Marketing Strategy And Planning Principles Of Marks And Spencer

Marketing Strategy - leverages paid, owned and earned media. Optimizes performance for your media channels, executes campaigns, publishes content and drives engagement. And enhances your marketing tactics for more earned credibility.

Marketing strategy is an explanation of what you want to achieve with your marketing efforts and investments. It must go hand in hand with your business goals. A key component of marketing strategy is keeping your strategy in line with your company’s overarching mission statement which Thomsons ITM work extremely hard at.

In today 's age, along with the arrival of the new economy and economic globalization, in the field of management discipline, as the most useful and dynamic subject -Marketing, it is a market activity research based on organisations and individuals clients.

Marketing strategy is a method of focusing an organization's energies and resources on a course of action which can lead to increased sales and dominance of a targeted market niche. A marketing strategy combines product development, promotion, distribution, pricing, relationship management and other elements; identifies the firm's marketing goals, and explains how they will be achieved, ideally within a stated timeframe. Marketing strategy determines the choice of target market segments, positioning, marketing mix, and allocation of resources. It is most effective when it is an integral component of overall firm strategy, defining how the organization will successfully engage customers, prospects, and competitors in

Global retailer Marks & Spencer is the United Kingdom's premier clothing, food, and financial services retailer. The company's commitment to value, service and quality began in 1884 when Michael Marks, a Russian born Polish refugee formed a partnership with Tom Spencer, a former cashier from the wholesale company IJ Dewhirst, which later on became Marks & Spencer. During this 120-year journey, Marks & Spencer has continuously evolved and is known as one of the biggest retailers in the world today.

The company we have chosen for this assignment is “Marks and Spencer” as an “M&S”. It is one of the major British multinational retailer companies. Michael Marks opened a small stall at Kirkgate Market in Leeds in 1884, which was known by “Penny Bazar”. But soon Penny Bazar turned into M&S in the year 1894, after Michael Marks move into partnership with Tom Spencer. The company is now specialist in selling luxury food items, home products, beauty products and range of clothing. However, their iconic product was their first bra in 1926, which was a epic for them. Over a 130 years period of time it has been grown from a small stall to an international multi-channel retailer. Now they operate in more than 50 countries worldwide

Marks & Spencer (marksandspencer.com) is a UK-base, upscale, global retailer known for its high-quality, high priced merchandise. Operating in more than 30 countries, the company faces stiff competition, especially since the beginning of the economic slowdown that started in 1999. Costumer service became a critical success factor for Marks & Spencer. Other critical success factors included an appropriate store inventory system and efficient supply chain activities. To attract shoppers, the company had to reduce prices at its stores, which drastically reduced profits. Several other big retailers were wrestling with similar problems, including Kmart, which had to file

The marketing plan habitually comprises time limits, budgets and allocations of staff and this can help the business identifying the definite marketing activities and specifications for the budget, setting and achieving marketing goals, bringing a marketing strategy in the company for life (Mcdonald et al, 2011)

Strategic marketing planning was formally introduced in 1950s with its all reviving attributes. The big organisations helped to grown the strategic planning orderly, it called comprehensive structure, later it adopted by numerous big and small organisations, George A. Steiner describes in his book “Strategic Planning”.

It is the world of huge competition where business needs to survive and exist. Actually Marks & Spencer lies within top 10. It is UK’s premier clothing, food, financial services retailer having the position of top 6. In recent years, retailers have been confronted with intense competition from their counterparts and, a few of them have somehow lost momentum. Marks & Spencer’s market share has dropped in 2004 to 11%, from 0.2% (Annual Report 2004). Mostly affected was their clothing segment. Mostly it is offering high price goods and service. It should reduce the price due to recession customers want to purchase goods in low price. The strategy applied by Marks & Spencer is covering wider market

Market Strategy is a term that is shown in the Essentials of Marketing (Perreault, Cannon, McCarthy). According to the book a marketing strategy specifies a target market and a related market mix. When a company comes together to set a goal and also plan what their next step and vision they want their company to have in the nearest future they use marketing strategy to pick out their target and what they will need to create to draw in new customers. Marketing strategy also focuses on one specific product and a specific market they want their produce to be available to that they believe would fly off the shelves so they could reach their goals.

A marketing strategy is a plan identifying your target market, goals and objectives. It should include the 4 P’s. The purpose of a marketing strategy is to provide you with a structure and time limits.

Strategy can be defined as a firm’s positioning to gain a competitive advantage in the marketplace (Michael E. Porter 1996)[1]. A strategy is always to secure organizational effectiveness by performing the right activities at the right time and to .achieves the right fit with the external environment. Building upon this idea, a marketing strategy allows firms to develop a plan that enables them to offer the right product to the right market, with the intent of gaining a competitive advantage. Marketing strategy research has focussed arenas such as marketing strategy

Marketing strategy consists of the analysis, strategy development, and implementation activities in: “Developing a vision about the market(s) of interest to the organization, selecting market target strategies, setting objectives, and developing, implementing, and managing the marketing program positioning strategies designed to meet the value requirements of the customers in each market target”.

A marketing strategy is essential for the development, growth and sustenance of a business as well as ensuring that the business maintains its competitive advantage.