To take the business to market, it is critical that a corporation develops a marketing strategy built on understanding customer needs and demands if it is to succeed. This essay examines how M&S realigned its strategy to focus on these factors to recover from a period of market failure.
To ensure that business is going to market in the right way,
each member of the corporate team from the senior executive
to front line employees need to be aware of the target
market for the corporation’s products or services and,
more importantly, be capable of adapting to changes in
market demands (Cravens and Piercy 2009; West et al 2010).
However, as has been noted from a number of brand or product
failures, it is apparent that there are cases where
corporation have failed to maintain the appropriate level of
customer understanding and which has resulted in loss of
customer loyalty and satisfaction (Hill and Alexander 2006).