Describe what are the factors M&S should consider while setting their new products price Transcribed Image Text: Finally, as a business that is conscious of

Describe what are the factors M&S should consider while setting their new products price Transcribed Image Text: Finally, as a business that is conscious of its CSR credentials, M&S has provided its
people with guidance and information about the company values. To replace a number
of separate documents, the company has developed a new consolidated M&S Code of
Ethics that sets out its values and the responsibilities the company has to its customers,
employees, shareholders, suppliers, the government, communities and the
environment.
As a marketing manager for M&S
answer the following
1. Identify what are the proper promotional tools M&S should use while
communicating with their customers?
2. Mention 2 growth strategies that M&S can use to secure its profits over time?
3. Describe what are the factors M&S should consider while setting their new
products price
4. Define what is meant by marketing mix? And discuss how should M&S use its
marketing mix in a synergistic way?
5. Define what is meant by market segmentation and select 3 factors that M&S can
use to segment “Per Una” market?
6. What are the factors M&S should consider in order to communicate their new
customers the high quality of their customer services inside their retails?
Good luck Transcribed Image Text: Marks & Spencer
Background
Marks & Spencer (M&S) is one of the UK’s leading retailers, with over 15 million people
visiting its stores each week. The organization sells a wide range of stylish, high quality,
high value clothing and home products, and an extensive range of foods of very good
quality. Its products are responsibly sourced from suppliers that the company trusts.
It is a publicly owned company with around 290,000 shareholders, many of whom are
customers and present and past employees. Virtually all of its products are own-brand,
allowing the organization to work with 1,900 suppliers around the world to meet its
corporate social responsibility (CSR) standards.
The company employs 65,000 people and has over 450 UK stores, including 43 food
franchise stores. It also has a growing international presence, with 198 M&S branded
franchise stores in 30 territories worldwide, and wholly-owned stores in Hong Kong and
the Republic of Ireland.
Policy and Problems
In the 1920s, M&S introduced the then-radical policy of buying direct from
manufacturers, and registered its own label, St Michael. Eventually all the products sold
by M&S went out under the St Michael brand.
The company had a policy of buying British goods only, and commissioned
manufacturers to produce items to M&S designs and specifications. The company’s
fortunes dipped in the 1980s, partly due to: overpricing the policy of only buying British
goods, and the policy of not accepting credit cards (except their own).
Re-launches
The company has also worked hard to lose its somewhat dull image and attract a
younger audience. Lively advertisement campaigns, new product ranges and store
redesigns have all been aimed at revitalizing the corporate image, while still retaining a
degree of differentiation from other retailers. The Per Una range of clothing has been
introduced as a younger-looking line, whilst still retaining M&S’s reputation for quality.
Staff Welfare
The company has always had an enlightened attitude to staff welfare, providing health
care, canteens, hairdressing services and even holidays for staff. This has ensured a
committed and loyal workforce. Following requests from employees, M&S has
introduced more training opportunities, which has ed its employees to develop new
skills and maintain the company’s reputation for very good products, value and service.
The training program has involved over 58,000 of M&S employees.

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