Business Organisation and Environment 2: Report                23/04/2008

 Report on Marks & Spencer Recovery

1.0 The Marketing Process

1.1 What is marketing?

Marketing is not just about selling and advertising. Marketing is about satisfying customer’s wants and needs and their demand. Marketing starts to suggest it self when the product has been thought of to be produced. A marketer has to find out whether the product will be profitable. Marketing has to be continued as long as the product or service exists. To attract more customers and to improve customers wants. Marketers have to focus on offering new goods and improving it. The aim of marketing is to know what the consumers want, to make it fit their wants and their needs, so that the product can sell it self. Marketers that have been researching consumers before producing will be successful and profitable. Although selling and advertising are still important in the marketing mix industry. As Kotler sad in ‘Principles of Marketing’ marketing procedure consist of giving what the customers need, to get a success in the field in return. The ‘CIM’ suggested that in order to make a profit in business is to classify what the customer’s demands.

“Marketing is the human activity directed at satisfying needs and wants through an exchange process.” 

“Marketing is a social and managerial process by which individuals and groups obtain what they want and need through creating, offering, and exchanging products of value with others.”

 

“Marketing is the management process responsible for identifying, anticipating and satisfying customer’s requirements profitably”. 

1.2 Market Orientation

As Kotler sad in ‘Marketing Management’ book, a market oriented company will produce product or service according to consumers wants and needs. They will research or do survey before making a production. The company will supply a consumers demand to secure a successful brand. Market oriented company will keep their customers exited by improving and developing customers wants. And the consumers will be giving feedback on how great the product has been and what it is lacking.

“Market oriented strategic planning is the managerial process of developing and maintaining a viable fit between the organization’s objectives, skills, and resources and its changing markets opportunities. The aim of strategic planning is to shape and reshape the company’s businesses and products so that they yield target profits and growth.”

1.3 Product Orientation

As Lancaster and Massingham sad in their  book ‘Essentials of Marketing’, product Oriented market will produce a existing product or service without looking at customers wants and needs. The product oriented marketing is mainly focused on the product. However, you can be successful in both product and market orientation field. Product oriented company needs extra effort to make the product or service sells. It will be tough to find a customer if the competitor is market oriented. As the consumers will not buy something that they don’t have any idea of its performance. Company’s focused on products mainly do this to keep the production cost low.  

“Manufactures who focus their attention on existing products and pay little or no attention to the changing needs and wants of the marketplace are in danger of one day discovering that they have no customers.” 

1.4 M&S

Marks and Spencer needs to take a market oriented approach if they want to succeed in a long term customer relation and make profit. This approach can make their product life cycle last forever. By captivating the augmented approach.  If M&S keeps attracting their customers with improved services and exclusive services they will be in a long run of their product life cycle. Marks and Spencer is at this moment a rising star as the turnover keeps on improving. And the product life cycle is on a maturity phase. This cohesion has been the today’s M&S. As M&S was in depth from the year 1997 until year 2001. M&S company share price fell by more than two thirds, and its profit fell by more than a billion pounds 1997 and 1998. M&S competitors imported their goods from low-cost countries and sold them for a competitive price, and they were market oriented. M&S also refused to accept other credit cards except their own store cards. Their clothing was becoming unfashionable. And so was M&S also loosing touch with their young potential customers, who were unenthusiastic to shop with them. They thought their product will sell it self by just producing similar products all the time with no improvement on the past. Marks and Spencer took the market oriented approach and have ever since been satisfying their customer’s requirements and therefore have been a successful company. By 1999 M&S introduced online shopping and rebranded their clothing line in year 2001. Per Una a range of female clothes designed by George Davies for M&S was introduced in September 2001, it brought a major success to the company with a profit booze.

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2.0 The Need of Research 

2.1 Why M&S need to do carry out Research

Research is about gathering information around to comply with the consumer’s requirement. And to deal with the existing problems in conjunction with promotion of the market, as defined in the quote below. However, research is also way of analyzing competitor’s data. The basic of market research is to discover the market of the business planning.

“The systematic gathering, recording and analysis of data about problems related to the marketing of goods and services.” The American Market Association.

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