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A case study of Marks & Spencers, critically analysing the marketing strategies it employs in U.K and making recommendations for future strategic directions - Essay Example

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Globalization and technology has changed the way people think of themselves. This has led to ever-changing consumer preferences and demands in every sector but it has particularly impacted…
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A case study of Marks & Spencers, critically analysing the marketing strategies it employs in U.K and making recommendations for future strategic directions
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Download file to see previous pages For instance, they engage in new product innovation and creativity, they use information system to understand their customers and keep in touch with their customers. Organizations today focus on value-creation rather than just short-term profitability.
Competition has intensified in the UK fashion industry with the supermarkets entering the fashion segment. The consumers too have become price conscious and started looking towards the supermarket for discounts and bargains in the fashion sector. Supermarkets have been successful in extracting value from their existing customer base. Many high street retailers have lost out to supermarkets in the process (Hines, 2001). This has urged the high street retailers to rethink their marketing strategy to remain sustainable. Use of technology, getting the quality and design to match consumers’ desires, needs and tastes, adding value to the services, finding newer ways of reaching the consumer have made fashion marketing for high street retailers a challenge. Fashion leadership means to be a step ahead of competitors.
The UK fashion retailers have been operating in an environment characterized by high levels of market concentration, centralized control and market standardization (Birtwistle & Freathy, 1998). Standardization resulted in lack of product differentiation and this led some retailers to bring about a shift in their marketing approach. The UK consumer market is divided between those who value product quality and those who value price. Marks & Spencer’s failed to recognize the moves by its competitors and give due cognizance to the needs and demands of the consumers.
Established in 1894, Marks & Spencer’s (M&S) was the leading retailer till the mid 1990s. It started facing a decline towards end 1990s as it failed to keep up with the market demands. Although M&S initiated its recovery plan, it encountered several ...Download file to see next pagesRead More
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