Current Event Case Study
MKT500 Marketing Management
Your Instructor’s Name
How Have Changes in the External Environment Affected Past Marketing Strategies
Marks & Spencer has announced speeding up a shakeup of its stores for its biggest shops. The company had announced earlier closure plans to axe 110 main stores as part of its big overhaul (1). The company deals in the retail industry. The company has decided to speed up the closing of its 67 stores to have 180 “full line” shops selling clothing, food, and homeware products.
After realizing that most customers spend more time online, the company’s decisions have come up. The need to adopt new technology has contributed to decisions on the new market environment; hence, the action to reduce physical stores but increase many online platforms to increase sales. For example, the IT manager, Mr. Machine, has said they are creating a fit for future store estate that contacts shops in great geographical backgrounds that will allow customers to shop anytime (BBC News, 2022). In addition, the company has noticed that the new online stores have a strong performance. The rise in online sales has given the chief executive manager confidence to speed up the rotation plans while investing in bigger and better food stores.
Future Marketing Strategy
The Marks & Spencer Company should invest more in technology. Using more advanced technology will increase the efficiency of its systems, products, and services (2). Marks & Spencer will be able to track down the demands and supply of its products. While the customers search for specific products, the systems can update new entries, maintain data and manage contacts and employee records. Change to online marketing strategies will reduce rent costs and wages license fees and will now operate 24 hours. Investing more in new technology systems will help the business grow quickly (2).
BBC News. (2022). Marks & Spencer speeds up store closure plans. Retrieved 14 October 2022, from https://www.bbc.com/news/business-63224269.
Lee, In, and Kyoochun Lee. 2015. The Internet of Things (IoT): Applications, investments, and challenges for enterprises. Business horizons, 58(4), pp.431-440. https://doi.org/10.1016/j.bushor.2015.03.008