Strategic Marketing Management - Essay Example

This report is a study of principles of Strategic marketing management by considering Marks and Spencer’s Clothing business. In this report the Marketing Planning Process has been discussed and the MPP has been applied to assess the possible Strategic marketing strategies to improve the business of Clothing division of Marks and Spencer. Here, we have studied the External and the Internal environment of the Marks and Spencer with the help of available market data and have done Marketing audit with the help of different techniques and analysis Models.

We Will Write A Custom Essay Sample On

For Only $13.90/page

order now

Marks and Spencer is one of the leading retailers of UK, with over every 21 million people visiting Stores every week. Company offers high quality, stylish, great value home and clothing products. M&S employs around 75,000 people and have above 600 stores in UK and expanding number of stores worldwide. M&S is number one provider of women’s wear and lingerie in the UK, and are having growing market share in menswear, kids wear and home, due in part to their growing online business. Overall, company’s clothing and home ware sales account for 49% of our business.

2. Strategic Marketing Planning Process Marketing planning process is the planned application of marketing resources to achieve marketing objectives. It is generally a logical sequence and series of activities leading to the setting of marketing objectives and the formulation of plans for achieving them. Marketing Planning is essential in today’s economic scenario because of increasingly hostile and complex environment in which companies operates. There could be various external or the internal factors which can impact the ability of organisation to achieve its goals.

2.1 Assessment of Marketing Planning There are numerous advantages of adopting a marketing planning process by an organisation. The various stages involved in the marketing planning not only helps organisation to focus on its weakness to achieve the desired objectives but it also devises a proper strategy to achieve it. By setting a mission in the marketing planning process, the organisation not only sets its long terms goal, but it also gives a direction to the management for the future. A well defined and accepted mission always becomes a tool of motivation for the employees.

While, marketing audit helps organisation to find its current position, strengths and weakness, the external factors and the organisation’s preparedness to achieve the set the objectives. Marketing assumptions has its importance, as it defines those factors which are not in control but needs to be considered while doing the planning. Forecasting expected results helps organisation to understand the result it should set target at and it can achieve.

While in the alternative plans helps organisation to have contingency plans in case of any failure or deviation from expected outcomes. While the budgeting process helps organisation to plan its finances in advance to start the process. Some of the advantages of following marketing planning by Malcolm Macdonald are:Mission is basically a purpose statement which is largely philosophical and qualitative in nature. Mission statement sets the boundaries of the business and tells the way it wishes to do its business. It is generally a framework or context within which the company’s strategies are formulated.

Setting corporate objective means setting goals or standards which can be achieved in certain timeframe. Objectives are the most basic planning tools underlying all planning and strategic activities. Objectives are goals which are not subjective but they can be measureable. The marketing audit A marketing audit is a structured review of organisation’s current marketing activities. It is a fundamental part of the marketing planning process. Marketing audit enables oragnisations to anlayse its current performance as well as past performance which helps the organisation to identify the next steps forward. Marketing audit is done on both internal as well as external environment of the organisation.

SWOT analysis SWOT analysis is a strategic planning technique used by oragnisations to evaluate Strength, weakness, opportunity and threat related with the business. It is one of the most important parts of the planning process and helps to focus on the key areas. Assumptions  While planning the strategies of company, there are various factors considered which are not under the control of the organisation but are the key determinants of the success. These factors are known as assumptions.

Marketing objectives and strategies This stage is all about selling the objectives and the strategies to the stake holders and convinces them to agree with it. An objective is what needs to be achieved, while the strategy is the planning to achieve the objectives. Estimate expected results After completing the major planning stages, estimating the feasibility of the objectives and strategies in terms of market share, sales, etc. Based on various test, judgments and calculation the outcome is estimated.

Identify alternative plans In case of any contingency or fallback of the planned strategies, alternative plans should be well considered in advance. If the result is not as per the plan, or objectives are not achieved through the planning process, then there should be some backup plan , planned in advance. The budget The total expense or cost involved in carrying out these strategies to achieve the objective of the plan is termed as budget. This stage tells how much finance is required to carry out the strategic planning process.

First year detailed implementation programme This is the last stage of the process, in which a written strategic marketing plan is prepared in advance. It mentions every stage and step involved to carry out the marketing planning process. It contains the marketing, sales, advertising and product promotion plans. The next table explains the activities involved at different stages of MPP and the justifications for performing those activities. We have outlined these activities and justifications briefly.