7ps and Marketing Plan PDF

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ASSIGNMENT SUBMISSION FORM

This sheet must be submitted with your assignment. Failure to complete, sign and submit this form will result in a mark of ‘0’ for the assignment.

Student Name Student ID Assessor Name Qualification Unit Number & Unit Title Assignment Title Date of Submission

Signature: ………………………………………

Date: ………………………………

Table of Contents Task 1: Presentation Slides........................................................................................................3 Task 2 The Marketing Mix and Market Plan...........................................................................16 Part A: Brief Paper................................................................................................................16 Introduction..........................................................................................................................16 1.1 MARKS AND SPENCER overview..............................................................................16 1.2 McDonalds overview......................................................................................................17 1.3 Barclays Bank overview.................................................................................................17 Marketing mix......................................................................................................................17 Conclusion................................................................................................................................27 Part B: Marketing Plan.............................................................................................................28 Task 3: Marketing Plan............................................................................................................30 Introduction..........................................................................................................................30 MARKS AND SPENCER overview....................................................................................30 Marketing Plan.....................................................................................................................31 Situation Analysis / Environmental analysis............................................................................32 Marketing Objectives:..........................................................................................................35 Strategy.................................................................................................................................36 Figure source: Market Segmentation Study Guide..................................................................36 STP Analysis:...........................................................................................................................36 Ansoff Matrix...........................................................................................................................37 Detailed Marketing mix (7P’s).................................................................................................37 Actions.....................................................................................................................................39 Tasks:................................................................................................................................39 Control..............................................................................................................................40 Competitor Analysis: The competitors would be evaluated before the launch of the product and after the launch of the new product line of designer clothes to determine whether they are influenced in terms of price of products, marketing strategy or new product development.........................................................................................................................40 Customer Analysis: The customers would be evaluated to determine their needs to ensure their effective satisfaction with designer clothes..................................................................40 Customer Feedback: Major emphasis would be placed on customer feedback to determine whether the product needs improvement and whether the customers are satisfied. The recommendations would be encouraged from customers because they indicate the need for the improvement...................................................................................................................40

Cost Analysis: Since, a new budget would be proposed for the product line of designer wear. Zero-based budgeting technique would be used and the cost of the budget would be comparatively evaluated with next year’s budget................................................................40 The key indices that would be used to evaluate the performance and monitoring the business objectives include;.................................................................................................40 Number of consumers visited company website and spent time on browsing clothing line. ..............................................................................................................................................40 Evaluating the market share to determine how the new product line has gained.................40 The communication about the new product on social media and internet to understand consumer engagement..........................................................................................................41 Return on investment on advertising budget to determine effectiveness of marketing campaign...............................................................................................................................41 Finally, the sales figures would determine whether the company makes profit and achieves breakeven in desired time.....................................................................................................41 Conclusion............................................................................................................................41 Evaluation of the marketing Plan.........................................................................................42 Evaluation checklist of the marketing plan.......................................................................42 Reference..................................................................................................................................43

Task 1: Presentation Slides

Slide 1

Speaker Notes: Hello everyone my name is ……………… Thanks for giving me the opportunity to do this interview. In my presentation today I am going talk about the marketing concepts and its role in MARKS AND SPENCER.

Slide 2

Speaker Notes The focus of today’s presentation is the concept of marketing and its application in the context of Marks and Spencer. The concept of marketing is aimed to evaluate the needs of the customers and to make decisions to address those needs and satisfying customers. The presentation would focus on the role of the marketing managers of the M&S and the interrelationship of marketing department with other functional units of M&S.

Slide 3

Speaker Notes The concept of marketing is aimed to focus on the needs of the customers and designing strategy to address those needs. The marketing also involves informing the customers about the new product offering and evaluating the target market segment to reach the particular customers.

Slide 4

Speaker Notes Today’s businesses have embraced customer-centric philosophies to create effective marketing strategies and positive digital transformations. As far as current market trends of M&S are concerned, the company relies on customer feedback and survey as a means to determine the customer satisfaction level. The company evaluate performance of marketing using revenue and sales and ROI as KPIs instead of big data analytics. M&S also relies on social media for customer information. However, the future trends in the retail industry require to obtain data from variety of sources and thus also be used by M&S. The data would be used and obtained from variety of sources to be used for forecasting demand of the products. In addition, mobile application would be

used for online retail store to promote new products and collecting information about the interests of the customers.

Slide 5

Speaker Notes For situational analysis, the SWOT analysis and PESTLE framework was used to identify the internal and external environment of the company. The findings indicated that there is strong product portfolio but limited awareness; intense competition in clothing line; opportunity to improve IT infrastructure for efficiency; and political and technology factor influences company. Marketing processes were implemented where it was suggested to targeting multiple segments in terms behaviour and demographics where consumer attitudes and income groups are focused. In addition, positioning was also proposed for the brand to promote as having legacy to serve customers. The findings from Ansoffs matrix indicated to go for product development.

Marketing tactics were also proposed for the new product that were to launch a new brand for premium clothing that is designer wear to compete with other branded chains. The implementation and control procedures included using zero-based budgeting for new product line; obtaining customer feedback to evaluate new products and using ROI and sales as KPI to determine success.

Slide 6

Speaker Notes Regarding the roles and responsibilities of the marketing manager of M&S, the responsibilities range from planning, implementing, controlling and evaluating the marketing strategy. The responsibilities in particular include evaluating target market for M&S new premium clothing line; preparing marketing strategy and tactics; implementing the marketing strategy and controlling; measuring the success of the new product; obtaining customer feedback to determine satisfaction; utilising social media for promotion and customer

feedback; obtaining data from other sources to identify consumer behaviour; and using information and analytics to make decision about market development. Slide 7

Speaker Notes The functions of the marketing department are performed in association with the other departments so it interrelates with other departments. For instance in marketing research function it requires collecting data and determining the feasibility of product in the market that is conducted by research department. The strategic planning for product is done with executives and top management whereas budget for strategy implementation is designed with finance department. The HR might also be contacted for hiring new resource for digital marketing. Finally, the marketing department also needs the information from sales and finance department to measure ROI and the ratio of success with new campaign.

Slide 8

Speaker Notes The marketing department not only interrelates with the other departments for the effective marketing strategy but also to develop a strategy that is viable in practical manner. Therefore, the strategy is coordinated and well informed decision is made when it is planned with other departments. In addition, the other departments also have objectives that are aligned with the marketing strategy to achieve the overall business strategy of organisation. In the case of M&S, the marketing department would identify the need of product, production would produce it, sales department would sell it through multiple channels and supply chain would distribute the product. In sum, it is important to work in relationship with other departments for identifying gap, creating a product and supplying product to address customer needs and fulfilling company objectives.

Slide 9

Speaker Notes To sum up the presentation, we have evaluated the marketing concept for the case of M&S. the findings indicated that marketing aims to evaluate and address customer needs. Current trends at M&S were identified as use of sales and revenues as KPIs to measure performance of marketing campaign. Future trends would use big data for effective forecasting and effective evaluation of consumer behaviour. The marketing processes determine intense competition and opportunity in the retail industry so the need to develop a new clothing line to compete with other brands was identified. The roles of M&S managers were identified that include planning a strategy, implement it and evaluate it. Interrelation of marketing with other departments was found imperative to make informed decisions. Finally, the relationship with other department was found significant to ensure viability of the strategy.

Slide 10

Speaker Notes These are the references used in the research.

Slide 11

Speaker Notes Thank you for your attention. That’s all from my presentation. If you have any questions regarding the presentation. You are most welcome to ask.

Task 2 The Marketing Mix and Market Plan Part A: Brief Paper

Brief Title: Comparing Marketing mix (7P’s) of MARKS AND SPENCER and (Barclays / Hilton / McDonald / Starbucks)

To: Marketing Director From: Marketing Manager

Introduction As marketingmanager, the author/writer has been assigned to prepare a briefing paper that compares marketing mix (7Ps) for “MARKS AND SPENCER” and “Organisation 1” and “Organisation 2” (Barclays / Hilton / McDonald / Starbucks

OR your own selected

company from another industry). The paper will aim to look at the ways in which different organisations (MARKS AND SPENCER and own selected ones) apply the marketing mix to the marketing planning process to achieve their business objectives.

1.1 MARKS AND SPENCER overview The company dates back in 1884, when it was founded in Leeds, England. Gradually, it established the business and currently it operates globally in 56 international territories. The company had £10.7 billion where international revenue was £1.1 billon (M&S, 2018). In addition, the company had 39% of market share in the clothing and home market in the UK. Currently, the company serves with 428 stores globally and employs over 80,787 employees.

1.2 McDonalds overview McDonalds was founded in 1946 in the California US when the company opened its first store. The company is a market leader in its home market where it has over 5000 stores

in the US alone. As per official website of McDonalds (2018), there are 36000 stores of McDonalds around the world whereas 80% of those are managed by small and mid-size businessmen and businesswomen across the globe. The company has $22.8 billion revenue which is 7.3% decrease from the previous year.

1.3 Barclays Bank overview The Barclays Bank is one of the oldest banks in the world that started its operations in 1690 in the city of London. The total assets of the company are worth £1.133 trillion whereas the net income is £0.894 billion as of 2017 (Barclays, 2018). The company has its operations in 55 countries with 4750 branches out of those there are 1600 in the UK. The Barclays Bank employs 79,900 employees and has a market share worth 18% in the UK. Marketing mix The marketing mix is the tactics that comprises of the 7ps as illustrated in the figure below. The companies use the combination of those tactics to create customer satisfaction and ensure effective customer service. The below sections will look at comparison of the 7ps from the above mentioned organizations.

Figure: 7P’s of marketing mix, (The Marketing Mix, 2015)

2.1 Product A product is anything that is available in the market for consumption and satisfying the needs of the customers. A product can be tangible as well as in intangible form.

MARKS AND SPENCER Product: The product of Marks and Spencer are mostly tangible products that include clothing lines for all consumer groups, gift items, wine, flower, food, beauty products and many other products. Besides, the Marks and Spencer also has a bank with same brand name and offers a number of services to its consumers from bank accounts to insurances.

McDonalds Product: The products of McDonalds belong to the food industry that includes the range of fast food products. Apart from food, McDonalds also offers beverages and coffee to its customers.

“Organisation 2” Product: The Barclays Bank belongs to the banking industry it has intangible products that include retail banking, investment banking, commercial banking and wealth management.

2.2 Price The value that is charged to a consumer in return of the goods or services. It includes the cost as well as profit margin for the seller. MARKS AND SPENCER Price: The price of the products at Marks and Spencer follows value-based pricing strategy where the products are sold at a value that is considered as good among the consumers (Nagle and Muller, 2017). It is one of the reasons that Marks and Spencer retailer have affordable price for its products. McDonalds Price: The price of the food at McDonalds is based on the competitive price strategy where the company sets the price of the product what competitors are charging. It is the reason that the price of McDonalds is somewhat similar to the KFC.

“Organisation 2” Price: The price of the Barclays bank services is based on the value based pricing where the company has priced its products for a value that it believes is good among the customers for the provided service.

2.3 Place The place in the context of marketing refers to the location of an area, city or region where the company would place its products for consumption.

MARKS AND SPENCER Place: The company has its retail stores in 57 countries across the globe where 1,463 stores are operated employing over 81,000 workforce and serving 32 million customers (M&S, 2018). Besides, the company also has online retail shop where consumers can order the product.

McDonalds Place: McDonalds is the largest food retailer with over 36,000 stores across the globe in 100 countries and territories (McDonalds, 2018). In the UK, there are 1300 restaurants of McDonalds out of those 1100 are franchised stores.

Barclays Bank Place: The Barclays Bank headquarters in England but currently it operates in over 55 countries globally with 4750 branches whereas there are 1600 branches of the bank in the UK.

2.4 Promotion The promotion comprises of all the activities that are used to communicate employees for persuading, informing, creating interest, generating sales and promoting brand loyalty. Promotion is often confused with advertising but the former is part of the promotion. MARKS AND SPENCER Promotion: The promotion strategies used by Marks and Spencer involves promotional discounts and vouchers that are aimed at increasing sales and promoting brand loyalty among consumers. The discounts and vouchers are offered particularly during the events like Christmas Eve and black Friday to encourage sales and increasing revenue. Besides, the company uses online advertising for its products including internet and social media because large number of consumers have access to the internet across the globe. McDonalds Promotion: The promotion strategy used by McDonalds is aimed at creating consumer awareness about new products, new offers or new deals. There are promotional offers like two at the price of one and similar promotional offers. Unlike Marks and Spencer, McDonalds have great advertising budget and it advertises its products on all marketing channels ranging from outdoor advertising to digital advertising including social media, online advertising and billboard advertisements.

Barclays Bank Promotion: The Barclays Bank belongs to the service industry and it uses its budget on public relations as part of its promotional campaign. Besides, the company also ...