Marks and Spencer is listed on the London stock exchange, and it is a constituent of the FTSE 100 index. The company, which is colloquially known as Marks and Spencer , M&S or Markies, was characterized in the early 20th century of selling British made goods giving it a reputation. For the purpose, of the study the company in last few faced with economic turmoil's hence moving towards back to basics strategic while trying to survive the competitive market. The company's back to basic strategies has not been successful in solving the problems thus necessitating an overhaul in their marketing and strategic audit (Gordon, 2009). In so doing the company will be able to gain a broader understanding of market structures while setting standards in values quality, innovation, customer trust and value services. Through strategy audit, the company will be able to answer financial crisis and the economic recessions.
For marketing mix, Marks and Spencer is just in place in that their mix conforms to the products, place, price, and promotion. The company is averse to marketing because of convection advertising and brand offering. Through it, they have promoted new services and products in new store openings. The position of the competitor's store has made the company restructure their prices resulting in low and high prices depending on the decision of the finance office and the availability of a competing store. The management capability in terms of promotion has also enabled the company to increase the customers and improve the loyalty and trust of the clients. The company is considering sustainable and strategic growth in undertaking new practices as an essential element in sustaining and promoting competitive products and services. There is also a need of maintaining competitive advantage through site selection, price reduction, and product segmentation so as to meet the clients need without marching other retailers (Gordon, 2009).
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[...] Marks and Spencer in quest of being up to date on the legislation changing the company carries out re-training & update to its employees every year. To ensure environmental and health regulations are met they keep up to date on training the staff. Legal factors are also experienced from the tax regulating bodies hence the need of updating the finance departments in meeting the government's obligations. Under the legislative acts, the company has had to update its packaging techniques to include manufacturers details. [...]
[...] M. & Hart, S The Marketing Book: New Product Launch into the Market. Taylor and Francis Group, New York. Branson, H. L Marketing: A Comparative Study on Launching New Products. Kniff, London. Bevan, J The rise and fall of Marks and Spencer. Profile Books. Oxford University Press, London. Doney, P UK Market: Threat or Opportunity. California University Press, California, CA Gordon K. T Marketing Tips for Launching New Product. Retrieved on 6 December 2012. [...]
[...] Marks and Spencer home wares and clothing account for 49% and the other 51% is in fresh produce, groceries, and food. Marks and Spencer is listed on the London stock exchange, and it is a constituent of the FTSE 100 index. The company, which is colloquially known as “Marks and Spencer M&S or was characterized in the early 20th century of selling British made goods giving it a reputation. For the purpose, of the study the company in last few faced with economic turmoil's hence moving towards back to basics” strategic while trying to survive the competitive market. [...]
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