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.
Table of Contents
- Management Summary
- Profile of Marks and Spencer
- Location
- Type of retail business
- Target segment
- Product mix/variety
- Layout of store
- Results of the market research
- The proposed new idea
- Conclusion
- References & Bibliography
- Appendix
- Further Ideas
- New product/service
- New layout
- SWOT analysis of the new technology idea
- Environment
- Market research questionnaire analysis
- Store Locations
Objectives and Key Themes
This coursework aims to analyze Marks & Spencer's current market position, propose a new idea to enhance its competitiveness, and assess the feasibility of this idea. The research focuses on the non-food clothing and home market of M&S, considering its global reach and the importance of its home base in achieving global advantage. The coursework utilizes both primary and secondary market research to inform its recommendations.
- Analysis of Marks & Spencer's current market position and competitive landscape.
- Identification of evolving consumer shopping habits and their impact on retail strategies.
- Development and evaluation of a new, feasible idea to improve M&S's competitive advantage.
- Assessment of the proposed idea's feasibility in terms of consumer appeal and profitability.
- Exploration of internal and external environmental factors influencing M&S's strategic decision-making.
Chapter Summaries
Management Summary: This section provides an overview of the rapidly changing retail market, highlighting the growth of online shopping and the need for retailers to innovate to stay competitive. It introduces Marks & Spencer (M&S) as a market leader facing the challenge of adapting to evolving customer preferences and maintaining its position in a dynamic environment. The coursework's objectives are outlined, focusing on analyzing M&S's profile, proposing a new idea, and evaluating its feasibility.
Profile of Marks and Spencer: This chapter details M&S's extensive retail presence, both domestically and internationally, emphasizing the significance of strategic location. It analyzes M&S's business model as a hybrid retailer operating in both food and non-food sectors, noting its market share and target segments. The chapter highlights the importance of understanding and adapting to changing customer demographics and preferences, including the need to broaden appeal beyond its core customer base of older, affluent shoppers.
Keywords
Marks & Spencer, retail market, competitive advantage, consumer behavior, market research, innovation, strategic location, target market segmentation, non-food retail, online retail, competitive environment.
Marks & Spencer Coursework: Frequently Asked Questions
What is this coursework about?
This coursework analyzes Marks & Spencer's (M&S) current market position, proposes a new idea to enhance its competitiveness, and assesses the feasibility of that idea. The focus is on M&S's non-food clothing and home market, considering its global reach and the importance of its home base.
What are the key themes explored in this coursework?
Key themes include analyzing M&S's current market position and competitive landscape; identifying evolving consumer shopping habits and their impact on retail strategies; developing and evaluating a new idea to improve M&S's competitive advantage; assessing the feasibility of the proposed idea in terms of consumer appeal and profitability; and exploring internal and external environmental factors influencing M&S's strategic decision-making.
What aspects of Marks & Spencer are analyzed?
The coursework provides a detailed profile of Marks & Spencer, including its location, type of retail business, target segment, product mix, and store layout. It analyzes M&S's current market position, competitive landscape, and strategies for adapting to changing customer preferences.
What kind of research methods are used?
The coursework utilizes both primary and secondary market research to inform its recommendations. This includes analysis of market research questionnaires and potentially other data sources to understand consumer behavior and preferences.
What is the proposed new idea for Marks & Spencer?
The specific new idea is not detailed in this preview. However, the coursework develops and evaluates a new, feasible idea aimed at improving M&S's competitive advantage and is assessed for consumer appeal and profitability.
What is included in the table of contents?
The table of contents includes sections on a management summary, a profile of Marks & Spencer, results of market research, the proposed new idea, a conclusion, references and bibliography, and an appendix with further ideas (including new product/service and layout options), a SWOT analysis, environment analysis, market research questionnaire analysis, and store locations.
What are the key words associated with this coursework?
Key words include Marks & Spencer, retail market, competitive advantage, consumer behavior, market research, innovation, strategic location, target market segmentation, non-food retail, online retail, and competitive environment.
What is the overall objective of the coursework?
The coursework aims to provide a comprehensive analysis of Marks & Spencer's current situation, propose a viable strategy for improvement, and evaluate its potential success. It seeks to offer actionable recommendations based on robust research.
- Quote paper
- Sven Hallbauer (Author), 2008, Retail marketing and new retail idea - Marks & Spencer, Munich, GRIN Verlag, https://www.grin.com/document/91167
