logo

Business Strategy Assignment - Marks & Spencer

14 Pages4526 Words116 Views
   

Added on  2021-02-20

Business Strategy Assignment - Marks & Spencer

   Added on 2021-02-20

ShareRelated Documents
BUSINESS STRATEGY
Business Strategy Assignment - Marks & Spencer_1
Business Strategy Assignment - Marks & Spencer_2
INTRODUCTION Business strategy is referred as different decisions and tactics that benefits a businessperson in attaining particular business aims & objectives. It is defined as a master plan which isimplemented by an individual so that a high competitive position can be achieved withinmarketplace. This assignment is written in accordance with Marks & Spencer which is a UKbased retailer and manufacturer of cloths, food items and home products (Amran and et. al.,2016). This report is going to discuss about the impacts associated with macro environment onbusiness strategies of a company. Various analytical frameworks to acknowledge macroenvironment is discussed. Organisational capabilities is acknowledged along with evaluationthrough Porter's five forces. At last, different models, concepts and theories to understandstrategic directions are mentioned. TASK 1P1 Vision: Main vision of M&S is to became a global standard against which other nationaland international organisations will measure their performance.Mission: Marks & Spencer have a mission to create an inspirational quality which isaccessible to other. This will help the company in increasing their customer base due to whichthey will attain high profits. Objective: In case of M&S, objective of company is to attain leadership in clothing andfood sector. This will help them in becoming a renowned global brand which can compete withrivals by efficient means. Strategy is defined as an action which is taken by manager of a firm so that organisationalgoals can be attained in a proper manner. It is a general direction which is followed by companyso that high results can be attained in future. By formulating effective business strategy, acompany is able to decide what they have to perform so that high advantage over rivals can beachieved in terms of sales and revenues (Drnevich and Croson, 2013). Achievements of moreprofits and sales through different business strategies will help M&S in achieving their goals andobjectives. Also, implementing different strategies will allow the concerned company to followright strategic direction. Due to this, they will be able to achieve wide success at national andinternational market. 1
Business Strategy Assignment - Marks & Spencer_3
Different kind of strategic planning tacticsBenchmarking: It is defined as comparing of the metrics with a competitor or entireindustry in which company is operating. By this, M&S will be able to acknowledge abouttheir market position by comparing their performance with market leaders. This will helpthem in formulating appropriate business strategy to earn high profits. Business analysis: By analysing the business and its activities in an appropriate way,M&S will acknowledge their strengths or weaknesses by efficient means so that onlyright and strategic decisions will be taken by M&S to attain expected outcomes (Ghezzi,2013). Various analytical framework to acknowledge macro environment Stakeholder analysisA stakeholder analysis is referred as a procedure of identifying those people which canimpact or get impacted by the performance of company before initiation of any project. Thisanalysis will benefits M&S in grouping stakeholders in accordance with their interest, level ofparticipation and impact in project. There are three steps to conduct stakeholder analysis whichare mentioned below: Step 1: Determining about different stakeholders by preparing a list of all possibleindividuals which can be potential stakeholders for the company. In case of M&S, potentialstakeholders will be sales department, executive staff, marketing executives, customers,employees, suppliers, public, government, shareholders etc. Step 2: After listing all important stakeholders, manager in company will be needed toprioritize them according to different categories such as interest, level of participations, influenceetc. High power, high interest: These stakeholders will be most important for M&S andprioritizing them will help company in performing their business activities in a smoothmanner (Hoejmose, Brammer and Millington, 2013). High power, low interest: These stakeholders influence the working of company butthey do not have high interest in project or activities of M&S. Low power, high interest: These stakeholders are required to be informed aboutbusiness so that projects of M&S can not create a problem for them. 2
Business Strategy Assignment - Marks & Spencer_4

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
Business Strategy: Concepts and Frameworks for Success
|15
|4454
|2

Analyzing the Impact of Macro Environment on Business Strategy of M&S
|15
|4462
|85

Analyzing the Impact of Macro Environment on Business Strategies: A Case Study of Marks and Spencer
|17
|4631
|39

Business Strategy: Analyzing Macro and Internal Environment of Marks & Spencer
|14
|4488
|260

Business Strategy: Analyzing Macro and Internal Environment of Marks & Spencer
|14
|4488
|366

Business Strategy for Marks and Spencer: Analyzing Macro Environment and Internal Capabilities
|16
|5063
|498