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Marks and spencer plc and company profile marketing essay

The company enjoys presence in some of the major global markets such as the Ireland and Hong Kong. To uphold this vision, it pursues the mission of allowing access to inspirational quality to everyone. Its values are provision of quality products and services, through innovation and confidence building Oppapers, 2009. This report attempts to understand the impact strategy of an organisation has on its marketing plan, and hence define strategic marketing. It then outlines the major components of the marketing plan and the risk associated with it.

The final part of the report identifies how the marketing plan ensures the persuasion of strategy, how commitment can be attained to the plan and it can be reviewed.

At the end is a summary of the key findings of the report. Strategic marketing Marketing can be defined as a managerial function whose responsibilities include the identification, anticipation and satisfaction of consumer requirements in order to achieve a profit.

Hence, marketing is believed to be a technical as well as philosophical subject which addresses issues such as research, product development, pricing, promotion, and distribution. It can hence be deduced that marketing has a wide scope. A different definition for marketing has been put forth by Doyle 2000. It has to do with applying its resources in a dynamic environment for the satisfaction of consumer wants and at the same time meeting the expectations of its stakeholders.

Therefore, marketing strategy has to do with directing its activities in line with the organisational strategies which help to cope with competition, identify opportunities and exploit them through development of products and services ad allocate resources among activities.

A strategy has five elements: Hence, the impact of the strategy on marketing is recognised by the need for the reconciliation of the complex market environment and stakeholder expectations with the resources of the organisation and drawing a successful marketing plan based on the reconciliation.

Marketing analysis of marks and spencer

In this world of marketing, organizations seek maximization of return to shareholders through the creation of a competitive advantage in identification, provision, communication and deliverance of value to customers, and in the process developing long-term mutually satisfying relationships with those customers. However, questions started arising regarding the retailer's long term success.

The situation has worsened since discount stores and supermarkets started offering further lower priced clothes. This has been blamed on the promotion of executives from within who have been in the company for a long period, thus, the culture being saturated preventing fresh ideas Johnson et al, 2008.

  • The final part of the report identifies how the marketing plan ensures the persuasion of strategy, how commitment can be attained to the plan and it can be reviewed;
  • Finally, the marketing support services should focus on efficient delivery system as the Russian target market hardly commute to go food shopping due to heavy traffic and inefficient public transports;
  • At the end is a summary of the key findings of the report;
  • A marketing analysis of marks and spencer module tutor;
  • Situation analysis of international marketing environment marks and spencer in an analysis of marks and spencer introduction to the firm and its industry.

Components of marketing plan The most important aspect of strategic marketing is the marketing plan. The marketing plan defines the activities of the marketing team and provides a framework for its processes.

  • Segmentation means breaking up the market into groups with different identifiable needs;
  • Currently, the foreign retailer that has the largest presence in the Russia is the German group, Metro;
  • Strategic marketing Marketing can be defined as a managerial function whose responsibilities include the identification, anticipation and satisfaction of consumer requirements in order to achieve a profit;
  • Its values are provision of quality products and services, through innovation and confidence building Oppapers, 2009;
  • Essay on conflict resolution dissertation marks spencer doctoral thesis structure geology phd thesis;
  • Short term profits versus long term growth Profit margins versus competitive position Direct sales effort versus market development effort Penetration of existing markets versus the development of new markets Related versus non-related new opportunities as a source of long term growth Profit versus non-profit goals Growth versus stability A riskless environment versus a high-risk environment It follows from this list that while setting objectives, it needs to be explicitly determined which of these objectives has priority.

A marketing plan attempts to answer three questions: Where are we right now? What do we want to achieve? How do we intend to achieve it?

  • Likewise they have a narrower readership;
  • Step 4 - Marketing tactics This step involves writing out detailed strategies for the components of marketing;
  • A history of tesco:

Generally, a marketing plan has the following five basic components; analysis, objectives, strategies, tactics and controls. Step 1 - Analysis This step involves an analysis of the current situation of the company and its environment. This step attempts to answer the first question, i. Such an analysis of the company is called the situation analysis, and is often referred to as marketing audit.

A situation analysis involves analysing the marketing environment, laws and regulations, politics, demand trends, stakeholder interests, resources available and the current state of technology, among numerous other factors. A number of tools can be used to conduct this analysis.

SWOT analysis; an analysis of the internal strengths and weaknesses of the company and how to utilise them in the light of external opportunities and threats faced by the company. PEST analysis; an analysis of the macro environment of the company including political, economic, social and technological factors. Porter's five forces analysis; an analysis of the competitiveness of an industry using five forces namely threat of new entrants, threat of substitutes, bargaining power of buyers, bargaining power of consumers, and competitive rivalry.

Step 2 - Setting marketing objectives Marketing objectives answer the second question, i.

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Objectives set should be SMART, to ensure they are not vague and that performance can eventually be measured against the objectives set. Specific - specify exactly what the desired outcome is Measurable - attaching a quantitative measure to it Achievable - reasonably expected to be attained using the available resources Realistic - resources available for achievement Timed - specify when the outcomes should be realised The marketing objectives form the basis of the marketing plan and define the boundaries within which the plan should operate.

Step 3 - Describing the target market This step requires the organisation to undertake a 3 step process labelled by the acronym STP; segmentation, targeting and positioning. Segmentation means breaking up the market into groups with different identifiable needs.

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Segmentation can be based on demographics, lifestyle, and geographical area. Once the market has been segmented, the organisation needs to determine which segment it wants to focus its products at. This could be a single segment niche strategy or many segments generic strategy.

This process is called targeting. Finally, the product needs to be positioned in the market. This can be done using tools like Boston matrix and Bowmans strategy clock. Positioning defines what image the product wants to present to its customers and forms the basis of the next step - tactics. Step 4 - Marketing tactics This step involves writing out detailed strategies for the components of marketing. These components are called the marketing mix and include product its featuresprice what pricing strategy?

Step 5 - Marketing controls Finally, the plan needs to be controlled. Without control procedures, activities are likely to go astray.

Control procedures include budgeting and forecasts, non-financial measures and the subsequent follow up of the plan after its implementation. Risk Issues By far the most risky component of the marketing plan is the setting of objectives. Most typically objectives are expressed in terms of sales growth, profitability, market share growth and risk diversification. However, organisations experience difficulties and conflicts in establishing objectives which are further magnified by the need to establish multiple objective to meet each group of stakeholder's needs and at the same time balance them.

For example, it is not possible for an organisation to satisfy growth and risk aversion objectives concurrently.

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Recognising this, Weinberg 1969 has identified eight basic strategic trade-offs that firms need to make: Short term profits versus long term growth Profit margins versus competitive position Direct sales effort versus market development effort Penetration of existing markets versus the development of new markets Related versus non-related new opportunities as a source of long term growth Profit versus non-profit goals Growth versus stability A riskless environment versus a high-risk environment It follows from this list that while setting objectives, it needs to be explicitly determined which of these objectives has priority.

Any failure to do this is likely to lead to conflict and reduce the extent to which the objectives provide useful strategic guidelines. Since the entire marketing plan relies on the definition of these objectives, it is likely to render the plan useless in the event of such a conflict arising. Hence, it is absolutely critical to avoid this risk through a highly reliable objective setting process.