Unit 2: Marketing Essentials Assignment
Marketing is the essential word for any organization because of this word very important factor for increasing popularity of company image in the market. Every organization should take the necessary step to develop their marketing department. Marketing helps to increased company product sales in the market. This report chooses Marks and Spencer Company. Marks and Spencer is a British organization. It is a retailer organization. It started their business activities in 1884. Marks and Spencer have produced clothes, home product, and luxury food products etc. Now it faces big problem because this organization share price become low day by day. This organization revenue becomes decrease. Mars and Spencer products sales rate becomes low than previous sale rate. In this situation, Marks and Spencer need to develop their marketing strategy and take to the proper marketing plan. It also ensures to proper maintain marketing mix that is very important to operate their business activities better in the market (Skinner, 2014). This report is going to discuss first roles and function of marketing. Secondly, it discusses important of the marketing mix, and finally, it discusses marketing plan of Marks and Spencer.
P1- Explain the key roles and responsibilities of the marketing function.
Key roles and responsibilities of the marketing function
Marks and Spencer is a British organization. It is a retailer organization. It started their business activities in 1884. Marks and Spencer has produced cloths, home product, and luxury food products etc. This organization first business structure was partnership business. Now it launches almost 345 departments and 500 food shops around the UK.
Marketing is the art and science of exploring and delivering value to satisfy of customers according to fulfil of customers demand. Marketing is not only selling products to customers but also it builds up the strong relationship between customers and markers (Russ and Kirkpatrick, 2012). The markers know about customer demand by marketing and customers express their opinion in the market. Marketing is also essential part to make the good relationship between customers and manufacturers.
The key roles of marketing function are giving here:
Market analysis is very important issues for marketers. Markers should do market analysis after finished specific time. Market analysis processes to collect information about present competitors, the present situation of the market, customer’s demand for products, substitute product etc. These factors help to marketers to operate their business activities in the market.
SWOT analysis is very important for the organization because this analysis gives proper information about organization strength, weakness, opportunity and threat. Marks and Spencer should do organization SWOT analysis before making proper marketing plan because this analysis gives them proper information about external and internal factors.
Internal and external sectors of M&S:
Internal factor: Strength and weakness are Organization internal factors. At first Marks and Spencer should analysis organization internal factors that means Marks and Spencer should provide analysis which is their strength and which is their weakness. It uses their strength properly in the market and tries to keep this long strength time (Hollander and Rassuli, 2013). Beside Marks and Spencer should also identify their weak point and tries to remove their weakness.
External factor: Organization internal factors include their opportunity and threat. Marks and Spencer should analysis their external factor that means it search their opportunity and cope up this opportunity. Besides, it should identify their threat. It should avoid this threat.
The strength, weakness, opportunities and threats of M&S are showing here:
|Ø Marks and Spencer product quality is very good beside it provides good service to customer.|
Ø Its product price is reasonable. Customers become very satisfy to get good quality products within reasonable price.
Ø It also tries to provide products to customers according to their demand.
|Ø Marks and Spencer market share is decreasing day by day.|
Ø It revenues is decreasing day by day.
Ø Their sales rate becomes very low.
|Ø Now modern technology price become very low and available in the market. So Marks and Spencer get benefits from its.|
Ø It gets positive feedback from customers.
Ø Now political situation is very good in UK. So M&S gets benefits from its.
|Ø Competitors are increasing day by day in the market. It is major threat for M&S.|
Ø Now many substitute products entre in the market.
Ø There are many substitute products entre into the market.