Presentation on Marketing Management of Marks and Spencer
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Marks and Spencer is the multinational retailer company selling various products. Our writers look under the hood and describe M&S introduction, current market position, planning, etc. Watch this ppt and learn about M&S.
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Presentation on Marketing Management of Marks and Spencer
- 1. Marketing Management MARKS AND SPENCER
- 2. INTRODUCTION Marketing is a process or set of actions which are undertaken by a company for promoting and enhancing the sales of a product or service. Effective marketing planning involves recognition of customer demands and fulfilling these through good quality products and services.
- 3. MARKS AND SPENCER Founded in 1884. The organisation is a brand icon in clothe production line. Also deals in home and luxury food products.
- 4. Get The Best Assignment Help From Skiled Writers Website: https://www.globalassignmenthelp.com/ Email: help@globalassignmenthelp.com Get in Touch: +1 2139295632
- 5. 1. Current Market Position M&S holds a strong position in both domestic and international market. Holds a position of brand icon due to high quality products and services. Diverse range of products is being sold by M&S. About 900 stores are present in all over the world and 600 are present solely in UK.
- 6. Despite of these great attributes, bad publicity has degraded the company reputation. There are large numbers of brands produced by the company which help in gaining customer share through different mediums. There is less amount of technical adaptation by the company. M&S holds large scope for development and internationalisation.
- 7. 2. Marketing Objectives To enhance competitive edge in retail market place. To enhance brand name through multi-branding concept. To retain customers for surviving in the same market place. Objectives and goals are defined for gaining a path which can further be used for planning out the respective activities.
- 8. No action plan or strategy can be effectively implemented if objectives are not established. The leader or person in-charge has to utilise vision and aim for developing the objectives. The above described objectives will be helpful for M&S to align the different related business processes with vision and accomplish set goals.
- 9. Get The Best Assignment Help From Skiled Writers Website: https://www.globalassignmenthelp.com/ Email: help@globalassignmenthelp.com Get in Touch: +1 2139295632
- 10. 3. Marketing Planning Marketing planning is used for effectively communicating the products and services of an organisation to customers. A clear idea about the promotional strategies and target markets is gained through this process. The plan is also prepared so that the vision of M&S for gaining a stable position in market can be supported efficiently.
- 11. Long term sustainability, competitive advantage and development of business capabilities are some of the factors which are focused before devising a strategy. Launch of fashionable clothing has to be aided with proper communication tactics. Hence, marketing planning is performed.
- 12. 4. Marketing Communications Plan Marketing communications plan is based on some fundamental concepts of marketing. The before stated objectives have been used for this purpose. Segmentation is performed to select a particular group of customers through the particular product. The demographic and geographical segmentation is performed for fashionable clothing line of M&S.
- 13. Young adults and demographically citizens of UK have been segmented for this purpose. Targeting is the second stage of marketing communications plan. Internet marketing is used for focusing fashionable clothing towards young adults.
- 14. Get The Best Assignment Help From Skiled Writers Website: https://www.globalassignmenthelp.com/ Email: help@globalassignmenthelp.com Get in Touch: +1 2139295632
- 15. Rigorous campaigning and special attention through sponsorships is the main promotional activity which has to be encouraged by the organisation. Evaluation and monitoring is the last stage of the marketing plan.
- 16. Conclusion The use of proposed marketing plan will help the organization to meet its objectives in the next 3 years. M&S has to improve its position in the current market for enhancing the customer share. Marketing planning should be considered as an integral part of the business processing.
- 17. References Books and Journals • Gummesson, E., Mele, C. and Polese, F., 2016. The Naples Forum on Service: Developing theory through the practices of a community. Marketing Theory. • Hogarth, R. M. and Soyer, E., 2016. Kind and Wicked Experience in Marketing Management. Journal of Marketing Behavior. Online • M&S targets attitude not age to rebuild fashion business. 2016. [Online]. Available through: <https://www.marketingweek.com/2016/11/04/ms-dismisses- segmentation-saying-fashion-attitudes-are-ageless/ >
- 18. THANK YOU
Editor's Notes
- There have been significant developments in the functioning process of business organisations. Major contribution of this advancement is technology. Internet and growth of social media are some of the elements which have been contributing to spread of information about different kinds of products present in market. This presentation shall help in realising some of the key factors which affect smooth functioning of the company and effective selling of products.
- The company has been functioning since a long time. The major reason behind this successful journey is great quality products which automatically lead to high customer satisfaction. Orientation, techniques and models which are applied by the organisation are important for consideration when considering marketing management.
- Current market position can be analysed by applying appropriate model and technique. SWOT i.e. strength, weaknesses, opportunities and threats analysis helps in understanding the internal dynamics of company. Employee satisfaction and customer retention are two attributes which are deeply interlinked. If M&S works with employee developmental practises then productivity will increase and production shall improve. Customers have to be influenced by the products and services of organisation in such a way that their loyalty towards M&S doesn’t change ever. This can be attained only when quality and pricing is not compromised. The company works in diverse production line with great number of customers in grocery products. Earlier the company used to sell vegetables and fruits in UK. With technological developments and increase in growth of business takes place rapidly. The spread of fashion trends and celebrity endorsements for various brands has changed fashion preferences of customers. It has been realised that M&S provides expensive clothes. This implies that customers belonging to middle and lower classes do not have access to products and services of M&S. Henceforth, it can be considered as a major drawback for the organisation.
- Despite of this drawback, the company has utilised opportunity provided from social media in marketing its other products and services. This implies that organisation has been improving its business strategies and governance methods with time and tide. Customers are satisfied with this kind of working. Selling concept of marketing is utilised by organisation as a primary way while end to end users are provided with great services. There are many more opportunities which can be used by M&S for bringing in more effectiveness in its marketing strategies. These include promotional tactics through use of online platforms and pay per click advertising.
- Organisation wishes to prosper more and acquire much more profits. Hence, the aforementioned objectives have been designed with a time span of 3 years. These objectives are justifiable and appropriate according to requirements of the company. Enhancing brand name with help of multi-branding concept is an objective which enforces company to develop a new path that is based on establishment of new brands in one head name. People have a different perception when brand names are considered. It is a traditional mentality that depicts brand names means great quality products and high pricing. M&S can use this perseverance with help of new brands that can be used for marketing fashionable clothes. Designer clothes act as one step towards brand names and when provided at a minimally cheaper price range, then significant customer share can be acquired.
- Competition is increasing largely due to great requirement of innovation. People want new types of clothes and products which are not repetitive but still trendy and affordable. These kinds of preferences have inspired many organisations to develop and grow with operating in the same market. Organisations like Zara, Next, Tesco and many more are the major competitors of M&S when considering all ranges of products and services. Fashionable clothing line has been advanced by the company with help of unique branded clothing. The objective of gaining a competitive edge can be fulfilled when company works with corporate social responsibility as one of the key features. This not only brings in sustainability but also increases the productivity and enhances corporate image of the organisation in current markets. Customers will become brand loyal only when they are completely satisfied and assured that their investment in terms of purchasing a product is not a waste. It can only be possible when genuine efforts are made by the company for fulfilling customer demands and requirements. Existing customer base is quite large for M&S. This has been formed with years of strategic business functioning and brilliant tactics. It is not so easy to maintain and develop existing customer share especially in markets where competition is growing with rapid rates. M&S has to develop customer relations with appropriate management or administration strategies. It not only brings in more effectiveness but also improves the productivity inside the organisation. When employees are working in a correct manner and production is in good state then outcomes are received in terms of customer satisfaction.
- M&S cannot develop or implement a strategy appropriately that too on a three year basis if internal and external competencies are not evaluated. The business environment is made up of different components like shareholders, customers, employees, suppliers, etc. It is important to maintain a balance with all of these entities so that any decision doesn’t get impacted by their negations. Hence, first stage of the marketing planning process is performing a situational analysis. It helps in analysing the internal and external environment factors which further bring in more effectiveness by getting an insight about the current market position and also strengths against competitors is also assessed. SWOT and PESTEL are two primary tools which help in getting situational analysis outcomes. These are effective in analysing the internal and external environment respectively with in-depth understanding of the impact if any changes are introduced.
- The concept of marketing planning itself depicts that organised view of the marketing process is to be gained. When organisation has the access to this kind of administration then probability of committing mistakes is reduced and successful implementation is guaranteed. The marketing planning is supported by two principle tools or models i.e. marketing mix and segmentation, targeting and positioning tool. These help in gaining a clear insight about the type of product that is to be marketed amongst the customers with specifications. Furthermore, it also helps in analysing the type of customers and their characteristic traits so that proposed marketing strategy doesn’t hurt the social or cultural sentiments of individuals. It is important for the company to gain an acceptance level in the market so that any harm or damage to corporate image is not addressed. Moreover, the authenticity of product is not lost when there is a link established amongst customers and the company. After visualising all these aspects, the marketing planning has an important segment known as evaluation and control which has to be performed mandatorily. There may be certain types of unethical practises initiated for gaining advantage of the situation by rivals or competitors. This kind of activities and the associated risks are reduced through effective evaluation and monitoring.
- As discussed before, it is important to have a strategy or plan when fighting really tough competition. The situation of competitive advantage can shift to competitors if any sort of innovative and refreshing marketing strategy is used by them for gaining the opportunity. Hence, it is important to have an idea about the upcoming opportunities and events which can be used for strengthening the current market position. Currently social media is one of the prominent platforms which are used by organisations for connecting with customers. Apart from these, there are many software linked with information systems which are helpful in implementing or executing the business operations without committing errors. There are various kinds of tools and techniques available presently in the markets which can be utilised for personal benefits by M&S so that its new product line i.e. fashionable clothing can be stabilised. A rationale and objective which has been described above are quite beneficial for this marketing plan. Being time bounded by 3 years, a clarity regarding goal is obtained. The employees and respective teams that will be assigned respective roles and responsibilities have to communicated each and every aspect of this marketing plan along with clear definition of objectives. Being a marketing communications plan, the motive or agenda behind devising of this strategy should be proper communication or transfer of information regarding fashionable clothing to customers. The segment that has been chosen for this purpose is young adults. Despite of the growing inclination of youngsters towards brand names and pre-existing companies, M&S has to witness this segment as more opportunistic. There is a lot of potential in this segment because people of UK have great attraction for fashionable clothes. Their this kind of preference has helped the company to come up with such great idea.
- Targeting strategy that has to be developed must consider only this segment. It is important to understand that focus should not be lost. Hence, segmentation, targeting and positioning is performed in the marketing planning. This gives the correct preferences and also depicts the choices of chosen segment without getting misleaded. The marketing mix tool covers various dimensions of product and the marketing strategy. The basic requirements from consumers’ point of view include quality and pricing. If both these are maintained then customers will choose the particular product and make a purchase. Hence, marketing mix is a principle tool to be used every time marketing planning has to be performed. The product, place, price and promotional aspects are described.
- Here, the product is fashionable clothing and the focus group is young adults. The pricing must be kept at moderate level by focusing on middle and upper class individuals. The organisation should include this wide group of people in the pricing range because it helps in gaining customer share even if economic environment is disturbed at some point. Hence, it is important to use effective pricing with standards that do not harm the profit margin or production cost. Promotional strategies which can be deployed by the company include use of social media on the highest priority and digital media as the second platform. Furthermore, online advertisements and billboards have to be used for promotion of fashionable clothing. Celebrities can also be chosen for endorsing this product line. On the other hand, there has to be proper distribution of products so that customer demands are met effectively. The final stage of the marketing plan is evaluation and monitoring. The monitoring aspect brings in a control and authority for the company which further helps in reducing risks and threats of unethical practises. On the other hand, evaluation has to be performed for checking the effectiveness of a strategy. The implied processes and the product existence has to be checked in terms of acceptance from customer side. If people are happy about the product then their reviews and opinions will be positive. Otherwise, certain improvements would be required. Hence, use of online surveys, outsourcing, market researches and feedback forms can be initiated for gaining the insights about a product and its working in the target markets. This improves the effectiveness of the strategy.
- Designed marketing plan when managed with business activities can bring in more effectiveness because it helps in approaching audiences strategically. Growing demand of internet connectivity supports organisation to connect in a much better way with audience. Furthermore, online advertising develops virtual presence of the company which improves customer relationship management.