Business Strategy of Marks & Spencer
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Added on 2020-06-04
Business Strategy of Marks & Spencer
Added on 2020-06-04
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BUSINESS STRATEGY
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................21.1 Vision, goals and objectives of M&S...............................................................................21.2 Significant element for creation of strategic plan.............................................................21.3 Analysation of effectiveness of BCG matrix and SPACE ..............................................3TASK 2............................................................................................................................................42.1 SWOT analyses and Anstroff matrix...............................................................................42.2 PESTLE and porter's five analysis...................................................................................52.3 Importance of stakeholders analysis.................................................................................62.4 Presentation of new strategy.............................................................................................6TASK 3............................................................................................................................................73.1 Evaluating appropriateness of alternative strategy...........................................................73.2 Justification of selected strategy.......................................................................................8TASK 4............................................................................................................................................84.1 Responsibilities of personnels responsible for execution of strategies............................84.2 Estimation of necessary resources....................................................................................84.3 Contribution of SMART targets in implementation of tactics.........................................9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11
INTRODUCTIONBusiness strategies are the plans which a company use for attaining their long term goalsand earning competitive advantages of other players of the industry (Definition of businessstrategy. 2017). It also include planning for expansion of the organisation (Ang, 2011). It isnecessary for a firm to change their tactics with time otherwise they may face some seriousproblems in forthcoming time . Marks and Spencer is leading firm in retail sector. They are verystrong in their domestic market i.e. but at the same time their global presence is also strong. Thiscompany has approximately 979 stores in UK and the number of their international outlets inaround 454. When this organisation started their business, their main products were cloths andfood. They were basically know for the prior items, the quality of their clothing is considered astheir USP. They have capture significant amount of market share in premium segment.Gradually, top level management of this company understood that they have to offer moreproducts in their stores otherwise their competitor will get more strong. Currently they are sellingvarious items like furniture, gadgets, homewares etc. at their outlets. Almost 85000 employees are working in this 133 year old company. In present scenario,their sale is approx. 10.4 billion pounds and their profit is around 483 million pounds. Theirrevenue is increasing but the main problem for them in current business environment is that theirprofit is going down. Some experts believe that they are not performing well because they areshifting their focus from their key segment i.e. clothing while others think that they are notaggressively expanding their market in Asian region specially in India. The first foreigninvestment of this firm was in Canada, they captured this market in short period of time byoffering high quality services and products. After this, they started expansion of their business inother European countries so they can earn more revenue and capture developed territories(Annabi and McGann, 2013). The main reason behind success of this enterprise is that they always focus on quality oftheir products, some people may argue this company sell expensive goods but M&S alwaysbelieve in providing value for the money. This organisation is serious about CSR, they arecommitted to help 10 million people by 2025 so they can live a happy and healthy life. They aregoing run a zero waste business, this enterprise is also going to assist 1000 communities intransforming their life. This assignment will discuss about various mission, vision and goals ofthe organisation. The process of understanding strategic planning will become significant part of1
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