Introduction - Unit 2 Marketing Essentials Assignment Sample
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Marketing is fundamentally defined as the process of planning and execution of the conception and pricing of ideas, products and services, as well as their promotion and distribution in the process of creating exchanges, which satisfactorily fulfil the goals from individual and organisation aspects. Iwu (2009), has identified marketing as the consistency of management activities and decisions that are directed at effectively meeting the opportunities and threats in a dynamic environment through the development and transfer of marketing offers to consumers that satisfy their needs. This is usually done in such a way that it achieves the objectives of the business, the customers and the society and community in a broader perspective.
Thus, marketing can be recognised to be the exchanges, interventions and conversations in improving the quality of products and services, along with achieving certain advantages (Gansen and Pichotta, 2020). In this process, the functions of a marketing professional are monitoring the cycle of marketing for evaluation of the situation, as well as recognition of the goals, formulation of fresh approaches and assessment of present marketing state. Hence, M&S,a successful and global retail enterprise has been adopted for this report, where it demonstrates that marketing strategy implementation is necessary to identify the probable factors, current trends, knowledge and expectations of consumers etc. This will require the report to evaluate a detailed discussion on the potential improvement of the marketing strategy of M&S in increasing the sales and financial profit margin.
1. Role of Marketing and Its Interrelation with the Rest of the Functional Unit of M&S
1.1 Essential Functional Roles and Responsibilities of Marketing
The value of an organisation's marketing role is characteristics, which can enhance the recognition, sale and promotion of consumer services and products. According to Wirtz, Tuzovic and Kuppelwieser (2014), the essential and foremost roles and responsibilities of M&S marketing are designing and managing product, creating effectual materials for promotion, content creation for search engine optimisation, monitoring various social media campaigns, collecting customer review and feedback, researching the market, and producing efficient internal communication in the organisation.
One of the crucial tasks of the marketing department is to design and manage all products and to draw the consumers' attention. For product promotion, the marketing unit also gathers and develops valuable advertising materials to gain a better response from the buyers. Generating SEO content and analysing keyword is also a critical activity for highlighting the websites and online operation of the organisation (Pomering, 2017). Marketing managers can often receive input from prospective customers via social media to recognise the value of the product. Besides, the management team gains input from consumers to enhance the overall output of the product efficiently depending on the demand from consumers. Appropriate market analysis is crucial and one of the main roles of the M&S marketing unit for the development of a successful marketing strategy. It also communicates with all departments to exchange important details for the business and generally assists management in making reasonable decisions for successful organisational growth.
Strategic functions of M&S include company planning, business development and a socially responsible network of communication, human resources, quality assurance and processes of recruitment (Wilson, 2015). Marketing strategy integration is essential for all business organisations that deal with unique positions for the various assessments, challenges in technology, placement of product, performance, growth, planning and various preliminary measures. Roles of marketing lead to acquiring knowledge, development and design, supporting customers, scalability, risk management, recruitment as well as brand assessment through business advertising. Wilson (2015) has further stated that M&S starts with the advertisement and promotional approach, which usually takes more consumers into account. The organisation also attempts to establish whether customer expectations can be met before launching the product.
1.2 Relation of Marketing Roles and Responsibilities with Wider Organisational Context
Key marketing components of M&S are linked directly to the other functional divisions. Researchers argued that within each organisation's operating unit the various marketing roles are closely linked. As per Lavidge (1970), the impact of marketing is growing, and as an integral element of the company, the promotional activities are supported by all operational units within the company along with positive outcomes. Marks and Spencer also design and implement marketing strategies. Additionally, the company will be supported for sustainability by brand marketing, financial unit, production unit and involvement of the workforce. Also, if random sales of particular services are viewed as a reasonable return, a crucial link between the marketing and the management team needs to be improved.
There are, however, plans to increase overall efficiency in many M&S sections and markets. Marketing functions are designed mainly to increase business profit levels through economic growth. Productivity benefit can only be achieved in this sense through the investment from every division of the company at the same time (Pomering, 2017). To achieve sustainable organisational growth, only a finance unit having a wider budget for promotional unit instead of marketing strategies can be introduced. The company also implements HR techniques, employing models of marketing, customer profiling and promotions. To achieve business goals and assurance of fair access to services, policies for core management and time management are necessary.
1.3 Interrelation between Marketing and Other Organisational Units
Based on the opinion of Ruekert and Walker Jr (1987), the interrelation of the core functional elements of marketing, including market research, strategy, planning and tactics, with the rest of the functional units of the organisation is crucial for M&S's success.
Human Resource Department
To support the organisation, every section contributes to attracting future employees. M&S Sales Department investigates the enterprise and establishes standards for workplace success. Information on company issues is provided by the Human Resources Department. The HR department of M&S understands the importance of the brand and also wants to employ efficient candidates (Marks and Spencer plc, 2020). However, the HR department needs to develop innovative methods to help advertisers' operation.
Production Department
The marketing team provides information on the development of the products, based on an appropriate market study. Available products are recommended to customers. The development team sets out a strategy and offers new plans to respond to customer demands, as per Martensen and Mouritsen (2017). It is a sales method to ensure that the work is performed within the agreed time. The marketing team drives the production team to work more effectively to meet customer requirements.
Finance Department
The finance team ensures that costs are managed to benefit from various marketing strategies. They recognise the cost-effective criteria and also have a responsibility to strategise new strategies to reduce the marketing team's expenses (Martensen and Mouritsen, 2017). M&S is a valued enterprise, earns a great deal from sales agencies and needs to plan ways to boost its growth rate.
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2. Use of Marketing Mix in Achieving Organisational Objectives
2.1 Comparison of Organizations' Implementation Approaches of Marketing Mix Elements (7Ps) to Accomplish Their Business Objectives
The following section will present a comparative analysis of the 7Ps model analysis of the chosen company, M&S and the Swedish multinational company H&M to assess how they apply the marketing mix to achieve their objectives.
Factors
M&S
H&M
Product
The business handles both retail and beauty products. Goods are redirected to market within 2-4 weeks (Mete and Davies, 2017). The company maintains both the market demand and the product line.
A wide range of products It has a separate export sector as well as delivering quality service.
Price
The company is immune to the high-cost policy of the consumer. M&S demand levels are considered high in some countries, but they benefit financially from these areas
The company uses the middle market strategy, which gives a significant discount for the products. It provides customers with specific pricing by using retail raw materials. The company is better off than its competitors by delivering discounts (Valencia, 2021). This organization's pricing policy is average, with strong demand compared to its rivals.
Place
The M&S strategy operates globally, with substantial growth in each segment. Buying online is efficient and several products now exist in the real world.
It is involved in 55 countries. Moreover, the products are grown in 800 places in the world. Products are available via various internet storefronts
Promotion
M&S views are different from other firms. Using traditional ads, businesses don't invest anything. Lifestyle restrictions keep the shops in towns rather than in rural areas (Scriven et al., 2017). The business aims to reach everybody.
The organisation uses digital technologies effectively. The organisation has many TV shows that are well-known worldwide (Arrigo, 2018). The brand engages several well-known celebrities to target individuals to earn money.
Physical evidence
It is renowned in the retail as well as the fashion industry, so it has made hygiene and presentation of shops a top priority.
H&M shops are designed and decorated to successfully captivate customers. The objective of this organisation was to boost both the revenue and financial performance of general and department stores alike.
People
The employees who effectively serve the interests of clients and the requirements. The operating procedures used by M&S meet these specifications effectively. Very qualified personnel are trained to provide customers with the finest amenities in the world.
Responsibilities vary, as well as organisational priorities. It should be noted that successful employees are trained to offer appropriate resources to consumers. They are well trained to fulfil their customers' wishes in a growing way.
Process
To encourage consumers to try their product, the firm offers both multimedia and word-of-of-mouth advertising.
It uses the same techniques to handle both sales and customer relations.
2.2Different Tactics Applied By Organisations to Demonstrate How Business Objectives Have Been Achieved
Assumptions based on consumer behaviour
Based on customers' preferences, companies have a strong feeling about customers' interests Effective communication with the customers' satisfaction is the aim, and customers should be satisfied with our efforts to meet their needs. There would be a huge benefit for the client to have a sector survey performed. The company must process market information much faster to satisfy the changing customer demands.
Using Social Networking to Recognise Customer Demands
On different product reviews sites, consumers express themselves. Consumer complaints about the product are filed, so it is the company's responsibility to successfully mitigate the issue to preserve brand value. M&S may also implement the strategy in its approach. Social website analysis can enable it to understand how customers respond to an organization's products (He et al., 2017). As it is important to take into consideration a wide range of input, M&S cannot collect precise details for a particular customer. This can delay the product development cycle.
Creating short term Goals
A basic business plan strategy is one of the main and fruitful facets of an organization. To develop innovative approaches to the attainment of its objectives, an organisation can study their customer behaviour and market dynamics. The analysis of customer measures inspires the strategic planning and goals of an organisation.
M&S would develop a groundbreaking programme, with many other multinationals followed by this approach. However, M&S cannot be sure of the initiative's success. One solution cannot succeed for all in a single organisation.
Improvement in Customer Interaction
Dealing with customers is an essential part of getting a business objective done. Everything is geared towards its clients. For this, every client must be made aware of new developments in the industry. Plan selection is ineffective without research (Jost and Süsser, 2020). Therefore the emphasis is on providing strong consumer integration for M&S. For potential customers and typical shoppers, the business will have strategies.
3. Develop and Describe a Basic Marketing Planning
M&S is a well-known retail company and is expanding its business across the globe. It's a good sign that market monetization exists across the globe. New data shows that the firm's market capitalization is unstable, and market-driving approaches must be deployed. New approaches should be employed, but the organisation must research the outside and interdependent conditions that influence the overall operation.
3.1 External Environmental Analysis of M&S
The company will use PESTLE tools to recognise the external environmental factors.
PESTLE Factors
Analysis
Political Factors
It has successful global business growth. Each government's financial climate affects revenues Britain's global status is not optimal, given the EU exit. Brexit has driven up the cost of labour, thus hindering production. This is why M&S sales in the UK have fallen.
Economic Factors
Changes in the global economic climate and performance affect the viability of various companies. New fiscal policies have a positive impact on the nation's overall economy. For the growth of the scenario, the company should bear in mind the increased volatility in currency and other factors (Choudhary and Piparo, N.D.).
Social Factors
Changes in customer demand are a major concern for retailers, and thus affect the business. M&S will handle the issues with respect and diligence M&S will influence the purchase decisions of consumers, as a result of the variables. As a consequence, M&S is compelled to focus on modern products to obtain customer attention.
Technological Factors
An influential number of factors contribute to a company's success in each region Modernizing M&S will help to reach new customers. Companies embraced self-evaluation systems to satisfy customer needs because it was fast and easy to use. Apart from that, the introduction of new communication technology will provide the organisation with significant competitive benefits.
Legal Factors
Changes in government policies and regulations impact every company's strategy. Most importantly, new legislation affects manufacturing, consumer rights, and worker rights. It must adhere to all the rules and regulations to remain compliant.
Environmental Factors
Activities to decrease emission rates would be beneficial. The institutions will ensure that these policies are long-term protection. M&S will upgrade the equipment so they have a sustainable yield also donated large sums to various NGOs (Kuusela, 2019).
3.2 Internal Environmental Analysis
Strength
A well-respected brand identity
A global client base
Successful e-commerce (Choudhary and Piparo, N.D.)
Weakness
They do not spend enough on advertising
Middle-class users often pay a high price.
Opportunities
Development in other emerging countries (Palo, Kripalini and Sanghamitra, 2020)
They have chosen to run ads on popular platforms
Increase the number of customers
Market testing and incorporating strategies frequently
Threat
Diverse brands in global markets
Currency swings and inflation
Similar products
Organizational Goals and Objectives
The main objective of M&S is to increase sales and customer demand promotes product quality to obtain positive customer reviews. The business is attempting to enhance its brand reputation by offering fresh goods and improving quality. Customer satisfaction is seen as being critical for M&S. One must always begin with proper preparation to gain new customers. Besides this, the organisation wants to enhance its overall earnings and sales. They also want to become more loyal customers to increase profits (Palo, Kripalini and Sanghamitra, 2020).
Identification of Market Overview
M&S has prioritized cost-effectiveness over quality. The policy is not made for the average customer who is engaged in continuous growth. The vendors are from the premium class who are looking for unique, first-of-quality products. M&S should use a better targeting the middle class to boost sales volume
They cater to all customer bases. They work with high-end brands. Feedback from every customer is compiled into the scorecard. After proper segmentation, the plan must be carried out. The organisation will use both quantitative and qualitative segmentation to predict customer behaviour. The business can take advantage of psychological differences to help them accomplish its marketing goals. M&S will employ a market-oriented approach in the market campaign. It aims to discover an effective marketing strategy so that customers can help grow the business.
3.3 Marketing Mix Strategies
Products- M&S generally sell various retail products in their outlets. The corporation works with quality suppliers and prominence on the customer's attention as well.
Price- The Company has also reduced the cost of every product to help lower the price point of consideration for the average customer. Also, by giving a small discount to all customers, the company will increase its sales volume.
Place- IT operates in various countries and opens its outlets based on customer demand.
Promotion- To increase the number of loyal customers, the company may depend on various promotion actions. M&S will also promote social networking, which is a safe way for consumers to attract.
People- The staff of the organisation would acknowledge the company's market presence. New employees must be able to treat their customers best. For inspiring them, Senior Management needs to create innovative ideas.
Physical evidence- The shops have to be clean and safe to directly attract one customer. The employees' attitude is emotionally more satisfying and therefore more advantageous.
Process- The conventional system must be continuously revised, as well as the online purchasing system. It will increase the financial growth of the organisation.
Marketing Budget
The corporation would invest an enormous amount in marketing and advertising. For its next advertising and marketing efforts, the organisation will be investing $5000. To connect consumers psychologically to the brand, the company will also improve its social media outlets.
Items
Cost
Market Research
£550
Conduct Survey with potential customers
£200
Social Media Promotion
£300
Banner and Poster for Advertisement
£400
Creative Design Software
£200
Video advertisement
£450
System and Software
£400
The hiring of Technical Persons
£1300
The hiring of marketing executives
£1200
Total
£5000
Timeline
Actions
1st Week
2nd Week
3rd Week
4th Week
5th Week
Market Research
Gathering Information
Planning and Identification of marketing strategy
Strategy Implementation
Monitoring
The routine follow-up should improve the performance of the performers. In reality, statistics are identified on cost efficiency and market position and sales growth, which could pose faults in the communication campaign. When a company solves these problems it will have a greater political advantage.
Evaluation of Marketing Plan
To get better results in sales and/marketing, the whole businesses need to conduct an assessment of the marketing strategy. Offering a 50% discount on the first order to get in new customers can help. To boost sales and profits, customers must be more engaged with the brand. A large number of firms are competing in the market, so the incorporation of a strategic approach is more important than ever. Measuring customer satisfaction and reviews can help management determine satisfaction levels. Consumers must be pleased to sustain sales at an optimal level. Apart from that, hiring technical people and running a series of creative commercials for product and service upgrades would promote the logo and bring in more customers.
Conclusion
The report has focused on the evaluation of the marketing essentials of Marks and Spencer to understand the probable improvements in its marketing strategy. In this process, the report has evaluated the key marketing elements and their roles, established the relation between the marketing team and other functional units like HR, production and finance.Furthermore, the comparison of the elements of the marketing mix of M&S with its competitor H&M has demonstrated the competitive advantage of M&S over its competitor. Finally, the report has developed and evaluated a marketing plan that including the marketing mix elements along with PESTLE and SWOT analysis to understand the external and internal factors of the company. This has helped to analyse the strengths and weaknesses, as well as opportunities and threats in the current situation in the UK market. Also, an estimated budget plan has been included for the expense of the suggested marketing plan
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