BSBMKG609 Develop A Marketing Plan Assignment - Choice Business College, Australia
Project: Develop a marketing plan
In this assessment task you are required to complete the following:
(a) Determine marketing strategies.
(b) Plan marketing tactics.
(c) Prepare and present marketing plan.
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Answer - Marketing Plan for Marks and Spencer
1. Marketing Strategy of Marks and Spencer
In terms of online retailing, the United Kingdom is considered as the largest market in the European Union. The factor that has contributed largely in this growth of retail sector of the UK is the introduction of Omni-channel developments such as click and collect service and m-commerce (Ueno et al., 2018). In the year of 2016, the consumers in the retail sector of the UK spend £116 through online buying in the retail industry of the nation (Blackley et al., 2017). The biggest market players in this sector of the country have been Tesco, eBay and Amazon. In this condition, the biggest opportunity for Marks and Spencer in the UK will be to implement marketing strategies to attract as many customers as they can towards their e-commerce website (Testa & Karpova, 2018). There is no doubt that online retail become highly attractive in the future and therefore, it would be a great opportunity for Marks and Spencer.
In terms of risks, the biggest risk for Marks and Spencer and its new marketing strategy would be Brexit. In the UK retail industry, 300,000 EU nations were working; mainly in the logistic department (Muranko et al., 2016). Due to Brexit most of these workers will leave the UK and if due to the new marketing strategy Marks and Spencer receives thousands of new orders then it will put pressure on their logistic where the numbers of workers has decreased due to Brexit (Pantano et al., 2017).. Besides, there are several arguments and counter-arguments that economy of the nation will be hampered due to Brexit. In this condition, if Marks and Spencer spends a lot of money in its new marketing technique then it will be highly risky for them (Evans, 2015). Besides, if economy gets hampered it is obvious that income rate of the customers and spending power of the consumers will also be reduced which will hamper the profits and revenue generation of not only Marks and Spencer but also all other retail companies (Çifci et al., 2016).
- Huge numbers of stores and outlets (over 900 within which 600 are in the UK and 300 are in over 40 nations)
- Decline of sales and closure of 14 stores as a result
- Poor publicity as non-trendy store
- High competition from Tesco, Asda, eBay and Amazon
- Not so strong online presence
- Expansion in more international regions
- Online growth opportunities
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After analyzing the current marketing opportunities of Marks and Spencer in the UK retail industry and strengths and weaknesses of the organization, the new marketing objective on which Marks and Spencer can focus are hereby mentioned below.
- One major marketing strategy of Marks and Spencer would be collaborating with more brands that manufacture products specifically for the youth of the UK
- Current products of Marks and Spencer are priced medium to high. Next marketing strategy of Marks and Spencer should be reducing price of its products to compete with Tesco, Asda, eBay and Amazon that are providing their products at a low cost
- Marks and Spencer in order to attract more young consumers must develop separate social media pages and social media strategies for attracting millennial customers that is young customers of the UK
While justifying the recommended marketing strategies of Marks and Spencer it can be state that the biggest weaknesses and threats for the organization are competition and image in the market as an organization that only provide products for medium and old age people. In this condition, in order to win the competition it would be important for Marks and Spencer to reduce its product price and to penetrate newer markets. On the other hand, for the purpose of becoming attractive to the young consumers of the UK, Marks and Spencer must increase its product like by ensuring that it sells products from companies that manufacture products exclusively for young people of the UK such as Next Fashion, New Look, H&M, French Connection, Planet Fashion and Top Man.
Organizational strategy of Marks and Spencer reflects from its mission and vision statement. Mission statement of Marks and Spencer is to create aspirational quality accessible to all. The vision of the organization is to become a leader in the UK retain industry by fulfilling the altering needs of the customers and to improve its competitiveness (Scott & Walker, 2017). In terms of mission, Marks and Spencer is not providing quality products to all as most of its products are for the medium age old age people that ignores the young people (Wilson, 2016). On the other hand, Marks and Spencer as per its vision is not fulfilling the needs of the customers is not fulfilling changing needs of its young customers that is to always to provide products that are trending in the market. Therefore, the recommended marketing strategies of Marks and Spencer are absolutely aligned with its strategic directions.
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Marks and Spencer can use 6 metric to measure effectiveness of its new marketing strategy. Those 6 metric are hereby mentioned below.
Unique visitors: It would be a useful metric for Marks and Spencer as it indicates overall traffic in the site of the organization. Unique visitors means the organization will track how many customers have visited the site of the company during a particular period of tome where each visitor will be counted only once (Farris et al., 2015). This number will vary based on the effectiveness of the marketing strategy which means, if the implemented marketing strategy is effective, Marks and Spencer will have more young visitors to its site.
Page views: It means increasing numbers of individual pages that its young visitors will click on during a particular time. If page views are high then it will indicate that the new marketing technique is performing properly (Katsikeas et al., 2016).
Search engine traffic: It means the amount of traffic being referred to the site of the organization through search engines such as Google or Bing. It will also indicate the performance of the new marketing strategy of the organization (Järvinen, 2016).
Bounce rate: It indicates how many young customers and other customers are coming to the site of Marks and Spencer and then immediately leave or bounce before clicking on any other page or product (Grewal et al., 2016). If bounce rate for Marks and Spencer after this new marketing strategy remains less than 30% then it can be considered performance of its new marketing strategy is good.
Conversion rate: It indicates the percentage of visitors who will come to the site of Marks and Spencer and will take actions such as buying a new product (Davcik & Sharma, 2016). Marks and Spencer must aim for a conversion rate of 15% as it is developing particular landing page for particular audience that adding a "Fashion for Young" tab for the young customers of the UK.
Inbound links: It indicates the numbers of external links at the site of Marks and Spencer. It shows that customers have identified that the new content of Marks and Spencer is significant enough to link to it (Davcik & Sharma, 2016).
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2. Marketing Tactics
Scheduling: Development of new marketing strategy for the purpose of attracting young customers will take near about 1 month as Marks and Spencer will have to collaborate with new companies, add new tabs that will include products for young people, developing performance measurement metrics and sharing these contents on social media.
Costing: All these activities will cost Marks and Spencer around $100,000 including adding new delivery channels and paying to the new companies with who Marks and Spencer will collaborate.
Roles and Responsibilities:
CEO: The CEO of the organization will decide with which companies Marks and Spencer will collaborate to sell products that are exclusively made for the young consumers of the UK.
Manager: After the collaboration, the managers of Marks and Spencer will decide how many such products will be acquired by the organization, employees who will be recruited or reassigned in this new activity, supply chain management of these new products and development of new organizational goals and objectives as per this activity. They will also set the prices of these products.
Manager of e-commerce: The e-commerce management will decide how the new page where these products will be placed will look like. The link to these pages will be shared in which sites. How the entire page will look like and adding payment gateways that the young consumers mostly use in the UK,
Software development team: Software development team will make update to the existing e-commerce site of the organization to make this page visible and useable.
Marketing team: Marketing team will be responsible for developing and implementing new marketing strategies for attracting new customers to this new page of the organization.
3. Prepare and present marketing plan
The new marketing plan for Marks and Spencer is hereby presented by using the model of 4Ps of Marketing Mix.
Product: The new products would ne fashion products that are desired by the youth in the UK. The organization will acquire these products from Next Fashion, New Look, H&M, French Connection, Planet Fashion and Top Man.
Price: The price of these products will be as low as possible in order acquire competitive advantage over Tesco, eBay, Amazon and Asda.
Place: For selling these new fashion products, a new tab will be added on the online site of Marks and Spencer by the name of "Fashion for Young." It means the place where these products would be sold will be the existing website of the organization.
Promotion: Mainly social media promotional strategies will be used by the organization such as opening new social media pages for these new products, launching video ads and posting images of customers wearing and enjoying these new fashion products.
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