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Business Strategy of Marks and Spencer (PDF)

   

Added on  2019-12-03

15 Pages4351 Words209 Views
Business Strategy1

TABLE OF CONTENTSINTRODUCTION...........................................................................................................................4TASK 1............................................................................................................................................51.1 Analyzing mission, vision, objectives, goals and core competence of Marks and Spencer..51.2 Assessing key factors that have to be considered when formulating a strategic plan ofMarks and Spencer.......................................................................................................................61.3 Evaluating two different planning techniques which could be applied in Marks andSpencer.........................................................................................................................................7TASK 2............................................................................................................................................72.1 Conducting SWOT analysis and its strategic positioning .....................................................72.2 Conducting external environmental audit of Marks and Spencer through PESTLE analysis......................................................................................................................................................92.3 Explaining significance of stakeholder analysis .................................................................102.4 Designing a new strategy for Marks and Spencer with respect future goals ......................10TASK 3 ....................................................................................................................................113.1 Analysing and evaluating four strategic options are available for M&S to consider asfuture strategy of company .......................................................................................................113.2 Justifying the selection of appropriate future strategy for Vodafone..................................11TASK 4..........................................................................................................................................124.1 Comparing roles and responsibilities needed to implement future strategic plan of Marksand Spencer................................................................................................................................124.2 Identifying resource required to implement new strategic plan of M&S............................134.3 Evaluating the contribution of SMART targets to the achievement of the strategyimplementation..........................................................................................................................13CONCLUSION..............................................................................................................................14REFERENCE ................................................................................................................................152

INTRODUCTIONBusiness strategy is determined as organizational plans and procedures that assistsmanagement for handling of various business operations as per the vision and goals of company.It is a set of certain rules, regulations and policies which are played important role in order tocontrol every operation of firm. The success of an organization is greatly depending on itsefficiency of business strategies for attainment of different corporate goals (Busenitz and et.al.,2013). By developing an efficient business strategy, management is able to manage the businessas per the different corporate goals such as expansion of business in new emerging market,increase goodwill, facilitation of variety of goods and services. The primary objective of theorganizational strategy is to maintain proper balance between business objectives and otherorganizational practices. This report is going to discuss various aspects of business strategy with reference tobusiness operations of Marks and Spencer. It is one of the leading British retailer organizationwhich is operating different businesses that include clothing, home furniture, food products, etc.The company was found Michael Marks and Thomas Spencer in 1884. The company is listed inthe London Stock Market and is a constituent of the FTSE 100 Index. M&S was the first Britishretailer to reach a profit of £ 1 billion but after some time, organization is facing significant upand downs as per the market trends (THE ROBINSON GROUP - MARKS & SPENCER, 2015).Business entity is well known for its high quality products and services. Organization has facedsignificant up-downs in growth and profitability of business as per market trends. This report isgoing to evaluate mission and vision statement of M&S that plays important role in formulationof wide range of business strategies. It explains various strategic issues faced by management instrategic planning. Apart from that, this report also uses different tools such as SWOT andPESTLE analysis in order to evaluate business environment and efficiency of organization thatplays important role in future business strategy. As per the corporate business strategies, thisreport also carries out stakeholder analysis for evaluation of their role and interest in strategyformulation process. It describes roles and responsibilities of company with reference to longterm strategic plan. In addition to that a systematic resource analysis provides an opportunities tobusiness for identification and utilization of appropriate resources as per the requirement of new3

business strategies that could be related to business expansion, increase in satisfaction ofconsumers, increase in sales of business entity. TASK 11.1 Analyzing mission, vision, objectives, goals and core competence of Marks and SpencerMarks and Spencer is one the most popular retail sector organization. The management ofM&S formulate various business strategies on the basis of vision, mission and long term goals ofbusiness entity. Vision and Mission:The vision of Marks and Spencer is to become a uniquely inspirational 21st century retailorganization within different market place where business entity is operating different businessoperations. As per the vision, business entity has developed a distinct mission in which businessentity is tired to provide a best retail experience which plays important role to meet customers'expectations in terms of customer service, product range, quality and value (THE ROBINSONGROUP - MARKS & SPENCER, 2015). In addition to that business entity business providesadequate reward to its employees that help management in order to influences satisfaction ofconsumers. As per the mission, organization is tried to generate a satisfactory return forshareholders by developing wide range of strategic plans as per the corporate goals. Goals and Objectives: By considering the mission and vision, the management of Marks and Spencer hasformulated different objectives and goals. First of all, business entity aims to strengthenedcapabilities and determination of priorities for the both in the UK and international. Thisobjective plays important role in order to accelerate company's food growth and delivery of bestexperience to consumers with different products of business entity. The another objective ofMarks and Spencer is to develop a world class talent pool, further growing our skills in keystrategic areas. In addition to that organization is going to expand its retail outlet network (Huan,Sheoran and Wang, 2004). For managing high competition within Clothing and Home market,business entity is going to deliver growth by focusing on stylish design, quality and newness,with better availability and more choice. Core competence of Marks and Spencer M&S core competencies are mainly associated with the development of a strong brand,excellent quality control and good customer service. As per the core competence,4

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