Introduction to Marketing
Marketing helps the businesses in enhancing the sales within the market by promoting products and services in order to create wide level of recognition for it. Globalization has created a definite impact on the growth prospects of enterprises by expanding the reach of business and attracting new consumers for maximizing the revenue of the company (Breton and Martín, 2011). Present report creates an in-depth analysis of various marketing principles of Marks and Spencer in order to analyze its competitive position and implement various tools and techniques for enhancing organizational growth. The study will create a detailed industry analysis and develop marketing measures and campaigns to enhance the popularity of products of M&S in the market globally.
Elements of marketing process
According to Dibb and Carrigan (2013) marketing is a social process which creates market demand and attain the same by developing or exchanging the products of value with others. The concept of marketing is to generate market sales by creating value for products within the economy. Marks and Spencer has developed a well-managed market position within the market by creating valuable and quality products and services to its consumers (Chaharbaghi and Lynch, 2010). The company has developed a high street market position which has helped it in establishing its global brand image.
Various elements of marketing process for Marks and Spencer are as follows:
Situation analysis: This is one of the most crucial factor for analyzing the effectiveness f the company and developing effective impact on the overall growth and development. Marks and Spencer examine the present situation for the economy and then evaluate the internal and external business environment in order to evaluate the gap between where the company presently is and where it wants to be.
Marketing audit: This involves the systematic, critical and impartial reviews of overall marketing operations of the company. This element of marketing process analyses the overall impact of the company on demand generation within the economy. Marketing audit seeks effective policies and procedures for the company to determine effctive solution to the set problem.
Developing Plan: After the market audit the company focuses on developing an effective plan to analyze the marketing needs and implement effective measures for the same (Dziri, 2013). M&S develops the plan to overcome the challenges faced by the company within the market and create effective impact of the same on the overall growth of the organization.
Marketing strategy: This is a conceptual and crucial part of marketing process. The company analyses the trends and demand within the market and develop marketing strategies which has the capacity to attract maximum consumers for the company (Element of marketing process, 2015.).
Implementation and control: The most crucial element of marketing strategy is effective implementation and control of the process. The proper evaluation of the process helps in analyzing the factors which may restrict the growth of company thus company keeps a proper check on the overall implementation of the process.
Benefits and costs of a marketing orientation
Market orientation is the culture where companies has a core focus on meeting consumer needs by developing products and services as per the demands and customizing them to attaining high level of consumer satisfaction. This process is generates high demand for the companies however the cost is enhanced at the same time. This concept helps in creating an effective impact on developing organization for enhancing its market value and generating effective sale.
The marketing orientation is an effective concept high has helped the companies in developing competitive image within the market. Marks and Spencer has adopted this measures in order to gain high consumer loyalty and competitive edge within the market (Garoufallou and et.al., 2013). The process and research measures of the company helps in meeting consumer needs and demand efficiently. Moreover this measures has helped the company in developing consumer retention as well. Constant improvement of products and services has helped the company in enhancing product range and quality as well. This measures helped in winning consumer trust thus creating competitive edge within the market.
Product orientation is highly focused measures which demands high investment by the company in terms of time and cost. Strong marketing research and powerful market intelligence to respond accurately to the needs demands high investments for Marks and Spencer. This is an effective measure for global growth and development however this concept restricts product differentiation as major time of the company is spent in developing interaction and communication with consumers (Kalafatis, 2002). Moreover, retail segment have to face the risk of immediate change in trends and demands due to intense market concept. Thus, this is yet another factor which causes effective cost to the company.
Macro and micro factors influencing marketing decisions
Micro and macro factor analysis of the company is one of the crucial factor which helps in developing an effective impact on the growth and development of the organization.
Political factors: These factors deal with government policies and regulation which helps in developing the business opportunities or enhancing market competition within the economy. M&S has low impact of political factors on day to day business activities however marketing measures demand demands proper analysis of the same as this helps the company in developing effective brand image.
Economic factors: The economic factor deals with market population, GDP of the company, population rate, inflation etc. These factors are keenly observed by M&S in order to create analyzed the market efficiently before developing market measures (Tamilia, 2007).
Social factors: It helps in analyzing the trends and demands within the market. M&S evaluate the same in order to analyze the changing needs and preferences of employees for developing organizational growth.
Technological factors: IT helps in enhancing quality and winning consumer choices. M&S has adopted advanced technology to reach maximum consumers and implement effective measures of growth within t