UK. They stated as
the process of
planning and
execution of marketing
and also promotion
mix.
Physical evidence It is very attractive and
packaging will attract
new generation easily
and it is mainly
recognized by the
joker of Mc Donald
and logo.
It is not limited to its
store designs, coffee,
logo and cups.
Starbucks offer
customer an inviting
surrounding. They put
names on the cups.
Attractive packaging
which attracts all
generation people.
They have so many
products so all have
different logos.
P4
Evaluation of marketing plan for mark and spencers
A marketing plan is a strategic guideline which is used by business to organize, execute and trace
their strategies of marketing over a given period of time. Marketing plans have a separate
marketing strategies for different marketing teams across the company, but whole team will work
for the same business goals. Importance of marketing plan is to clear important elements of mark
and spencers and figure out their objectives and activities for the particular employees and
business. The new product which is launched by mark and spencer are furniture(Perreault, 2018).
Various objectives and strategies of marketing for furniture by mark and spencer.
Maximum sale of their new product.
They want to earn more profit.
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They want to increase their image of brand.
Main objective of the company is to become the best company in the world.
The objectives of mark and spencers is to sale more furniture as they can to their customers.
Company can increase its growth by earning more profits than before. Increase in brand image
will help to gain the attraction of customer.
Strategies to complete these objectives
Study through the market divisions and competitors.
Their aim is to sell their furniture to every customer and different stores.
Create strong channel of distribution.
They have to focus on more innovations they can work on and more attractive advertisements
which will help to gain more customers.
Target hotels to sell their products and bulk selling and restaurants will help to increase profit
level(Puddle, 2015).
Marketing and financial plan
Analysing of sales of previous year helps to judge the amount of sales and monitoring plans in
this case. Analysing of market helps to find the shares of market of the company in comparison
with the competitors. Analysing of cost profits and efficiency ratios help to understand every
aspect of profit and cost level.
Market must be divided according to gender, age and demographic regions to crack the market.
Target market selection has to find the targeted customers of all generations of people.
Goals are to identify the customers who will purchase our product and the another is to know the
market position(SHUKLA, 2016).
SWOT analysis
It is the study by organization to know the strength, weakness, opportunities and threats for the
organization.
Strength
They have clear brand image so it will give benefits to our new product. The existed customers
will attract towards our new product because of brand name. They have their private labels in
almost all categories and if our product will purchase by customers it will attract other customers
by seeing label of our company. Bring innovation to our furniture. Try to bring new creative
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furniture into the market which helps to hold the market. They have their online selling stores
which helps new product to promote(Rowley, 2016).
Weaknesses
They don't have ability to enter successfully into foreign markets. They have their much presence
in United kingdom and United states. They are unsuccessful to attract customers in Asia because
most of their designs are not traditional. Customers are facing issues in return policy in stores
and this will result in decreasing their brand loyalty. The Biggest weakness of mark and spencer
have supply chain problem. They are not getting access through whole world. They tried to reach
outside Asia but they don't able to get success because poor channel of distribution(Stern and
Porr, 2017).
Opportunities
Opportunities refer to that entry in the environment that enclose the business to increase its
returns from various situations. Opportunities for mark and spencer is that in Asia there is a huge
demand of traditional products so they have to work on traditional products this will be the great
opportunity for the company to reach through all over the world.
Threats
Threats are those factors which can damage the environment and stop the growth of the business.
Due to competition mark and spencer have threat of losing its scope in the market. Some of the
threats which can harm company are the competitors in the market which are Gap, Tommy
hilfiger, united colors of benetton and Zara.
Company have to create a marketing strategies to allocate resources and with the help of
investing in advertisements like, radios, local channels will develop the plan of marketing. After
that mark and spencer can request to the shareholders of the company to invest more in their
business(Steven, 2016).
Conclusion
From this above report, the different roles and responsibilities and functions of organization and
various factors of environment are described. Relationships of responsibilities and roles of
marketing which is related to the wider context of organization are explained. Use of marketing
mix according to the mark and spencer is established as well as various marketing mix used by
three companies which are Mc Donald, Starbucks and mark and Spencer for targeting the
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customers. Basic development and production plans for mark and spencer and how to measure
them, and their controlling and various tools are elaborated.
REFERENCES
Books and Journals
Campbell, R., Martin, C. and Fabos, B., 2018. Media essentials: A brief introduction.
Bedford/St. Martin's.
Lane, P., 2016. Human resources marketing and recruiting: essentials of employer
branding. Handbook of Human Resources Management, pp.23-52.
Larson, J. and Draper, S., 2015. Internet marketing essentials. Idaho Falls, ID: Stukent
Incorporated.
Malhotra, N.K., 2015. Essentials of marketing research: A hands-on orientation. Essex: Pearson.
Perreault, W.D., 2018. Essentials of marketing. New York: Mc Graw Hill.
Pike, S., 2015. Destination marketing: essentials. Routledge
Puddle, T., 2015. Marketing essentials for veterinary practices. In Practice.37(5).pp.259-261.
Purvis, J., 2015. Human resources marketing and recruiting: Essentials of digital
recruiting. Handbook of Human Resources Management. pp.1-19.
Rowley, J., 2016. Information marketing. Routledge.
Rowley, J.E., 2017. Information marketing. Routledge.
SHUKLA, P., 2016. Essentials of marketing research.
Stern, P.N. and Porr, C.J., 2017. Essentials of accessible grounded theory. Routledge.
Steven, P., 2016. Destination marketing: essentials.
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