Marketing Principles and Practice to Promote the Business Product

Marketing Principles and Practice

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TABLE OF CONTENTS INTRODUCTION..........................................................................................................................1 TASK 1...........................................................................................................................................1 1.1......................................................................................................................................... 1 1.2......................................................................................................................................... 1 1.3......................................................................................................................................... 2 1.4......................................................................................................................................... 3 1.5......................................................................................................................................... 3 TASK 2...........................................................................................................................................4 2.1......................................................................................................................................... 4 2.2......................................................................................................................................... 4 2.3......................................................................................................................................... 5 2.4......................................................................................................................................... 6 2.5......................................................................................................................................... 6 TASK 3...........................................................................................................................................7 3.1......................................................................................................................................... 7 3.2......................................................................................................................................... 7 3.3......................................................................................................................................... 7 3.4......................................................................................................................................... 8 3.5......................................................................................................................................... 8 TASK 4...........................................................................................................................................9 4.1......................................................................................................................................... 9 4.2......................................................................................................................................... 9 CONCLUSION............................................................................................................................10 REFERENCES............................................................................................................................ 11

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INTRODUCTION Marketing is the tool used by business organisation to build customer relation and introduce and promote the product in the market. It also helps the company to enhance the sales and attaining goals and objective effectively and efficiently. So, the business organisation designs strategies and adopts practices to attract a wide range of customers. For better understanding of the topic, Marks and Spencer has been chosen in the present report which specialises in selling of clothes as well as home and luxury products. Present report has explained the contribution of marketing in attaining goals and objectives and analysed the external factors influencing the same. This report critically reviewed different elements of marketing mix and methods of segmenting markets.

TASK 1 1.1 Marketing is the tool that is used by business organisation to promote or introduce products in the market to enhance its customer base. It is the process which helps in increasing sales, revenue and profitability of company (Prentice and Arnheim, 2013). Various associations and bodies have given with different marketing definition as given below: The Chartered Institute of Marketing have given official academic definition of Marketing as “Marketing is the part of management process

that

requirements

aims that

to

identify,

contribute

in

evaluate

and

enhancing

meet

the

customer’s

profitability

of

company.” (Spiller and et.al, 2013) The American Marketing Association has explained the concept of marketing as “Marketing is an activity and process that aims to create,

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communicate and exchange offering that creates value for customers, clients, organisation and the society at large�. (Palmer, 2012) Dr. Philip Kotler has suggested that marketing is the science and art of researching, creating and delivering value to meet the needs of a target market. (Armstrong and et.al, 2014) 1.2 Marketing plays a crucial role in management process that aims to attain goals and objectives of organisation in the following ways:

Increasing the sales and profit: It helps Marks and Spencer to identify the needs and expectations of customers and designs their products accordingly (Fletcher and Breitling, 2012). If the product is as per the requirement of consumers, it will enhance the sales and ultimately contribute in increasing profitability of company. Marketing has contributed in attainment of goals and objectives in the following ways:

Introduce a new product: Business can reach at the desired position if the products or services offered have created a positive image in the minds of public and marketing plays major role in creating position of the product (Spiller and et.al, 2013.). Marketing includes various promotional activities to introduce the product in market.

Expand market share: If company wants to enhance its market share, they can design marketing strategies such as using innovative packaging and creating awareness about the product.

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1.3 The management of Marks and Spencer designs marketing strategies by considering various external and internal business environment. External factors play a crucial role in influencing the marketing functions which are explained in the following ways:

Economy: Economic condition of country affects the marketing policies of Marks and Spencer. For instance, at the time of recession, people do not have sufficient liquid funds to spend on the products. So, the demand of products gets declined (Reinecke, Manning and Von Hagen, 201). As a result of it, company allocates less amount of funds on marketing and focuses on the promotion of necessary goods.

Legal: The government's laws and regulations have a great impact on company's policies. For instance, imposition of new taxes affect the purchasing power of consumers and thus, to keep a reasonable price of product, company cuts cost on its marketing.

Social: Marks and Spencer designs its marketing strategies as per the preference and expectations of society as a whole. Nowadays, people prefer internet to surf about any product or service as a result of which companies use search engine optimization marketing tool to create awareness about the product.

1.4 Marks and Spencer undertakes following marketing process to promote or introduce the product:

Environmental analysis: The marketing department of Marks and Spencer analyses internal and external environment to determine the factors that can affect marketing strategy and have to be considered while making marketing plan.

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Setting aims and objectives: Before designing the marketing strategy, Marks and Spencer set goals that would provide a clear direction in planning and designing strategies. For instance, they can make objectives to enhance the sales by 10 percent by targeting people of age in between 18-25 years.

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TASK 2 2.1 Marketing mix is the combination of various activities in order to promote and place the product of a company in the market. Marks and Spencer makes the use of traditional as well as extended elements of marketing mix to promote its product and the same has been highlighted below:

1. Product: The various products provided by the company is clothes, luxurious food and home products. The brand image of the company is

so high and reputed that it becomes easy to sell its product world wide.

Moreover, it provides products that are durable in nature.

2. Place: The company has set outlets in every corner of the world and moreover, it is selling its products online.

3. Price: Economic pricing strategies is being adopted by the company, so that it becomes easily affordable for the customers (Schwartz, 2012).

4. Promotion: M&S promotes its product through the use of social media sites such as Facebook and twitter. It also creates ads in newspaper and television.

5. People: Lastly, it keeps in minds the needs of its employees and customer’s in designing various strategies.

2.2 Market segmentation is the process of dividing the entire market into small sectors based on the age, income and behaviour of the individual. This enable the firm to target the respective segment of market and to serve their needs to the fullest. Methods adopted by M&S is discussed below: Leave your all worries about assignment writing, Global Assignment Help has a large pool of proficient writers who provide quality help with assignment writing, dissertation writing, thesis writing and all kind of academic writing tasks at pocket friendly price.

Demographic: In order to serve its luxurious food products, it segments it market on the basis of the age factor. The kids are the main consumers of food product. Therefore, the company provides healthy food products to them.

Socio-graphic: It provides various benefits such as 20% extra on each pack, buy one get a candy free, etc. therefore, in short the company provides various benefits to its low income consumers.

Psycho-graphic: It includes the product is made according to the interest and lifestyle of the customer. For instance, the product is developed keeping in view the kids interests and demands (Reinecke, Manning and Von Hagen, 2012). They are more likely to get influenced by the animals and cartoons. Percy Pig is a baby chips introduced by M&S to make the product popular among the customers.

Geographic: The company is currently serving its products across UK, Canada, France and many more. It can even expand its business to India and China so as to gain larger number of market share.

2.3 Segmentation is essential because it provides the company an idea about to concentrate on the needs and expectations of targeted market. Few benefits have been highlighted below:

Focus of the organization: In order to increase the profitability of the company, segmenting is an effective strategy (Thrassou and et.al, 2012). The said company is focussing on increasing its revenue by providing luxurious and branded items.

competitiveness: It aids in improving the brand image of the competitors. If M&S is focusing on selling its products to kids, the Leave your all worries about assignment writing, Global Assignment Help has a large pool of proficient writers who provide quality help with assignment writing, dissertation writing, thesis writing and all kind of academic writing tasks at pocket friendly price.

product will become famous amongst them and it also enables the firm to gain competitive advantage in the market.

Business Expansion: Geographic segmentation made by the firm enables it to gain a new market with wide varieties of resources (Spiller and et.al, 2013). Therefore, market segmentation of M&S also requires to asses the needs and demands and the behaviour of people in the particular area.

Retaining customers: By providing various benefits to the low income customers, the said organization is able to retain those for a longer duration. Therefore, it can be said that segmenting the market aids in achieving the aims of company.

2.4 The Marks and Spencer generally conducts research to analyse the needs and expectation of the consumers and take the views of the public regarding the existing goods and services and design their strategies and product innovation accordingly. Thus, The marketing department of Marks and Spencer use different methods to conduct research in a market as given below:

Primary research: When the management seeks to critically analyse the taste and preferences of consumers, they themselves conduct the research part by adopting sampling method (Sloan, Legrand and Chen, 2013). They select the target customers and mail them questionnaire to identify their needs and demand. The management consistently observe the buying behaviour of the people and analyse their actions.

The Marks and Spencer place feedback form in the stores and ask their customer to fill that to review the existing policies and practices.

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Secondary research: The marketing department can make use of internet and books and journal to study about the consumer behaviour and can also determine the latest trend in the market.

2.5 In

today's

e-commerce

world,

Companies

are

making

use

of

technologies to promote or introduce the product in the market. They have ease the job of marketing department. Thus, the technology have affected the marketing activities in the following ways:

Use of social media: Nowadays, Company's are using social media to create brand image of their products and services. Marks and Spencer are designing pages on the social media sites such as Facebook, Instagram, etc. where they give brief about the products and can directly contact their customers and take feedback from them (Sloan, Legrand and Chen, 2013).

Viral marketing: It is a method of creating buzzwords or marketing pieces to attract wide range of customers. They make use of mobile marketing on which they send discounting offers and introduction of new stock through messages and calls.

Search engine optimization: The public mostly use internet and search engine to get knowledge and detail about any product. So they can highlight their companies in the internet through this marketing tool.

TASK 3 3.1 The researcher have used Party wear apparels for women to review the market segment of Marks and Spencer. To promote or introduce this product, the management can use socio-economic market segment. The demographic and socio-economic segment is the division of the market on Leave your all worries about assignment writing, Global Assignment Help has a large pool of proficient writers who provide quality help with assignment writing, dissertation writing, thesis writing and all kind of academic writing tasks at pocket friendly price.

the basis of occupation, income, gender, etc (Palmer, 2012). In the present case scenario, The Marks and Spencer is targeting middle and upper class women and design its plans and strategies as per their behaviour as mostly this groups prefer costly party apparels from Marks and Spencer. The management will study about their behaviour and come to know that they are not price sensitive and have brand preference.

3.2 The Marks and Spencer can create unique position of the party wear apparels in the market through which they can reach wide range of customers. The company can do positioning of the new product by undertaking following activities as given below:

Celebrity Endorsement: In today's media climate, celebrities is considered as powerful tool to generate media exposure and create brand image (Fletcher and Breitling, 2012). Marks and Spencer have tie up with some of the biggest celebrity name that helps to create public relations opportunities. They can introduce and promote the party wear apparels by appointing any celebrity as Brand ambassador.

Trendy ways: They can send mails and message in which they can mention the details about the product that is up to the expectation of people and meet the latest fashion trend in the market. They can make use of fashion magazines, in which they can show some designs and pattern of the dresses.

3.3 The management of Marks and Spencer will analyse the behaviour of the target class of people and identify the distribution channel through which they can reach wide range of people (Fletcher and Breitling, 2012). There are different ways through which Marks and Spencer determine its distribution channel by undertaking following ways: Leave your all worries about assignment writing, Global Assignment Help has a large pool of proficient writers who provide quality help with assignment writing, dissertation writing, thesis writing and all kind of academic writing tasks at pocket friendly price.

Analysis of distribution channel: The management will analyse the buying behaviour of the people and try to find out the distribution channel that is mostly used by the upper class and middle women to purchase party wear apparels.

Management of distribution channel: they will analyse various distribution channel and find out the channel through which they can cover wide range of customers considering their buying behaviour.

Distribution channel: They can introduce the product by placing the party wear apparel on the physical stores and the company's website (Chao and Huntington, 2013). In today's world, people are preferring online shopping so they can also make use of online shopping sites through which they can purchase the product and reach the customers worldwide.

3.4 The Marks and Spencer is planning to introduce party wear apparels for the middle and upper class women. The management needs to design pricing strategy after considering the economic condition of targeted group and prices of its competitors. These class of people are not price sensitive and ready to pay good amount for the product (Hair and et.al, 2012). They give preference and priority to brand image and quality product rather than price of the product. So can demand higher prices of the product. Marks and Spencer can adopt pricing skimming strategy in which at the introduction stage, they will charge nominal price of the product to attract wide range of customers. But after reaching certain level, they tend to increase their price.

This helps the company to enhance the customer base and increase their sales and can reach wide range of customers.

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3.5 The Marks and Spencer adopts promotional strategies to introduce and promotes the product in the market, that will increase the sales and profits of the company. The management of Marks and Spencer will analyse the medium which is prominently used by the targeted group to know about any product and have come to know that these are the following promotional tools that can be adopted:

Social media: The Marks and Spencer have used social media such as Facebook and Instagram and created their official page on the social media sites. The business organisation uploads the

detail and

description about the product in these social websites and can interact directly with the clients and customers (Kotler and et.al, 2015).

Search engine optimization; Nowadays people are using search engine to find out detail about any product or service for any company.

So the Marks and Spencer can enter into agreements with these search engine to show their brand at the top links

Affiliates agreements: It is a type of mutually beneficial agreement between merchants and website owners. Under this, the affiliates promote the Marks and Spencer product by placing ads and links on their websites and in exchange business organisation will pay commission on the basis of terms and condition decided (Brealey and et.al, 2012). They also include sales, clicks, registration, downloads promotional tactics to market the product.

Advertisement in newspaper and television: they can advertise the product in newspaper and television and place catchy attractive ads on these source to promote and introduce and create awareness about the product in the market.

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TASK 4 4.1 The marketing department of Marks and Spencer before designing any plans and strategies, they set specific goals and objectives that provides direction and clear way to adopt marketing activities. The company can determine following goals and objectives as given below:

Expand market share: The management team on analysing the internal and external environment, can decide to expand the market share. This will provide direction to marketing department to decide the marketing strategies through which they can attain these objectives (Jobber and Ellis-Chadwick, 2012). So can make use of internet marketing to reach wide range of customers and can also mail the details of the product in the creative manner to attract wide range of public.

Increase sales and profit: Mostly, all the company wants to enhance the sales and profit of the company and marketing tool plays major role in attaining this goal. Marks and Spencer will evaluate the marketing tools that can best contribute to attain this objective so can undertake advertisement in newspapers and television to expand the customer base and increase the sales revenue of the company (Armstrong and et.al, 2014).

4.2 In the present case scenario, the Marks and Spencer is willing to introduce party wear apparels for women as it is easy to attract women as they are shopaholic. They have targeted middle and upper class women as they keep themselves updated with the latest trends in the market. They Leave your all worries about assignment writing, Global Assignment Help has a large pool of proficient writers who provide quality help with assignment writing, dissertation writing, thesis writing and all kind of academic writing tasks at pocket friendly price.

have specially chosen upper and middle class as they are not price sensitive and will ready to pay good amount for the product.

CONCLUSION It can be concluded that Marketing plays integral part in attaining the goals and objective of the company. This marketing function have also contributed in the Not for profit organisation. Company considers various aspects to design marketing strategy and plan whose aim is to increase profit and sales of the company. In the present report, the Marks and Spencer is planning to introduce party wear apparel for women, so have designed the marketing mix accordingly. They have targeted middle and upper class women for their product.

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