Marketing Name Institution Marketing PEST analysis of M&S Company Introduction M&S is an abbreviation for Marks & Spenser. The organization was formed in 1884 where Michael Marks came up with a market stall situated in Leeds. In 1994, Marks partnered with Thomas Spenser who was a cashier at a wholesale in Dewhirst and together they opened their first shop in Leeds in1994…
By analyzing the current business situation of M&S, it will be possible for one to determine if the company should revise its way of serving customers, the way of market segmentation, or split its products into various target markets Macro factors that affect M&S These are the external factors that have an indirect impact on any company. They include the political, social, technological, economical, and legal entities. For instance, in the legal entity, the government of UK has brought in energy saving organizations like “Green Tax” and “Change Levy” on the use of energy to lessen carbon dioxide by 30% and distributed subsidies to make improvements on subsidies. This has affected M&S positively in such a way that the company has been forced to launch an incentive policy in which stores can maintain the value of 15% of all savings it makes and above its moves. The move helps the company to save about 10% of its energy (Moiz, 2010). Micro Factors Marketing management is obliged to attract customers and set up good relationships with them by initiating the satisfaction and worth of their preferences. Nevertheless, market practices are required to focus on the needs of the targeted consumers and also the need to recognize the impact of micro factors that include: Products M&S deals in clothing, house appliances, food, footwear, and gifts. When providing these goods and services, they have to focus on the quality, trust, innovate, and values given to its potential customers. Customers The company lives to the policy that customers are the most vital element to be considered and understood because they determine its future and success. M&S appreciates that customer satisfaction comes first before the product sales and thus gives high quality products and good services in order to raise the loyalty of its consumes. Markets M&S possessed stores in Hong Kong and Ireland, including 131 franchises food in 28 nations operating via a network of thriving partnerships. It has recently opened a new market in Kirkgate, Leeds. Another coffee and heritage shop has been established right alongside the popular M&S clock in Kirkmarket. The retail environment however remains to be a challenge in the UK and other international regions. M&S has to take a step with regard to this factor by staying true to its values, listening to its potential clients, and constantly executing its strategy so ha the business can be stronger. Competitors While M&S focuses its operations on h quality of goods and services, its chief competitors, Tesco and Sainsbury focus theirs on the breadth of range, quality, and convenience. This company has a number of competitive advantages that have been in existence for a long time now. They include a recognizable brand name, and a stable supply connection. Specifically, M&S has its own exercise tight and market testing quality control. The great part of its operations is that it has kept customer loyalty as compared to its competitors. However, the worry is that Tesco and Sainsbury have established their stores globally as opposed to M&S, and thus the company has to check on this drawback (Moiz, 2010). The PEST framework analysis Definition This is a tool widely used o help in analyzing the social-cultural, economical, technological, and political changes in a given organizational environment. With the PEST analysis, one can get a ...
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The Marketing Teacher (2000) cited Barwell to expound on the term by indicating that “the marketing concept is a philosophy, not a system of marketing or an organizational structure. It is founded on the belief that profitable sales and satisfactory returns on investment can only be achieved by identifying, anticipating and satisfying customer needs and desires” (Marketing Teacher, par.
Hence marketing becomes one of the most crucial aspects of a business. Kotler et al (2007:7) has defined market as ‘a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others’.
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