The objective of this report is to evaluate marketing practices and its impact over business process. These kind of aspects will assist in analyzing how to develop direct relation with target customers by considering:
- Evaluate the elements of marketing by implementing marketing mix and analyzing impact of internet.
- Identify the effectiveness of branding and promotion for Marks and Spencer.
- Discuss the bottom line by considering budgeting and Metrics in Marks and Spencer.
- Provide an explanation over experimental marketing and customer relations as well as services or its management.
- Describe sustainable marketing fundamentals for Marks and Spencer.
Marketing management is defined as the utilisation of business resources in order to achieve desired objectives. It includes several activities such as planning, organising, implementing and controlling business operations designed to alter target audiences for the intention of personal and mutual gain. Effective marketing management assist can assist businesses in increasing their customer base. It also includes the formulating marketing strategies which is designed with the intention to achieving marketing objectives.
Present report is based on analysis Marks and Spencer which is British supermarket chain, having its business operations across 100 countries. It is headquartered in city of Westminster London. It specialises in the selling of clothing, home products and luxury food products. It is found Micheal marks and Thomas Spencer in the 1884. Scope of operation is to maximize profitability and providing products to meet the requirement of customers and sustaining its international retail position. The marketing plan for company have been formulated and determined in this report. The purpose of the report is to develop the understanding about the elements of marketing in context of Marks and Spencer.
Unit 1 :The Elements of Marketing
Marks and Spencer is recognised as a multinational British corporation operating in the retail industry in United kingdom. Business entity specialises in the selling of clothes, food items and home products. An organisation has nearly 1000 stores across the United Kingdom which support an enterprise in delivering products or services to a wide number of customers.
Marketing concept is defined as the philosophy by which an organisation should analyse the needs of their customers and then make decisions to satisfy those needs. It can also be recognised as the strategy which is executed by an enterprise to satisfy customer’s needs, increase sales, maximize profit and to gain competitive advantage.
Differentiation, competitive advantage
Differentiation, is defined as the act of developing new products or services with the motive of differentiating brand from that of competitor (Jaramillo and Spector, 2015). Differentiation strategy can be applied by Marks and Spencer for the purpose of providing the suitable response to the competition but it involves high risk and investment as compared to other marketing strategies. This strategy has assisted the business to gain competitive advantage in the market. As production of innovative products has helped an enterprise in attracting more number of customers. It also helps an organisation in increasing uniqueness (Alonso-Dos-Santos and Ko, 2018).
A competitive advantage is defined as the benefit which is gained by Marks and Spencers over competitors. The several opportunities can be generated by an enterprise by delivering the high value proposition to customers at reasonable price. Differentiation strategy is considered to be as the generic strategy will help an organisation in accomplishing market o