This report is basically about the marketing approach of Marks and Spencer. Furthermore, it consists of the role played by market research, segmentation, targeting and positioning through the marketing of their product. The report basically highlights the marketers approach the consumer. The company gives an excellent marketing response to consumer behaviour. Objective of marketing Marks and Spencer uses the AIDA model for marketing its fashion products. The objectives of the AIDA model are basically to attract, satisfy and retain the customers. Positioning
The unique benefits that the customer can avail using the commodities of Marks and Spencer should be highlighted and the customers should be informed how their products are different from the rest of the companies. Branding Brand is a name, symbol or design either used individually or a combination of the three to identify and differentiate the goods and services from the other sellers. It does not only mean being chosen by a customer over other products of the competitors but the customer should be sure that the products they have chosen would solve their problems.
A good brand has some of the objectives that it has to achieve and so does Marks and Spencer. It delivers its message clearly to the customers, confirm its credibility, motivate the buyer to make frequent purchases and develop consumer loyalty towards the brand as the company understand the needs and the wants of the customer well. (Armstrong & Kotler 2005). Price Marks and Spencer takes the pricing decisions on the basis of the type of the product and the target audience. The company also keeps in mind the prices being charged to the customers by the other competitive brands.
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It does not always include the list price but offers discounts and as well. Prices are kept in mind the expenses incurred and the profit margins required. Place This basically refers to the channels of distribution being used by Marks and Spencer. Place is very important in the sense that when the products won’t be made available to the customers they won’t be able to make purchases. Market coverage, inventory management, transportation, order processing comes under the pricing decisions. (Brassington & Pettit 2007). Promotion
Marks and Spencer should go for the option of website marketing fro which a “Website Marketing Plan” should be prepared. This is a business document which describes your objectives and explains how you will market your e-commerce business to prospects and to customers. There are some already defined principles that apply to all types of e-commerce marketing and these can be used by all but Marks and Spencer has to tailor the marketing plan according to their unique target audience. (Kevin & Kotler 2008). Online campaigns can be run in many different ways.
They can run randomly, daily, weekly or monthly and all this depends on the target market. The company must also use techniques to encourage repeat visits of the customers to the websites and this would then lead to an increase in sales made by the customers. For this, the company can use many brand promoting schemes for their websites. Communicating the prospective customers about what the company has for them is done efficiently by using effective promotional schemes. Heavy costs are used for promoting the products; therefore, wise decisions are taken by the management before just implementing an idea. (Palmer 2007).
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