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Marks & Spencer

Extracts from this document...

Introduction

This assignment is about marketing, where I will produce a marketing strategy for a new or existing product. This unit introduces the major principle and functions of marketing; I will look on customer needs, and creating a suitable strategy or marketing mix, which will satisfy customer needs. In this unit I will experience the marketing process from carrying out initial research about a market, investigating the principles of functions of marketing and the way in which it contributes generating income/profit in a business. Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational goals. Marketing also involves analyzing customer needs, securing information needed to design and produce goods or services that match buyer expectations, and creating and maintaining relationships with customers and suppliers. Marketing is essential to the success of any business. Its primary aim is to enable businesses to meet the needs of their customers and potential customers, whether then it's for profit or not. To make my strategy successful for business it must: > Understand customer needs > Understand and keep ahead of competition > Communicate effectively with its customers to satisfy customer expectations. > Coordinate its functions to achieve marketing aims > Be aware of constraints on marketing activities I will also be considering the importance of developing and maintaining a relationship with its customers, potential customers and other stakeholders. I will look upon on establishing customer needs, methods of analysing marketing opportunities, and the marketing mix (that would meet customer needs) As part of marketing department, I will analyse to create marketing strategy on Marks and Spencer food mainly Indian ranges, and look at other such as Italian range, Eastern cuisine range, and British regional food ranges and. The Indian range would be ready to eat/cook food. I will be creating marketing strategies on Marks and Spencer's food as to meet the customer needs and to analyse in ways I could meet the strategies successfully. ...read more.

Middle

PEST The PEST analysis is a useful tool for understanding market growth or decline, and as such the position, potential and direction for a business. A PEST analysis is a business measurement tool. PEST is an acronym for Political, Economic, Social and technological factors, of the external macro-environment, such external factors are usually beyond the firm's control, sometimes called threats. A PEST analysis measures a market. By analysing the trends firms can spot new market opportunities and threats. Organisations operating environment can be analysed by looking at: * External forces (those factors that an organisation has no control over), * Internal forces (factors that an organisation has direct control over) Political factor: Governments have major affect on business and markets by creating demand for particular products or for consumer items in general. Political factors include government regulations and legal issues and define both formal and informal rules under which the firm must operate, some of the examples include: * Tax policy * Employment laws * Environmental regulations * Trade restrictions and tariffs * Political stability Depending on its role and functions within the department, a unit has to consider issues such as: - - How stable is the political environment? - What is the government's position on marketing ethics? - What is the government's policy on the economy? Economic factors: All businesses are affected by economical factors nationally and globally. This factor affects the purchasing power of potential customers and the firms cost of capital. The following are examples of factors in the macroeconomic: * Economic growth * Interest rates * Exchange rates * Inflation rates Marketers need to consider the state of a trading economy in the short and long-terms, some of it, which should be considered, is: - Interest rates - The level of inflation Employment levels per capita - Long-term prospects for the economy Gross Domestic Product (GDP) per capita, - Budget allocation Social factors: This includes the demographic and cultural aspects of the external macro-environment. ...read more.

Conclusion

I also have right objectives where it looks at future trends as well as increasing market share, keeping ahead of competitors and such. The features which make it effective are the ingredients in the products and its packaging, because the packaging provides all the information which a customer would need or want, and considering the environmental issues its reusable and microwavable. The elements which could be improved is on the promotion, to get more sales and focusing on other types of advertising such as radio, billboards and such and not just focusing on TV advertisement, magazines and newspapers. The information which I haven't collected are the secondary research, this would have helped me more in creating the strategies to meet customer needs and to satisfy it. Store location decisions are frequently considered to be the single most important elements of retail marketing. Although a good location is unlikely in itself to compensate for average overall strategy, a poor location can be a shortfall that is very difficult to overcome. Even very small physical differences between locations can exert a major influence upon the stores' accessibility and attractiveness to consumers. Planning the selection process as carefully as possible and using methods described should maximise the success. Marks and Spencer pays particular attention to social and geodemographics, along with consumer spend, before deciding on a location. Own brands are desirable products to offer, as they offer profitable margins and a high level of control over the marketing aspects of management. Efficient use of these products can increase store loyalty. As I did a oral presentation I used few pictures and such to show the packaging design, as I talked about the other product and the company, and mainly on one of the marketing mix 'the product'. My presentation could have been bit longer with more details and also posters to show big images then small ones. Candidate name: Payal Khajuria Centre number: 12302 Candidate number: 7114 Centre name: Alperton community school Unit: 3: Marketing ...read more.

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