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Importance of Marketing Planning | Marks and Spencer Study

1734 Downloads1 I Published: 24 Dec ,2019

Introduction

Marketing planning can be defined as a plan which provides outline of the organization’s advertising as well as marketing efforts for the future. It explains activities of business which are involved to accomplish the particular objectives of marketing in a specific time period. Present report is based on Marks and Spencer which is a British retailer and it is engaged in selling of food products and clothing (Hollensen, 2015). This report provides clear understanding of situational and competitor analysis of the stated firm. Moreover, it also covers the marketing objectives that help the company at the time of promoting its products and services.

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Situational analysis

It can be termed as the collection of different methods which are used by manager foranalysing the internal and external environment to analyze the capabilities as well as business environment of the company. In context of Marks and Spencer, the main goal of the firm is to provide appropriate quality of products and services which helps in developing trust in the mind of customers. Further, the key objective of company is to meet expectations of their employees so that they can give more contribution to the company. In terms of financial aspects, the main purpose of the organization is to increase its sales of the products.

There are some of competitors of Marks and Spencer who offers same services such as Asda, Aldi and Tesco (McDONALD and Brown, 2016). Further, for gaining competitive advantage and to raise the value in the price of shares the M&S is required to focus on their customers. It needs to manage internal as well as external environment to evaluate the effects of perception of people. The company delivers services for enhancing life of customers by providing high quality as well as innovative products in the field of food and clothing as their main focus is on to making sustainable future.The major competencies of M&S providing resultsin the development of the brand and appropriate quality control along with the proper customer services.Thus, it can be stated that the main purpose of company is to achieve set objectives and goals in an effective manner.

Industry and Environmental analysis

In market segmentation of M&S is done on the basis of demographic, physiography, behavioural and geographic. The geographic segment of Marks and Spencer is UK but the company also have more than 300 stores in 41 international territories.Further, the company has segmented their market demographically in which all age group people, different gender and social class can buy the products of company (Jacobson, 2016).

The Pest implication of Marks and Spencer includes four different factors such as political, economic, social and technological which are described below:

Political- The European committee decided to give permission for free flow of trade in different countries in context of foreign trade regulations which helped the organisation in importing their products.

Economic- The competitors of M&S are specialised in niche markets and the main focus of customers to make them in order to provide satisfaction to customers.

Social- In this, there is shift in demands of clothing according tothe perception of consumers has changed. Thus, there is increase in price sensitivity so the consumers leaving M&S in less competitive position.

Technological- There is an important role played by social media for communicating information of new products to the customers. The stated organisation also makes their website attractive which helps in targeting large number of customers (Nijssen and Frambach, 2013).

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Competitor Analysis

Competitor analysis can be defined as assessment of strengths as well as weaknesses of the existing and potential customers. It helps in providing an appropriate strategic approach for identifying opportunities and threats. M&S is operating their business in competitive environment and there are certain factors which affect the functioning of business. The core values of M&S includes the affordability, quality and services in context of their competitors.There are certain major competitors such as Tesco, Sainsbury which provides same services as M&S. The stated business has challenged other segments of business and competes with them. It can be carried out by adopting different strategies of marketing which helps them in promoting their products to the wide range of people. Further, the company also created a huge customer base and achieve high level of profits (Renz, 2016).

The SWOT analysis of M&S includes four elements strengths, weaknesses, opportunities and threats which are described below:

Strengths- M&S is one of the largest retail brand and the products of company gainthe value for money because of their quality and broad range of products.

Weaknesses- There is limited market share due to high level of competition with other brands in retail.

Opportunities- M&S can introduce new segmentation of market which offers high profit.

Threats- There are otherretail stores which are engaged in selling same products can be considered as threat for M&S as they sell products on the discounted prices.

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Market focus

In context of SMART criteria the aims and objectives of Marks and Spencer are mentioned below :

Specific- The main aim of M&S is to increase the level of profit by opening stores in different areas in coming year. To become the most popular brand in the sector of clothing by developing the brand amenities.

Measurable- In this , the main purpose of Marks and Spencer is to attract most appropriate talent in the industry and make appropriate strategies of human resources. The objective of company is to be on the top at global level (Glass, 2016).

Agreed- In this section, the major objective of M&S is to deliver appropriate quality of services as per their personality along with developing trust among customers. Further, to recruit efficient people to the workplace which helps in maintaining appropriate quality of services at workplace.

Realistic- In context of realistic aim, it is to achieve that to develop the product which contains more advanced quality by 2018. along with this, to help customers in order to analyse the products in particular time frame.

Time-In this, the aims and objectives are required to achieve which includes competitive advantage , high level of profit and market share in upcoming 3 years. The objective is related to get high position in the sector of clothing.

Appropriateness of targeting, segmentation and positioning

In context of target market of M&S is concerned with the all age group and the company manufacture all type of clothes as per opinion of customers. At this stage, as the purchasing power of customers is high so that the target market is also proves to be profitable and helps to increase overall profit for M&S.

The segmentation of market is on the basis of age, behaviour, gender as well as lifestyle in the market of M&S. The age is also effectively matter for company as it helps in determining the types of products which are to be produced in market (Simpson, 2013).

Thus, it can be stated that M&S is considered as one of the largest retailer in UK in the sector of clothing to the another company. The major competitive advantage of the company is that it is a big brand and it have large economies of scale along with the intense marketing. Moreover, after making appropriate research and development which helps he company in order to develop new products for developing a high level of competition in marketplace.

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Marketing programme

It includes the marketing mix of Marks and Spencer which helps in identifying various elements such as product, price, place and promotion. All of the elements of marketing mix are described below:

Product-The products of Marks and Spencer are mainly known for the quality along with the reliability and style. On this factor, the company never compromised and always being loyal to the customers. This will helps the company to build a huge customer base worldwide.

Price- M&S products are easily available in market and the company charges medium to high prices for their products. But at the same time most of the products of Marks and Spencer are available on premium prices where the main target is on upper class people (Strauss, 2016).

Place- M&S have their more than 600 stores in UK and also established their presence in international market. So the products are easily available in the towns and cities and also in the other developed countries. Moreover the company also selling their products online through internet which helps in creating huge customer base.

Promotion-There are different types of techniques of promotion are adopted by Marks and Spencer so that they can promote their products such as social media marketing, advertisements on television, newspapers and magazines. It will helps them to provide all of the services as per the requirement of customers.

Conclusion

From the above carried out study it can be concluded that marketing planning plays an important role in the development of a company which is to be managed by the organisation in an appropriate manner. This reports can be inferred that there are different smart objectives are developed by the management of M&S which helps in the growth of company.

References

Books and journals

  • Hollensen, S., 2015. Marketing management: A relationship approach. Pearson Education.
  • McDONALD, M.A.L.C.O.L.M. and Brown, L., 2016. 5 Strategic marketing planning. The marketing book.p.86.
  • Jacobson, S.M., 2016. Analysis of market dynamics for marketing planning.
  • Nijssen, E.J. and Frambach, R.T., 2013. Creating customer value through strategic marketing planning: A management approach. Springer Science & Business Media.
  • Renz, D.O., 2016. The Jossey-Bass handbook of nonprofit leadership and management. John Wiley & Sons.
  • Glass, B.W., 2016. Planning and control systems supporting the marketing function of an international company.
  • Simpson, M., 2013. Marketing Planning Principles into Practice. Journal of Small Business and Enterprise Development.
  • Strauss, J., 2016. E-marketing. Routledge.
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