Business Management and Retail Sector Analysis

This report provides an analysis of business management practices in the retail sector, using Marks & Spencer as a case study. It discusses the importance of business management in achieving profitability and effectiveness, and highlights the company's innovative functions, leadership style, vision, and management practices. The report also touches on the role of inventory management in SMEs in Ghana, retail supply chain management practices in India, logistics and retail management, strategic management and business analysis, market orientation and entrepreneurial orientation, and the role of retail strategy in business development.

BUSINESS MANAGEMENT

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY..................................................................................................................................1
Brief history and summary of business which selected and rationale.........................................1
Vision, leadership style and management practice......................................................................2
Various strategies and theories....................................................................................................2
How it can be implemented with determine specific example....................................................3
Recommendations for improvement with leadership style.........................................................4
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................6

INTRODUCTION
Business management consist important role in the enterprise that signify different goals and
objectives to operate in large consideration. In this regard, cohesiveness successfully ascertained
with involvement planning, strategy and goal setting (Kajalo and Lindblom, 2015). Present study
based on Marks and Spencer which is retail sector enterprise deals in different kinds of food,
fashion, etc. They are concentrate of dealing innovative and creative functions that helps to attain
desired level of results.
For gaining insight information of the present study, it covers brief description of the
business and its importance. Furthermore, it includes vision, leadership, management practices,
etc. Moreover, it demonstrate understanding towards various strategies and theories. In addition
to this, it develop study towards recommendation for improvement in leadership style.
MAIN BODY
Brief history and summary of business which selected and rationale
Marks and Spencer is British multinational retailer which headquarter in London. They are
specialising in selling clothing, home products, luxury food products, etc. It is listed on London
Stock Exchange to signify effectiveness within the organisation. In order to committed to make
every moment special with high quality and own brand which offer in several stores and
internationally (Fernie and Sparks, 2018). In this consideration, internal presence and they make
accessible to more customers in all over the world. In addition to this, design of products and
effectiveness will successfully develop that helps to attain overall targets. From 1998, the
company successfully develop retailer products and services that ascertained with pre-tax profit
over the year.
This company was generally founded by partnership between Michael Marks a Polish
Jew from Slonim. With this consideration, it can be stated that the chosen business also develop
their significant advantages to deal in different kinds of products and services to attain more
goals and objectives. It also successfully determined to successfully develop functions and
operations in different areas of the world. In this regard, expansion is continuously develop in
different areas that set direction again with an announcement to sell clothing but food as well. In
1988, the company acquired different kinds of operations and functions to develop desired level
of results.
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Vision, leadership style and management practice
In order to accomplish desired results, it can be stated that following are different aspects
of business. They are as follows:
Vision: Marks and Spencer considered branding of built core values, services, innovation
and trust of customers. Brand vision is to provide standards against which its competitors that are
measured from assessment of customer experience. In this consideration, it can be stated that the
chosen business need to take care towards the business environment and community. Therefore,
working environment for employees is also important to deal with significant advantages of the
company. Furthermore, the selected enterprise need to focus on each customer demand and
requirements and produce products accordingly (Kajalo and Lindblom, 2015).
Leadership style: In Marks and Spencer, democratic style of leadership followed that helps
to deal in significant advantages with taking views and ideas of different people. The chosen
business operate in global market so that diversity successfully develop within the international
marketing. With this regard, the chosen business always taking participation of several
employees that assists to accomplish desired results (Mendling, Baesens and Fellmann, 2017).
Management practices: In order to manage and sustain success, it can be stated that
success of organisation will lead with cooperative work and ascertained desired outcomes in the
business. In this consideration, review the corporate leader and company’s mission, vision and
value which lead in the enterprise.
Various strategies and theories
In order to accomplish desired results, it can be stated that following are different kinds of
theories considered in the business that helps to lead with success:
 Great man theory: In respect to deal with significant advantages, it can be stated that
great man theory stated that leaders are born with right traits and abilities for leading with
perform different kinds of characteristics such as intellect, confidence, communication
skills, etc. In Marks and Spencer this theory suggest that ability to lead is inherent.
 Trait theory: According to this theory, successful and unsuccessful leaders are found so
that it is used to predict effective leadership that are usually identified from different
perspective. Identified characteristics are compared to determine likelihood to lead
effectively (Mendling, Baesens and Fellmann, 2017). Hence, if in Marks and Spencer this
theory followed it encompasses with decisiveness, judgement, etc.
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 Contingency theory: This theory emphasis on different variables that is specific used for
setting which determine style of leadership that is best suited in particular situation. In
this kind of theory, it can be stated that good leaders not possess right qualities which can
be evaluate particular situation of Marks and Spencer.
 Situational theory: It is similar as contingency theory which proposes that no one
leadership style supersedes others. It is implies with leadership that is depends on the
situation (Fernie and Sparks, 2018). Leaders are always correspond with respective
assessing certain variable in Marks and Spencer.
How it can be implemented with determine specific example
In the Marks and Spencer, it can be implemented that helps to lead with innovative
functions and operations which ascertained with significant advantages at workplace. In order to
ascertain desired results, following different kinds of theories considered in the business:
 Great man theory: According to this theory, it can be stated that leaders are born with
right traits and abilities to lead in whole group. In this consideration, different kinds of
characteristics successfully develop such as communication skills, confidence, etc. This
theory generally suggested that ability to lead with effectiveness in systematic manner. In
Marks and Spencer, manager need to lead with define leaders effectiveness which
ordained to rise to leadership when situation arise. This kind of great man, it can be stated
that leadership was reserved for male people.
 Trait theory: This kind of theory, it can be stated that there are several characteristics
considered who possess by several leaders. In this way, successful and unsuccessful
leaders identified. This theory suggest in Marks and Spencer different characteristics are
compared to potential leaders to determine their likelihood of leading effectively. In this
aspect, focus required on physiological attributes such as weight, appearance,
demographics, age, educations, etc. It is encompasses with decisiveness, judgement and
knowledge (Nandonde and Kuada, 2016).
 Contingency theory: In this kind of theory helps to demonstrate different variables that
are specific in setting which helps to set particular situation in the business. It is generally
found that no one leadership style that applicable in all situations. In Marks and Spencer,
this theory generally best form of leadership which assist to create balance between
behaviours, needs and context. In the business, effectiveness successfully develop that
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ascertained effective results. In the business, it create combination of many key variables
that stated that good leaders are generally evaluate to assess positive outcomes (Jenkins
and Williamson, 2015).
 Situational theory: In this kind of theory, leaders of Marks and Spencer also proposes
that it is implies leadership depends on situation at hand. Leaders should always
correspond their leadership style in respective situation. With the help of assessing
variables, it can be said that particular type of task, nature of followers will assess that
must be considered by followers. In the selected business, it helps to deal with different
situations that are considered in the organisation in systematic manner (Končar and
Leković, 2016).
 Behavioural theory: In this regard, it can be stated that behavioural theory helps to focus
on specific behaviours and actions of leaders rather than their traits and characteristic.
This theory also suggest that effective leadership is result of many learned skills.
Therefore, it can be stated that individual needs are considered in three kinds of primary
skills that helps to lead with their followers such as technical, human and conceptual
skills (Kajalo and Lindblom, 2015). Technical skills in the chosen business generally
focuses on development of the business which would be beneficial to attain competitive
advantages. On the basis of goals and objectives, it is generally refer as the leader’s
knowledge of the processes and techniques. It enable to leader to come up with ideas
Recommendations for improvement with leadership style
In order to accomplish desired level of outcomes, in Marks and Spencer it can be stated that
in the business different activities and tasks will successfully lead to gain desired level of
positive results (Sharma and Sharma, 2017). In this consideration, overall goals and objectives
must lead with following recommendation that assists in the business to operate in global
business environment:
 Lead with different types of employees: With respect to deal in different kinds of
products and services, it is important for Marks and Spencer to take ideas and views of
different employees of the business. In this consideration it is essential to accomplish
targets with take initiatives to attain significant results at workplace. With this aspect, it
can be stated that the chosen business should focus on democratic leadership style which
would be helpful to involve several people in it. In addition to this, it is also useful to
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improve business goals that are successfully achieve in the organisation (Mendling,
Baesens and Fellmann, 2017).
 Promote online selling of products and services: Furthermore, in Marks and Spencer it
can be stated that promotion of products and services with using online tools is also
effective that helps to lead with significant advantages and attain positive outcomes as
well. In this consideration, it can be stated that overall business functions will be
ascertained to focus on customers’ needs and requirements in positive aspect. With
respect to accomplish overall goals, it can be stated that it is essential to lead with overall
positive business goals (Banerjee and Mishra, 2017).
 Focus on taking ideas and views of different people: With respect to taking ideas and
views of different people, it can be stated that effectiveness will be continuously develop
that helps to lead in creativeness. In this regard, it can be said that management practices
will be ascertained in Marks and Spencer that helps to focus on overall business
functioning. In this consideration, chosen business need to concentrate on dealing with
innovation and creativeness. On the basis of different people ideas and views, it assists to
accomplish targets and effectiveness in proper manner (Fernie and Sparks, 2018).
 Adding new line of products and services: Another advantage to deal with business goals
and objective is adding new product and service line in the Marks and Spencer helps to
attain profitability and productivity. In this way, the chosen business should move on
focusing different activities that is important to attain more creativeness and attain
positive targets. In addition to this, it is useful to lead with targets and business expansion
in different areas (Agbola and Amoah, 2019).
CONCLUSION
From the above report, it can be stated that business management consider important role in
the enterprise to gain more profitability and effectiveness. In this regard, present study is based
on Marks and Spencer which is one of the largest retail sector business of UK. It is the enterprise
that lead with making creative and innovative functions that are important to perform several
business functions in different areas of the world. On the basis of innovative functions, they can
concentrate on leadership style which would be beneficial to lead successfully in team.
Furthermore, it summarised about vision, management practices of the company which helps to
lead in overall business functioning.
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REFERENCES
Agbola, R.M. and Amoah, A., 2019. Coding Systems and Effective Inventory Management of
SMEs in the Ghanaian Retail Industry. Central Inquiry, 1(1), pp.46-65.
Banerjee, M. and Mishra, M., 2017. Retail supply chain management practices in India: A
business intelligence perspective. Journal of Retailing and Consumer Services, 34, pp.248-
259.
Fernie, J. and Sparks, L. eds., 2018. Logistics and retail management: emerging issues and new
challenges in the retail supply chain. Kogan page publishers.
Jenkins, W. and Williamson, D., 2015. Strategic management and business analysis. Routledge.
Kajalo, S. and Lindblom, A., 2015. Market orientation, entrepreneurial orientation and business
performance among small retailers. International Journal of Retail & Distribution
Management, 43(7), pp.580-596.
Končar, J. and Leković, S., 2016. The role of retail strategy in the development and efficiency of
business on the global electronic market. Strategic Management, 21(4), pp.22-28.
Mendling, J., Baesens, B. and Fellmann, M., 2017. Challenges of smart business process
management: An introduction to the special issue.
Nandonde, F.A. and Kuada, J., 2016. International firms in Africa’s food retail business-
emerging issues and research agenda. International Journal of Retail & Distribution
Management, 44(4), pp.448-464.
Sharma, N. and Sharma, A., 2017. Relationship Between Employee Motivation And
Performance Of The Employees Working In Retail Sector In Jaipur. Journal of Management
Engineering and Information Technology, 4(2), pp.10-17.
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