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Benefits and limitations of strategic planning
The concept and theory of strategic planning
The concept and theory of strategic planning
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1. Introduction
The main purpose of the research is analysing the overall business environment of M&S. The research will be carried out to identify the current issues facing by M&S as a specialist strategic marketing consultant. It explores the relationship between stakeholders and perception of customer attitude toward the organisation. In addition, it finds out the competitive position with rivals, sustainability strategy, marketing tactics, and management structure of communication system, which is presented through strategic audit. However, this analysis helps to understand the clear marketing strategic position of M&S. The research is gathering the evidences of strength and weakness, which is useful to determine future recommendations for strategic marketing strategy.
2. Methodology
The research is based on secondary data. The information is gathered from websites, annual reports, case study, financial reports and any reliable sources related to the topic area. These resources help to analyse and find out the current business position and problems faced by M&S.
3. Background of M&S
In 1884, Michael Marks started as a booth in Leeds to sell various items in Penny. Marks and Spencer is a British grown retailer, which sells food, clothes and home furniture in Europe, the Americas, and the Far East. It also operates the M&S financial services in the UK (Alon, 2012,PP. 49). It employed about 82,000 staff and operates worldwide above 50 territories. It has built the trust among the people and running the business with same ethics such as value, quality, innovation and service (Spencer, 2014). They understood the concept of Ansoff matrix and has been utilized it appropriately to diversify the business across the world that red...
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Quality is an important part of any business rather from a customer’s perspective or a producer’s perspective. Quality from a customer’s perspective is they “want value and quality has become a major factor in the value of products and service” (Russell & Taylor, 2013, pg. 53). “The customer is the most important part of the production line” (Russell & Taylor, 2013, pg. 53). This can be referred to as quality of design meaning “involves designing quality characteristics into a product or service” (Russell & Taylor, 2013, pg. 54). Now let’s look at the quality from a producer’s perspective. This can be referred to a quality of conformance meaning “making sure the product or service is produced according to design” (Russell & Taylor, 2013,
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Marketing In this day and age is vital for a company to perform at its possible best. Marketing’s main focus is to give great satisfaction to a customer. There are many aspect of marketing, these aspects give marketer’s the tools to help strive for the best possible success they can achieve. They hope that they can create exposure for their brand, product or service.
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We commonly view quality as a physical property of our product and therefore see our task as producing a product that meets these physical characteristics.
Marketing is a very broad term, which encompasses all the activities that help businesses in identifying their customers and needs of their target market, utilising all the communication resources in order to target their target market, eventually persuading them to purchase the organisations products and services. It is much broader than the concept of selling, as selling just includes techniques of direct communication used to persuade the customers to buy the products and services of an organisation. In fact, sales are the integral part of marketing. Marketing also helps organisations to utilise all resources in an efficient way to gain customer satisfaction, which will eventually help in the growth of the company. While, on one hand, marketers tend to focus on the needs and preferences of the customers, they also need to keep a close eye on their competitors (Gillespie, 2010). Companies always look to beat down their competition with providing better products and/or services, or by providing less-expensive goods to the customers than their competitors, in order to achieve or maintain the leading position in the industry. The core focus of this paper is to identify and discuss the core aspects how managers could maintain the marketing activities of the organisation in the global context.
Consumers have limited choice on fashion. They could hardly buy high fashion brands from other countries. Therefore, the characteristic of fashion has a noticeable difference in different countries. fashion was a dominant luxury industry. It is necessary to consume luxury goods to help people become fashionable. Average people do not have enough economic capacity to help them follow the fashion trend. ‘ASOS founder Nick Robertson said that if you loved fashion 10 years ago and you didn’t have easy access to Oxford Street, you were presented with a local high street with two to three clothing stores. The same girl living in the same town can now effectively purchase from any brand in any country’ (Thomson, 2012). Nowadays, because of the convenience of communications and technology, global homogenisation has gradually replaced diversity, so the high street has come into the public view. One can find a variety of high street brands in any city. The appearance of high street fashion had impacts on the diversity of the traditional fashion industry. This enabled ordinary people to buy cheap fashion products, so everybody looks the same as one
As a result of the above they were giving less importance to customer satisfaction and customer relationship building. This form of strategy conformed to short term business motives. In a globalised and highly competitive world, modern marketing is about concentrating ...