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Business Strategy for Marks and Spencer

   

Added on  2020-07-22

15 Pages4738 Words36 Views
BUSINESSSTRATEGY
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Table of ContentsINTRODUCTION...........................................................................................................................1TASK1 ............................................................................................................................................21.1 The essential element of company that are useful in strategic planning..........................21.2 The essential elements that have to be considered while formulating strategic plan. .....31.3 The effective techniques used in strategic plan...............................................................4TASK 2 ..........................................................................................................................................62.1 Strategic position of company through conducting its organizational audit....................62.2 Environmental audit for Marks and Spencer....................................................................82.3 Significance of stakeholders in preparing of strategies....................................................82.4 Developing a new strategy for Marks and Spencer..........................................................9TASK 3 ...........................................................................................................................................93.1 Different strategies that are linked with market entry, growth and sustainability............93.2 Selection of best strategy................................................................................................10TASK 4 .........................................................................................................................................104.1 Different roles and responsibilities of personnel in implementation of strategy............104.2 The primary resources requirements for execution of new strategy for M&S...............114.3 Assessment of SMART targets in business strategy......................................................12CONCLUSION .............................................................................................................................12REFERENCE ................................................................................................................................14
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INTRODUCTIONBusiness strategy can be considered as the management of art and science that is linkedwith cross function decision in respect to accomplishing long term objectives and goals. Is alsodescribed as the essential organisational plan which is concern on attaining desired targets oforganisation in terms of arrival at higher place at a wide geographic point. Business strategyassumes 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 inimplementing right strategy at right place (Agyapong and Boamah, 2013). The prime purpose ofeach business firm is to rendering high quality goods and services to their significant customersin respect to satisfying their of necessity and wants. Major objectives of organisation areinterlinked with strategic plan as to carry out organisation and its various operations insystematic manner. Mark and Spencer is the largest British multinational retailer firm and dealsin best quality or luxury goods and services. The headquartered is in city of Westminster whichcomes in London. The company was propounded by Thomas Spencer and Michael Marks in theyear of 1884. The organization served their products and services world wide and concern onproviding high quality items in respect to satisfying the needs and wants of people. Mark andSpencer have more than 979 stores through out the United Kingdom. The company also haveapproximate 454 stores that are placed internationally, in all over India the company is havingmore 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 onsatisfying 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 marketplace in respect to providing higher competition to their competitors. The needs and wants ofcustomers are changed at regular basis as per change arises in market trend. It is required for firmto identify the needs and wants of customers in respect to produce more and more goods whichare based on consumers perception and requirements. This report contents the study about theuse of business mission, vision, objectives and core competencies in implementing an effectivestrategic 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 designing1
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strategic plan are explained in detailed manner. The importance of SMART targets will also beexplained in detailed manner. TASK11.1 The essential element of company that are useful in strategic planning.An effective plan of action plays an important role to fulfilling the requirements oforganisational goals, mission, vision and core competencies. Effective assessment oforganisational objectives helps in enhancing sales and revenue of firm. Organisations can attaingrowth and development in their operations and processes through implementing vision, mission,goals and core competencies, these all are evaluated as below:VisionIn this modern world each business organisation is focused ondeveloping their quality and performance of goods and services. Highquality goods and services are effective in retaining customers fort longtime. Mark and Spencer is famous for its high quality goods andservices. MissionThe essential mission statement of Marks and Spencer is to createaspirational quality accessible to people with the help of effectiveutilisation of technologies. Employees experience, vision statement andexpertise knowledge helps in fulfilling the changing needs and wants ofcustomers at market place (Alsoboa and Aldehayyat, 2013). Goals and ObjectivesIt is essential for each business organisation to set some goals andobjectives as these are effective in carry out all business activities inright direction. The major goal of Marks and Spencer is to attractcustomers towards firm through providing large number of goods andservices to their potential customers. Further more company focused onattaining higher competitive edge in respect to rendering competition totheir competitors. The company expecting higher performance fromemployees in order to gaining effective outputs. Core CompetenciesMarks and Spencer has variety of high quality goods and services whichare effective in providing high satisfaction to customers. This can beconsidered as the most essential factor that are helpful in generating2
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