QHO423 Marketing, Sales and Negotiation skills Assignment Sample

Strengths

• Market experience- Marks & Spencer is having a good experience of the market but the methods are traditional. The organization's performance in the market has improved as a result of its experience, which is a critical component (de Sabando and et.al., 2018).
• Online- Customers have switched to online services as a result of social media, which is why Marks and Spencer has larger profit margins (Mitchell and Balabanis, 2021). This is assisting the company in saving money and time, both of which are important factors.

Weaknesses

• Manual costs- M&S uses archaic processes and techniques to create its apparel line, putting a constraint on their ability to function. The government is also modifying labour restrictions and rules to improve the system's efficiency. Employee wages must be increased, and M&S employs 80,000 people, putting a strain on their finances.
• Sales decline- In 2017, the company over 14 stores due to a lack of sales, resulting in a loss (Shiu, 2017). As a result of this, the company's customer base shrank, and customers moved to other stores in the area.

Opportunities

· Online opportunities- There must be numerous campaigns that can help the firm obtain a fantastic opportunity. The company gained a competitive advantage by going online and serving consumers all over the world, which is a terrific way to gain more attention and reputation in the industry (Baker and Saren, 2016).

· Demands- Marks and Spencer’s products are very popular in Asia, thus it's critical for the company to expand in that region. The Asians favour traditional clothing, which must be preserved for Marks & Spencer to maintain better profit margins in the market (Sodhi and Tang, 2019).

Threats

• Competition- In today's market, competition is increasing, and it's critical for the company to be able to keep up with it to retain profit margins. M&S has been in business for 136 years, which means they have a huge reputation and client base, as a result, many changes are occurring (Illiashenko and Strielkowski, 2016). The organisation will need to assess market competition and adjust its procedures and tactics accordingly to get better results.

Factor

Impact

Political

• Political parties in the country are stable, which is beneficial to organisations in the long run. The group has developed free trade policies to improve market functioning.

• The company has a low cost for the trades that take place, resulting in a solid profit margin for a lengthy period of time in the market (Fitzpatrick, 2017).

Economic

· As the country's GDP rises, customers will be able to pay more for the high-quality goods and services that the company produces for them.

• This is beneficial to the corporation since profit margins will grow and will be able to perform more successfully in the market.

Social

· Trends have shifted to social media therefore it is important for the company to have a place for themselves online as well so that they can have the right value in the market.

• It is critical for the company to be able to function well and understand its customers to preserve profit margins (Keegan, 2017).

Technological

• The company will need to maintain track of the raw materials and deliveries that are being sent to customers so that both the company and its customers are aware of the products (Siemieniako and Gbarowski, 2016).

• It is critical that manual labour be reduced in the company and that the technology part is increased so that client expectations can be satisfied on a regular basis, allowing them to improve its market reputation.

Environmental

• The corporation has developed effective disposal processes and strategies to improve its efficiency. The company has developed a number of environmentally friendly strategies to improve its efficiency.

• The environment is affecting the transportation industry, and if the company takes the appropriate measures in accordance with government rules, it will be able to contribute to climate change (Chernev, 2018).

Legal

· There are no workplace discriminations, so the internal atmosphere can be healthy, allowing M&S to have effective productivity and operations in the market.

• Employees are the organization's backbone, and they must be provided rights so that it may quickly gain a competitive advantage (Olson and et.al., 2018).

Marketing Tactical Tools

Current Strategy (based on each P) applied by M&S

Evaluation/argument on the effectiveness of each marketing tool currently applied by M&S

Product

Customers complain about the company's and efficiently in response to their requests.

The items that the company is developing are highly beneficial, but the most appealing product is the sports bottle, which is a new link with the clients (Danko and et.al., 2018).

Price

Customers must feel at ease with the company for it to perform properly, resulting in increased income generation.

Only by promoting the team will they be able to restore the company's reputation and market share, both of which were lost in 2017 (Zhang and et.al., 2018).

Promotion

There are old and new ways, but the corporation will have to employ both. For marketing, the company will focus more on the new methods because society has fast changed to them.

Social media is the finest medium for advertising because it may attract proper people and get them to shop online, increasing the company's sales (Terho and Jalkala, 2017).

Place

M&S closed 14 locations in 2017, owing to the fact that they were unable to earn a profit. UK is an excellent market for the corporation to invest to resurrect their rivalry.

The company placing the products according to the location and have the right customer base impacting on the economic factor.

People

People are easily attracted to the organisation since there are numerous discounts, offers, and other promotional strategies that they employ from time to time.

Employees will also be found in large numbers, which will aid the company in increasing production and ensuring long-term viability (Taheri, O'Gorman, and Baxter, 2016).

Process

There is a lot of competition in the market, which the company must contend with to establish a stronger foothold.

Many firms have their headquarters in London, thus the company will need a strong foundation to run, which will aid in better operating (Wali, Uduma and Wright, 2016).

Physical evidence

The company plans to develop a variety of appealing stores as well as a well-designed website to attract more clients.

The comfort of the clients will be prioritised in the new items that are being developed to have a better experience.

Marketing Tactical Tools

Recommendations to each P

Product

Innovation and invention should be invested upon by Marks & Spencer to find a better customer base.

Price

The company must use skimming pricing strategy to be able to gain more customers than the competitors.

Promotion

Social media has to be invested upon and its importance needs to be learned in the company as well.

Place

Impact to be better on the clients then the organization must have a good survey to open more stores.

People

Staff must be well trained according to the standards of the company and all the customers must be given better services.

Process

Internal working has to be improved to match the demands and operations to be faster.

Physical evidence

Infrastructure and more stores globally must be started to find the right working and placing for themselves in the market.