Marketing

INTRODUCTION:Clothing has been a choice of lifestlye to many and is believed to describe their personalities.My essay is about the famous Mark and Spenser clothing retail store which was founded in   1884 by Michael Marks and Thomas Spencer and was established in Leeds United Kingdom. They are said to have over 703 stores in the UK and 364 stores spread across 40 countries. Their core line of business/products include the various types of clothing from mens wear to womens which further includes swimwear, beachware, classic wear and so on and thus this essay will focus on Marks and spencer’s clothing line of development.
Market segmentation:Before a product can be developed and is ready to be launched one of the major marketing strategy known as market segmentation is used in order to divide the broad aspects of the target market into smaller subsets of consumers who may have the same or similar needs or requirements satisfied by the marketing mix.. This can be divided in aspects of the consumers demographics(age,gender),Psychographic,Behavioural and geographic. Marks and Spencer need to have their market segmentation in order to further understand the demands and complexity of consumer needs and it can be better targeted to a specific customer base to find out new or existing properties of their products to further improve the efficiency of their business.

| VARIABLES | YOUNG GUNS | BIG SHOTS | OLD TIMERS |
GEOGRAPHIC | DENSITY | URBAN/METROPOLITAN | URBAN/METROPOLITAN | URBAN/METROPOLITAN |
DEMOGRAPHIC | AGE | 5-24 | 25-45 | 46-70 |
| GENDER | MALE & FEMALE | MALE & FEMALE | MALE |
| INCOME | <800 | <5000 | <2000 |
PSYICHOGRAPHIC | LIFESTYLE | DEPENDANT | LUXURY AND CLASS ORIENTED/TRADITIONAL AND CULTURED | TRADITIONAL |
BEHAVIOURAL | PRICE SENSITIVITY | HIGH/ECONOMIC | PREMIUM | MID-PRICED |
| USAGE | MEDIUM | HIGH | MEDIUM |
| PERCEPTIONS/BELIEFS | ATTRACTIVE AND FASHIONABLE | STYLE/SMART | CULTURAL |
| BENEFITS...