Business Strategy for Mark and Spencer
Added on 2020-07-23
13 Pages4123 Words63 Views
BUSINESS STRATEGY
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................21.1 Vision, mission, goals and core competencies for Mark and Spencer. ................................21.2 Factors needed to be considered when formulating a strategic plan ....................................21.3 Two techniques used when developing the strategic plan ...................................................3TASK 2............................................................................................................................................42.1 Current strategic position of the Mark and Spencer with the help of internal audit. ...........42.2 Environmental audit for Mark and Spencer. ........................................................................52.3 Significance of stakeholder analysis while formulating new strategy .................................52.4 New strategy for Mark and Spencer .....................................................................................6TASK 3............................................................................................................................................63.1 Alternative strategy that can be used Mark and Spencer .....................................................73.2 Justification of the new strategy ...........................................................................................7TASK 4............................................................................................................................................84.1 Roles and responsibilities of personnel while implementing the strategy............................84.2 Resources required to implement discussed strategy ..........................................................84.3 Contribution of SMART target in the strategy implementation...........................................9CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10
INTRODUCTIONBusiness strategy help the firm in achieving its goals and objectives with the help ofproper planning and directing them in right direction. It helps firm in making right decisionregarding the allocation of the resources that can help the firm in achieving its goal andobjectives. In order to improve their business plan, the firm uses two types of stargaties that isgeneric and competitive. This strategy helps firm in developing its position in competitivemarket. It plays important role in the business expansion and resource allocation that can helpthe business in achieving success. For the present study, Marks and Spencer (M&S) has been taken into consideration. It isone of the leading multinational retailer in Britain. The firm owes its existence for more than 133years with approx. 454 stores all over the world. In UK alone, the company has 979 stores thathelp them in catching the eyeball of their customer. The worldwide revenue of the firm in 2017was recorded £10, 622.0 million. The average number of employee, employed by the firm is84,939. The CEO of the firm has said that the main objective of the firm is to provide qualityproduct to their customer along with the great productive space. The company have achievedgreat success when it comes to the success and growth of the firm. In 2010 the revenue that isearned by the cited firm was 9,536.6 Million GBP, the firm is continuously growing that showsin the increasing revenue of the firm from year 2010 to 2017. In 2013 the annual revenue of thefirm was 10,026.8 million GBP, and in 2017 it has been recorded 10,622 Million GBP. The firmis continuously growing and was able to achieve the success of great height. The firm specialises in producing luxury clothing, home products and luxury foodproducts. The firm has saw profit rise of 4.3%, the food department of the firm continue to runsarong, yet the general merchandise which include clothing and home product slip by 2.2%,while the stores that are open for more than a year notice the fall of 2.9%. Looking at the drop inthe sale of the firm, the CEO of the firm has come up with the plan of “recovering and growing”where he has made clothing and home as one of the main priority that can help them in retainingtheir sales. In order to increase the sale of the firm it has decided to focus more on the customerand making sure to provide them with high quality of product. Along with this, it plans onincreasing their availability by selecting better place of distribution that can provide them withgreat visibility. In addition to this, it plans on focusing more on their core shoppers that is thefemale of the age 50 that shop within the cited firm approx. 18 times a year. Along with this, it is1
also making major change in the food products by reducing the number of brand from 500 to100. Along with this, it is also introducing 100 distinctive international brands. The firm ismaking major change in their business strategy in order to increase their sales and profit.TASK 11.1 Vision, mission, goals and core competencies for Marks and Spencer. M&S is one of the big retail firm in the UK. The firm focuses on the customersatisfaction in order to achieve their goals and objectives. The firm believes that by providingquality product and services to the customer the firm can make profit and can also increase theirsales. Vision: The vision of the M&S Ltd is to sustain in the market for longer period, and to providetheir customer with quality of services. They believe in adapting new business strategy that canhelp them in maintaining the value that they provide to their customer. They believe changes arenecessary part of business. In order to find stability its necessary of the firm to adjust themselvesaccording to the situation (Agrawal, 2016). Mission: The main mission of the firm is to provide their customer with quality product in orderto maximize their profit. In addition to it, they also work to attain the loyalty of the customer sothat they can connect them to the firm for lifetime. Goals and Objectives: Goal and objectives are the desire of the entity that they want to achievewithin the specified time. The main objective of the firm is to improve their services and profitswhile the goal of the firm is to become the best retailer in the market of UK (Armstrong and et.al, 2015). 1.2 Factors needed to be considered when formulating a strategic plan Strategic planning in simple terms can be defined as the way through which a firm cananalyse the issue that can create the problem in the success of the firm. In addition to it, this alsohelp in identifying key factors that can help them in resolving that issue. It involvesmultidirectional research that help firm in their success.Gap Analysis: It's a process that helps firm in identifying the current competency of the firm andits future need. This gap analysis helps the firm in identifying its strength and weaknesses thathelp them in formatting a plan that can eliminate their weaknesses and strengthen their strongpoints that can help them in achieving their objectives (Bentley and et. al., 2013). 2
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