Business Administration Assignment - Marks and Spencer

Business Administration

Table of Contents
INTRODUCTION..........................................................................................................................4
TASK 1...........................................................................................................................................4
P1.2 Analyse nature of interactions among business within a market ..................................5
P1.3 Evaluate how goals of organisation shaped by market operating it. .............................5
P1.4 Evaluate legal obligations of Business ..........................................................................6
P2.1 Analyse business innovation..........................................................................................6
P2.2 Explain the use of modals in business innovations........................................................6
P2.3 To identify support and guidance for business innovation............................................6
P2.4 Evaluate process of product or service development.....................................................7
P2.5 analyse benefits, risk and implications related with innovation ....................................7
P3.1 Analyse importance of financial viability for a company..............................................7
P3.2 Define the consequences of poor financial management...............................................7
P3.3 Analyse different financial terminology........................................................................8
P4.1 Explain the uses of a budget...........................................................................................8
P 4.2. Budget managing..........................................................................................................8
P 5.1. Principles of Marketing................................................................................................8
P 5.2 Analyse sales process....................................................................................................9
P5.3 Features and use of market research..............................................................................9
P5.4 Value of brand to an organisation .................................................................................9
P5.5 Relation in sales and marketing.....................................................................................9
CONCLUSION.............................................................................................................................10
REFRENCES................................................................................................................................11

INTRODUCTION
Business administration is a vast field which includes many kinds of management
positions. It consists of all necessary aspects that are needed in overseeing and supervising
operations related with business. Fields like marketing, accounting and finance are also part of it
(Toth and Vigo, 2014). This field assures that organisation must achieve its targeted goals and is
well organised while performing their work. This assignment is based on principles related with
business of Marks and Spencer. Characteristics, nature, goals, legislations associated with
business are explained. Along with it, concept related with budget, marketing, finance and
innovation is mentioned.
TASK 1
P1.1 Analyse characteristics of different business market
There are several ways to run a business successfully. To achieve targeted results it is
very important for M&S to understand the market place entirely. Products produced by a
company can be sold to different consumers according to their requirement buy mainly business
market is divided into five types:
 Business to Business market: In this focus is on selling products and services to other
business organisation rather than directly to consumers. Some B2B market serves both
customers and service market. A cleaning company is example as it delivers both
commercial and residential service.
 Consumer market: Here products are directly sold to consumers. Due to mass availability
of consumers this is considered as largest business related market (Roth, 2012). For ex.,
M&S as they provide service to millions of people 24/7.
 Industrial market: It includes companies that delivers good like materials, machine and
vehicles etc. For example, Bussential which provides cleaning and laundering service to
other companies.
 Professional and financial service: These includes services such as marketing,
management, IT, consultancy, insurance, credit, lending and tax planning etc., these
services are needed by other businesses to run their company effectively.

 Government: Selling products to government is a difficult task as it includes corporate
status, lengthy bids, rules and policies by government etc. But working for them is
profitable as this sector offers large and profitable projects.
P1.2 Analyse nature of interactions among business within a market
Nature of two main markets, B2B and service markets is different from each other. These
markets often depends on parties that are involved in the business (Ackermann, 2012).
Interactions in business to business market is fast, especially while recruiting as they are
desperate to hire new employees due to work demand. The major motive for B2B is to maintain
good bond with the firms. This helps them in collaborating again for new projects. Hence,
difficult to handle sometimes, this market ensures repeat and long interactions with potential
clients.
Service market differs for different individuals as most of them requires many
opportunities within a short period. Service market is fast paced as it is consumer driven. The
main motive in this market is to satisfy the clients and keep them informed regarding updated
trends. Keeping up with clients favours these businesses in high performance and increased
market growth.
P1.3 Evaluate how goals of organisation shaped by market operating it.
Goals of a company are usually shaped by market in which it is involved. Companies like
M&S hold meetings in the starting of week to set their goals and targets. In accordance with it,
tasks are allotted to different teams. Strategies are also prepared to move forward with clients. At
the end of the weak company reviews their expected goals. These goals are considered to
improve relation with potential customers which will help the firm to enhance their market
shares (Papadopoulos and Heslop, 2014). To achieve success and high profit margins goals of
M&S changes in accordance with the market and consumer needs. To keep up speed with market
company formulates their policies which shows desires of a company is in accordance with the
market in which it operates. An example is company must produce products that clients wants to
buy as they will chose other brands if their choice is not preferred. To maintain their position in
market, goals of a M&S shapes around the preferences of listeners.