Relative Thinking in Consumer Choice & Business Strategy

This assignment delves into the concept of relative thinking in consumer choice between differentiated goods and services, with implications for business strategy. It explores various business strategies including digital (Bharadwaj et al., 2013), sustainable (Schaltegger & Wagner, 2011), human resource management (Kalyani & Sahoo, 2011), operations (Slack, 2015), and more. It also considers consumer value perspectives (Svee et al., 2011) and strategic plan elements (7 Elements of a Strategic Plan, 2017). The assignment is based on academic papers, case studies like Marks & Spencer SWOT & PESTEL Analysis (2018), and real-world business strategies.

Business Strategy

Table of Contents
INTRODUCTION...........................................................................................................................1
PART A...........................................................................................................................................1
P1 Appropriate framework to analyse the macro environment .................................................1
M1 Critically analyse the macro environment to determine and inform strategic management
decisions......................................................................................................................................4
D1 Critically interpreted the information and data applying environmental and competitive
analysis........................................................................................................................................5
P2 Analyse the internal environment and capabilities ...............................................................5
M2 Critically analyse the internal environment to assess strengths and weaknesses ................9
PART B............................................................................................................................................9
P3 Evaluate the competitive forces applying Porter’s Five Forces model..................................9
M3 Appropriate strategies to improve competitive edge and market positions based on the
outcomes...................................................................................................................................11
P4 Applying a range of theories, concepts and models, you are required to interpret and devise
a strategic plan...........................................................................................................................12
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................16

INTRODUCTION
Every business organisation has to make some strategies in order to cope up with
different kind of challenges which come in their path. It is also essential for keeping all the
division and employees on same track. Every company has some mission and vision. They
cannot reach their vision without making a strategy. Marks & Spencer is one of the most
successful enterprise in retail sector. They are UK based firm but they are operating in many
countries (Ackermann and Audretsch ,2013). This assignment will include PESTLE analysis for
understanding the external environment where company is operating. These external factor has
capacity to make a huge impact on the performance of company so considering them at the time
of making strategy is very important. Beside PESTLE, SWOT analysis will also become part of
this. If an organisation do not know their strengths and weaknesses then they cannot do assure
optimum utilisation of available resources and attain set targets. Finding opportunities and
threats which are present in-front of company is significant at for achieving desired growth and
surviving in market. Performance of competitors will also be analysed in this report for
understanding internal environment. Porter's five force model will be explained and used for
evaluating different kind of threats which may create problem for M&S.
PART A
P1 Appropriate framework to analyse the macro environment
Macro environment have wide number of considerations which influence the business
and its working in both directions. Thus, all appropriate aspects which associated with macro
environment need to assess by managers of an organisation while operating so that better and
effective working lead to get done. Hence, management need to determine the influence of
macro environment on working abilities so that appropriate strategies lead to formulate. Marks
and Spencer is one of a famous retail section in the UK which want to operate and maximise
their working in some other nations as well (Annabi and McGann ,2013). Thus, before opting
any of the environment for expansion, management have to apply relevant framework to evaluate
all major considerations related with market. For this, PESTEL and SWOT determine two
attribute for evaluating capability of a firm for managing working operations (Marks and
Spencer SWOT & PESTEL Analysis, 2017):
Macro environment analysis of Marks and Spencer
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Political A major political impact in
sourcing cost due to free trade
interference which suppose to be
evaluated by business managers.
This reflect positive attribute on
business and its working as they
are free to trade in any country or
a region.
Another impact which could be
put on business and its operations
is due to taxation policy
modifications.
Opportunit
ies
Business deliver strong offerings
in line which manufacture as per
recent and current trends.
Have good command on working
with internet sources so that better
and supportive results lead to
derive.
Engage in highly appreciable
corporate social responsibility
which facilitate in effective
working and gaining response of
society as well.
Major focus is based on effective
customer experience through
gaining their views and opinion.
Business could target the emerging
market network which enable
them to become market leader
Made their presence online which
enable in target and accomplish
suitable customer base.
Need to simplify their operating
system which further facilitate in
making their whole system easy
and appropriate.
Economic
al
As after Brexit, currency
fluctuation taking place more
rapidly. This impacted the overall
working and operations of a
company badly which need to
Threats From past few years, business
determine that their financial
position is not appropriate in
nature.
Future of Marks and Spencer in a
country like China not taking
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assess and understand properly.
UK have good economical
condition where chances of
inflation arise after the Brexit
agreement which is not
appropriate for long term aspect.
place properly due to high
enforcement of legislative
conditions
Products getting recall on frequent
basis this work as major weakness
as customer trust and faith also
getting reduce.
One of a major threat for a
company is that trends getting
change or modify with every due
course of time.
Competition in the UK market is
high after Brexit where small
business start getting promotion
through government interference
Brexit actually not taking place yet
but its existence already harm the
working badly.
Social Business supporting the
surrounding communities as it
reflect positive attribute so that
better and suitable gains become
possible.
Perform various roles and
responsibilities towards society
which made positive reflection in
operations of Marks and Spencer.
Technolog
ical
Using new mode of payment and
delivery of goods provide strength
to a company in order to manage
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their activities.
Gaining supportive results by
making options more secure as in
recent times many fraud activities
are taking place from which
management need to overcome it.
Environm
ental
Marks and Spencer deliver quality
products which have sustainability
and environment friendly method.
Company source their milk from
assured dairy firms which enable
them to gain trust and faith of their
users.
Legislative All norms need to understand by
management like employee health
and safety etc. so that better
working lead to promoted.
A legal dispute is taking place
between company and their
Frascati Landlord.
All these aspects of PESTEL and SWOT need to consider by management of Marks and
Spencer properly as it made vast influence on working. With properly analysis, chances of
managing and making operations appropriate tend to rise which evaluate as major aspect.
Although, for making strategies for all these abbreviation is essential which enable operations
easy and sustainable in frame (Auzair ,2011). Brexit evaluated as major consideration which
impacted the most business and its activities. Thus, business strategies need to prepare for Brexit
which facilitate an option to deal with properly. Along with this, management need to focus on
their Research and Development team as well whom responsible to evaluate all major trends and
innovation. With such aspect, chances to getting sustain into keen competitive world become
more possible.
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Products need to be high in quality by setting some benchmark which directly made
positive impact on financial performance of a Marks and Spencer as well. This will critically
support them to maximise their operations efficiency. Hence, all such aspects which discuss over
need to assess and evaluate properly through which better and effective working become
possible.
M1 Critically analyse the macro environment to determine and inform strategic management
decisions
Strategic management is such section of plan where all mission, vision, goals and
objectives of a company define properly so that all employees start working on it. Strategic
planning enable in framing all major aspect of business so that better working towards target
accomplishment become possible. Hence, for making strategies for a business, management need
to assess the macro and micro environment properly so that better and effective working could
be done.
Marks and Spencer is one of retail sector company in the UK whom want to maximise
their number of operations in some other regions as well. Thus, with appropriate and suitable
analysis of macro environment consideration, business become able to compete into market
properly as well as become more able to determine all such aspects which lead to influence their
work and operations. Thus, effective and suitable understanding directly promote in crafting
appropriate targets which have feasible in nature as well as provide leverage and competitive
edge towards an organisation.
Business have to inform strategic management properly where they have to produce
products and services which not going to impacted the environment. This will enable them in
performing the things properly so that appropriate outcome could be drawn in context of satisfied
consumer which further support in crafting better strategies. Management have dispute with
some business organisations which used to deal out with some compensation in better manner.
This will aid in deriving the better and supportive work so that effective and efficient outcome
could become possible.
D1 Critically interpreted the information and data applying environmental and competitive
analysis
For gaining competitive advantage in working and operations, Marks and Spencer need
to analyse the macro environment properly so that effective and absolute gain become possible.
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Thus, environment analysis simplify various strength and weakness of a company which need to
underpin by managers of a company at the time of operations in any diverse environment. Thus,
various strategic objectives for a company perspective articulated as follow:
 To enhance sales through online medium by 10%
 To contribute 20% of overall profit in development of society
These strategic decisions only become possible once management analyse the
environment properly as well as their major competitors. For Marks and Spencer, their major
competitor is TESCO whom also deal in retail section. Thus, with macro environment analysis,
signify that business need to made their focus more on digital media selling through chances of
gaining leverage from others become possible.
The environment edge could be gain through presenting and manufacturing quality
standard products and services. Business have to take this section in account in better and
supportive manner. The competitive analysis of a company support them in deriving the out-
frame through macro environment analysis. Thus, management want to enhance sales with 10%
where they could accomplish this target with appropriate image at market world area.
P2 Analyse the internal environment and capabilities
Business is a composition of various kind of activities and operations in which macro and
micro environment both taking appropriate and suitable place. Hence, management not only
interpret the macro environment factors but they required to understand the micro environment
as well so that better and effective working could be done. Micro environment analysis includes
various models so that all major consideration lead to get evaluated properly. Capabilities of a
firm need to determine properly so as to become the leader and global competitor. Employees
always enforce working to move towards positive direction which emphasis in better and
suitable productivity and profitability. In this aspect, management will going to use VRIO
analysis which also evaluate about inner ability of a company in order to manage and make
things appropriate.
Marks and Spencer need to done their internal analysis properly in comparison with their
major rivalries. With suitable understanding, management become able to take competitive edge
so that better and efficient outcome could be drawn. This will assist in bringing down suitable
results. VRIO framework used to adopt by business managers properly so that their internal
ability to deal get underpin in consideration for gaining competitive advantage:
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Basis Meaning Sainburry Marks and Spencer
Valuable It define as major consideration
which enable firm to exploit
the opportunities from market
or not. If yes, then such
resources determine as
valuable resources and ability
of a company. Thus, such
resources provide competitive
advantage to business which
grab more and more
opportunities.
Sainsbuury have good
working force and
financial strength. This
reflect that adequate
men power and finance
support and provide
some value to a
company which
facilitate effective
working.
Company have
appropriate
workforce as
compared to others.
Although, they have
appropriate goodwill
as well. Thus, such
consideration bring
out positive
reflection where
resources utilising
properly with
minimisation of
issues. Hence, this
will bring
opportunities and
defend them from
major threats.
Rare There are few number of
resource get evaluated which
determine as rare in nature.
These could be utilise by only
few number of companies.
Such resources which utilise by
few companies or by one
enable in grant competitive
advantage so that better
effectiveness and efficiency
could be maintain and manage.
Sainsburry using the
similar nature of
resources in nature. As
they does not have
appropriate promotional
tool or ability to attract
and grab opportunities.
Thus, competitive edge
is not possible in nature
frame.
Business have good
workforce with
suitable financial
statement direct that
they have rare utilise
considerations.
Although, they also
providing digital
media technique
which not adopted by
any other
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organisation. This
rare resource support
them to gain
competitive
advantage at macro
level.
Imitate Imitation means to copy
something which enable and
support to business in order to
grow towards positive
direction. Imitation could be
done only in two ways either it
get duplicated or copying or by
providing substitute of it. If a
business have rare, valuable
and imitate resources then
chances of gaining competitive
advantage could become
possible.
Sainsburry have similar
nature of product and
services. All resources
are not similar in nature
which create problem
for Sainsburry to utilise
it properly and made
appropriate efforts into
it.
Marks and Spencer
resources are not
easy to imitate as
they utilise
legislative policies of
intellectual property
properly. This will
assist them in brining
out positive
reflection which
enable them to gain
competitive
advantage.
Organised None of the resource will bring
out positive reflection towards
business and its operations if it
not get organise and manage
properly. There is a need to
organise each and every
consideration like policies,
system, structure properly so
that better and supportive
working could be done as well
as competitive advantage or
Sainsburry have good
market growth and share
but sometimes, they are
not able to organise their
resources properly. This
enable and prohibits
them in gaining
competitive advantage.
Marks and Spencer
have a definite policy
and working system
of management
which enable them in
gaining and deriving
better outcome. This
support in providing
internal ability and
compatibility for
effective working.
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edge get accomplish.
Marks and Spencer need to determine that their resources are getting utilise properly or
not in comparison with their competitors. Thus, for gaining strength and competitive advantage,
business need to perform this section properly. Although, maximisation of operations could only
become possible with this aspect or element so that beneficial gain could become possible. Some
resources are rare in nature which have to utilise in appropriate frame otherwise they lead to get
finished and chances of determine leverage in against with that become impossible. These all
need to combine up with macro environment factors and elements properly so that better and
supportive gains suppose to be underpin in a better and absolute frame. Thus, by identifying all
these aspects with competitors working, business strategies get formulated more in definite
frame or manner.
M2 Critically analyse the internal environment to assess strengths and weaknesses
Marks and Spencer have good offerings in line which enable and support them to gain
competitive advantage. This is a micro environment analysis which evaluated that all resources
are getting utilise properly (Tazar , 2011). Along with this, they use internet as a major source to
reach number of customers. This section support and provide strength only in case of value all
resources properly. As employees and finance is getting utilise properly and significantly which
enable and promote and support to gain leverage. According to the...., resources are a major part
of business which suppose to utilise in better and define manner. This statement perfectly
understand by managers of company where they align all system and process properly. This
enable in gain competitive advantage so that better concerning targets could be utilise in better
and suitable manner. Hence, this assessment of internal environment promote and reflect strength
towards business and its operations for maximising efficiency.
PART B
P3 Evaluate the competitive forces applying Porter’s Five Forces model
Retail industry is one the growing sector in business world from which individual earn
huge amount of profits. Michael Porter is one the famous business professor who give advice
related to the daily business practices (Bharadwaj and et. al., 2013). In business world there are
different kind of organisation who keep close on the competitors but this framework encouraged
for looking beyond the actions of competitors and observe all factors and elements that has an
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impact on business environment. Marks and Spencer could utilise this framework for their
betterment and growth in future consideration which facilitate appropriate and effective outcome.
Porter analysis always support management to frame their business strategies by consideration
all five major elements. This assist Marks and Spencer to craft appropriate and effective strategic
plan so that beneficial gain suppose to determine. Thus, business need to evaluate all such
aspects properly which lead to describe below in an appropriate and suitable manner:
 Competitive rivalry:- under this step main focus is given on looking all the strength for
the rivalry of M&S. Apart from it they also have to observe that how many competitors
working better than them in market and determined what kind of products and services
provided by competitors and how they are better than M&S. This kind of comparison in
such huge competition the most efficient way to attract customer is by cutting the prices
along with the impact of the marketing tools. Apart from it M&S is one the top most
multinational brand in retail sector which have many competitors, there are many buyers
and sellers which had wide choice to switch to another brand over this if they are not able
to providing innovative products that beat all the challenges of rivalry.
 Supplier Power: This kind of element is being acknowledge by the prices which are
being increased by the suppliers and that too in ease manner. Besides this, Marks and
Spencer needs to determine that how many of the good suppliers they have for their
company along with the uniqueness and appealing factor their products and services
have. If there are huge number of choices regarding goods and services, then it becomes
highly easy for the customers to have low prices goods (Bucolo and Matthews ,2011). So
M&S needs to look out for this kind of factor and thus charge as per the competition
within the market.
 Buyer Power: In this kind of factor, M&S organisation needs to determine the different
ways through which prices can be reduce by the buyers. Along with this, company
require to observe that who are the buyers and how much more are the orders. Apart from
this, cost will be examined which is being utilised for switching up from another goods
and services to those of the rivalry . When the company has to deal with only few kind of
customers then customers have more power. Since Marks and Spencer comprises of high
number of target audiences their power increases.
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 Threat of Substitution: This can be stated as to the likelihood for the customers who are
looking out for the various kind of ways of doing what exactly the organisation has been
doing now in relation to innovation and creativeness in goods and services. This can be
made much more clear by an example that if there is supply of unique product service
which mainly alter an essential process and thus people can substitute this kind of process
in manual manner or it can be done by outsourcing it. Substitution which is being easy
and cheap for making it much more weaken the position on the company is in and thus
can put the profit ratios in danger.
 Threat of New Entry: When new organisation enter into the market, position of the
company can directly impacted with that. If there is low money and effort involved to
enter within market and compete effectively,then there is little security for the key
innovative technologies which is being controlled, then competitors can easily enter your
external market and weaken Marks and Spencer position. If there are strong and long
lasting hurdles for the entry, then a favourable position can be maintained and thus better
advantages can be obtained.
Marks and Spencer is one of a rapid growing retail sector industry in the world which
deal in various kind of services regarding food. Thus, management need to made appropriate and
suitable focus on business and its opportunities. Business strategy need to craft on the basis of
define strategy framework which enable in evaluate major aspects like bargaining power of
suppliers, customers etc. get evaluated. In this relation, business determine that bargaining power
of customer is high for which they could use attractive strategy by providing offers, cash
discount etc. Along with this, substitute are more in nature where business have to provide
appropriate products and services to each and every users. This will enable business to grow and
diversified their operations in various sections.
M3 Appropriate strategies to improve competitive edge and market positions based on the
outcomes
Every business need to use suitable and appropriate marketing strategies so that business
could gain competitive edge as well as maintain appropriate market position. In this regards,
Marks and Spencer have to define their targets properly. For improving position at market place,
positioning strategy need to utilise (Kalyani and Sahoo ,2011). With this aspect, management
11

determine that they have moderate position at market world which sometimes lead to get down.
But, management need to made their focus more on activities through delivery by online medium
which support and reflect on enhancing their profit and made them differ from others as well.
With appropriate and suitable position at market area, business could become able to gain
competitive edge which underpin as major aspect. In this regards, porter five force model lead to
utilise where major threats and bargaining power of customers, suppliers lead to get identify.
With such aspect or by applying relevant market growth strategy, business suppose to become
competitive leader where chances of gaining and enhancing profit become possible in nature.
This part need to understand by managers of Marks and Spencer so that better and efficient gain
could become possible
P4 Applying a range of theories, concepts and models, you are required to interpret and devise a
strategic plan
Strategies are a core part of business which need to modify and alter with a define course
of time. Plan always support in gaining and deriving better outcome so that effectiveness could
be maintain and manage. In this aspect, strategic plan lead to get formulated so that better and
supportive results could be estimated (Grover and Kohli ,2013). Strategic plan define as a
process which enable in providing direction to whole workforce unit. Managers could reflect
positive contribution while preparing strategic plan in a better and define manner. It completely
based on future uncertainties which required to estimate in advance so that avoidance of external
influence could be led down. Without strategic plan business operations lead to take place on
regular basis but such working would not benefits an organisation. It has several elements whom
presence is must in an association so that better and effective working could be promoted.
Marks and Spencer required to create their own strategic plan so that better working get
done which enable in generating more and more profit. This get done on the basis of PESTE,
Value chain analysis etc. These theories and models reflect about an organisation ability to deal
at macro and micro environment properly and effectively (7 Elements of a Strategic Plan, 2018).
Company Overview
Marks and Spencer come into existence in the year 1894 in a partnership process.
Currently company have more than 500 stores all around the world and already provide
employment to more than 60000 employees. Management strategies are appropriate through
which they have better command over on international market as well. It had the highest market
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share during year 2007 with 11.1%. This stated that business was operating and have good
condition from past many years. The food sale of a company is around 49% with a market share
of 4.3% and have a turnover of 7.1% at the international level. They also open their 219
franchises. All these things stated that business have good working condition as well as have
command over on market which facilitate growth and development to many other individuals as
well.
Mission Statement
The mission statement of a company is to make inspirational quality which accessible to others.
This stated that business always try to deliver quality products to each and every individual so
that better and appropriate growth command over on business lead to facilitate properly. This
will bring out trust and loyalty towards company working.
Vision Statement
Marks and Spencer wants to settle down a benchmark of their performance so that better
and appropriate quality products lead to deliver to target customers which facilitate effective and
suitable working.
Core Values
Every business have some define core values which facilitate their working towards positive and
appropriate direction. Marks and Spencer have several number of core values which define that
they are motivated towards working of better and high quality products:
 Quality
 Service
 Innovation
 Trust
These consideration stated that business always lead to focus on deliver quality products and
services with appropriate and suitable innovation. With this consideration, trust lead to frame out
among various group of customers.
Objectives
Marks and Spencer have several number of objectives regarding each and every section
whether it associated with sales, employees or any other. Although, they need to formulate
several organisational objectives as well so that better associated working lead to get done.
 Employee orientation
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Organisational Objectives:
 Want to become market leader by cost
 To increase sales by 10% of clothing section To improve quality standard by 5% as a benchmark of speciality food
SWOT analysis
In this regard, management of Marks and Spencer want to evaluate all their major strength and
weakness properly. A major strength of a company have strong number of offerings with high
quality products which enable and support them to gain suitable market share. Along with this,
they completely based on innovation where organisation want to sale out their products through
online and digital source as well. Along with this, their staff personnel have good knowledge
about utilisation of internet source which facilitate an option to bring out and focus on more and
more innovation.
But their major weakness associated with decline in financial performance of a company.
This simplify that blueprint of an organisation not working properly (Jocovic, and et. al., 2014) .
Thus, more appropriate training and development events required to launch out and work upon.
Along with this, they need to focus more on emerging countries where chances of gaining market
share and establishment become possible. China stores not working properly where management
have an option to shift them at other place.
Action plan
Marks and Spencer action plan signify about work in an appropriate and suitable manner. Their
action plan need to be based on SMART consideration where all elements required to be
appropriate and effective in nature. Specific: Increase in sales of clothing with 10% is a specific task for a company Measurable: If sales rises then its measurement become easy due to presence in
numerical values and terms. Although, 10% ratio is measurable in nature as compared
with previous or actual results. Attainable: This target is attainable and achievable in nature where 10% increment could
be done on easy frame. Relevant: This target is relevant to their clothing section which enable them in become
leading market share company during the year 2007.
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 Time bound: This target need to be accomplish within next one year. This signify that
they have good customer base.
CONCLUSION
From the above report and consideration, it get evaluated that business strategies are a
core part and function of an organisation. It always need to modify with a define course of time
and as per the analysis of market and its nature. Business environment is dynamic in nature
where chances of changes and modifications in strategies are more. In this respect, a major thing
is to underpin about the macro environment properly. With appropriate analysis of macro
environment all major considerations get evaluated which associated with political, social, legal
and technological advancement of an organisation. This will assist in determine major threats
and opportunities so that beneficial strategic plan lead to formulate in respect to such working.
Moreover, it also includes about the value chain analysis which enable in utilisation of firm
resources properly which further support in gaining competitive advantage. All such things will
lead to promote and support in making market position so that future benefits could be maintain
and manage. All these sections simplify enable in gaining and deriving competitive edge towards
an organisation performance as well as their ability to deal at market area become high and
appropriate.
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