Retail marketing and new retail idea - Marks & Spencer
Essay from the year 2008 in the subject Business economics - Marketing, Corporate Communication, CRM, Market Research, Social Media, grade: 1.0, Edinburgh Napier University (Napier University Edinburgh- Business School), course: Retail marketing, 23 entries in the bibliography, language: English, abstract: 1. Management Summary The retail market is changing rapidly from click to click (Price Waterhouse Cooper, 2008). and the “online market is developing at an astounding rate” (Internet Advertising Bureau, 2008).For example the online advertising has overtaken direct mail with a market share of 11.8% (Internet Advertising Bureau, 2008). Many retailers are using innovative ideas to help them be distinct from their competitors and to meet the needs of consumers. For example an extreme sports store in Florida has its own surfing stimulator inside its shopping mall (Springwise, 2008). The retail sector is a highly dynamic market offering customers more choice and retailers are consistently competing in a highly competitive environment. M&S is market leader in the field of predominantly non-food middle market and a large company with more than 650 stores world wide. It is a challenge for M&S to meet the needs of customers as customers shopping habits are always changing. “Customers often switch retailers as they become increasingly familiar with and bored with a retail store” (Babson, 2007) and there is consistently a desire for constant newness (Mintel Report, 2007). The result is a melting product life cycle and a high pressure on the retailer. M&S have to scan both the internal and external business environment to identify long and short term trends and develop a strategy with both aims and objectives to remain a successful high street retailer. This coursework is based on comprehensive primary and secondary market research which will allow the group to develop a greater understanding of the current market situation. The focus of this coursework is on the non-food clothes home market of Marks & Spencer, because, concerning Michael Porters’ Diamond Model “it suggests that the national home base of an organization plays an important role in shaping the extent to which it is likely to achieve advantage on a global scale” (Michael Porter, 1998). The objectives of this coursework are as follows; • To discuss the profile of the existing retailer • To recommend an effective methodology approach which can be taken by M&S to identify if our idea is feasible. • To demonstrate our new proposed idea is feasible for the retailer to undertake in terms of offering an additional and enjoyable service to consumers and to gain a competitive advantage.
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