Marks & Spencer Marketing Strategies: A Comprehensive Analysis

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INTRODUCTION TO MARKETING
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Table of Contents
Introduction...............................................................................................................................3
Task..........................................................................................................................................4
Conclusion...............................................................................................................................12
References...............................................................................................................................13
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Introduction
Marks & Spencer is one of the largest and famous retail companies in the world. The
marketing strategy and practices are very crucial in this company. It makes the company
much more productive and provides a competitive advantage in the international market. The
project highlights the marketing effectiveness in this company to make it successful in terms
of long-term growth. It also includes the market research, consumer behaviour and the
essential marketing strategy, which is a strong weapon for the company. It describes the
crucial aspects of marketing, which provides a beneficial platform for the company to build
the brand awareness. Efficient marketing planning and implementation of the same is
maintaining the stability of the company. It makes the company to stay ahead of its
competitors and achieve the target goals within the desired time.
The report introduces the key factors of marketing which are being implemented in Marks &
Spencer Group. It involves the critical and practical practices of marketing research,
promotion, branding, pricing strategy and others. It provides the market segmentation
including the demographic and behavioural parts. It also describes the market analysis of the
company in a brief manner.
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Task
Areas of Marketing
Branding
Branding is one of the crucial aspects in marketing. It is one of the key factors to determine
the customer strength in any company. Marks & Spencer is one of the leading organizations
in the retail sector. It creates a unique branding strategy to measure the customer feedback
and engage positive customer relationship in the company. The company has adopted the
dynamic techniques to keep itself updated to the changing environment. It has a unique
advertisement strategy to build the effective brand and reach to millions of customers within
the required time (Toms and Zhang, 2016).
Content marketing is a very useful tool in assessing the brand reputation of a company.
Marks & Spencer applies a crucial and effective content marketing strategy to maintain
flexibility in the brand management. It is helping the company to build an effective brand. It
makes the company reaching the desired customer base. It is proving a beneficial tool to
maximise its profit and build a strong customer relationship management. It is getting a
makeover by implementing the clever content marketing. It is making a positive image for
the company to enhance its brand value. It is one of the secret factor for the company to attain
the goals and thrive on success. It must maintain the effective content marketing approach to
improve its brand value and overcome any challenges of future (Bocken, 2017).
Market Research
Market is the primary function of the marketing process. Marks & Spencer performs an
effective market research to identify the strength and weakness lying within the organization.
It focuses in masking efficient business strategy to modify the business and attain sustainable
growth. It deals with the identifying the effective customer segment and do a regular survey
to find feasible solution for the business pattern. It also involves the determination of the
negative factors, which are acting as hindrance for the business growth. Marks & Spencer
sets and modifies its strategy according to the organization’s need (Gypteau et al., 2015).
Marks & Spencer follows a crucial research plan to cope with the business needs. It performs
essential survey and data gathering procedures to get the market knowledge. It involves the
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data analysis implementation to predict the future. It is continuously improving the business
techniques and updating with the technology to fulfil the business needs. It deals with the
primary and secondary methods.
In primary research, the company can follow the customer interviews and feedback. It helps
to get approximate view of the customer preferences. From the primary research, the
company gets the customer’s choice and makes or creates the essential strategies. It is of
utmost importance for the company to gain a significance profit. In secondary research, the
company can utilize the observation or reaction of the customers when they are purchasing
the products. This will allow the company to understand the behaviour of the consumers and
take necessary procedure for the business. By observing this they can evaluate the need of the
customers and make the strategy to ensure adequate product deliverance (Jones et al., 2017).
Competitor analysis is a serious tool for making sufficient changes. It can give the figure
what tools and techniques the competitors are implementing to gain profit. Marks & Spencer
follows a systematic way of competitor analysis to make crucial business strategies. It gathers
the essential information of the competitors and makes themselves aware about the
competitor strategies. It also gives them the idea to figure out the factors or points which they
are lacking. Thus it acts as the major advantage to specify the desired measures and take the
steps to improve the business process.
Pricing Strategy
Marks & Spencer follows a unique pricing strategy to attract customers and achieve the
customer satisfaction. It deals with critical analysis and making suitable business decision. It
offers a reliable prove for its products and sets various prices based on the products. It deals
with competitive pricing strategy and gives the flexibility to customers to choose their choice
of products.
Pricing strategy is very relevant to make sufficient price for the products. Affordable and
reliable price should be offered as to ensure the maximum sales. Marks & Spencer’s applies
the efficient pricing strategy to set the proper price for its products. It deals with varieties of
products range. Therefore, it performs the effective competitor analysis and understand the
market segmentation. It helps the company to offer various prices for the different products
range. It offers discount on various products during the occasional seasons to get more
customers. The price range of Marks & Spencer is truly affordable by the consumers and it
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satisfies them. Thus, it signifies the process of customer retention and repeated purchasing.
The pricing strategy plays a tremendous role in this company to develop the business. It
serves as a beneficial tool for this company to gain necessary profit and long-term growth.
Promotion
Marks & Spencer applies a suitable promotional strategy to deal with the business processes.
It makes effective alignment with the advertisement campaigning and digital marketing. It
keeps a measured approach to identify the lead, which can be converted. It makes unique
strategies to reach the customers and create the brand awareness. It performs the digital
marketing techniques to expand its customer base and achieve sufficient growth. This
company to is crucially following the various online tools and techniques. It is a cost
effective technique and gives better return on investment (Yosie et al., 2016).
Technology is constantly improving and developing the overall business pattern. Technology
plays a useful role in marketing. Due to the easy access of internet, digital marketing comes
into play. Maximum people are keen to become tech savvy, Marks & Spencer utilizes this
opportunity to expand its customer base. It is continuously working on the online platform to
create customer awareness. It uses different techniques of digital marketing to reach the
customers. The social media marketing and affiliate marketing holds immense importance in
this context. The company must focus on this technique to create the u unique promotion
strategy. It is a flexible way to reach maximum customers within short time. Online
advertisement and promotion is proving as a great benefit for this organization to achieve the
success (Piercy, 2016).
Public Relations
Public relations management is a major part in marketing process of a company. Marks &
Spencer is tremendously working on public relation management to maintain the suitable
business. It creates a positive impression in the minds of consumer. It is very to deal with the
sales process. It serves as the effective weapon to provide proper communication to the
consumer and the overall market. It leveraged PR strategies to launch new and innovative
products. It is helping the company to enhance the overall image. It acts the major tool to
generate additional revenue for the company (McDonald and Thompson, 2016).
Marks & Spencer maintains a suitable connection with the media channels to create the
efficient public relation management. It focuses on anticipating, analysing, interpreting the
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public opinion towards the brand and drafting strategies. It provides the essential support to
the marketing campaigning and builds a new move for the unique product launch. It plans
and executes the strategy to reach the public and maintain media relation management. It
focuses in creating the unique web content. It deals with social media presence and manage
the brand reputation. It handles the investor relation and deals with government and other
agencies. Public Relation in Marks & Spencer holds a great value in developing the business
and maintaining its steady growth in the long-term (Gray, 2015).
Relation between various areas of marketing
The different parts of marketing are closely related with each other. Market research is the
primary part of the marketing process. It defines the customer preference and make suitable
branding strategies. It reflects the appropriate pricing strategies to be done to control the
business. Promotion involves the products that are to be marketed which can be determined
by the effective market research and consumer surveys. Public relations give the proper
message to the customers and indirectly persuade customers for purchasing which is only
possible for appropriate market research. Marks & Spencer maintains the various marketing
practices in a crucial to achieve the desired growth and success. It is following the systematic
approach to manage every aspect of marketing process to ensure high productivity and
sustainability (Naidoo and Gasparatos, 2018).
Understanding Market and Business operations
 Consumer Behaviour
Consumer behaviour is very important for a business organization. It helps to identify the
actual customer base and determine the consumer choices. It is related indirectly with the
success and growth of any organization. Marks & Spencer performs an appropriate consumer
behaviour analysis to understand the consumer choices. It involves the business analysis to
determine the consumer preferences. It figures the price factors that are related to the
consumer buying decision. It deals with identifying the segment of products that are highest
selling. The technological changes or the benefit, which are needed to make sufficient
business growth, also comes in this context. It is helping Marks & Spencer to develop
feasible solutions for the business operations and improving the business strategy. It is a vital
tool for this organization to expand the business and maintain the continuous growth (Oh et
al., 2016).
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 Demographic
Marketing practices is related closely with market segment. It helps to identify the desired
customer base and take the necessary measures to make sufficient business growth. Marks &
Spencer must have to understand the target customer base and manufacture the suitable
products to make significance profit. It must perform the data analysis to make improve the
business efficiency. It must utilize the sufficient data to maintain a stable business. It must
focus to manufacture unique products according to the age of the customer segment (Mete
and Davies, 2017).
Different products for different ages are being produced in order to expand the customer base
and hold the brand value. It invites more customers to their retail stores and provide
flexibility to the customers to purchase according to their choice. Separate products and
accessories are being produced based on the gender. It invites and attracts all genders of the
society. It also analyse the economic condition of the buyers. It is keeping a wide variety of
products in the stores with differentiating price so that every class of the society can afford
them to purchase. It will create a positive reputation for the company to make desired profit
and maintain a strong market share. The demographic market segment is very relevant to
maintain the constant growth and flexibility of the organization (Rashid, 2016).
 Behavioural
Behavioural market segment is another aspect of the marketing process. It deals with the
benefits, pattern usage rates of the specified products. It divides the target population based
on the behavioural patterns.( Brown et al., 2017). Marks & Spencer target their customer
segmentation according to the behavioural pattern of the customers. It maintains products
according to the usage pattern and long-term use. The products are also being maintained
based on the benefits. The suitable products which fulfils the customer choice is of great
importance. The products, which are of daily use, satisfy the customers and reflect immediate
purchase. Marks & Spencer analyse the buying pattern of the customers and set their business
planning accordingly (Gray, 2015).
Demographic – Income Factor
Marks & Spencer must give more focus in income factor. Customers can be targeted
according to their income. Therefore, varieties of products should be available in the stores
according to the economic condition of the buyers. There must be different products, which
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are for different class of the society. It gives a message to the society or an indirect invitation
that every class of the people are welcome in their stores. It must make the sufficient
promotion to create the customer awareness. It will bring more customers and help to
maintain a well brand reputation. The products price must be set according to the
affordability of the customers. It signifies the wide variety of prices based on the product
range. It will develop and expand the customer base. The strategy will also ensure to ensure
the customer retention process and create repeated purchasing. This will generally act as a
major advantage for the company to stay ahead of its competitors. This will signify a positive
impact for the future growth and sustainability (Toda and Dawson, 2017).
Behavioural–Usage
Marks & Spencer must give a steady approach in product usage. It will help to determine that
which product sells in a high quantity. Marks & Spencer must also monitor the customer
usage based on their choices. It will help them to identify the suitable products desired by the
consumers. The availability of the required products will give them the necessary profit and
growth. Thus, by analysing the trend it will ease the procedure to decide which products are
to be kept (Alexander, 2016).
The company provides a smooth flexibility to the consumers by introducing online shopping
facility. It will gather more customers and company sale will get increased to a huge extent. It
will also make good relation with the customers. Customers will get much more attracted to
this facility as they do not have spent time visiting the stores. It is a great way for the
company to gain profit and maintain the good reputation of the brand value (Piercy, 2016.).
Generally, fast moving consumer products are being preferred most of the customers.
Therefore, those must be available to the retail stores to ensure target sales. Quick selling
products give immediate profit to the company. The prices must be done accordingly so that
it simultaneously suits customer affordability and business objectives. Similarly, the
products, which are of long–term use, must be offered with proper price. Long usage
products sell in low amount as compared to the other. To achieve profit the company must
apply high price on them. Marks & Spencer have to perform the crucial analysis to figure the
suitable products meeting the customer requirements. It will help them to achieve the desired
growth and maintain the business momentum in a smooth manner (Laffy and Walters,2016).
Marketing Analysis
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Marks & Spencer is a leading retail company in the international market. It is making a
significance growth and achieving sustainability. The company maintains its long-term
business growth it must take care of the various measures. The company must focus more on
advertisement. Advertisement plays a very important role in developing the business. It
generates the customer awareness and builds the brand awareness. It must work more on
digital marketing to target maximum audience and expand its customer base. It will become a
game changing opportunity for them to curb out the competitors.
Introduction of online shopping is a beneficial tool for the company to achieve the desired
success. The company must maintain the new technology. It must bring much more advanced
features in providing essential facility to the customers. It will make a healthy customer
relationship management and focus for long-term goals. The company must ensure enough
availability of the different range of products for all class of the society. It can target every
class of the society and expand its customer base by making fruitful profit. It will ensure
greater success for the organization.
According to their usages, the products must be chosen as well as kept available in the
stores,. The preferred products of the consumers will signify high sales and thus generate
sufficient revenue for the company. Maintaining the online CRM is very useful for the
company. It will help to carry out the business operations in a flexible manner. Pricing
strategy must satisfy the affordability of the customers. Overall, it can be said that achieving
the customer satisfaction is the main motive of the company for gaining the steady growth.
The marketing strategy must be followed with an adequate measure to satisfy the business
growth.
Conclusion
The above report shows the appropriate marketing strategies that Marks & Spencer is
applying to get the continuous growth. It is dealing with various aspects of promotion, pricing
strategy, branding, market research etc. The digital marketing is an essential tool to gain the
necessary profit. It also mentions the effective public relations strategy it follows to maintain
the good reputation of the company’s brand. It shows the online shopping facility holds
utmost importance in this company. The market analysis describes the positive points and
states the implementation of those to sustain in the competitive market. The effective
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marketing strategy is maintaining the stability of the company and the process has to be
continuous to keep up the momentum.
The report has highlighted successfully the key factors and differentiating approach, which
the company follows to gain significance profit. It describes the market segmentation and its
benefits that suit the organization. The crucial factors of the different market segmentation
are mentioned clearly in the report. The marketing strategy that will be appropriate for the
company in achieving the long-term success highlights the report.
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References
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Betty a Hollister Follower? Parsing the Poetics of Branding. ACR North American Advances.
Gray, J.A., 2015. Business, the Environment and the Consumer 1968-1992: The Case of
Marks and Spencer(Doctoral dissertation, University of Leeds).
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Marks and Spencer(Doctoral dissertation, University of Leeds).
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Independent External Assurance: An Exploratory Study of the UK’s Leading Food
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Laffy, D. and Walters, D., 2016. Managing retail productivity and profitability. Springer.
McDonald, P. and Thompson, P., 2016. Social media (tion) and the reshaping of
public/private boundaries in employment relations. International Journal of Management
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Mete, M. and Davies, G., 2017, October. A Comparative Study on Brand Image
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Naidoo, M. and Gasparatos, A., 2018. Corporate Environmental Sustainability in the retail
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