A firms relationship with its business environment - Marks and Spencer
for a long time was Britain’s primary retail outlet. It is a very reputable company, and for many years has been associated with providing top quality products and services through their brand name St Michael. Customers shop at Marks and Spencer because they believe their products are value for money, not necessarily cheap but worth the amount payable and for high quality. It is important to gain the customers loyalty. Gaining their trust does this.
COMPLEMENTS OF MARKS AND SPENCER
A complement is something usually purchased to go along with a product or a service. Complements are sold within Marks and Spencer. They vary to suit the type of purchase a customer requires. A person may purchase a tie to complement a shirt and together these items may complement a suit. Other firms in the same industry often supply complements. Free or cut-price complements shift the demand curve to the right.
FACILITATORS OF MARKS AND SPENCER
A facilitator is anything that makes purchasing easier for the customer. Some examples of facilitators in Marks and Spencer are
Nearby car parking
Automatic doors
Lifts
Wide shopping Aisles
Toilets/Mother and baby facilities
Ramps
Restaurant
Facilitators are provided to make shopping easier and more pleasurable for the public. A lot of the listed facilitators also make the shopping experience a lot more enjoyable for disabled customers. Providing a restaurant is appealing to a customer as they have somewhere to sit and consume food and drink if required. Facilities for mother and child such as ramps, lifts and bathroom amenities are also attractive to women.
SUBSTITUTES FOR MARKS AND SPENCER
A substitute is a product that can be used for the same purpose as another. There are different forms of substitute.
Substitutes within Marks and Spencer
Marks and Spencer provide substitutes within their firm. For example somebody who is shopping for a dress may find a substitute in the same store and choose to buy a skirt. The more substitutes the store has the more elastic the firm becomes.
Firms who Provide Substitutes for Marks and Spencer
Marks and Spencer have different departments within the store that can be substituted by other firms. For example, substitutes for Marks and Spencer sportswear would be stores like J D sports. Substitutes for the ladies wear would be stores like Next or Principles. The food department maybe substituted by stores like Sainsburys or Tesco, which are also considered as quality markets.
Substitutes for In store Shopping at Marks and Spencer
There are different methods of shopping. A substitute for this would be using Internet shopping which many firms, including Marks and Spencer, provide. Another method would be TV shopping channels. By just making [next page]