Importance Of Marketing In Todays World Marketing Essay

Importance Of merchandise In Todays World trade turn outIntroductionAccording to the Ameri rotter selling Association marting is specify as activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, straggleners, and orderliness at bombastic(American Marketing Assocation, 2007).Drucker states the aim of tradeing is to make selling superfluous (American Marketing Association, 2007). By harbour opening the above definitions in view we can say that to pick out customers take and act accordingly to satisfy their needs is call(a)ed marketplaceing. The aim of this hide is to develop an belowstanding of marketing concepts, use and apply it to Marks Spencer (MS) in score to understand the role and significance of marketing.Importance of Marketing in todays WorldDue to economic downturn marketing has gained importance in past few years in order to gain the caution of the consumers. In 21st century marketing has become one of the key strategies employ by organisations world wide. Companies can not use one undecomposable marketing strategy which meets the need of both markets and consumers because they argon so versatile to be dealt collectively this is because of continues change in modern society. Cultural changes and advancements in technology split a market into so many segments.In order for MS to capture large market sh are it has to set up sure-fire market strategies and make the most of technology.MS Marketing butt onIn the past and the present MS proved to be supremacyful to meet its consumers continuously changing needs by proceedsively implementing marketing processes. Following are the four st periods which sufficeed MS to understand fulfil its customers requirements.Situational outlineIn this stage of marketing process companies like MS keep both internal and external surround in view to black market out the market place analysis and try out to spot gaps in the market. In addition to identifying the customer needs, must understand its own capabilities and the environment in which it is operating (NetMBA, 2007).This stage is very vital as the allude companies such as Tesco and Waitrose are always coming up with parvenu ideas and new crossings etc so that they can stay ahead in the competition. In SWOT analysis this rapidly changing marketing environment comes under the armorial bearing of threat.Marketing StrategyBy keeping the core usance of this report in view, the major change in approach which has been seen in the companies is the shift from mass marketing approach to stigma marketing. In target marketing approach companies try to identify trends in the segmented market as its the one of the most important factor in STP. divisionThere are two main guinea pigs of segmentation i.e. geographic and demographic segmentation. The later one is used by MS to target market for its harvest-times and it recognizes its consumers by social class , income and age which is very crucial for success in todays world e.g. clothing line is divided into three segments i.e. bounteousness price, medium priced, and low price.MS customer segmentation is also divided in following 4 assemblys (Carbon commentary, 2007)Green zealots plenty who will actively seek out the most ethically and environmentally responsible products. humour change is particularly important issue to these people.Those interested and concerned, but frequently un reliable how to stool to achieve their ethical objectives.Aware of the problem, not certain that their actions can have much effect or that they need to shop differently.Struggling, dont give priority to issues.TargetingDAMP (distinct, accessible, measurable and profitable) process is used by MS to understand, identify and target the required segments of the market. According to the marketing coach , Steven Sharp , although we sell to everybody big, small, young, black, white our absolute target market is a bit older and is comfortable with traditional media (Telegraph, 2006). It office that MS targets, offers (products and services) and sells to a large market but mainly to a mature age group.PositioningThe From this it can be seen that MS targets a very large audience, but the key here is to target the mature age group way that an audience of consumers or buyers perceive a product or service (Baines, P. Fill, C. Page, K., 2008, pg.251). This definition of positioning means that perception has a massive deal of importance in terms of both physical attributes and the pitch of a product. MSs market research information provides a key analytical tool in identifying a consumers preference.MS and the Consumer SocietyA consumer society is a culture in which consumption of material wide-cuts is encouraged, and the economic health of the society is dependent on the spending of the population (Xaxx, 2010). Basically in consumer society companies make the consumers feel that they need specific product in their life so here marketing plays an important role in terms of allureing consumers to buy a specific product.MS should be very studious in terms of fulfilling consumers expectations regarding price, convenience and experience as a total becauseconsumers behaviour is seen to be rapidly changing. MS is advertising its products quite sprucely to its target market and persuading consumers as MS itself is a symbol of look so whatever they sell is of high quality which has a mental effect on the target market, persuading them to buy particular products/services they offer.Marketing is undoubtfully fashionable (Baudrillard, 1988, p.30) it means marketing is a bridge of communication in terms of both introducing products for sale in the market and letting people know how eco friendly they are, which is practiced by MS. MS is also part of fashion industry of which marketing environment is rapidly changing, by the help of postage stamp analyses we can look into that and the importance for MS to adapt these changes.PESTLE AnalysisPolitical, Economical, Social, Technological, Legal and Environment analysis are used to look for external environment.PoliticalPolitical factors like g all overnment policies, taxation, subsidies and grants can effect MS operations e.g. if government increases taxes then, MS have to cut their costs, which can include MS reducing expenditure on marketing.EconomicEconomic factors include inflation, taxation, interest and consumer buying power etc basically it includes and affects everyone in the economy. It affects MS marketing strategy and their operation in the market. Consumer buying power means MS shift focus on their pricing strategy carefully, to win consumers and hence boost sales.SociologicalConsumer buying behaviour and demographic are the factors involved in sociological analyses. Consumer behaviour is the main aspect of marketing, as it focuses to understand consumers pr eferences, habits and attitudes and then act accordingly in order to attract customers. MS being quality conscious not yet try to keep up with their quality standard but also tries to alter it in their stores which they also show in their advertisements. This will have unspoilt psychological impact on consumers mind as well as they will always relate MS to quality.TechnologicalAdvancement in technology eased out marketing for companies in 21st century. net income proved to be one of the biggest revolutions in the field of marketing as it made communication and transfer of information effortless. Internet played a vital role in communication and transfer of information worldwide. MS is marketing its brands and products through its website which is easily accessible by the consumers basically they are one click away from buying required products/services.LegalMS has to follow certain legalities while trading, dealing with employees and competitors and make sure that all the actio n they perform are legitimate in the eyes of law.environmentalThe last but not the least factor of PESTLE analyses is environment. peerless of the reasons behind MS success taradiddle is that they have a good organisational culture and this factor also makes a distinction from its reach firms.Marketing Mix Decision at MSThe term marketing variety became popularized after Neil H. Borden published his 1964 article, The Concept of the Marketing MixProductA product is defined as anything that is capable of satisfying customer needs (Baines, P. Fill, C. Page, K., 2008, pg. 15). There are three levels of product i.e. core, actual, augment.Core level proves to be the most beneficial and meaningful part of the product. Its the final product being served to the customers for example, MS jackets made from wool being served to customers as clothing to keep the warm. Whereas, the method by which a product is delivered to MS customers comes under the heading of actual product and augmented p roduct is concerned with how the customer receives the product and also considers after-sales services. Women show their keen interest in MS thats wherefore MS makes the most of the profit from women wear however MS palliate tries to enter new market by conducting market research and bringing out innovative products. nutriment store is a success story of MS capturing new market.PricePrice is what company charges for a product to the customers. In 4ps of marketing mix for a company price is the only factor of source of income. On the other hand product, place and advance are the cost for the company. While charging for products and services MS keeps the current market value in view. More cost based than most is the type of policy used by MS for pricing (Daily Mail, 2009) which differentiate it from its rival companies.PlaceCustomers can purchase product from the available place. MS has over600 stores located throughout the UK, ranging from large out-of-town and flagship stores o f over 100,000 sq ft, to Simply Food stores of around 7,000 sq ft. Our largest store is located at Marble Arch on Londons Oxford Street andhas around 170,000 sq ft of selling space(Marks Spencer, 2011). MS is very malleable in terms meeting the demands of its customers and is very carefull and successful till date.