Comprehensive Marketing Report on M&S: Principles, SOSTAC & Analysis

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This report provides a comprehensive analysis of Mark & Spencer's (M&S) marketing strategies, principles, and competitive environment. It begins by outlining core marketing principles such as product, price, promotion, and place, and then examines how other departments within M&S are linked to the marketing function, highlighting the fostering and hindering aspects of these relationships. The report further analyzes the impact of internal and external market factors on M&S's business operations, comparing M&S with its competitors, focusing on product offerings, pricing strategies, and promotional activities. Finally, it applies the SOSTAC model to evaluate M&S's marketing planning process, covering situation analysis, objective setting, strategy development, tactical implementation, action planning, and control mechanisms, providing a holistic view of M&S's marketing approach.
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Table of Contents
INTRODUCTION ........................................................................................................................1
MAIN BODY ...............................................................................................................................1
Marketing principles :- ...............................................................................................................1
Justify how other departments are linked with marketing area. ............................................2
Explain how fostering and hindering each of these units may be to the marketing units.
.....................................................................................................................................................3
Based on analysis and study justify how internal and external market effect on the
business and its working :- .......................................................................................................4
Comparison of the brand and its challengers :- .........................................................................4
Sostac model :-............................................................................................................................5
CONCLUSION .............................................................................................................................5
References:.......................................................................................................................................5
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INTRODUCTION
Marketing is the inclusive term and it considers all sources and a set of activities
essential to direct and ease the flow of goods and services from producer to user.
Business owner consider it as a management function plan. It is a human activity commanded
at satisfying wants and needs through exchange procedure. It is a process of exchanging
goods in return of money (Lemken, and Siguaw, ., 2021). This report is based on Mark and
Spencer, it is UK based company and deals in house hold goods and clothing. It is well
known retail industry in global country it was found in 1942 by Michael mark and Thomas
Spencer. This report will cover the concept of marketing with its principle the it will explain
the internal and external factors that effect on marketing. Further it will compare the
competitor with the brand and advantages that company have while working in market. In
last it will explain the sostac model in relation of marketing (Page, and Connell,, 2020).
MAIN BODY
Marketing principles :-
This activities are aimed at satisfying the needs and wants of users and therefore,
finding out user needs and wants is the initial point for all marketing activities. It starts with
users and ends with users by fulfilling their requirements. It consist of major marketing
principle which is listed in below :-
Product :- it is core offering that is provided by the company in order to make
happy the wants and needs of the users or buyer. In regards of M&S, the company
being collaborated with sustainable goods with the aim of acquiring and market
surroundings goods. Such commodity are also produced utilising sustainable ways.
Goods packaging is done using recycle sources. This planning has raised the
confidence of various possible buyers.
Price :- it has a lot of effect on the services buyers contentment level. It is
majorly consider a proxy for quality and vice versa. This become an significant
component for the actual service expenditure to occur . In relation of M&S, The
brand ensures to give goods in reasonable rate , this approach makes it easier for
more buyers to support the company sustainability objectives.
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promotion :- it plays a vital role in the insight the likely target viewers may have
concerning the examination. It makes the brand more effective and impressive in eyes
if the buyers. In abstraction of M&S, the company uses the digital platform and other
traditional form of promoting brand name in the market place.
place :- it is location where is products has been offer by the brand this is known as
place. In relation of M&S, this ensures that its location and outlets are sustainable.
They support the CSR policy In order to increase the brand value in the market place.
Process :- it is significant to deliver a excellence service. This is being indescribable
process becomes all the more essential to ensure benchmark. This navigates ensures
that the service is apparent as being reliable by the target segment.
people :- it is crucially in service delivery. This includes the customer service and
supply chain management and many other that is been involved in giving service to
the customer. In order to M&S, all workers is equipped with adequate CSR skills in
regards to support the company objectives.
Physical evidence :- this is where it play a part , as well as this states that the goods
which is offer the tangible offers that is offer by the company in order to make profit.
In order to M&S, the brand utilise facilities whenever marketing its goods. Workers
and workers are motivate to wear attires manufactured utilising using sustainable
methods (Majchrzak, and et., al., 2019).
Justify how other departments are linked with marketing area.
The business is consist of various sections and every department is linked with each as all
work for same motive in the company. More detailed in below :-
1. marketing with Human resources - Human resource is the area which is hired by
the M&S to recruit the employees that are required in the company In order to make the
working effective and productive. As they hire a marketing executives and sales person
that candidates gather a market needs and wants.
2. Marketing with finance - M&S, finance section is the area which is being alloted
with the capital although they funds the other departments to accomplish the task
effectively and efficiently.
3. Marketing with operations - operations department is the management area who
manages the production activities or many other activities that is linked with the
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finishing goals and objectives successfully. Marketing makes it more effective by
giving them the other details regarding the market needs and wants.
Explain how fostering and hindering each of these units may be to the marketing units.
Marketing is the something that all business impememts in order to spread awreaness of the
brand in the market place (Atkin, ., and et., al., 2021). All the marketing strategy being executed
to increase the brand value in the eyes of the users. Here are some pros and cons of the fostering
and hindering that are listed in below :-
Pros -
1. No concern will make money without spending any. So when a industry starts investing in
advertising, it is expenditure currency. This will mechanically lead to assist in sales, now or
ultimate.
2. As state previous to, there are plenty of various marketing average for one to choose from.
However, select the right average to encourage one’s concern is vital. Selecting the right paper,
magazine or the Internet for advance a industry is essential as that will mean that one gets to
target a specific section of people. Every business has a single subdivision of people it wants to
entreaty to. Selling lets a concern make a plan to entreaty to that subdivision of people (roy, and
et., al., 2022).
Cons -
1. Marketing needs time spent on it. That can be a liability for people with small trade who
cannot spend surroundings up a selling workers and end up doing all themselves. expenditure
time on promotion and advertising may lead to lesser case beingness dedicated to the actual
business. This can be perhaps corrupting.
2. research has been done on merchandising and how it impact on people. Such examination
have come up with details that a person will have to see or hear a communication anywhere for it
to really sink in. So, selling efforts have to be reliable and incomplete for it to create an effect in
the minds of people. This once more definite quantity increased energy, time and money
(.Choudhury, 2020).
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Based on analysis and study justify how internal and external market effect on the business
and its working :-
Marketing environment is linked with marketing function as it directly effect the function
and operations. Internal users, suppliers and many others combine to make the micro and
environment of an organisation. To supply a good final production requirements and
improved as well as develop manage good relationship with vendors and external agencies
it is crucial for company to manage nonstop analysis of ever changing micro surrounding
(Nabi, ., 2019). The company like M&S, exterior data is market concert of a competitors
also plays a vital role in the decision making process. business sales force is a huge data
source. Hence, it is essential for system to gather their market intelligence input. The
information composed through external and interior market research agencies plays an
essential to produce a holistic market view managers for decision making procedure. It
beneficial for the company as it assist managing data from various sources at one place.
As well as it help in developing and tracking of promotion plans. It aids in manipulating
information as per organization needs.
Micro surrounding that reflects the business as it includes customers, suppliers,
competitors and many others. That Is being reflected by the fcators that put effects in
negative and positive both ways (Asseraf, and et., al., 2020).
Comparison of the brand and its challengers :-
MIX M&S Tesco Comparative benefits
Product House hold goods and
clothing.
Grocerirs, food
products and many
others.
The company M&S,
uses the quality goods
that attracts users.
Price They use the price
skimming method in
providing goods.
The company provides
goods in premium
costing strategy.
The company
provides the goods in
reasonable value.
Place They provides outlets
in the prime locations.
The organisation
provides goods in the
various locations.
The company
provides their outlets
here person can
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reach easily.
Promotion They use advertising
and digital platform
for spreading
awareness of the
brand.
They promotes goods
through the bill
boards and hoardings
and mails.
The company is well
recognition in the
global market.
People The investors and
employees are major
who are involved in
the business.
The people who are
involved with in the
concern are treated as
a members.
The employees thar
company have are the
skilled and expert in
the working.
Physical evidence This is offers and
good presented by the
company.
They company
goods and services
that are provided by
the company.
The qulaity good
give them a power of
challenging other
brand.
Process The way of working
and supply chain
network.
The company have
low supply network.
The M&S have the
super supply network
that makes them best
brand.
Sostac model :-
It is a framework that is used for marketing and business plan, also known as the marketing
planning process. This is the most established and experienced model for improving and
executing advertising tactics. It consist the various stages that is listed in below :-
1. Situation analysis- Pass on with advertising personal in that specific manufacture want
to invest, ask for their sentiment . Reach out advertise value of that concern, ask them if
the business want to commence related kind of concern what could be the predicament
and challenge might face in this market, how much time will it take to earn or reach
break-even in this business. SWOT and PEST analysis are the two wide used acting of
examine business situations. Analyse external chance and market gap in vicinity of your
business, you may go for a clinical adept feeling. Negotiate client relationships,
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conformity them occupied with your brand on social media and other sites is so important
but very difficult these days.
2. Objective types - it relates to the aim of the business and goals are meant to be a
short term and long term both these are setted by the mangers and overall activities
being done by the assigned members. In order to M&S, the company has setted their
aims as making a loyal customer base and growing the business in international
market
3. Specific and concise - this strateg of ‘how do we get there’ or ‘How can business
achieve business objectives for a particular year. business may hear lot about this word
‘strategy’. essentially, this word belongs to military, where war strategy is created and
defined. Then this plan word gained in business administration, now each business moves
deliberately, each section of industry go through with tactical plans. Like there must be a
strategic system in human resource department, a strategic management system, and there
must be a clear-cut strategic marketing plan as well.
4. Tactics - it means the techniques that Is used by the company to make the working
more effective and influential as well as it most significant of all is choosing the right
message of the advertising for correct audience. The company M&S provides the
correct information to the appropriate content and action to impress the consumers.
5. Action - it mean giving shape to the plan strategy or instruments. It includes data
base organization scheme is essential to keep all the the records of assigned projects
or roles. It projects responsibility to valuation structure . In order to m&s, the whole
action plan or must be designed before execution procedure.
6. Control - this will assist business to find the issues was happened in the making
strategy. It would be elegant thought if the improved the own contentment
boundaries for the whole marketing plan. It has the direct control with objectives,
plan and campaign. The actions. It is implement in M&S as it helps in making
decision on time as well it include the expert advice.
CONCLUSION
It is concluded from above report that marketing is an important area of business which
produces revenues through the sale of satisfying goods and services to the users. It
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includes taking decisions in the areas of product, price,palce and promotion keeping in view
the needs of the users business. It is used to determine the users to keep the users and to
satisfy the users, it can be concluded that marketing management is one of the prime factors
of business management. The evolution of merchandising was caused because of mature
marketing and over occupied. The total procedure starts with selling research and goes
through market segmentation, business planning and execution. The management must posses
the tools decision making skills to get the marketing occupation done. Impressive
management concentrate on principles.
References:
Books and Journals
Asseraf, Y., and et., al., 2020. International marketing doctrine: the use of guiding principles.
International Marketing Review.
Choudhury, R.G., 2020. Marketing Mix and Customer Loyalty in Services Marketing. In
Services Marketing Issues in Emerging Economies (pp. 167-177). Springer, Singapore.
Majchrzak, J., and et., al., 2019, October. The concept of contradiction finding and classification
in the field of marketing communication quality management. In International TRIZ
Future Conference (pp. 438-457). Springer, Cham.
Page, S.J. and Connell, J., 2020. Marketing tourism destinations. In Tourism (pp. 325-352).
Routledge.
Lemken, R. and Siguaw, J.A., 2021. The use of interest-inventory measurements in marketing
education: Improving MBA student team effectiveness. Journal of Marketing
Education, 43(1), pp.75-90.
Atkin, J.L., and et., al., 2021. Considering a Marketing Degree? Student Perceptions of General
Versus Specialized Majors. Journal of Marketing Education, p.02734753211028888.
Rroy, A.D., and et., al., 2022. SUSTAINABILITY FOR BUSINESSES: MARKETING AND
FINANCE PERSEPECTIVE. Academy of Marketing Studies Journal, 26, pp.1-7.
Nabi, M.A., 2019. Social Marketing in India. Marketing to Centennials in Digital World, p.50.
Lim, W.M., 2021. Empowering marketing organizations to create and reach socially responsible
consumers for greater sustainability. In Social and Sustainability Marketing (pp. 3-10).
Productivity Press.
Gossen, M., Ziesemer, F. and Schrader, U., 2019. Why and how commercial marketing should
promote sufficient consumption: A systematic literature review. Journal of
Macromarketing, 39(3), pp.252-269.
Berman, B. and Evans, J.R., 2018. Retail Management a strategic approach. Pearson.
Sousa, B. and Soares, D., 2019. Combat to abandonment and mistreatment of animals: a case
study applied to the Public Security Police (Portugal). In Case studies on social
marketing (pp. 245-252). Springer, Cham.
Dahl, A.J., Peltier, J.W. and Schibrowsky, J.A., 2018. Critical thinking and reflective learning in
the marketing education literature: A historical perspective and future research needs.
Journal of Marketing Education, 40(2), pp.101-116.
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Lunde, M.B., 2018. Sustainability in marketing: A systematic review unifying 20 years of
theoretical and substantive contributions (1997–2016). AMS review, 8(3), pp.85-110.
Blijlevens, J., 2021. Educating Marketing Students to Understand Designers’ Thought-Worlds.
Journal of Marketing Education, p.02734753211038997.
Matušínská, K. and Stoklasa, M., 2019. The state of strategic marketing application in Czech
small and medium-sized enterprises. Scientific Annals of Economics and Business,
66(2), pp.193-212.
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