Report on Business Strategies of Marks and Spencer
Added on 2020-06-04
19 Pages5273 Words43 Views
Business DevelopmentLeadership ManagementMarketing
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BUSINESS STRATEGY
ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Influences of Macro environment on Marks and Spencer and its strategies.....................1M1 Contribution of macro environment in strategic management decisions.........................3TASK 2............................................................................................................................................3P2 Internal environment and capabilities of Marks and Spencer...........................................3M2 The structural competence of the Marks and Spencer in relation to internal environment offirm.........................................................................................................................................5TASK 3............................................................................................................................................6P3 Porter’s five force model of applied in the marketplace of Marks and Spencer...............6M3 Devise effective strategies to improve competitive edge and market position of Marks andSpencer.................................................................................................................................11TASK 4..........................................................................................................................................11P4 Various theories, concepts and models to the strategic direction of M&S.....................11M4 Devising a profitable strategic management plan..........................................................14CONCLUSION..............................................................................................................................15REFERENCES..............................................................................................................................16
INTRODUCTIONIn this particular report the business strategies developed by the Marks and spencer isdiscussed in order to evaluate the effectiveness of developed tactical plan by businessorganisation and its positive results to the profitability of business (Gratton, 2010). Thisassignment also evaluates the company functioning on the grounds of changing macro and microenvironment which influence the organisation competitive strategies to a large extent.TASK 1P1 Influences of Macro environment on Marks and Spencer and its strategies.PESTLE Analysis:Macro environment includes the external environment that affect the company in executingit strategies and then the external environment includes the things like political environment,social, economic legal and technological factors. Pestle analysis helps in assessing theinternational environment which may influence the internal capabilities of firm as well as alsoaffects marketing strategies of business (Teece, 2010). The various attributes of externalenvironmental setting influence the business development strategies of marks and Spencer tolarge extent so the company should responsibly act towards the changing aspect of macroenvironment before coming up to any business growth strategies like Marks and Spencer shouldcarry out external environmental audit in order to respond to new changes in surroundingresponsibility and confidently. Here are some attributes of macro environment discussed whichmay affect strategic plan of marks and Spencer are as follows:-Political: Development to the free trade, globalisation, liberalisation and privatisationpolicy the trade had become easy and it also had made any company to establish itself in anyother market easily any company or organisation can come to any country and establish itsbusiness there free trade and a European integration is made more easy for companies and markand Spencer to establish itself in Europe but the company said to work hard and maintain itsposition and give stiff competition to the other companies and to establish itself in the market(Casadesus-Masanell and Ricart, 2010). It has to regularly introduce new things and head toalways innovate new designs with new ideas to be competitive in market the company couldexist without any problem without interfering effecting or violating the countries law and publicorder and without interfering in government policies the industrial relationship and Labour Law1
effects company the most if the company wants to invest in one country it has to follow the lawof the country and without violating Labour Law in addition to providing extra benefits to labourand country.Economic Aspects: These are the aspects which influence business development andexpansion strategies to large extent in order to expand business profitably the marks and Spencerhave to evaluate target location on the grounds of economic condition of the target market placedeveloped economy will contribute in higher profitability of the firm the economic factors likeinflation rate, exchange rate other taxation policies employment rate on largely affect the growthof an business form and hence also influenced the expansion plan of marks and Spencer innearer Marketplace (Birkinshaw and Duke, 2013).Social factors: Customers taste lifestyle and preference or affect the popularity and salesof the company but it serves both as opportunity as well as thread to the UK Retail Industrycustomers in every market give preference to trendy style instead of the classic 1 the style shouldbe trendy as well as classy with comfort it could make mark and Spencer more popular amongpeople in UK the customer have tendency to being loyal 21 brand so this could also be beneficialfor the brand customers have high value then the money spent Mark and Spencer has to be classyand affordable which could make Mark and Spencer more popular in the UK is market.Technological aspects: UK industry had witnessed a lot of technological change thetechnology head widen the scope as well as market because of Internet and with online Mark andSpencer Store company has domestic as well as Overseas customers which make company morecompetitive in market and increase the level of profit (Slack, 2015). It also widens up Economicsscope this also encourage the paperless operations and introduce the waste.Environmental factors: The Government of country as well as many company up forenvironment friendly atmosphere consumers also nowadays give preference to eco-friendlyenvironment as well as to renewable resources which nowadays head challenge companies tomaintain their share in the market these old texts had gave mark and Spencer a great concern touse environment friendly fabric and raw material and also take the proper care of the waste thathas generated from the manufacturing of goods and treat to waste properly the more eco-friendly(Zott, Amit and Massa, 2011).Legal attributes: Company has to work according to law and regulation laid by countryalso the government see that company should not violate laws of the country and monitored2
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