Describe marketing techniques used in a business

Pl Describe tradeing techniques used in a strain kayaks Marks & Spencer Marketing Strategy Facets Company everyplaceview Marks and Spencer (M&S) is cardinal of the Auks largest and longest surviving brand names and High Street retailers in the private sector. From baseborn beginnings in 1884 as a small bazaar, the set up saw itself assume into the Auks market leader In quality wearing apparel retailing up until rand sass, however much recently, the company has suffered consecutive falls in change state and food sales over the last twelve quarters.Whilst it still holds a respectable 11% of the market deal out there are concerns that this component ill continue to shrink as com caressition increases from other clothes and lifestyle retailers. M&Ss challenge is to regain its growth It was once illustrious for. M growth strategies through market perspicacity Market penetration is where an fundamental law increases its market share of an existing yield or profit. salt away refurbishment. Aware that their brand had become tired, in 2011 M spent Been on store refurbishments to give their clients a better shopping experience.This included providing more space for the customer and more changing rooms. Recruitment of current lag for flagship branches and provision f quality homework for maximum customer ecstasy and a more personal redevelopment than It has ever provided in the past. possible action of 150 more M food only stores nation full in the next three categorys to compete in the small supermarkets industry. M&S growth strategies through product teaching Product development is where a company brings a new-fangled product or service to market or emends an existing product or service.M&S were before known for clothing products however they now energise a wide range of products and services to satisfy their customer needs. Introduction of new foreign and diverse prepared food, for example introduction of haggis to all food stores. supp lying of quality cafe facilities in its main stores so customers were inclined to strike down more time and money in the stores. Introduction of new product ranges such as birthday cards and In-house designer ranges. Launch of the new M&s. mom as direct competition to Next online, speech a new method of shopping for its existing customers. M&S growth strategies through market development Market development Is where an organization promotes Its existing products or arrives in a new market, e. G. Overseas, for example. With potential for over 250 new 1 OFF their product ranges reach a wider customer base. Expansion of their franchise business in Western Europe. Launch of M&S. com will provide a global reach for customers for maximum market development.M&S growth strategies through diversification Diversification is where an organization produces products or services which are very different to its core activities, so that new products/services are being introduced to new markets. M&S have introduced their own bank and have attracted a number of customers interested in an alternative to the main high street banks. The company has launched its own mail service prescribe service alongside new gifts, hamper and f cut downs online business. Introduction of pet/car/home/travel insurance to compete in the insurance market.Customers can now manage their household energy provision through meanderers. Com as the company rivals other brand utility companies. M selection strategies A survival strategy is where an organization reduces costs or cuts rear end to either simply survive as a whole business or recover in parts of their operations. Ms cent market share decline has caused senior management to review their supply chain efficiencies to improve margins wherever possible. The company is constantly looking to reduce costs wherever they can.Outsourcing of delivery services. The company is striving to seek quality fabrics at lower prices with its suppliers. M&S bran ding strategies Branding is where a company has a consistent theme which is easily recognized by its customers. M&S has built its reputation on quality and trust reinforced by its Only M&S campaign Leading actors and personalities have been recruited to remedy familiar yet aspiration qualities to promote the brand through a series of television, magazine and billboard advertisements.M&S prides itself on its refund service and has built a reputation of always providing customers either refunds or store vouchers regardless of how old the item they return is. Their recent 130 year birthday played a large part in their brand promotion, building on nostalgia and trust from its valued customers. M&S kindred merchandise strategies Relationship marketing is where an organization focuses on the long-term allegations it has with a customer by identifying their needs and providing products and services which satisfy those needs.The provision of M&S loyalty cards has provided an excellent p latform for collection of customer data which the company those needs. M&S have an excellent training programmer where its staff are taught how to become closer to the customer in order to provide them with products and services they might not already be conscious(predicate) of e. G. The role of the personal shopper. M&S banking use relationship marketing strategies to provide financial products for all areas of a customers needs.