Taking a business to market the right way

Level: Undergraduate | Grade: 2.1 | Approx. Word Count: 2,300

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Overview

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).