Relative Thinking in Consumer Choice & Business Strategy
Added on 2020-07-22
20 Pages6344 Words109 Views
|
|
|
Business Strategy
Table of ContentsINTRODUCTION...........................................................................................................................1PART A...........................................................................................................................................1P1 Appropriate framework to analyse the macro environment .................................................1M1 Critically analyse the macro environment to determine and inform strategic managementdecisions......................................................................................................................................4D1 Critically interpreted the information and data applying environmental and competitiveanalysis........................................................................................................................................5P2 Analyse the internal environment and capabilities ...............................................................5M2 Critically analyse the internal environment to assess strengths and weaknesses ................9PART B............................................................................................................................................9P3 Evaluate the competitive forces applying Porter’s Five Forces model..................................9M3 Appropriate strategies to improve competitive edge and market positions based on theoutcomes...................................................................................................................................11P4 Applying a range of theories, concepts and models, you are required to interpret and devisea strategic plan...........................................................................................................................12CONCLUSION..............................................................................................................................14REFERENCES..............................................................................................................................16
INTRODUCTIONEvery business organisation has to make some strategies in order to cope up withdifferent kind of challenges which come in their path. It is also essential for keeping all thedivision and employees on same track. Every company has some mission and vision. Theycannot reach their vision without making a strategy. Marks & Spencer is one of the mostsuccessful enterprise in retail sector. They are UK based firm but they are operating in manycountries (Ackermann and Audretsch ,2013). This assignment will include PESTLE analysis forunderstanding the external environment where company is operating. These external factor hascapacity to make a huge impact on the performance of company so considering them at the timeof making strategy is very important. Beside PESTLE, SWOT analysis will also become part ofthis. If an organisation do not know their strengths and weaknesses then they cannot do assureoptimum utilisation of available resources and attain set targets. Finding opportunities andthreats which are present in-front of company is significant at for achieving desired growth andsurviving in market. Performance of competitors will also be analysed in this report forunderstanding internal environment. Porter's five force model will be explained and used forevaluating different kind of threats which may create problem for M&S. PART AP1 Appropriate framework to analyse the macro environment Macro environment have wide number of considerations which influence the businessand its working in both directions. Thus, all appropriate aspects which associated with macroenvironment need to assess by managers of an organisation while operating so that better andeffective working lead to get done. Hence, management need to determine the influence ofmacro environment on working abilities so that appropriate strategies lead to formulate. Marksand Spencer is one of a famous retail section in the UK which want to operate and maximisetheir working in some other nations as well (Annabi and McGann ,2013). Thus, before optingany of the environment for expansion, management have to apply relevant framework to evaluateall major considerations related with market. For this, PESTEL and SWOT determine twoattribute for evaluating capability of a firm for managing working operations (Marks andSpencer SWOT & PESTEL Analysis, 2017):Macro environment analysis of Marks and Spencer1
PoliticalA major political impact insourcing cost due to free tradeinterference which suppose to beevaluated by business managers.This reflect positive attribute onbusiness and its working as theyare free to trade in any country ora region. Another impact which could beput on business and its operationsis due to taxation policymodifications. OpportunitiesBusiness deliver strong offeringsin line which manufacture as perrecent and current trends.Have good command on workingwith internet sources so that betterand supportive results lead toderive. Engage in highly appreciablecorporate social responsibilitywhich facilitate in effectiveworking and gaining response ofsociety as well. Major focus is based on effectivecustomer experience throughgaining their views and opinion. Business could target the emergingmarket network which enablethem to become market leaderMade their presence online whichenable in target and accomplishsuitable customer base.Need to simplify their operatingsystem which further facilitate inmaking their whole system easyand appropriate. EconomicalAs after Brexit, currencyfluctuation taking place morerapidly. This impacted the overallworking and operations of acompany badly which need toassess and understand properly. ThreatsFrom past few years, businessdetermine that their financialposition is not appropriate innature.Future of Marks and Spencer in acountry like China not taking2
End of preview
Want to access all the pages? Upload your documents or become a member.
Related Documents