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Marketing planing - Assignment Example

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Marketing planning Table of Contents Introduction 4 Changing pattern 5 Marketing audit 6 Barriers in Marketing Planning 8 Ways to overcome the barriers 9 Overcoming strategy by M&S 10 Marketing Plan 12 Marketing strategies 14 Ethical Issues in Marketing Planning 15 Marketing ethics by M&S 16 Reference List 17 Introduction Marks and Spencer (M&S) is one of the leading retailers of United Kingdom (UK)…
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Download file to see previous pages M&S has been operating for last 129 years and has “grown from single market stall to an international multi-channel retailer” (Marks and Spencer plc., 2013a). The company is operating in more than 50 territories all over the world and has almost 82,000 employees. The organization stands on the pillars of trust, innovation, service, value and quality and works hard to offers quality products that are relevant to the customers. M&S is diversifying its product range, channel, locations and store that will help the company in broadening the international operations and reduces the dependence on UK. The turnover that M&S generates from its operations in UK are segregated into two parts like general merchandise contributes about 46% and food contributes 54%. They have nearly 766 stores all over UK and a flourishing e-commerce business (Marks and Spencer plc., 2013b). The company sells great value and high quality food. They aim towards providing the customers with an outstanding shopping experience. The study focuses on formulating a marketing plan for M&S after conducting the marketing audit and identifying its strength weakness opportunities and threat. 1. a. Review the changing pattern in the marketing planning and assess capability of your chosen company in carrying out the marketing plan. Changing pattern The process of bringing the ability of the organization and requirement of the customers under one roof is termed as marketing. Profit generation and marketing are two interrelated items. The customer receives benefits, gets satisfied, makes payment and in turn the company makes profits. However this balance in the market place is dependent on many factors, which is achieved through various practices and affects the marketing environment (Westwood, 2002). Cultural and Local preferences The customers are seen to show preference on some particular products based on the national culture, local conditions and local traditions. M&S has been expanding their business in large number of countries. In order to enhance the international buying process the company has amalgamated their central planning with the knowledge about local market and has created tailored products that reflects customers profile, culture and local seasonality (Marks and Spencer plc., 2013b). Government Policies The economic, political and legal conditions of the country in which a firm operates can affect the marketing plan; like exchange rates are often seen to influence the decision of manufacturing locally. The operating profit of M&S has been seen to decline by 9.9%, which was due to start up cost, macroeconomic condition and currency translation. The company has planned to launch in-country websites to reach the customers more easily. Competition The competitors are also seen to impact the marketing plan of the company. Product, pricing and many other facets are affected by them. M&S have many competitors like Tesco, BHS and Asda with whom they have to compete. Not only in the home market but also they face stiff competition in the other countries. Change in Technology The technology is undergoing dramatic changes, which is also leading to changes in the requirement of the customers. Innovation has lead changes the ways M&S conducts business. They have launched transactional websites in about ten markets. The company has ...Download file to see next pagesRead More
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