Strategic Marketing Audit for Marks and Spencer UK Essay

Strategic Marketing Audit for Marks and Spencer UK - Essay Example The report will also offer recommendations according to the findings with a purpose of assisting the company to maintain and increase market share in the world. Marks and Spencer is one of the leading retailers of clothes, home wares, financial services, and food in the United Kingdom. The company owns over 700 stores in the United Kingdom and 300 across 40 countries in the world. Marks and Spencer has been operational since the year 1884. The company offers high quality, stylish, home products, and exceptional value clothing. Marks and Spencer employ over 75,000 people in the United Kingdom and abroad. The company is the leading provider of women’s lingerie and wear in the United Kingdom, and it is rapidly growing worldwide. Marks and Spencer home wares and clothing account for 49% and the other 51% is in fresh produce, groceries, and food. Marks and Spencer  is listed on the London stock exchange, and it is a constituent of the FTSE 100 index. The company, which is colloquially known as â€Å"Marks and Spencer †,â€Å" M&S or â€Å"Markies†, was characterized in the early 20th century of selling British made goods giving it a reputation. For the purpose, of the study the company in last few faced with economic turmoil’s hence moving towards â€Å" back to basics† strategic while trying to survive the competitive market. The company’s back to basic strategies has not been successful in solving the problems thus necessitating an overhaul in their marketing and strategic audit (Gordon, 2009). In so doing the company will be able to gain a broader understanding of market structures while setting standards in values quality, innovation, customer trust and value services. Through strategy audit, the company will be able to answer financial crisis and the economic recessions. For marketing mix, Marks and Spencer is just in place in that their mix conforms to the products, place, price, and promotion. The company is averse to marketing because of convection