A situational analysis helps navigate what situation the company is currently in. Here a SWOT is done to present the company’s current strengths and weaknesses. Its key competitors are identified and a competitor based analysis is done. Competitive positioning of the company with respect to the five forces of rivalry, bargaining power of suppliers, product differentiation, threat of entry, bargaining power of buyers and more is carried out. The SWOT helps identify opportunities that are based on existing strategy, weaknesses based on existing strategy, and strengths/threats.
Establishing clearly the financial and marketing objectives of the company is in context here. Marketing objectives of M&S are with respect to increasing its financial productivity and also to increase its consumer segments.
Consumer segmentation is identified in the form of primary and secondary consumers. Know Thy Customer is key and M&S will strategize based on the same.
The marketing strategy will be based on marketing mix and communications mix. In marketing mix, the different strategies of pricing, product strategy, place strategy, promotion strategy, people strategy and process strategy are included.
Marketing communication strategy will be based on advertising, discounts and promotions and more. These discussions form the basis for proposing the marketing strategy and communications plan. In addition to some innovative ways of marketing communications the more traditional marketing strategies are also emphasized.