Business Strategy Assignment | Marks & Spencer
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Added on 2020-06-06
Business Strategy Assignment | Marks & Spencer
Added on 2020-06-06
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BUSINESS STRATEGY
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1 ...........................................................................................................................................21.1 Mission, vision, goals and objectives with the core competencies.......................................21.2 factors that have to be consider while formulating strategic plan.........................................31.3 effectiveness of techniques in strategic plan development...................................................4TASK 2............................................................................................................................................52.1 organisational Audit for strategic position............................................................................52.2 Environmental Audit.............................................................................................................62.3. Significance of stakeholders................................................................................................72.4 Strategy for M&S..................................................................................................................7TASK 3............................................................................................................................................83.1 appropriateness of alternative strategies...............................................................................83.2 justification of newer strategy...............................................................................................8TASK 4............................................................................................................................................84.1 role and responsibilities of personnels in implementation of strategy..................................84.2 Resources required for implementation................................................................................94.3 SMART target in achievement of the strategy......................................................................9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11
INTRODUCTIONBusiness strategy is the blood and soul of an organisation. The business strategy is the setof plan and procedures hat are been used by an organisation to fulfil its vision and achieve itstargeted goals which are been decided by the business owner or the management of theorganisation (Akter, and et.al., 2016). The organisation of context is Marks and Spencer's. It is aUK based retail firm. It has an expertise in clothing, home goods and luxury food items. It isoperating in many countries like India, Finland, Russia and Spain. In the recent period, the salesof the clothing brands of M &S have been reduced in UK but, on the other hand it has anenormous rise in the luxury food products. The company started with the policy of selling onlyBritish goods but with the passage of time and globalisation, it included the brands and productsof various countries at its store. Beside this, the company deals with the clothing and foodmanufacturing units that provide the finished products to M&S. In 1957, the company introducedthe stocking and size measuring system. Marks & Spencer's are known for providing itscustomers with a products and services that are good value for money. In 1973, the companybegan to expand its retail business outside the UK. But, the unfavourable locations and smallersize of the outlets forced the company to close down 38 stores in UK. IN 2001, the companystarted using the credit cards for the mode of payment at its outlets and also redesigned itsbusiness model to gain a sustainability in the market. By 2009, the company had adopted a costcutting measure that is been utilized to gain a better utilisation of available resources and reducethe wastage. In 2016, M&S entered the German and French market with inner wears and kidswear (Armstrong and et.al., 2015). In the recent time, the company has seen a major decline in itssales which has deeply affected the performance and profitability of the company. The companyhad to take strategic measures to tackle this situation and sustain its market presence. This reportwill cover the various missions, visions, goals or objective that is been decided by anorganisation in regard to its core competencies. Besides this, we will also discuss effectiveness ofvarious techniques while developing a business plan. Also, we will discuss various techniquesthat are been used to decide a strategy. The report will include the environmental audit thatcovers internal and external analysis. The report will also include the organisational audit(Buckley, Burton and Mirza, 2016). Apart from this we will also conduct a stakeholder analysisto gain a better idea about the strategy formation. A new strategic plan is been discussed for thecompany to meet its market challenges and its appropriateness in regard to market entry,1
substantive growth and retrenchment. Also, the roles and responsibilities of various personnelsand estimated resource requirements are been considered. Apart from this, the contribution ofSMART targets is been discussed for strategy implementation. TASK 11.1 Mission, vision, goals and objectives with the core competencies.Mission and Vision: The mission of Marks and Spencer's that wants its services andproducts to be accessible by all. The vision is to sustain a long term success and is to be thelargest retail firm in the UK as well as in the world and provide its customers with the effectivevalue for money products and services.Goals: The goal of Marks and Spencer's is to gain a better market share on a global level to gaina better profitability. Besides this the company target to increase the trust level of the employees,customers as well as the stakeholders that are associated with the company (Dranove And et.al.,2016). It goal of 'Mission 2020' is to become the largest supplier of the retail goods in themarket.Objectives: The M&S has the following objectives that drives the company and make it workfor the achievement of its targeted goals. The objectives of M&S are as follows:Employee orientation: It is the higher expectation towards the staff of the company thatthe company has to take into consideration. It is been followed so that the employeeswork in a very successful way and provide them with the job satisfaction (Peteraf,Gamble and Thompson, 2014). Also, it will attract the employees of higher skill set togain a better transformation for the business and deliver high performance to itscustomers. Organisational objectives: It is been followed to gain a better work efficiency to regainthe leadership in the market. Also, this is implemented to gain a better scale, superiorquality and value generation.Sales objectives: the company has certain objectives in regard to improve its per unit saleat its outlets and reduce goods and service returning to company (Scholes, 2015).2
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