Monday, September 23, 2019

Marketing Plan for M&S Food Retails Sector Assignment

Marketing Plan for M&S Food Retails Sector - Assignment Example At present, it is unclear whether Marks and Spencer has an established market. Also, it is evident that the products of the firm are still far from establishing a permanent image in the minds of the consumers. It is important to segment the market and decide a particular group that will serve as the target market. Moreover, the marketing team needs to reconcile the attributes of products perceived to be ideal by the consumers and the attributes of the products as developed by the company. The other marketing initiatives necessitate the identification of the price, promotion, product, and place. Mixing these aspects will improve the marketing strategies of the company. It is imperative that Marks and Spencer needs to take advantage of its strengths and limit the negative effects of its weaknesses. Marketing ideas have to be done using creativity with the inclination to use the fundamental tools and concepts. The growth in the UK food retail industry has been unprecedented. Amidst the geographical limitations, UK houses several food retail firms with global distinction. Excluded from this group are the different food retail companies based from the US and the neighbouring European countries. According to the British Retail Consortium (2001), the impact of the food retail industry in the overall economy of UK has been gaining prominence. The figures suggest that the industry has been employing 1.2 million individuals. This translates to more than 5% of the total workforce in UK. Also, the industry is consisted of approximately 60,000 enterprises. Overall, the industry has contributed about 10% of the Gross Domestic Product. Aside from these actual results, the industry continues to flourish with the establishment of policies geared toward competition and favourable market conditions. The sophisticated UK retail market shows variations to styles in relation to the development of products. Despite the failures of some innovations, firms have been optimistic in introducing new products in the market. In particular, food retailers have cited their strengths in marketing as the source of competitiveness. Indeed, the marketing efforts observed in most food retail companies have provided positive outcomes. In particular, firms have become highly focused on the consumers instead of satisfying the corporate goals. The marketing strategies promoted by the firms have become the determinant of success. It is likely that food retail companies with superior marketing dynamics will emerge as the top player in the industry. In UK, the developments in food production have greatly affected food retailers. Specifically, the changing preference of consumers has defined the direction taken by food retail companies. Recent trends suggest that products that are fruit flavoured will become highly popular in UK. Likewise, UK consumers will be highly receptive to food products with distinct yet uncommon combination of flavours. Moreover, functional foods will be highly regarded in the market as well as food that contain low carbohydrates. Basically, UK consumers have become more aware of their food intake because of the hazards attributed to such activity. Health issues and concerns are primary drivers that influence consumers in purchasing certain food products. In the beverage sector, beer manufacturers will continue to challenge the wine

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