Assignment | Business Strategy

Added on - 03 Dec 2019

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BUSINESSSTRATEGY
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................21.1 Brief description of Marks and Spencer...........................................................................21.2 Factors to be considered while formulating strategic plan...............................................31.3 Evaluating the effectiveness of the techniques while developing business plan..............4TASK 2............................................................................................................................................62.1 Strategic positioning by conducting organizational audit................................................62.2 Environmental audit for M&S..........................................................................................82.3 Significance of stakeholder analysis in formulating new strategy...................................92.4 Preparation of new strategy............................................................................................10TASK 3..........................................................................................................................................103.1 Alternative strategies for M&S......................................................................................103.2 Selection of new strategy................................................................................................11TASK 4..........................................................................................................................................114.1 Roles and responsibilities of personnel in implementing the strategy...........................114.2 Resource required for strategy implementation.............................................................124.3 Contribution of SMART targets.....................................................................................12CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................14ILLUSTRATION INDEXIllustration 1: BCG Growth Matrix..................................................................................................4Illustration 2: Ansoff Matrix...........................................................................................................5Illustration 3: SWOT analysis..........................................................................................................7Illustration 4: PESTLE analysis.......................................................................................................9
INTRODUCTIONBusiness strategy can be defined as an art, science and craft of formulating, implementingand evaluating the cross functioning decisions which help business organization to achieve theirlong term objectives. Business strategy is considered as a process of stating the company’smission, vision along with their short term and long term objectives. It can be a long termbusiness plan which can cover a period of 4-5 years or may be longer than that. Further, businessstrategies are basically concerned with the scope of business as industries have to decide thatwhat type of goods and service need to be produced and where it should be produced (Tokatli,Wrigley and Kizilgün, 2008). By evaluating the business strategies, organizations can developtheir business plans in order to achieve their goals and objectives. Further, business strategies setpriorities for business organization as well as for the management team and after setting thepriorities, venture looks for the talented employees who are multi skilled so that their goals andobjectives are achieved within no time. Strategy is treated as an organization game plan whichfocuses on strengthening the performance of business venture. These strategies need to beconstantly reviewed by the top level management of organization by conducting internal andexternal environment analysis.Organization undertaken for the present study is Marks and Spencer (M&S) plc which ismajor British multinational retailer having specialization in clothing, food products, homeappliances and luxury items. M&S have almost 800 stores in UK itself and further have strengthof approx. 83,000 employees who are giving their productive services throughout the world.Further, mentioned company is on increasing state in their financial performance as theirturnover and profit is increasing year by year. This deliberately elaborates that M&S is givingtough competition to their major rivals like TESCO, ASDA, etc. M&S have announced that theywill be launching dedicated shops for home furnishing in coming time period. Till the year 2010,M&S were having almost 50 outlet stores and has a great expansion plan for the future. Citedcompany has launched a convenience format namely “Simply food” where store sells food itemsalong with some small selection of general merchandise. Further, M&S have given some of theirretail outlets on franchisee agreement to different companies. SSP group running cited companystores at mainline airports and railway stations. Moto having stores under the belt of M&S atmotorway service stations and BP is offering Simply food services near 120 petrol stations.1
From analytic perspective, this report is based on understanding the organization mission,vision, short term and long term objectives along with the core competencies. Further, this reportwill showcase the factors which mentioned company has to consider in order to perform theirstrategic plan. This study will also have emphasis on environmental audit which comprises microand macro environmental analysis. Report will further have focus on appropriateness ofalternative strategies along with the selection of suitable strategy for the mentioned company. Atlast this document will show the healthy evaluation of SMART targets for the achievement ofstrategy implementation for the M&S.TASK 11.1 Brief description of Marks and SpencerMission statement-M&S is focusing on providing new quality of products in areas oftheir retailing like clothing, home appliances, food and financial services. Further,organization is trying to attract more of the customers through different discount schemeswhich will help M&S to develop a strength of large and loyal customer base. Citedcompany's another mission is to deliver high quality of products to consumers at anaffordable price (Campbell and Rahman, 2010). Further, organization core emphasis is togive customers a good value for their money as their needs and wants are satisfied.Vision-M&S is transforming from a traditional British retailer to a leading multichannelretailer and focusing on making the brand more accessible to large customer base.Organization another vision is to accelerate the food growth to their different outletswhole over the world. M&S has developed a vision statement 'to be the standard againstwhich others are measured'. Cited company's aim is to increase the sales and market sharein retail sector. Mentioned company focusing on differentiation strategy by delivering thefresh quality of products and undertake new innovations to develop large and loyalcustomers base (Salem Khalifa, 2012). M&S core focus is to become world's mostsustainable and major retailer by the end of 2015.Core competencies-Core competencies of mentioned company is having a strongmarketing extant along with strong quality control. Further, organization has taken stepby entering into financial services which shows mentioned company having strongmanaging relationship with the banks. Further, mentioned company having strong and2
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