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Strategic Plans and Objectives of Marks and Spencer : Assignment

   

Added on  2020-07-22

18 Pages4827 Words158 Views
Business Strategy

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................21.1 Assessing Marks and Spencer mission, vision, goals and objectives ..................................21.2 Factors to be considered while formulating strategic plan....................................................31.3 Evaluation of the effectiveness of two techniques while developing strategic business plan.....................................................................................................................................................4TASK 2............................................................................................................................................52.1 Organisational audit of Marks and Spencer..........................................................................52.2 Environmental audit of the Marks and Spencer....................................................................62.3 The significance of stakeholder analysis...............................................................................82.4 New business strategy for Marks and Spencer.....................................................................9TASK 3..........................................................................................................................................103.1 Appropriateness of alternative strategies of Marks and Spencer........................................103.2 Justification of Strategies....................................................................................................10TASK 4..........................................................................................................................................124.1 Roles and responsibilities of personnel in charge...............................................................124.2 Estimation of resource required for implementation of strategies......................................134.3 Contribution of SMART targets to achieve the goals and objectives of Marks and Spencer...................................................................................................................................................13CONCLUSION..............................................................................................................................14REFERENCES..............................................................................................................................15

INTRODUCTIONBusiness Strategy is the art, science, and craft of formulating, implementing andevaluating cross-functional decisions that will enable an organization to achieve its long-termobjectives (Rodriguez, Wilkinson and Kennedy, 2017). In accordance with this context, thisassignment will cover the strategic plans and objectives of Marks and Spencer, a major Britishmultinational retail organisation. The strategic intent consisting the business vision, mission,goals, objectives and business plan will be assessed in this report. The factors that impacts on thestrategic plans of the organisation will be analysed in this assignment. The evaluation of strategictechniques and methodologies will be made in this report in order to formulate strategic plan forthe business corporation. The present strategic positioning will be assessed and highlighted inthis assignment by conducting organisational audit. Further, the external environment of theorganisation will be scanned with the help of various models and techniques in this report. Thenew business strategy will be proposed in this assignment after conducting stakeholder analysiseffectively and efficiently. Appropriate strategies will be evaluated in this assignment in order toincrease the productivity and profitability of the organisation effectively and efficiently. Theroles and responsibilities of personnel in charge will be assessed in this assignment and therequirements of resources will be determined effectively and efficiently. Marks and Spencer is a multinational British organisation which established in 1884. Theheadquarters of the organisation is located at London, United Kingdom (Cavusgil, Rammal andRose, 2014). Mark and Spencer is specialised in selling of clothing, home products, and luxuryfood products. The organisation have currently 979 stores across the United Kingdom and 454international stores. This implies that the organisation is large and deals with range of customersby delivering them ample amount and quality of goods and services. The revenue generated byMarks and Spencer in year 2017 was approximately £10622 million (Schlesinger and Doyle,2015). The current stakeholders of the organisations are suppliers, external partners, government,customers, investors and shareholders. The management aims to increase the number of storesand quality of products and services by the end of 2020. Further, the management of theorganisation is committed towards employees and customers. This leads the organisation towardsgrowth and development and made it to be one of the biggest multinational retailer in thecountry. The motive of the management is to increase the customer base by providing themeffective and efficient quality of goods and services. From the analysis it was identified that1

organisation focusing on food products and food sales. Further, the management providescustomers online shopping facilities where customers can purchase goods and services onlinefrom anywhere easily and effectively (Tong, 2017). The promotional strategies implemented bythe marketing management of the organisation aims to increase the sales and gain thecompetitive advantage in the market economy of the country. There are more than 90000employees which are employed in the organisation. With the help of huge manpower andeffective use of resources, the management of the organisation aim to increase their market shareand move towards growth and development effectively and efficiently.TASK 11.1 Assessing Marks and Spencer mission, vision, goals and objectives M&S is one of the UK's leading retailers. The organisation is committed to making everymoment special through the high quality, own brand food, clothing and home products theorganisation offer in our stores and internationally (Tucker and Wisbey, 2015). In accordancewith this context, the mission, vision, goals and objectives of the organisation is provided below:Vision: The vision statement of the organisation is “To be standard against which others aremeasured” The management aim to increase their productivity and standards in way that it cansurvive and sustain the competitive environment and also leads to growth and development ofthe organisation. Mission: The mission of the organisation is to provide effective and efficient quality of clothes,food, home and retail services (Rahm, Kirkland and Bozeman, 2013). Further, to increase thecustomer satisfaction and loyalty by delivering them efficient quality of goods and services. Goals: The goal of the organisation is to be the number one multinational retail storeincorporating their business activities in United Kingdom and all over the world. Themanagement and employees work collaboratively and collectively in order to accomplish thedesired goals and target.Objectives: To increase the customer base and satisfaction by providing and delivering themeffective and efficient quality of products and services. The objective of the organisation is toincrease their revenue and provides benefits to their shareholder by increasing customersatisfaction.Plan: The business plan of Mark and Spencer is known as Plan A, in which the company focuseson the environmental change and focus on prevention and rehabilitation of the climate. They2

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