The marketing plan is very crucial for making and developing of an organization. To make a better position among the competitive markets, every company or organization should make a better marketing plan. It represents the completive environment. The marketing plan of Marks and Spencer may be a valuable example to justify the marketing plan as well strategy. The detailed marketing plan will be discussed in the entire report. The company Marks and Spencer mainly sells clothes and luxury food products.
The marketing plan for Marks & Spencer is just another part of the development analysis of any particular country. The strategy of this company is clearly related to the development of the country as well as the marketing mix strategy and the different analysis. By observing the current macro environment of any particular country, Marks & Spencer creates its marketing plan. This plan does not include the previous mistakes that were made initially when this company was new to the market. Like every other company Marks & Spencer also has some strategy to build a solid marketing plan. This plan includes, an overall survey of the people of any particular country, understanding the financial condition of the country, geographical location of the country etc. While observing the people’s daily need through the survey, Marks & Spencer should complete half of their marketing plan. This is so because it is an open company that delivers mainly the daily needs of the people.
Preparing the marketing plan
While preparing a perfect marketing plan one must go through these five aspects,Situation Analysis
The situation analysis is introduced with the collection of methods to analyze the internal as well as an external environment for an organization (Cadogan 2009). It makes a better understanding of capabilities, business environment and customer environment of Marks and Spencer.
The situation analysis of Marks and Spencer is as follows-Internal Situation Analysis
Nowadays Marks and Spencer is known as one of the Market leaders among the entire clothing industry (Cotton, Falvey and Kent 2000). The quality of Marks and Spencer products become very high. That makes the company into the top of the entire market. The leadership of Marks and Spencer also grow their business by expanding many stores in the UK as well other countries.
In the human resource area, Marks and Spencer have various teams who plays a crucial role to develop the company (Guide to HR administration 2007). The teams also provide Learning, Payroll, HR administration and pensions to increase the productivity of Marks and Spencer every year.External Analysis
The external situation analysis mainly depends on PESTLE analysis, SWOT analysis, and Porter's five forces analysis (Holloway 1998).
Describing the target audience
The audience or the customers are those, for whom the marketing strategy is being planned. So the first step for any company like Marks & Spencer is to describe the audience. It only means that a company should have clear specificities view about the customers or the audience.
List of marketing goals
A company must set their target before coming in to the market. So the list of those achievable goals must be ready in the form of a target.Communication with the customer
A company like Marks & Spencer must have a perfect communication skill as far as the authority of the company is concerned.Setting the budget
Every renowned company has particular budget in mind before starting any sort of business. This budget must be ready and must be clear to the authority. Otherwise the investment can go in vein.
Some critical situation may be faced by Marks and Spencer for changing the political environment (Labov 2001). It happen when the government changes. It introduces some business policies to take a part in business growth. Sometimes It decreases the profit margin.
The situation of UK can be different to impact the business of Marks and Spencer by increasing the VAT from 17.5% to 20%.
Socially, the consumer observation has been changed towards new fashion including value sensitivity that is making new competitive environment (Market dominance and antitrust policy 2003).
Marks and Spencer sell high-quality products to their customers for avoiding the legal issues in their business.
It totally depends on the respective country. In the UK, Marks and Spencer sell their clothes in higher rates on winter. That makes an advantage to M&S profit margin (McDonald and Dunbar 2013).
Porters Five Forces
To find the present situation of the company, it is crucial to introduce porter's five forces analysis.
The supplier power is increasing rapidly which itself is a threat to the market dominance of M&S.
The far better situation for M&S is the current financial growth after the financial crisis that hit most of the European countries (Noe 2006). During the current time, there is a significant increase in the buyer power which widens the new opportunities for M&S to expand its business.Competitive Rivalry:
Alternatively, the aggressive pricing strategy of M&S creates a strong competitive rivalry in clothing sector that diminish the effect of competition.Threat of Substitution:
At present, there is no significant threat of change as there is no alternative supplier of the line of products M&S is offering to its customer base (Polidoro and Toh 2011).Threat of New Entry:
In this concern, the threats of new entrants for M&S is less efficient because of the high capital expenditure, reputation and customers changing expectations that create substantial barriers to entry
Aims and Objectives
- To see how companies aim and objectives are achieved to increase profit by opening more than four express stores.
- To see how M&S become the world's most good and sustainable major retailer.
- To analyze in which way M&S may become the top family brand in the clothing sector.
- To develop itself as new brand identities.
Targeting-Positioning and Segmentation
The target market of M&S is mainly concern with all age group of peoples who love to wear clothes (Steele 2008). Clothes like Cotton, Polyester, etc. are the choice of different people. Many of them want to buy branded and costly products.
The chosen segmentation criteria are based on gender-related, age-related, behavior related and lifestyle related of the market for M&S. Clothing is the favorite for both men and women where the clothing lines can include casual and business perspective (Tracy 2014).Implementation
The application or evaluation process can be analyzed by some mix market strategies. One of the best market mix strategies is 4p's of marketing.
4P's of marketing strategy
The garment products of Marks and Spencer are well known as first class quality, variety, and style (Westwood 2011). Marks and Spencer always maintain their product quality to achieve customer loyalty.
Marks and Spencer's charges a standard to high prices for its garment products which become reasonable price to very costly price.
There are entire 600 plus stores of Marks and Spencer in the entire United Kingdom. That's why the product of Marks and Spencer can be easily available in all cities and towns of UK.
The promotion process of Marks and Spencer can be done by advertisement on television. Also, the promotion process is going on social media as well as newspaper.
Currently, the market has been filled with a variety of confronts that is expanding day by day in the base of the competitive environment. In this concern, Marks and Spencer would chase any business strategy in the base of opposition to regulating and manage its staff for completing of aim and objectives and to give a good reason for their need for accessible resources and their involvement with the company.
Cadogan, J. (2009). Marketing strategy. London: SAGE.
Cotton, D., Falvey, D. and Kent, S. (2000). Market leader. Harlow: Longman.
Guide to HR administration. (2007). Washington, D.C.: Thompson Pub. Group.
Holloway, S. (1998). Situation analysis. Aldershot [u.a.]: Ashgate.
Labov, W. (2001). Social factors. Malden, Mass: Blackwell.
Market dominance and antitrust policy. (2003). Choice Reviews Online, 41(01), pp.41-0440-41-0440.
McDonald, M. and Dunbar, I. (2013). Market segmentation. Chichester: John Wiley & Sons.
Noe, R. (2006). Human resource management. Boston, Mass.: McGraw-Hill.
Polidoro, F. and Toh, P. (2011). Letting Rivals Come Close or Warding Them Off? The Effects of Substitution Threat on Imitation Deterrence. Academy of Management Journal, 54(2), pp.369-392.
Steele, J. (2008). The Market. New York: Hyperion.
Tracy, B. (2014). Leadership. New York: American Management Association.
Westwood, J. (2011). How to write a marketing plan. London: Kogan Page.