Managing a Brand Over Time Essay

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Managing Brand Over Time – Marks and Spencer Executive Summary This report will be looking at the history of Marks and Spencer, exploring how the brand has been managed overtime. There is a brief literature review of the sub-subject of branding; managing a brand overtime. Followed by a discussion about what Marks and Spencer could do from what has been learnt in the literature review. The Brand Marks and Spencer have been in the UK market for over 125 years. They continue to be successful and iconic in the UK’s department store market. In 1884, Marks and Spencer was born, the founders Michael Marks and Tom Spencer built the company around five key principles; Quality, Value, Service, Innovation and Trust, all of which are still at the heart of the brand today. They used slogans such as ‘Admission Free’ to encourage customers to browse their products without obligation to buy, known today as ‘Window Shopping’, however, at the time this was unheard of, showing their drive for innovation. Marks and Spencer used penny pricing to price all their products, a highly successful strategy until the First World War, where goods became expensive and hard to source, Marks and Spencer were forced to change their pricing strategy, therefore becoming the Marks and Spencer we know today. Marks and Spencer became the first retailer to have a research lab used to pre-test the quality of products and to develop new fabrics. This highlights two of their five key principles, Quality and Innovation. During the Second World War rationing affected almost everything tangible, however restaurants were not affected by rationing, due to this more people began eating out, with this in mind Marks and Spencer created Café Bars in 82 of their stores. This shows their service to customers, and appealing to the ever-changing customer needs. Rationing also showed people that fashion

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