MARKETING STRATEGY IMPLEMENTATION FOR MARKS AND SPENCER

MARKETING STRATEGY IMPLEMENTATION FOR MARKS AND SPENCER

MARKETING STRATEGY IMPLEMENTATION FOR MARKS AND SPENCER

MARKETINGSTRATEGY IMPLEMENTATION FOR MARKS AND SPENCER

Marksand Spencer is one of the largest retailer businesses located in theUnited Kingdom. The company is involved in the selling of productsacross approximately thirty countries all over the globe. It,therefore, implies that the business operation of the organization isthat of international perspective. The company considerably relies onthe confidence of the customers have on their products. The companysells a wide range of products including clothes, foods, provision offinancial services, and furniture. Currently, the world businessoperations outside of the United Kingdom are franchises in nationssuch as the China, France, Germany, and India. However, Mark andSpencer continue to experience a competitive business environmentfrom the local companies situated in these countries.

Alternativestrategies in line with the mission and objectives of Marks andSpencer

Thereare two alternative strategies that may be appropriate in themarketing and running of the Marks and Spencer retail firm. One ofthem would be to invest in technology and focus more on online saleslike most other giant firms. The other strategy would be to improvetheir current manual systems and hire experienced personnel fromother firms that are performing well in the current market scenariolike Louis Vuitton.

Appropriatenessof the alternative strategies

Itwould be important to analyze the applicability and appropriatenessof alternative strategies by performing a risk analysis. This isbecause of the financial and market uncertainty that is common in theseveral ventures that Marks and Spencer is involved in.

Improvingthe current manual systems and hiring experienced personnel fromother establishments that perform well

Marketentry

Mostof the machinery involved in the textile industry is the same as thatused before. The current technology used in cloth making is fromrecent technology and would only need small adjustments to perform atmaximum output. Due to the current prevailing economic crisis thathas rocked the company since the beginning of the twenty-firstcentury, it would be good to consider the risks involved ininstalling latest technology machinery. Buying new technology for allthe factories would be a very expensive venture that does not givesurety of returns. In light of this, it would be relevant to stick tothe apparatus already available, with low-cost changes where need be.It is the plan of Marks and Spencer to advance in profitability, butat the same time ensure that the welfare of all stakeholders isparamount. Therefore, retaining the annual systems with improvementswould ensure that people do not lose jobs and at the same timemaintain authenticity. The new employees to be brought on board fromother companies doing well in the American and European markets aresupposed to boost the designs for the enterprise and make ittrendier. This would cause an increase in employee turnover, and,therefore, create more experience. The risk involved in retaining thecurrent machinery is lower as compared to the danger of spendinglarge sums of money to buy new instruments. The company has survivedover a century due to its quality and authenticity. Having thesecharacteristics, Marks and Spencer has managed to retain loyalcustomers. The problem has been with convincing the new generation ofclients that majorly involve teens that the company products are alsoup to date. This can be achieved with the help of experienceddesigners from bigger and more accepted establishments, but at thesame time retaining the craft of making the designs.

Substantivegrowth

Itis important that the strategies put in place encourage the growth ofthe enterprise. Sticking to the manual systems and at the same timemaking products that are up to date can be achieved in the case ofMarks and Spencer by diversifying the product lines, both inhorizontal and vertical ways (Winston, &amp Mintu-Wimsatt, 2013).Marks and Spencer has failed to impress some markets such as theCanadian market. This can be attributed to the fact that the firm isnot flexible to changes in trends. They have based most of theirsales on the old fashioned British designs that the American andCanadian clients do not prefer. Substantial growth can be achieved ifMarks and Spencer introduce new and trendy designs, customized forthe youths as compared to their old, high-end models for theirBritish expatriates as perceived in Canada. The outsourcing of talentinto the company from other companies would make the company morecompetitive. There is less risk involved in terms of financial lossesas compared to the alternative of changing the systems to automaticones. The company also has a mission of improving the lives of itsworkers and all stakeholders. Retaining manual systems would ensurethat as the company moves forward, there is retention in theauthenticity of the products to keep the high end customers and atthe same time, use the newly sourced talent from competition toimprove on the new designs to impress the young generation of clients(Mellahi, Jackson, &amp Sparks, 2002).

Limitedgrowth

Limitedgrowth involves a strategy that ensures slow controllable growth andexpansion of an enterprise. In applying the above-specified strategy,there is potential to limit the expansion of the company to amanageable rate. Limited growth is usually employed to ensure thatthe risk of outgrowing the ability of an enterprise to sustain itselfdoes not happen. Retaining the current manual machinery and makingadjustments for purposes of improvement would ensure that efficiencyis increased and at the same time employees keep their jobs. It isone of the missions of Marks and Spencer to improve the lives of theStakeholders ranging from employees to customers. Giving high-qualityproducts in a way that ensures human labor is retained is a win-winfor both the clients and employees. This strategy of limited growthwould protect the company from expanding too fast that it becomesimpossible to maintain the high qualities that the company strives tooffer the customers. The risk of giving up the authenticity of theproducts for the sake of automation is also reduced. The employmentof young and experienced designers would ensure that products aremade trendy for the young clients that the company would be venturinginto, in the markets it already operates.

Investin technology and focus more on online sales

Marketentry

Focusingon the establishment of online sales rather than brick stores wouldintroduce the firm to a market that has previously been leftunexplored probably due to lack of flexibility. If the company is toexpand, there would be need to introduce its products to a new marketfront. The online market would be a good thing for Marks and Spencer,but only if it is done with care and skill. However, there is a riskof losing the old generation of customers that Marks and Spencer hasmanaged to impress over the years as a retailer. There is apossibility that many resources may be spent on the requiredtechnological innovations such as website establishment andacquisition of new technology and fail to impress the old high-endcustomers who are not excellent at using the internet. It would,therefore, be riskier to employ the strategy in light of this.

Substantialgrowth

Theinternet and online environment, in general, is a whole new marketplace of its own. There would be potential for significant growth ofthe Marks and Spencer firm. If the company invests in technology and,therefore, improves its quality, there would be less risk in growingsubstantively. However, substantial growth needs many resources thatMarks and Spencer may not currently have. Therefore, it would beriskier to employ this strategy than developing new designs for aclothing line and hiring new designers for it.

Limitedgrowth

Investingin new technology and focusing more on the online market wouldnaturally result in an expansion of the target clientele. This would,therefore, be a move inclined more towards substantial growth ascompared to limited growth. Venturing into the online market andinvesting more money in the acquisition of new technology would causea risk of the company running broke. The company also risks failingto sustain the growth and at the same time retain the high qualitiesthat the brand is known for. Limited growth is a strategy that thebrand should be targeting until it has moved out of the financialcrisis and has strengthened its customer base in the markets that ithas ventured into. With the current position of the company, it wouldbe wise to involve less aggressive strategies because the growth ofthe company is not so absolute. It would also be advisable to includeprocedures that are less demanding financially.

ExecutiveDirector, Marketing, and International

The0manager in this position is in charge of marketing and internationalventures of Marks and Spencer. It is the role of the ExecutiveDirector, Marketing and International to develop and market the Marksand Spencer brand globally. He sits on the board to lay strategiesfor the ventures. This manager also ensures the stores have productsan extensive range to ensure the customer experience is good. Themanager ensures that stores are filled with affordable products thatare attractive to clients. The primary task is to provide the bestshopping experience aimed at providing customer satisfaction to buildprofits.

Activityschedule of the Executive Director, Marketing and International

TheExecutive Director, Marketing and International has an office in thenew headquarters in Paddington Basin, London. In a typical day, themanager usually has a busy schedule.

Schedulefor Monday 20’ August 2015

8.00am- Arrival at the office

8.30am -10.00 am- board meeting to discuss the planned changes in theCanadian market

10.40am – 1.00 Pm –Meeting with the Chief Executive Officer Helen Weirto discuss matters about the funding of the new Store in London

1.00pm– 2.00 pm – lunch with stakeholders in a London hotel

2.00pm – 4.00 pm – Office

4.00pm –Leave for the airport to board a plane to Canada for anofficial meeting with the managers in charge of business in Canada.

Chieffinance officer

Thechief finance officer is the person in charge of money matters. TheCFO has the responsibility to ensure profitability of the Marks andSpencer Company. The chief finance officer who is currently HelenWeir sits in the board meetings to give direction on mattersconcerning money. This officer handles the expenditures of thecompany and also doubles up as the chief company accountant.

Theoffice of the chief finance officer is found in the headquartersbuilding in London. In a typical day, the CFO usually has to run someerrands concerning financial issues ranging from making payments toestablishments.

Schedulefor Monday 20’ August 2015

8.00– Arrival into the office.

8.30am– 10.30 – Meeting with advertisers

10.40am – 1.00 pm – Meeting with the Executive Director, Marketing andInternational

1.00pm – 1.30 – Lunch

1.30pm – 2.45 pm – Office

3.00pm -4.00 pm – Briefing with the non-executive managers.

4.00pm – leave for the airport to board a plan for Canada

Estimatesof the resource required for the new strategy

Advertisementswould cost 200,000 dollars

Hiringof new designers would cost 20,000 dollars per month for one year

Officefurniture and stationary would cost a total of 50,000 dollars

Instrumentsfor the new designers would cost about 50,000 dollars

Thetotal estimated amount of money in dollars to be involved in thedesigning of the new brand for the younger generation would be about320,000 US Dollars.

Thenew strategy would be appropriate and acceptable. This expenditurewould be involved in a profitable venture. The youths are moreconcerned about their looks. With the booming of pop culture,designer clothes made for youths are more marketable as compared tothe rest.

Thecompany would hire designers in the time frame between Septemberfirst and September twentieth. The designing of the new cloth linewould begin on the twenty-fifth of September and end on the fifteenthof November. There would be several days to revise the new designsbefore manufacturing begins. Manufacturing begins on November 20th.By 10th December 2015, the first batch of the collection should be inthe British market to study the reception in the local market beforeshipping to America and Canada. SMART targets would be relevant toimplementing the new strategy to ensure the new clothing line is inthe market before the Christmas sale begins. The goals have to bespecific, timely and yet achievable. Being in time would help put theproduct in the stores at the most convenient time of the year.

ResponsibilityChart

Executive Director, Marketing, and International

Chief finance officer

Overseeing global establishments

A

P

Financial Accounting

S

A

Marketing

A

S

Key

P-Primary

S-Secondary

A– Approval

Bibliography

Mellahi,K., Jackson, P., &amp Sparks, L. (2002). An exploratory study offailure in successful organizations: The case of Marks &ampSpencer. BritishJournal of Management,13,15-29.

Winston,W., &amp Mintu-Wimsatt, A. T. (2013). Environmentalmarketing: strategies, practice, theory, and research.Routledge.

Worth,R. Marks &amp Spencer.