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Marketing plan of Marks & Spencers - Assignment Example
Pages 14 (3514 words)
Marks & Spencer is a well-known name in the retail world. It was a high street retail chain that came into being in 1894 and became a listed company in 1926. Marks and Spencer is one of the largest retailers in the United Kingdom, and has a hard earned reputation of being extremely qualitative as far as its products are concerned…
The group's merchandise includes clothes, household goods and food sales, with their clothing line contributing half the revenues. It has also diversified into financial services that include accounts cards, pensions, loans, and life assurance and contributes about 5% of its total revenues. Marks and Spencer divides its operation as UK retail, International retail and financial services.
The UK Retail division is its major chunk of the business and contributes the most to the turnover. It sells Women's wear, Men's wear, Lingerie, Children's wear, Beauty products, Household goods, and groceries. The International Retail business prevailed from Europe to North America to the Far East a well. The Financial services division offers personal insurance, personal loans and store cards.
Until the late 1990's Marks & Spencer was largely successful and recorded highest profit growth in the years, 1997 and 1998. In 2000, Marks and Spencer launched lingerie outlets in Paris, Hamburg and Dusseldorf that met with considerable success. It is a leading seller of lingerie in the UK with a 20% market share.
However, Marks and Spencer had a slump, plagued by external and internal problems. Marks and Spencer business model was to maintain UK sourcing for its products, ensuring a perceived high value for the customer. ...
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