This unit related with small business operated by family and they are not having any idea about increase in market share so it is essential to identify marketing concept in order to gather information
- What is the concept of marketing used by Markers and Spencer
- Develop and examine market research to know about customer demand and activities which are operating at market place.
- Provide introduction about E Marketing and methods used by Markers and Spencer to E Market their goods & services.
Marketing is defined as the activity which is conducted by employees in an organisation with the motive of promoting products or services. The objectives of marketing are to increase sales as well as profitability. There are several principles of marketing which directs marketing manager towards achievement of objectives. In preset scenario , the marketing activities has wider scope.
The purpose of the assignment is to develop the understanding about marketing concept in context of Marks and Spencer company. It also has focus on identifying the activities or function performed by marketing manager in an organisation.
1.1 Definition as well as concept of marketing
The definition proposed by Kotler , according to him marketing can be defined as the art or science which assist an individual in exploring , developing as well as delivering the high value to customers. The purpose of facilitating marketing is to inform people about the product or services offered by an organisation and to fulfil the needs of people by delivering goods or services (Meaning and function of marketing management, 2010.). The marketing strategy formed by manager in Marks and Spencer company intends to help business entity in increasing market share and customer base.
Marketing includes the several activities which is executed by marketing department in an organisation for specific purpose. It is considered to be as a way to inform the availableness of a trade good, service, idea or a brand to the customer in such a manner that people are interested in it and wish to acquire the products.
The function of marketing department is to formulate plans or strategics to attract the customers. In addition to this it is the duty of marketing manager to facilitate market research and assist firm in promoting brand , product or services (Marketing Function,2017). The task of marketing manager is to implement marketing strategies.
1.2 Marketing segmentation as a tool to identify customer
Marketing segmentation is considered to be as an appropriate tool which can be used by the manager in an organisation for recognising particular target group. In market segmentation , manager in an organisation divides market into small parts. Market segmentation assist an organisation in identifying the needs as well as demand of particular customer group. It also supports manager in identifying the customer group to whom the company wants to sell the products or services.
Market segmentation strategy allows manager to analyse or determine the need of goods or services. It also enables management to address the problem and analyse the appropriate solution for the same (Kubacki and et.al., 2015). Market segmentation strategy refine target market by identifying the customers or people who has bought the goods or services offered by an enterprise.
For instance, if Marks and Spencer company need to launch new item , marketing manager should conduct research. As this strategy will assist firm in ensuring the successful launch of product or service in the market. Those customers who find trade good or service appealing often share similar characteristics, which will assist marketing manager in identifying their target audience.
The market can be segment on the following basis such as:
- Demographic segmentation : In this type of segmentation strategy, market is categorised in small segments on the basis of Quantifiable population characteristics like age, gender , socio -economic status etc.
- Psycho graphic criteria : Customers are grouped into small segments on the basis of their life styles, attitude and other personal characteristics.
- Geographic segmentation : Physical location is the criterion used for dividing large market in small portion. For instance: M&S will target customers residing in greater London.
- Behavioural segmentation: Customers are grouped into small parts or portion on the basis of consumption as well as buying behaviour. Examples of such market segmentation basis include occasion, user status, usage rate, loyalty status and buyer readiness stage.
In context of Markers and Spencer company, business entity has adopted the demographic market segmentation strategy which has helped firm in minimising the effect of competition its business activities. Thus, business unit will target youngsters (20-35 years old) who prefer to use stylish jackets.
1.3 Marketing mix
Marketing mix is considered to be as the important factor or element which should be included in marketing plan .As without the proper marketing mix , the firm will not able to achieve its marketing objectives. Marketing mix of Marks and Spencer company:
Product : The Marks and Spencer operates in retails industry and offers wide variety as well as range of products or services to customers (Kumar, 2016). Business entity manufacture products or services for all people belonging to different age group.
Price: an enterprise offers wide range of goods as well as has adopted the competitive pricing strategy.
Place : Marks and Spencer has many stores located at different location. This strategy has helped an organisation in reaching to the wide number of customers. In addition to this a firm also haver its own website from where customer gain information about the company.
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