The aim of this survey is to apply quite marketing concepts on M&S this is the British shop operating for previous two centuries creating a 120 years heritage. Markings and Spencer is known as to be UK top sellers with having competition from Wall-Mart stores. This record will attempt to determine the marketing strategies and the marketing theory and will also assess the price tag on utilizing these marketing ways of one of its product.
2. Concepts and Process of Marketing at M&S
In order to determine these effects one need to start out right from the start that is the marketing. The idea of Marketing has been defined differently from time to time, as with the changing time and the invention of new knowledge, every subject on the planet earth revives and there is changing and alteration helped bring into it in order to make it compatible with the time. Marketing in addition has gone through many steps to be able to receive the right definition. This is the concept that is revitalized from time to time and it includes a history for the meanings that are proposed by AMA (American Marketing Connection).
Lusch (2004) compiled different concepts related to marketing suggested by the AMA. The very simple classification when marketing had not been regarded as important by the business was identified in 1935 as: "the movements of the products, services and the products from business or the manufacturers to the consumers or the finish users", but with the passage of times this explanation grown a whole lot. In mid 1980's another description arrived to notice by the AMA top scholars that can be briefly stated as the procedure of planning and execution of marketing as well as promotion mixture that satisfies both the individual as well as the organizational needs. Both of these explanations do not completely cover the idea of marketing as they didn't provide or protected the areas that are the most crucial regarding marketing. They are the intermediaries, channel customers, stakeholders and the shareholders. Another meaning that is still prevalent and addresses the idea in totality is "Marketing can be an organizational function and a set of procedures for creating, interacting and delivering value to customers and then for managing customer associations in ways that benefit the organization and its own stakeholders" (Lusch 2004).
Combining these concepts one can say that Marketing is the process of exchanging worth of buyer and owner and making strong romantic relationships, in a particular market and with an recognized goal for both. This meaning is supported by Kotler (1991), as it is a "social and managerial process by which individuals and teams obtain what they need and want through creating and exchanging products and ideals with others". Marketing has been subdivided into different kinds of subfields; they are the bottom pillars which provide the groundwork to the unanimous concept of marketing. Out of these the main ones are advertising and consumer tendencies (Kotler, 2008).
Then comes the marketing focused organization. These are those kind of organizations or the organizations where marketing is the sole concentration of the organizations. These types of organization mainly make an effort to spend wholesome sum of money on their products and services to meet up with the functions of marketing that mainly and specifically give attention to satisfying customers needs. Literature and different analysts suggested that the marketing oriented organization first give attention to satisfying the needs and desires of customers and thereafter give attention to the organizational needs (Deep, 2008).
Since it has been reviewed before that the marketing oriented organizations give attention to extensive and popular use of marketing research
Expansive products in all types of products
Emphasis on a product's benefits to customers alternatively than on product attributes
Use of product creativity techniques that will improve the product benefits as well as the attributes
The offering of ancillary or additional services like credit availableness, delivery, set up, and warranty
Applying the idea of marketing oriented group to M&S, one strongly agrees with the simple fact that this shop has been looking to get over this idea. The five characteristics defined above can be founded out in the M&S. Previously when the store was new and offspring it didn't had enough product lines but with the duration of time it jumped into more product lines and offered and recognized new brands in accordance with the demand and the needs and desires of the clients. It focused on the marketing research and then appropriately offered the new products on the market and also it was the aim of the dealer that the customers could easily get everything basic thing under one roof covering. So that it is a marketing focused organization where in fact the management tires to satisfy the consumer needs somewhat the organizations' needs.
Philips Kotler best referred to both the concepts of Advertising and the marketing. As according he selling notion is approximately only focusing on the selling of the products and moving out of organizations products. It's huge and large size. Whereas the marketing theory is to make or produce the merchandise that meet the needs of customers, it is not simply about offering and making money and earnings (Kotler and Gary, 2005). So the primary difference that a person does draw out from both these definitions is the fact that in selling the products are targeted and individuals are persuaded to get them through the special strategies and consumers get them but in the end they are not satisfied which is firm focused notion whereas in the marketing concept the merchandise and the assistance are manufactured keeping because the demand and the need and the needs which is customer target.
In circumstance of sellers and the wholesalers are worried one cannot limit them to advertising or the marketing group. Why? Because in these stores they operate for both the purposes. They want their products to move out from the stores at the earliest opportunity and then for that purpose they apply the advertising concept where they feature price cuts and buy one get one offers etc. But they also make an effort to meet the needs of customer that means they are sticking with the marketing concept also.
The main concentrate or the attention in this article is given into the marketing because in 2004 the M&S brands of clothing all for men, women and children endured a fall. This was because the consumers' standards of living were changing. Folks are more opted towards the trendy clothes rather the easy one. Therefore the consumers' weren't satisfied and that their clothing business incurred loss. Contacting M&S a marketing focused organization it then is needed to execute it. In the research study by Whitehouse and Standard bank (2006) it was said that if at that time they increased there cost on communication the consumer will get to know that there surely is a downstream in the business so a positive attitude towards clothing must be build-up so the consumers are captivated towards and buy the brand Whitehouse and Standard bank (2006). The communication "Your M&S" proved to be very successful and it strengthened the partnership between the store and the customers that focused in making the customers confident for the brands that they use of M&S.
Implementing a marketing approach to M&S is costly but it is affordable also. The more the cost allocated to marketing the more it will come to learn about the changing needs every once in awhile and accordingly they will be able to produce the products compatible with the choices and the lifestyles of the consumers.
3. Exploration of Segmentation, Targeting and Positioning
As it is understood that the micro environment is the environment that is in control of the business and it can device ways that can be administered whenever there's a need. These actors are the company, suppliers, marketing intermediaries, customers, challengers, and publics. For macro environment, it isn't in the hands or the control of the firm. It is external. These actors are the demographic, monetary, natural, technological, politics and cultural forces (Kotler and Armstrong).
The case performed for this record is the 2004 case when the clothing product lines of M&S were troubled a loss. The loss was due to the changing uncertain macro and the micro environment. For clothing industry the likes have greatly transformed as there may be lots of competition from the rivals.
First of all we will discuss the macro environment. Here we are going to use two factors that are the demographic and the monetary factors. Demographic would be that the clothes wanted to the consumers are relative to their Age, Gender, Family size, income, profession, education, Religion, competition, technology, and nationality. M&S attempted to target after 2004 better covering all the consumers need and wants. It demonstrated more style in women's clothing with the demand for the latest style. Children wear was also increased and so do the men's wear. The buying vitality of consumer has increased because the last ten years; the income of the consumers is high. Whatever the inflation they choose the products and goods. To better supply the consumers with the required clothing design they increased the merchandise prices and made the designs that can remain competitive in the market with the private as well as the other brands.
Second is the micro environment. Within the micro environment the complete setup of the business was revived to be able to revise it. The store interior as well as the exterior was changed into more communicative and it can compete with the other stores. The company's goals (M&S) were modified keeping because the situation in those days.
Since it is said it has exposed a store for the Central Asian, consequently the styling of the clothes will be designed because the environment of both the regions that is UK and Central Asia differs. The clothing made for those in UK are different as compared to the Central Asians.
Family size, income, occupation, education
Religion, race, technology, nationality
Same is the case with the demographics. The management must see that for which market they are providing there clothing. For Central Asians the clothing must be slightly conservative but also for the united kingdom market they need not to give attention to this thing. The clothing made for the UK cannot run within Central Asia as people be reluctant or their religious beliefs does not give them permission to wear them. You will see a market for these kind of liberal clothes but the market share will be less.
The personalities and cultural classes are same however the lifestyle is little bit different. In conclusion you can say that these strategies can better target the marketplace when the needs of each demographic, psychographic and geographic region are found independently. These three criterions if fulfilled properly can help the M&S to satisfy the consumers of each region, inclination and flavor.
In the record from the previous two paragraphs the main focus has been directed at the clothing line of M&S. In clothing specially women clothing there are designers who make clothes for each and every generation and the role that the ladies is playing. Usually M&S goal the working women and these 20's women.
Teenager young girls clothing must be produced more colorful as they are becoming more mindful for their styles. Their tastes have changed because of the role models they have for example Hannah Montanah. The planet is now a worldwide village. Media is continuing to grow a great deal. So does the tastes. There isn't much difference between the tastes of consumers moving into one place or the other. The teenager females market is very attractive, because this is the portion whose style is related to the peers and friends. They may be influenced by whatever good that they see. And yes it is easy to discover their tendencies. This segment is not much choosy and impulse buying is quite typical in them. M&S should focus on this target market because major portion of the population consists of them.
It is vital for each business on the market that it should thoroughly follow the consumers buying habit. The buying action can be viewed through the purchase that consumer make, they will keep the checks on how much frequently one consumer comes to the store, what he/she buys after that etc. this will help the marketers and the marketing of M&S to raised provide the products and services for a targeted portion.
4. Expanded Marketing Combination FOR M&S
After 2004, M&S ready its promotional strategy to be able to get the lost market show. It increased its communication where its goal was to inculcate self confidence within the consumers and soon this marketing campaign i. e. , "Your M&S" not only increased it sales but also served as competitive advantage for M&S over other business on the market. The communication, the technology and the product quality in the products together helped bring the competitive advantage for M&S. Also it protected up all the losses and which means that M&S promotional marketing campaign became successful as well as help in every means. It covered all the objectives identified.
With the increase in sales it is needed for any firm to frequently, effectively and proficiently make it products on shelf. So when the sales increase the main drawback which companies forget to target is the syndication of its products. The circulation that it is running now could be fine but it needs to be up to dated. Like Wal-Mart, M&S must introduce your computer based distribution channel where whenever there is certainly scarcity of any product the databases identify it. Another it will need to have extensive distribution enjoy it should make use of more Lorries and vehicles.
Much of the talk in this article has been made on the clothing because of clothing includes a major part of M&S. Marketing combination is a collection of tolls that affirm applied on its product to meet up with the needs of its consumers. So its better to more reveal the clothing line of M&S. High priced clothing that meet up with the needs of top notch class this is the targeted portion. It must be designed as though someone designed it from a developer. M&S is going to bring the clients of other expensive brands towards it so everything would have to be aligned in a manner that best meets the needs of M&S as well as the elite class consumers.
For the top notch school clothing, style and price things a great deal. If one is offering something at high price then it need to be to that mark. Product must comply with all the needs that consumer has and it must match the conditions of satisfaction. The buyer provides the right end result of the price.
5. Marketing Products to Organizations somewhat than Consumers
Marketing to the organization is totally different when compared with marketing to the consumers. It is also called as business to business B2B marketing.
Harrison et. al
It is important because one business is linked to another. As the body illustrates that natural cotton is one business, it is then spinned by another business or company, then for futher processing to some other and in this manner it moves from one organization to some other and finally extends to the consumers. The marketing process in case of B2B is different. It does not require huge amount of expenses on the campaigns because folks in organization are knowledgeable. They are not novices (Harrison et. al).
6. Difference between International Marketing and Household Marketing
The two main words that easily establish these terms that is the international marketing and the home marketing will be the marketing at home and abroad (Bartels, 1968). Since the world is shrinking and businesses today are not local or local international or the global marketing has taken delivery in this time (Armstrong and Kotler, 2005). Before there was only the idea of local marketing where only the products were made for the specific area of region and the marketing as well as the advertising combination depicted the likes of those consumers. The difference between both is somewhat puzzling as international marketing is an extension of home marketing (Anne, 1990).
In a nut shell one involves the final outcome that marketing is the essential part of any company as it can help from procurement to the ultimate step and then to the consumers. It is a milestone, to find out what is the desire of the buyer and what he desires from the company. The reporter attempted to hide the clothing type of M&S.
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