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Business Market

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Introduction

Introduction: In this assignment I need to select a business of my choice and then research on the market department within the company. I have chosen to research on Marks and Spencer. I will be looking into and researching the marketing department of the company. In answering this part of the question I will also take into consideration to what level the market of the business covers and classifies. I also have to describe the customer demand for Marks and Spencer by using the supply, demand and elasticity theory. I will be finding the information on one of the Marks and Spencer branches in Ilford. The address is: 135 High Road, Ilford, London, IG1 1DN Task 1 (P1) History: Marks & Spencer is one of the UK's leading retailers of clothing, food, homeware and financial services, serving 14 million customers a week in over 300 UK stores. Marks & Spencer has a turn over of �8 thousand million. From my research I have found up until late 2002, the company also traded in 25 countries worldwide. In the words of Marks and Spencer themselves "Marks & Spencer has over 300 stores located throughout the UK, providing nearly 13.5 million square feet of selling space. This includes our largest store at Marble Arch, London, which has around 170,000 square feet of sales floor" It is a truly unique business, a business with primary strengths ...read more.

Middle

supplied. Although there are other businesses like JD Sports, Foot Locker, which are providing the clothes, but the clothes which Marks and Spencer and Burton is providing to customers is different from these sports shop. Demand and Supply: Theory of demand: In my view the theory of demand means that if all other factors remain equal, the higher the price of a good, the less people will demand that good. The example I would like to explain this point is that how many people will be interested in buying the pair of shoes if it cost for example �3000. The amount of products that buyers purchase at a higher price is less because as the price of a good goes up, so does the opportunity cost of buying that product goes up. As a result, people will naturally avoid buying a product that will force them to forgo the consumption of something else they value more the example of the products customers value more are food, shelter. Theory of supply: In my understandings Theory of supply explains the quantities that will be sold to the consumer of the product at a set price set by the production department of the business. The most important point to consider here is that unlike the law of demand, the supply relationship shows an upward slope. This means that the higher the price, the higher the quantity supplied. ...read more.

Conclusion

In today competitive world it is important for businesses to develop and improve their products in order to retain the customers of the business. The numbers of consumers (buyers) of a particular product I believe this is another important factor to be taken into consideration by businesses like Marks and Spencer. Demand: In my understanding the term demand means the quantity of the product or service the customer will be willing to buy at a set price. Usually the concept is the higher the price the lower the demand, the reason behind this is that less people will be after to buy the product at expensive price. However on the other hand lower the price the higher the demand, the reason for this would be more people would be after to buy the product. I personally think the quality of the products which Marks and Spencer is selling, are good quality. However the price for some products is high but still the demand for the Marks and Spencer's product is high. Some customers are concerned only with the price of the product before they take the decision to buy the product on the other hand some people want the good quality product regardless of the price of the product. As we can see from the above financial analysis of Marks and Spencer that the profit of Marks and Spencer is increasing every year. ?? ?? ?? ?? Muhammad Fezan Amjad G: 2 Y: 2 Unit 29 Lecturer: Elizabeth 1 ...read more.

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