Business Strategies and Competitive Advantage

The provided document contains multiple references to research papers and studies on business strategies, competitive advantage, and related topics. It mentions the use of different matrices such as the BCG Matrix, SPACE Matrix, and Ansoff Matrix in analyzing business strategies. The document also provides information about strategic leadership, digital business strategy, and innovation types. It seems to be a collection of relevant research papers for a student's assignment or project on business strategies.

BUSINESS
STRATEGY

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK1 ............................................................................................................................................2
1.1 The essential element of company that are useful in strategic planning..........................2
1.2 The essential elements that have to be considered while formulating strategic plan. .....3
1.3 The effective techniques used in strategic plan...............................................................4
TASK 2 ..........................................................................................................................................6
2.1 Strategic position of company through conducting its organizational audit....................6
2.2 Environmental audit for Marks and Spencer....................................................................8
2.3 Significance of stakeholders in preparing of strategies....................................................8
2.4 Developing a new strategy for Marks and Spencer..........................................................9
TASK 3 ...........................................................................................................................................9
3.1 Different strategies that are linked with market entry, growth and sustainability............9
3.2 Selection of best strategy................................................................................................10
TASK 4 .........................................................................................................................................10
4.1 Different roles and responsibilities of personnel in implementation of strategy............10
4.2 The primary resources requirements for execution of new strategy for M&S...............11
4.3 Assessment of SMART targets in business strategy......................................................12
CONCLUSION .............................................................................................................................12
REFERENCE ................................................................................................................................14

INTRODUCTION
Business strategy can be considered as the management of art and science that is linked
with cross function decision in respect to accomplishing long term objectives and goals. Is also
described as the essential organisational plan which is concern on attaining desired targets of
organisation in terms of arrival at higher place at a wide geographic point. Business strategy
assumes as an exceptionally outstanding role in growth and success of business organisation.
Strategic plan is effective in developing financial condition of firm as it is important in
implementing right strategy at right place (Agyapong and Boamah, 2013). The prime purpose of
each business firm is to rendering high quality goods and services to their significant customers
in respect to satisfying their of necessity and wants. Major objectives of organisation are
interlinked with strategic plan as to carry out organisation and its various operations in
systematic manner. Mark and Spencer is the largest British multinational retailer firm and deals
in best quality or luxury goods and services. The headquartered is in city of Westminster which
comes in London. The company was propounded by Thomas Spencer and Michael Marks in the
year of 1884. The organization served their products and services world wide and concern on
providing high quality items in respect to satisfying the needs and wants of people. Mark and
Spencer have more than 979 stores through out the United Kingdom. The company also have
approximate 454 stores that are placed internationally, in all over India the company is having
more than 58 stores, 48 outlets in Turkey, 37 in Russia, 17 in Ireland, 27 in Greece, 11 in Poland,
14 in France, 6 in Hungary and Finland and 5 in Spin. The company is mainly focused on
satisfying the needs and wants of customers through offering them variety of goods and services.
In this competitive era it is required for firm to attain higher competitive advantage at market
place in respect to providing higher competition to their competitors. The needs and wants of
customers are changed at regular basis as per change arises in market trend. It is required for firm
to identify the needs and wants of customers in respect to produce more and more goods which
are based on consumers perception and requirements. This report contents the study about the
use of business mission, vision, objectives and core competencies in implementing an effective
strategic plan (Aithal, 2016). Various factors which are essential in implementing plan of action,
importance of tools and proficiency that are effective in creating an effective plan for business,
the strategic position of firm, the roles and duty of personnel who are answerable for designing
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strategic plan are explained in detailed manner. The importance of SMART targets will also be
explained in detailed manner.
TASK1
1.1 The essential element of company that are useful in strategic planning.
An effective plan of action plays an important role to fulfilling the requirements of
organisational goals, mission, vision and core competencies. Effective assessment of
organisational objectives helps in enhancing sales and revenue of firm. Organisations can attain
growth and development in their operations and processes through implementing vision, mission,
goals and core competencies, these all are evaluated as below:
Vision In this modern world each business organisation is focused on
developing their quality and performance of goods and services. High
quality goods and services are effective in retaining customers fort long
time. Mark and Spencer is famous for its high quality goods and
services.
Mission The essential mission statement of Marks and Spencer is to create
aspirational quality accessible to people with the help of effective
utilisation of technologies. Employees experience, vision statement and
expertise knowledge helps in fulfilling the changing needs and wants of
customers at market place (Alsoboa and Aldehayyat, 2013).
Goals and Objectives It is essential for each business organisation to set some goals and
objectives as these are effective in carry out all business activities in
right direction. The major goal of Marks and Spencer is to attract
customers towards firm through providing large number of goods and
services to their potential customers. Further more company focused on
attaining higher competitive edge in respect to rendering competition to
their competitors. The company expecting higher performance from
employees in order to gaining effective outputs.
Core Competencies Marks and Spencer has variety of high quality goods and services which
are effective in providing high satisfaction to customers. This can be
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considered as the most essential factor that are helpful in generating
strategies which are different from their competitors and helps in
reaching at higher position at market place. The company is concern on
using various innovative tools and techniques in respect to developing
organisational performance which create value in high growth and
competitive edge.
Business plans are essential tool for all organisation in respect to implement all business
functions in appropriate and formed manner thus firms can gain growth in their dealings.
Business plan:
BASIS TIME DURATION
Research and development operations. 25 to 35 days
Aims and objectives 15 days
Present market positions 15 to 20 days
Documentation 20 days
Effective development of plan and policies. 17 days
Implementation and evaluation 18 days
1.2 The essential elements that have to be considered while formulating strategic plan.
In this recent scenario the basic purpose of each business firm is to attract large number
of customers towards firm through offering multiple products and services at their targeted
market. For attaining higher position at market place company is concern on implementing
strategies which are more effective than their rivals. There are various factors that are essential
in implementing strategic plan in which several are described as below:
Future Targets: It is necessary for each organisation to concern on formulating plan in respect to
attain all desired goals and objectives in systematic manner. Goals can be considered as the
predetermined statements which create value in achieving all targets (Barberá and et. al., 2012).
Financial aspects: This can be described as the fundamental need of each business organisation
as execution of business and its operations are based on financial aspects. Plans needs to be
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developed by firms in respect to carry out business operations in significant manner. It is
necessary for firm to manage financial resources in effective manner as to attaining higher
growth in planned way.
Current market situation: Appropriate strategies needs to be created in respect to identifying the
current needs and wants of customers at market place. This is crucial factor in respect to
implement strategies that are useful for gaining competitive edge.
Customers: This can be considered as the most essential aspect of any business, customers are
the king of market as the whole growth and profitability of firm are based on customers
satisfaction. It is required for business organisation to create some strategic plans which are
effective in fulfilling the changing preferences of customers through producing new and
innovative goods and services as per the choice and changing needs of customers.
1.3 The effective techniques used in strategic plan.
In this scenario competition is so high at market place, so each business organisation is
widely concern on implementing various tools and techniques in order to creating effective
strategic plans. Marks and Spencer is dealing in high quality clothing and luxury food products
and focused on satisfying the needs and wants of customers. Manager and higher authority of
firm applying BCG and SPACE matrix as these two are effective in developing strategic plan.
BCG Matrix has categorised among 4 major aspects which are describes as below:
Stars: Such type of business are having higher growth rate and market shares. Star products are
effective in attaining higher position at market place.
Cash Cow: These organisations are having higher market share as compared to their growth
rates. These can be described as well introduced products at market place (Basili and et. al.,
2014). This create value in attainment of higher profit and also helps in generating various
opportunities at wide level.
Dogs: Such kind of products needs to be removed from the market place as these are having
some vast impact on organisational performance.
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(Source: BCG Matrix, 2017)
Question Mark: It explains that growth and market share of firm are low. There is a vast need to
high investment in order to gaining growth and success. These are most effective in causing
issues and conflicts in business operations.
SPACE Matrix:
(Source: SPACE Matrix, 2017)
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Illustration 2: SPACE Matrix

The strategic position and action Evaluation analysis is a widely applied tool and well
known in implementing strategic plan for firm. This matrix is used by firm in the very beginning
of exercise to represent the over all themes and also applied at the end of the process. This matrix
is based on organized assessment of four key problems that are essential for balance the intrinsic
and extrinsic factors. Industrial attractiveness and environmental stability are involved in
external factors and competitive advantage or financial strength are involved in internal factors.
TASK 2
2.1 Strategic position of company through conducting its organizational audit
It is required for each business organisation to create some effective business plans in
order to attaining high growth and profitability at market place as strategies are effective in carry
out business and its all activities into well planned manner. Internal audits are appropriate tools
in respect to determine all difficulties that are faced by organisations in their business ventures.
Marks and Spencer is a famous British multinational retail company and focused on attaining
higher competitive advantage through implementing various strategic plans and policies
(Bharadwaj and et. al., 2013). SWOT is most essential tool in analysing the internal and external
factors that has a huge impact on organisational performance.
Strength  It is the most powerful retail company as to having variety of goods and
services which are offered to their customers.
 The major strength of firm is that they are having their own brand
labels.
 The company is having more than 1000 stores which are capturing
more than 40 countries.
Weaknesses  Company is having limited market share due to strong competition
from other popular retail brands.
 Bad publicity in non trendy stores, as it is essential for firm to maintain
their brand image.
Opportunities  Company is having opportunity to introduce new and innovative
products at market place that are valuable in attaining high growth.
 Company implement their website.
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Threats  Large number of competition available at market place.
 Needs to follow government policies that are implemented for retail
stores.
Ansoff Matrix:
(Source: Ansoff Matrix, 2015)
This can be described as the most effective tool for analysing the position of firm at market place
, this can be categorised among four major aspects which are evaluated as below:
Market Penetration: It is also known as growth strategy in this business is concern on selling
their existing goods and services at market place.
Market Development: In this organisation sell their existing products in new targeted areas. In
this development of market is risky as compared to the strategy of market penetration.
Product Development: In this company is focused on in introducing new product at market place
in respect to gaining more profit and revenue.
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Illustration 3: Ansoff Matrix

Diversification: It is also consist as the growth strategy in which business markets its new
products at new area of market. This is risky strategy as company is moving towards a market in
which they are having less of no experience (Montgomery, 2011).
2.2 Environmental audit for Marks and Spencer
It is essential for each business organisation to know their extrinsic surroundings that are
directly or indirectly impacted on organisational activities and performance. Marks and Spencer
is dealing in retail industry and famous for their high quality goods and services. PESTLE is
effective conducting an effective environmental audit, it has various components which are
described as below:
Political: Marks and Spencer follows British political system which offers stability for firm and
widely encourages capitalism at market place. Present regulations and legislation are in favour of
the operations of M&S.
Economical: M&S is widely impacted by its competitors as the company is having wide range
of rivals at market place. Company is providing high quality goods in reasonable prices this lead
to short term loss for firm and people were attracted towards high quality (Bozkurt and Kalkan,
2014). When the economy is booming and it tends to decrease during the period of recession, the
consumption of goods is increases.
Social: The taste and needs of people are rapidly changed due to change originate in market
trend. As the company is dealing in clothings and this type of market is particularly sensitive to
new fashion trends.
Technological: M&S spending a huge amount of rupee in gaining high competitive edge
through adoption of new and advance technologies at market place. Modern tools and effective
in developing the production and decreasing the cost of firm.
Legal: It is required for firm to follow rules and regulations that are generated by government
authorities or its bodies. As a large business organisation M&S follows the rule of safety and
security and provide high quality goods and services to ensure their customers about the safety of
their health.
Environmental: There are various internal as well as external factors that has huge impact on
organisational performance so it is required for firm to maintain them in systematic manner.
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2.3 Significance of stakeholders in preparing of strategies
Stakeholders are the most essential part of business firm, as they are responsible for
contributing their vast efforts in growth and success of firm. Appropriate formulation of
organisational activities are effective in achievement in short and long term objectives. With the
help of effective business plan organisation can easily attaining higher competitive advantage at
market place. Marks and Spencer is using matrix policies, as it is appropriate in identifying the
present preferences and needs of customers.
The value of stakeholder analysis are evaluated as below:
 Stakeholders plays vast role in creating effective plans and policies that are essential in
reaching at higher position at market place (Burlton, 2010).
 Strategies are design in respect to determine the current marketing positions of firms thus
attainment of competitive edge.
 Suitable strategies are effective in executing all business activities in systematic manner
in order to gaining high profit and revenue.
2.4 Developing a new strategy for Marks and Spencer.
In this modern era competition is so high and organisations are concern on implementing
new business strategies which are essential in managing coordination among various business
operation's. The new and innovative strategies that is designed for M&S involves the following
steps which are described as below:
Firstly it is required for business to mapping all stakeholders in respect to determining the needs
and wants of customers and manufacturing goods accordingly.
Design a suitable strategy which create value in expanding business operations at large level.
Growth strategy is more effective and valuable as it helps in analysing the areas in which
company can easily expand their operations (Campling, 2012).
Market research is important as it is effective in identifying the needs and wants of customers at
market place. These all steps are helpful in attaining sustainability at market place.
TASK 3
3.1 Different strategies that are linked with market entry, growth and sustainability
There are various strategies that are implemented by M&S as per the different situation of
market, in which are some are evaluated as below:
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Market entry: As a popular firm M&S has wide range of customers who are effective in
attaining high growth at market place. Company is focused on attaining high position at market
place through enter into various locations.
Limited growth strategy: This strategy is widely applied by firm which are having less number
of capital as this helps in providing limited growth and success for firm.
Retrenchment: In this type of strategy company is is concerned on applying advance and new
strategies that are effective in enhancing growth and market share of firm.
Sustainable growth: Organization is widely concerned on applying effective pricing policy at
market place in respect to attracting large number of customers towards their displayed goods
and services (del Río and et. al., 2011).
These all are effective for attaining high growth and sustainable competitive edge at market
place. Company apply these strategies on different situations.
3.2 Selection of best strategy
In recent modern era each organisation is concern on selecting most suitable strategy in
order to accomplishing their desired goals and objectives in given time duration. As a
multinational brand company is having various departments in which they conduct different
operations which create value in gaining attention of customers. The company is using multiple
strategy in respect to attaining higher competitive advantage at market place. Company apply
different strategy as per the requirement of situation (Firnkorn and Müller, 2012). In this modern
scenario company is widely concern on creating higher position at wide geographical area. The
organization is targeting those people who are willing to taking welfare of offered products
services of firm and helps in increasing the productivity of firm through developing their sales at
market place.
TASK 4
4.1 Different roles and responsibilities of personnel in implementation of strategy
In an firm various type of individuals are included who are helpful in executing effective
strategic business plan in order to effectively completion of various business operations. The
individual who are participating in executing action plan are described as under:
CEO These are the independent owners who are responsible for all actions which
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are held at work places. The Chief executive officers are the most necessary
element of stakeholders who are included in creating strategies in efficient and
contrived manner as to gain high market positions.
Managers They can be considered as the most effective part of firm that are involved in
the board of directors of firm and having a huge control on over all business
activities that are essential in effectively carry out the business operations in
right way. They perform vast role in assigning duty and task to people as per
their knowledge and skills (Ghezzi, 2013).
Top
management
These are considered as sole owner who are having duty in respect to execute
program as per their skills and knowledge level. They are concern on examine
all anaemic point of employees and conducting training and development
programmes for increasing their actual skills and ability.
4.2 The primary resources requirements for execution of new strategy for M&S.
There are number of resources which are implemented by M&S in order to formulating
an effective strategic plan which create value in attainment of growth and success at market
place. Some effective resources are evaluated as below:
Human Resource: These can be described as the most necessary assets for firm in this director,
subordinates and employees are included (Jocovic and et. al., 2014). These are effective in
contributing their vast attempt in achieving high growth and success at market area. It is required
for managers to analyse the needs and wants of employees.
Financial Resources: This is one of the most essential resources through which all activities are
moving forward towards right manner so that organisations can attain success in their business
functions.
Physical Resources:In this modern scenario each organisation is concerned on using most
appropriate strategy in respect to enhancing their profitability and fruitfulness by emerging
advanced technologies and tools. It is the major duty of administrator is to distinguishing the of
necessity and wants of employees at work place, so that worker can work in efficient way.
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4.3 Assessment of SMART targets in business strategy.
Business and its higher authorities faces various issues at the time of executing strategic
plan. Due to issues companies are not able to attain their desired goals and objectives in effective
and efficient manner (Meskendahl, 2010). SMART targets are more effective in attaining
business goals and objectives in planned manner. The elements of SMART objectives are
evaluated as below:
Specific: Managers and higher authorities of firm are responsible for formulating strategies and
these are needs to be specific in nature. So that employees can work as per the guidance of the
plan.
Measurable: The objectives that are designed by M&S needs to be measurable with time and
organisation in which firm organise their various operations.
Attainable: The chosen aims and objectives of firm needs to be achieved in given period of time
which have been assigned to them.
Realistic: The desired objectives needs to be reliable in nature as these are not created on the
basis of any assumption.
Time bound: The organisational aims and objectives have to completed in desired period of
time, which is essential in attaining high success in their business operations.
M&S is implementing targets in respect to efficaciously completion of their business operations
in assigned period of time. With the help of SMART objectives the company enhance their
profitability ration through offering variety of goods and services to their potential customers.
CONCLUSION
As per the given report it has been concluded that organisational strategy is consist as the
most effective part of any firm and it is connected with the management of science that are
created to achieving organisational goals and objectives. Strategic plan helps in carry out the all
business activities in right direction as to accomplishing desired goals and objectives in well
planned manner. Strategic plans are helps in providing proper assistance to firm for moving
forward towards right direction. In a firm managers and higher authorities are answerable for all
activities that are organised at work place and they are facing various issues and conflicts at the
time of creating strategies which are more suitable in achieving growth and success in business
operations.
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