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Strategic Marketing Master - Essay Example
Pages 11 (2761 words)
Marks and Spencer has been regarded as one of the most recognisable brand names in the world. In UK, the company has the reputation of being "the most trusted retailer." These exemplary remarks given to Marks and Spencer are only part of the big picture. Indeed, the desire of the company to become the leader in the industry has transformed the organisation differently…
At present, it is unclear whether Marks and Spencer has an established market. Also, it is evident that the products of the firm are still far from establishing a permanent image in the minds of the consumers. It is important to segment the market and decide a particular group that will serve as the target market. Moreover, the marketing team needs to reconcile the attributes of products perceived to be ideal by the consumers and the attributes of the products as developed by the company.
The other marketing initiatives necessitate the identification of the price, promotion, product, and place. Mixing these aspects will improve the marketing strategies of the company. It is imperative that Marks and Spencer needs to take advantage of its strengths and limit the negative effects of its weaknesses. Marketing ideas have to be done using creativity with the inclination to use the fundamental tools and concepts.
In viewing the resources of the company, it is important to determine the assets that Marks and Spencer have at present. Although the data only provides consolidated assets, it is sufficient to define the capacity of the company to improve its performance. Overall, the assets of the company are higher than the total liabilities. The net assets of the company have increased from 2005 to 2006. ...