Describe marketing techniques used in a business

Pl Describe merchandise techniques used in a rail line kayaks Marks & Spencer Marketing Strategy Facets Company overview Marks and Spencer (M&S) is hotshot of the Auks largest and longest surviving brands and High Street retailers in the private sector. From humble beginnings in 1884 as a small bazaar, the store saw itself grow into the Auks food for thought market leader In quality clothes sell up until rand sass, however much lately, the company has suffered consecutive falls in clothes and food sales over the last twelve quarters.Whilst it still holds a respectable 11% of the market sh be at that place are concerns that this percentage ill continue to shrink as competition increases from other(a) clothes and life style retailers. M&Ss challenge is to regain its growth It was once renowned for. M growth strategies finished market penetration Market penetration is where an nerve increases its market share of an existing product or service. memory board refurbishment. Aware that their brand had become tired, in 2011 M spent Been on store refurbishments to give their customers a better shopping experience.This included providing more space for the customer and more changing rooms. Recruitment of raw(a) staff for flagship branches and provision f quality training for supreme customer satisfaction and a more individualised service than It has ever provided in the past. Opening of 150 more M food and stores nationwide in the next three years to compete in the small supermarkets industry. M&S growth strategies through product culture Product development is where a company brings a vernal product or service to market or improves an existing product or service.M&S were originally known for clothing products however they now have a wide range of products and services to gather their customer needs. Introduction of sunrise(prenominal) exotic and diverse prepared food, for example introduction of haggis to all food stores. Provision of quality ca fe facilities in its main stores so customers were inclined to spend more eon and money in the stores. Introduction of new product ranges such as birthday cards and In-house condition ranges. Launch of the new M&s. mom as direct competition to Next online, bringing 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 substitute to the main high street banks. The company has launched its own mail order service alongside new gifts, hamper and flowers 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 survival strategies A survival strategy is where an organization reduces costs or cuts back to either simply survive as a whole business or domesticate in parts of their operations. Ms cent market share decline has caused senior management to review their picture chain efficiencies to improve margins wherever possible. The company is constantly looking to reduce costs wherever they can.Outsourcing of auction pitch services. The company is striving to seek quality fabrics at lower prices with its suppliers. M&S branding strategies stigmatisation is w here 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 revive 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, twist on nostalgia and trust from its valued customers. M&S relationship marketing 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 platform for collection of custo mer 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 aware 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.