R/508/0486 - Evaluate Market Attractiveness For Potential Marketing Growth Of M&S

1). Background statement, market positioning and unique selling proposition

Marketing management is a effective procedure that helps to analyse company's resources and activities to attain desirable targets. All these approaches are beneficial for new product development in target market. For retail industry, it is important to make effective marketing strategy to build direct and appropriate connection with customers. For this, marketing manager uses different strategies for build effective image of product in front of target consumers. These activities are beneficial to enhance growth and sales of products in target market. Mark and Spencer is one of the fastest growing organisation in retail industry. They uses different and creative plans to build their own market share easily (Malhotra and Peterson,  2015).

Background of Retail industry – In a country, retail industry is vital that provide their effective contribution in economy development and growth procedure. Main objective of this industry is to selling quality goods and services to target customers through multiple distribution channels. Through this they can easily earn higher profit and desirable growth as well. Retail industry is one of the fastest growing sector that implement new strategies and ideas in their activities. In this procedure marketing management helps to analyse customer's demand and their need for specific products and services. Through this, they provide higher satisfaction to their target consumers to build positive relation with them easily. These marketing strategies helps to getting long term benefits in appropriate manner. Retail industry provide higher employment services to skilled and experienced candidates for their career development. Development of retail industry arises for effective treading process that consisted to purchasing necessaries. Main objective of this procedures is to maximise monetary values and provide luxuries services to its users (Wilson and Gilligan,  2012). This industry adopt raid changes through digital technology by self servicing to online procedures. Their specific motive is to provide quality products and services to customers on the bases of their requirement and need. In a country, different retail set up supply their own contribution for economy development and growth. Through this they provide higher satisfaction to consumers. For example Mark and Spencer is also a multinational retail firm which is deals in luxuries appraisals for men, women and children. Through this, they can easily achieve target goals, maximise sales and getting higher growth.

Market positioning – This is a business strategy in which management of organisation analyse customer's opening and their perception for specific brand and organisation (Belz and Peattie, 2012). In this procedure, several organisation's uses different strategies and planning to establishing their own image and goodwill in target market. Through this, a firm can easily achieve their target goals and objectives.

                                    (Source:- Bernard Matthews)         

Mark and Spencer is s a British multinational retail firm which was established in the year of 1884. For this organisation, it was hard to build their own market position in specific country. Their whole share in 1989 was only 55 of whole market position in Turkey. For them it was to create their own marketing share in several location (Hutt and Speh, 2012). In these situations manager of M&S create impactful strategy to provide quality products to their customers on affordable prices. Through this capture consumers eyes toward their products and services. These strategies provide impactful contribution to develop market share of firm in several locations easily. After this process, they provide several services to its users for making money and income easily.

         (Source:- Shah, 2013)          

After some impactful marketing strategies, Mark and Spencer build their effective market share in front of competitive firms. These activities increase market share of  Mark and Spencer due to creative plans and thoughts as prices of shares have been cheaper and merchandiser division of firm has improved rapidly (Sheth and Sisodia, 2015. By these activities, firm start delivering of healthy sales and maximise investors values and funds. Firm easily penetrate in target and new market by their impactful strategies. This was the beneficial move of management that provide them specific market positioning, share as well as goodwill. In this case, general merchandiser sales do not increased as much as they have in past few years. 

 

 

 

Unique selling proposition – This is a strategic approach of an organisation in which they build creativity and uniqueness that differentiate a product from furthers competitors. For this management of an organisation uses different methods as quality servicing, cost effective methods and promotional tools to attract and convinced customers to pay attention toward their services. In this case, Mark and Spencer uses different tools and techniques to capture consumer's eyes toward their own services. For this firm can use different ways of Unique selling proposition as-

• Requirement of Unique selling proposition – For an organisation, it is require to analyse requirement of this procedure in their business. Through this analysis, they can easily getting higher competitive advantages in target market. These activities helps to making creative approaches in their organisational activities (Chan, He and Wang,  2012).
• Create impactful strategies – After analysing requirement of these procedure, firm needs to build impactful and effective strategies to build customer's loyalty for their organisation. In this process marketing manager provide their own contribution to analyse customer's requirement and need for specific product and services.
• Build an ideal customer – Mark and Spencer is a British multinational retail firm which provide quality services to their users on specific cost. For them, it is require to build positive and effective relation with ideas consumers by providing appropriate products to them on the bases of their requirement and need. Through this they can easily getting long term benefits and growths as well.
• Leverage uniqueness – For a retail organisation, it is require to serve quality and unique products to their consumers. Through this they can easily convinced them to switch further brands be as a loyal customers of their services. For this they need to provide them cost effective and unique services that can easily capture their eyes. Mark and Spencer always uses these kind of activities by providing quality in clothes and further items beyond the expectation of its users (Liu, Kasturiratne and Moizer, 2012).
• Implement effective ideas – For  Mark and Spencer, it is require to implement innovative ideas and creative thoughts for providing higher satisfaction to customers. For this, they  analyse customer's requirement and new trends to implement them effectively in their business activities. These are the beneficial approaches of Unique selling proposition. These activities enhance firm's growth and income as well.

2). Marketing audit, overall market attractiveness and potential for market growth

For a business organisation, it is require to analyse each and every element that are related to marketing services. Through this, they can easily understand customer's requirement and their need for specific services and products.  Mark and Spencer is a Well known British multinational retail firm, that provide luxuries clothings to their customers. This organisation has various stores in different countries. For them its is require to make proper research on target market by auditing methods that provide appropriate information regarding customer's opinion and views for their products and services. Through this they can easily make effective modification and alteration in their business activities.  These activities helps to build effective image of organisation in target market to build proper and positive relation with target customers. In this process marketing management procedure of firm provide their own contribution to analyse each and every element of target market properly (Moutinho and Vargas-Sanchez, 2018).  Mark and Spencer require to make proper market audit to getting information of each and every element as -

Market Growth rate – Mark and Spencer is one of the fastest growing organisation in trail sector.  This organisation adopt several changes in their services from 2010 to 2017. as per a specific research, this firm generated 10.5 billion British pound as revenue in both UK and international level. Dividend growth rate of organisation is 2.40% in march 2018. Mark and Spencer established their new stores in several countries by specific growth and revenues. Firm covers a effective area of market by their own products and services. In this procedure effective marketing strategy of organisation helps them to build appropriate connection and relation with  customers to grow rapidly in world wide.

 

Market share –  Mark and Spencer is a multinational organisation that provide their services in several countries. They have approx. 976 stores in world wide. Firm always uses new and creative ideas to make impactful mortification in their clothes and further services. Firm  implement advance technology in their working procedure top getting higher benefits.

Market size – In marks and Spencer, there are large number of employees around 84939 who are doing work for achieving desired goals and target of the firm. Its total net income in the year of 2017 is approximately 115.6 million euro and their operating income or revenue in this 2017 year is around 690 million euro (Mudie and Pirrie, 2012). 

Market segmentations – Marks and Spencer also segmenting the whole market of demographically so that their customers who are different age groups, ethical groups, various genders and social class can purchasing the firm goods and services. The company has developing and formulating their creative brands, food, stores and clothing for compliance in the mind of various marketplace segments.

Market attractiveness factors- For a business organisation, it is require to analyse different factors that helps to bring customers attention toward their products and services. There are three major factors of Marks and Spencer market attractiveness such as market forces, competitive intensity and market access. This involves growth and market size, buying power, number of rivals, substitutes, channels access, customers familiarities and sales requirement for the company.

Market and sales forecasting analysis – In the year of 2017, the Marks and Spencer is expected to report the renewed towards reducing the clothing and home-ware products. The firm sells the food which has been forecasting by 14% fall in the income price in the year of 2016-2017 that reflect towards lower sales and high the cost of employment (Zimmerman and Blythe, 2013).

Supply chain analysis – Supply chain analysis is one of the essential techniques and method which help in providing products and services packages required by end users. In this analysis, they are required different suppliers in all over the world. Marks and Spencer is one of the leading retailing company who have around 20 million customers visiting their stores and shops.

Market trends – It can be describing the current market position among different  competitors at the large market place. In the year of 2017, there are more customers who are attracted towards marks and Spencer company products and services.

Physical distribution channels – Marks and Spencer distribution channel has both stores and non store setting appropriate media channels such as advertisement, social media, promotion, public relation, sale promotion and tele shopping. Physical distribution channels includes all the major functions or activities related with rendering of finished products at each stage from manufacturing step to end customers. There are various other physical distribution channels such as order processing, packaging, transportation, inventory control, customer service and logistics and materials.

Market attractiveness factors –

McKinsey model – It is the major tool and techniques which analyse company design by looking towards 7 key internal components that includes strategy, structure, systems,