I have selected to analyse a company called Mark and Spenser which is a global market leader with regard to fashion and foods world and the various marketing strategies they apply to the products they manufacture.
Marks and Spencer plc (also known as M&S) is a British retailer headquartered in the City of Westminster, London, with over 700 stores in the United Kingdom and over 300 stores spread across more than 40 countries. It specialises in the selling of clothing and luxury food products. M&S was founded in 1884 by Michael Marks and Thomas Spencer in Leeds.
The Promotional Mix
Promotional Mix is the term used to describe a set of tools that an organisation uses to communicate effectively the benefits of its products to its customers. These tools include:
❖ Public relations
❖ Sales promotions
❖ Direct marketing
❖ Personal selling
❖ Corporate image
Advertising: This Company is advertised on the internet. Different types of advertising are aimed at different people. Advertising can reach a large and widely distributed audience. For example, this company is advertised on TV; therefore this company will be seen by a massive amount of people throughout the country. Also, billboard advertising maybe aimed at people who drive and when say for example you’re driving home from work, your eyes might be drawn to this billboard and therefore will notice the M&S advert.
Public relations: Public relations involve a sustained attempt to develop an organisation’s reputation as a business by using the media to help create the image they desire. It is a way for an organisation to keep the business in their customer’s eyes. They are many sorts of public relations, these can include, press releases, sponsors, corporate communications and exhibitions. Public relations are just one of the main tools that businesses and organisations use to communicate and to attract customers.
Sales Promotion: Sales promotion is the process of persuading a potential customer to buy the product. It can be part of the personal selling process. Sales promotion is a good way of attracting buyers' attention and provides enough incentive for an immediate purchase. M&S are expensive business so whenever they do sales, these sales attract their potential customers as this will help them get the product at a discount price.
Personal Selling: Personal Selling is the most effective form of promotion because it allows your approach to be tailored to the needs of an individual customer. For this particular company, personal selling is not really brought into play and does not apply for this organisation.
Direct Marketing: Direct marketing is an increasingly popular technique as it enables you to target specific customer groups very accurately. It is a flexible way to deliver a message and, because each letter can be personalised, the chances of a response are greatly improved. The overall success of a company can also be directly measured in terms of the number of responses received.
Corporate image: Corporate image defines the public awareness of the company itself. A successful corporate image makes the company a household name, and an ultimately successful corporate image can actually convince the customer to substitute the products name for the company's name, for example, New Look, Matalan, Sainsbury, Asda and Tesco all have experience of this. Not just big firms can benefit from corporate image; it can benefit firms of all sizes. Small local firms can adopt logos and symbols to enhance public awareness, which can be used in advertising, sign written firms vehicles and the firm’s stationery also local sponsorship schemes and charity events can raise awareness and goodwill of the community towards them. Logos may contain symbols to enhance the message the company wants to convey.
Exhibitions: Exhibitions are the...
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